Tax laws

New Tax Laws, IRS Loopholes Highlighted in Randolph by Roxbury Accountant | Reporter Randolph News

RANDOLPH TWP. – Accountant Ron DeFilippis doesn’t care much about the IRS. However, it is an organization he has worked with and has known inside and out for over 40 years. The Roxbury resident and Mount Arlington-based accountant, spoke to the Randolph Area Chamber of Commerce at the Randolph Diner on Thursday, February 17. Incoming […]

Tax laws

Did you know that there are tax laws applicable to freelancers?

Did you know that there are tax laws applicable to freelancers? By Lynnet Okumu / Posted on February 28, 2022 | 1:55 p.m. KEY POINTS A freelancer is someone who works on a contract basis for multiple companies, rather than working as an employee for a single company. KEY POINTS TO REMEMBER If you have […]

Tax laws

Time to simplify direct tax laws – The New Indian Express

Income tax laws are complex in the country because over the years the government – in order to induce certain categories of people, companies and economic activities – has granted several exemptions and proposed tax rates. special taxation. Despite the government’s many attempts to simplify direct taxes, little has been done in this direction. It […]

Tax deductions

What you can (and can’t) write off

Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap into their home’s equity for quick cash, using their property as collateral. But before that, you need to understand how this debt will be handled come tax season. With the Tax Cuts and Jobs Act of 2018, the […]

Tax code

The federal tax code is not discriminatory

Natalie Moore’s column stating that the federal tax system is racially discriminatory (“In tax season, green isn’t the only color that matters”) is long on generalization but short on fact. For example, it is claimed that a married couple each earning $50,000 a year does not get the same tax relief as a single-earner couple, […]

Tax code

Youngkin signs bill to comply with tax code

Pandemic-related loans will not be treated as state taxable income Posted February 24, 2022 by Robyn Sidersky young This year’s tax season could be a little less complicated for businesses that got Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill Governor Glenn Youngkin signed into law on Wednesday will ensure […]

Tax code

Leverage the tax code to minimize your tax liabilities

As we head into March, one of the most dreaded times of the year is approaching: tax season. Right now you’re inundated with tax documents, including a W-2 from your employer, 1099s from your side gigs, 1099-MISC statements from your online brokers, 1099-Rs for retirement income and more. Again. There’s not much you can do […]

Tax deductions

Making money on Venmo? These 3 tax deductions can reduce your tax bill

If you’re self-employed or have a side hustle and accept payments through a third-party payment processor such as Venmo, PayPal, Zelle, or Cash App, you may have heard of a new tax reporting requirement. A provision of the U.S. bailout that went into effect earlier this year requires third-party payment processors like Venmo to report […]

Tax deductions

What is the difference between standard and itemized tax deductions

There are a lot of decisions to be made during tax season. You need to decide your filing status, the tax credits you want to claim, and whether you want to itemize your deductions or use the standard deduction. 1 The goal is to choose the method that will make you the most money.Credit: Getty […]

Tax code

Can indexing the tax code to inflation lead to smarter investment and growth?

As the U.S. economy emerges from the pandemic, it is important for U.S. lawmakers and policymakers to ensure that fiscal policy encourages growth while recognizing that inflation is at a 40-year high. One of the main levers civil servants can use is indexing to inflation, the Tax Foundation explained in a new paper ((https://taxfoundation.org/economic-growth-opportunity-tax-reforms/) yesterday. […]

Tax laws

Azerbaijan amends tax laws relating to CFCs, tax havens and transfer pricing – Tax

To print this article, all you need to do is be registered or log in to Mondaq.com. This update appeared at: https://mnetax.com/azerbaijan-amends-tax-laws-relating-to-cfcs-tax-havens-transfer-pricing-46405 The Azerbaijani government has made significant changes to the Tax Code, which will come into force on January 1, 2022. These changes include measures focused on combating tax evasion and broadening the tax […]

Tax regulations

Tax and accounting job opportunities may increase with new tax regulations in UAE

The United Arab Emirates has announced its intention to impose a new corporate tax from June 1, 2023. Although another country’s tax changes should not be of interest to us, the changes taking place in the Gulf countries are closely watched by the people here. With the introduction of the new tax regulations, more than […]

Tax regulations

The BIR reminds election candidates of tax regulations under penalty of sanctions

The Bureau of Internal Revenue (BIR) has warned anyone running for office or otherwise participating in the May 9 state and local elections to register and comply with tax regulations, or face fines under the Tax Code. taxes. All candidates, political parties/groups of party lists and campaign contributions must register with the tax office, issue […]

Tax laws

Texas Business Tax Laws – Why They’re Attractive:

For a decade, Texas has led the charge in the United States in terms of job creation, economic development and business formation. About 3 million small businesses have been established in the Lone Star State, making it a hotspot for entrepreneurial talent and new business establishments. With so many entrepreneurs moving to Texas from states […]

Tax laws

Court judgment on VAT confirms the need for tax laws – PwC

NAIROBI, Kenya, February 21 – PricewaterhouseCoopers (PwC) says the recent High Court decision which rendered the Value Added Tax Regulations 2017 void and affirmed that tax laws must be validly enacted and enforced. In a tax alert dated February 2022, PwC states: “Tax law must be validly enacted and enforced. Non-compliance with what creates an […]

