Monday 25th of September 2017 7:00:00 PM

Posts Tagged ‘tax issue’

  • Sales Tax Holidays Coming Up

    Friday 26th of July 2013 3:45:30 PM

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    Many states will soon be having their sales tax holidays. During these particular days sales tax will not be imposed on purchases. Yes, that means what you see on the sales tag is what you will pay, no more.  The best part, if you are planning on back-to-school shopping, wait until August because most states’ sale tax holiday begin then!

    Here is a list of all the states’ sales tax holiday dates. Unfortunately not all states honor a sales tax holiday! If you are lucky enough to live in one of the listed states then take advantage!

     

  • IRS Issues Reminder To Victims of Boston Marathon Explosions

    Thursday 11th of July 2013 4:31:11 PM

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    To those US tax payers that were affected by the Boston Marathon Explosions a reminder is issued from the IRS that you have until Monday, July 15, to file and pay your US income taxes.

    If you should need additional time you may file for an extension with Form 4868 and you must pay your taxes by October 15, 2013 with .

    Keep in mind that regardless of the reason for the extension that penalties may accrue on your tax liability.  To read more about this story you may visit the IRS website.

  • Whistleblower Paid $38 Million

    Thursday 01st of November 2012 6:49:19 PM

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    After 4 years of investigation, the IRS pays $38 million to an anonymous whistleblower for helping retrieve somewhere between $127 million to $254 million dollars in corporate taxes.    This case has been the second largest payout to any whistleblower from the IRS.  The largest payout was in the amount of $104 million to Mr. Bradley C. Birkenfeld, a former employee at UBS (Switzerland’s largest bank).

    The anonymous whistleblower was represented by Scott Knott of The Ferraro Law Firm. Mr. Knott would not divulge the identity of either their client nor that of the company that was involved.  Although, we know that the company is amongst one of the Fortune 500 companies in the country.

    The IRS is careful to keep the anonymity of corporate whistleblowers, meaning that he/she was most probably employed (and still maybe) by the company turned in during the four years it took to process the claim by the IRS.

    It is unclear to determine exactly how much the IRS has recovered. According to the IRS’s protocol on how much a whistleblower can be awarded it is likely that the IRS collected upwards of $250 million, thus making the award about 15 to 30 percent of total funds retrieved.

  • ARRA Impact To IRS

    Monday 29th of October 2012 12:16:36 PM

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    The contribution of funds coming from the American Recovery and Reinvestment Act of 2009 (ARRA) to support the spending of the Internal Revenue Service (IRS) for the contracts they made to reprogram their computer systems, update the tax related forms and publications, and to accommodate the taxpayers inquiries on the new tax provisions set by the recovery act by means of customer assistance is the focused of the audit report released by Treasury Inspector General for Tax Administration (TIGTA) recently.

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  • Inconsistency within IRS in Closing Delinquent Accounts

    Wednesday 24th of October 2012 6:01:30 PM

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    In the report of Treasury Inspector General for Tax Administration (TIGTA), some IRS employees are found not complying properly with the procedures of closing the accounts of delinquent taxpayers including the asking for manager approval.

    TIGTA identified in their audit with the IRS that 136 currently not collectible cases were encoded incorrectly in the database. There are closing codes in the IRS database that did not match with the case documentation.

    IRS said that they will look thoroughly about this matter and will plan for remedial action. They also agreed with the recommendations of the TIGTA. One of the recommendations is to implement security reviews and reports containing an evaluation to the assistor’s use of system command codes.

    source: Treasury Inspector General for Tax Administration

     

  • CEOs Are Seeking For Congress Action Against Fiscal Cliff

    Thursday 18th of October 2012 3:34:10 PM

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    The president of Business Roundtable (BRT) John Engler shared his sentiments over the apprehension in fiscal cliff. During his speech for Detroit Economic Club, he urged the Congress to find an immediate solution to the coming expiration of tax incentives and the eventual tax rate increase on January 2013 that could affect individuals and businesses.

    According to the Congressional Budget Office, fiscal cliff could bring the United States back into the peril of recession due on the first half of 2013. Joining forces to the expiration of tax provisions is the automatic spending cuts determined by the Budget Control Act.

    Engler beckoned that the expiration of tax provisions and automatic spending cuts “are causing chaos” based from BRT’s most recent quarterly CEO survey. The result shows that the in 10 years, 3rd largest drop for the expectations of hiring, capital investment and sales will happen.

    source: tax-news.com

     

  • Update on Bush Tax Cuts

    Friday 12th of October 2012 4:53:27 PM

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    Obama’s tax plan to expire the Bush tax cuts for top earners in 2013 opened a lot of controversies in the country. Talks about this issue crossed the doors of Republican and Democrat as it is now a national concern.

    The Bush tax cuts helped a lot of taxpayers in facing the economic crisis. This tax cut became an additional way for taxpayers to settle their difficulties in paying their taxes besides aiming for IRS tax relief. Investopedia.com even defined Bush tax cuts as a temporary income tax relief that lowers federal income tax rate, capital gains tax, rate on dividend income; decreases marriage penalty; increases child tax credit; eliminates estate tax, phase out on personal exemptions for higher income taxpayer, and itemized deductions.

    However, since Bush tax cuts run temporarily, it is still bound to end. With Obama’s plan to expire it by next year, many are not in favor due to the occurrence of higher taxes leading to the slowdown of economic growth and stiff work incentives. On the other hand those who want to end Bush tax cuts, see it as way to provide for the government’s massive budget deficits brought by the recession.

    source: money.cnn.com

     

     

     

  • Results of 9th Business Tax Climate Index

    Thursday 11th of October 2012 5:48:25 PM

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    Tax Foundation (TF) reports show that states not having one or more major statewide taxes such as corporate income tax, sales tax or personal income tax favor good result compared to states having those kinds of tax.

    States of Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, and Montana are included in the top ten list of the 9th State Business Tax Climate Index whereas Maryland, Iowa, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New Jersey, and New York placed at the bottom list.

    In the case of New York, even though it registered moderate corporate taxes, the state ranked bottom due to the records of being the worst individual income tax, 6th worst unemployment insurance tax, and 6th worst property tax.

    Tax Climate Index is being used by US taxpayers, business leaders, and government policymakers to determine the situation of each state tax system based from the TF comparative report.

    source: tax-news.com

  • National Taxpayer Advocate Report Shows Upcoming Tax Problems

    Wednesday 08th of August 2012 9:11:00 AM

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    Nina E. Olson, a National Taxpayer Advocate released a report to Congress their lists of major issues that they will be focusing on this upcoming fiscal year. Among the items listed were concerns about expired and/or expiring tax provisions as well as the rise in tax fraud and tax-related identity theft.

    Among the expired tax provisions that are now taking effect are the so-called “AMT patch.” With its expiration an estimated 27 million more taxpayers will be subject to the Alternative Minimum Tax. Another provision expiring are deductions for state and local sales taxes which will affect about 11 million taxpayers. The deduction for mortgage insurance premiums has expired and will affect four million taxpayers and the provision allowing those over age 70 ½ to make tax-free withdrawals from their IRAs for charitable contributions has expired.

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  • Don’t Fall Prey to Tax Scams – IRS Tax Tips

    Monday 07th of November 2011 4:38:08 PM

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    Annually, the IRS classify a list of common tax scams called the “dirty dozen.” The IRS attempts to educate taxpayers about the scams that can end up causing them great financial harm and future stress. The list will serve as their reminders for their taxpayers to be very careful in handling their own tax return. Be guided with an old saying – “If it seems too good to be true, it probably is.”

    » Read More

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