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April 2017 Archives

Texas legislature acts to eliminate franchise tax

This week brought the Trump administration's one-page opening salvo in what is likely to be contentious debate over reform of federal tax system. A key part of the proposal is to reduce business taxes from 35 percent to 15 percent - even for small, unincorporated business whose owners pay taxes at the individual, not the corporate rate. It isn't only at the federal level, however, where changes to business taxes are in play.
In this post, we will a Q & A format to update you on the possible elimination of a state tax on Texas businesses called the franchise tax.

IRS again outsourcing tax debt collection

In spite of repeated instances of tax debt collection scams - some of them serious enough to warrant specific warnings from the IRS - the agency has once again chosen to outsource tax collection efforts to private debt collectors. This means that, in theory, the phone calls and letters you get that you might be tempted to write off as a scam could be legitimate attempts to collect overdue tax payments.

Tax inversions: Treasury ordered to review regulations

More than 30 years have passed since Congress passed reform of the federal tax code in President Reagan's second term. The question of whether such reform can happen this year, during President Trump's first term, will be getting plenty of attention in the coming days. Somewhat beneath the radar, however, is a more specific set of issues regarding the review of regulations on so-called tax inversion transactions. In the last few years, numerous U.S. companies have used such transactions - involving the acquisition of a foreign partner and reincorporation abroad -to avoid U.S. income tax.

Is this the end for the FATCA? New proposal repeals portions of this law.

President Donald Trump ran on the platform of "making America great again." Part of that platform involved moving forward with tax reform that would help achieve this goal. In an attempt to make this promise a reality, lawmakers are proposing various pieces of legislation that would impact current tax law. One such proposal deals specifically with the Foreign Account Tax Compliance Act (FATCA).

Limits on Office of Professional Responsibility authority

A recent decision from a Nevada federal district court addresses authority of IRS Office of Professional Responsibility (OPR) to regulate tax preparers. The OPR is tasked with making sure that tax professionals follow tax practice standards as well as the law.

IRS collaborates with Dutch government over tax info

Government agencies around the globe are working together to find individuals that are hiding assets in an attempt to illegally reduce their tax obligations. A Justice Department statement recently provided an example of these collaborative efforts. It outlined how the Internal Revenue Service (IRS) is pushing a popular credit card company to provide the identity of account holders to the Dutch government.

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