Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales.
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 2017 compared to reports from 2016.
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.
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.
The Taxpayer Bill of Rights (TBOR) is more than just a guideline to better ensure employees of the Internal Revenue Service (IRS) treat taxpayers fairly. Congress officially added the rights to the Internal Revenue Code (IRC).
Governments can increase their revenue by bringing businesses into their countries. One way to do this: reduce tax rates. This is a move President Donald Trump has put into play here in the United States, but the U.S. is not the only country that has positioned itself to be more lucrative to businesses throughout the world.
President Donald Trump was able to keep his promise before taking leave for the holidays. He signed the tax bill presented by Congress into law. This new tax law has resulted in many changes to the tax system in the United States. These changes extend to impact individuals and businesses alike. One particular area of interest involves businesses that operate in multiple countries.
Tax preparation firms will likely see a spike in demand for tax services as the year closes out. Both houses approved the tax bill and sent it to President Donald Trump’s desk. Upon receipt, the president fulfilled his promise. He signed the bill into law prior to heading out for his holiday break.
Keeping up to date with the proposed changes and the debates regarding tax reform occurring within the Senate and House is a daunting, potentially impossible task. A number of changes are under discussion, but two big ones that specifically impact business owners are the corporate tax rate and pass-through taxes.
The IRS sends out tens of thousands of notices annually to individual and business taxpayers. The reasons for these vary, but can include requests for additional information, payment reminders, audit or investigation notices, refund checks and more.