What happens if a taxpayer missed the tax filing deadline for 2017? First, it is important to note that the deadline changed this year. The Internal Revenue Service (IRS) experienced a glitch on its website on Tax Day. As a result, the agency moved deadline for 2017 filings from April […]
The Supreme Court of the United States (SCOTUS) has agreed to take on the issue of sales tax for online transactions. SCOTUS will decide whether or not a business is required to collect a state’s sales tax when the business has no physical connection to the state. When does a […]
The new tax law has left taxpayers with many questions. One issue: how will the new tax law impact the business interest expense deduction? The Treasury Department and the Internal Revenue Service (IRS) recently provided some guidance. What is the business interest expense deduction? The business interest expense deduction essentially allowed […]
It is the busy season for those who offer tax preparation services. Tax season is starting to finish up and clients are often pushing for the biggest return possible. Providing the service your clients want while meeting the demands and regulations expected by the Internal Revenue Service (IRS) can be […]
Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) […]
Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales. What is the new tax law? The proposal, Remote Transactions Parity Act, would provide states with the right to enforce local sales and use tax laws on remote transactions. This means that if […]
A group composed of the Internal Revenue Service (IRS), state tax agencies and businesses within the tax industry is working to address tax fraud. Thus far, the group’s efforts have proven successful. The efforts of the group translated to a 40 percent decrease in reported instances of identity theft in […]
Filing taxes is often a frustrating process. This frustration can grow exponentially in the event that a tax return triggers an audit by the Internal Revenue Service (IRS). You can mitigate the risk of becoming the target of an audit by becoming familiar with common triggers. When does the IRS […]
The new tax law has led to a number of changes that could impact your tax bill. As a result, you may need to review how much of your tax bill is covered by your paycheck. In some cases, you may need to adjust your tax withholding status. Who should […]
Fuel taxes are important. These taxes help fund the nation’s infrastructure, they fund bridge and highway updates. They exist at both the federal and state levels throughout the country. There is concern that the current gas tax is too low. The federal gas tax is just over 18 cents. It has […]