Tax deductions

The Pros and Cons of Standard Tax Deductions vs. Itemized Tax Deductions

Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount… Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount you owe Uncle Sam. Deductions protect some of your income from income tax. income, and […]

Tax laws

Deciphering the changes made to the laws on direct taxation

Following the deadlock over the Farm Bills that led to their withdrawal, Finance Minister Nirmala Sitharaman was expected to make a host of new proposals in the Union budget to win them back. In fact, the budget makes it clear that the government is keen on fixing the structural problems in agriculture (which the farm […]

Tax deductions

Five Most Overlooked Tax Deductions

Although few people can raise their hands, Americans regularly pay too much because they don’t get the tax deductions to which they are entitled. Let’s take a look at the five most overlooked opportunities to manage your tax bill. Dividends reinvested When your mutual fund pays you a dividend or capital gains distribution, that income […]

Tax laws

Tax laws must be validly enacted and enforced

Tax laws must be validly enacted and enforced By Soko Directory Team / Posted on February 19, 2022 | 10:28 KEY POINTS The appeal related to a case in which the KRA was ordered by the Tax Appeal Tribunal to pay WEC Kenya Kshs 6.4 million in VAT refunds. KEY POINTS TO REMEMBER KRA further […]

Tax regulations

High Court strikes down Value Added Tax Regulations, 2017 | Denton

The High Court delivered its judgment in Income Tax Appeal No. E84 of 2020: Commissioner of Inland Tax v WEC Lines (K) Limited where Dentons Hamilton Harrison & Mathews represented the taxpayer. The Court struck down the Value Added Tax Regulations, 2017 (VAT Regulations, 2017), upholding the taxpayer’s position that the agency services provided by […]

Tax code

Tax Refund for Working Floridians Fixes Upside-Down Tax Code

OPINION AND COMMENT Editorials and other opinion content offer viewpoints on issues important to our community and are independent of the work of our newsroom reporters. Super yachts docked at Island Gardens Marina during the 2022 Miami Boat Show on Thursday. Pedro Portal [email protected] I often hear Florida referred to as a “low tax” state. […]

Tax laws

Reviews | These tax laws “make us all look down on”

Congratulations, road warrior. Last year, you did business in five states in one week – emails from airports, phone calls from taxis, video conferences from hotel rooms, business lunches here and there. Later, when you took a vacation in another state, you opened your laptop from time to time to connect with your colleagues. Now […]

Tax code

Tax code proposes write-offs for certain private jet purchases

A tweet from a New York congressional candidate pitting federal tax deductions available to teachers against deductions available to people who can purchase private jets quickly spread, garnering 23,500 retweets and 91,700 likes. “Teachers can only deduct up to $250 for school supplies on their taxes, but billionaires can deduct the entire cost of a […]

Tax code

Imagine a better tax code, use evidence to make it happen – ITEP

It has become popular to urge people to imagine a better world. It’s not surprising. After forty years of rising inequality, stagnant median wages, untaxed wealth, lack of progress on racial equity and neglect of the climate crisis, it may seem that a vivid imagination is the only way to access the country and the […]

Tax code

Expert: Kentucky should ‘clean up’ its tax code instead of cutting income tax for the wealthy

Amid talk of state income tax cuts, experts say Kentucky’s tax code reforms should instead focus on eliminating tax breaks for the wealthy and businesses. the Kentucky Chamber of Commerce and other proponents of income tax abolition say it’s a necessary step to keep businesses. Jason Bailey, executive director of the Kentucky Center for Economic […]

Tax code

The solution to IRS incompetence is to simplify the tax code

(Jonathan Ernst/Reuters) Daniel J. Pilla challenges the oft-repeated assertion that the IRS operates on “1960s technology” and needs billions of dollars in additional funding to modernize its systems. But, as he points out, he already does a lot of high-tech stuff and wants to do more: Knowing this, remember my questions about IRS technology capabilities […]

Tax regulations

Explaining the pros and cons of moving – The New Indian Express

Express press service BENGALURU: When Finance Minister Nirmala Sitharaman announced in the Union budget a 30% tax on any income from a virtual digital asset as well as a 1% TDS (withholding tax) on all crypto transactions, the crypto industry breathed a sigh of relief as the announcement necessarily settled the legality issue that was […]

Tax code

On the adoption of the Tax Code of the Kyrgyz Republic – Taxation

Kyrgyzstan: On the adoption of the Tax Code of the Kyrgyz Republic February 14, 2022 GRATA International To print this article, all you need to do is be registered or log in to Mondaq.com. On January 18, 2022, the President of the Kyrgyz Republic signed the Tax Code, adopted by the Jogorku […]

Tax code

Single Women Lose in Today’s Economy: Wages, Tax Code

Sometimes it seems like everyone is pushing women to get married, even the US government. Loading Something is loading. As more millennials postpone or forgo marriage, the economy hasn’t caught up. Single people pay more for housing, social life and taxes — and they get paid less. Kate Mannelly, a 29-year-old teacher living in Boston, […]

Tax laws

Tax laws made complicated by exemptions need to be simplified: Tarun Bajaj

There is a need to simplify the direct tax laws as various exclusions or exemptions announced each year have complicated them, said Revenue Secretary Tarun Bajaj. “The direct tax code has also become more complicated, a lot of exemptions, a lot of provisions have come in so I think there needs to […]

Tax code

Anglo-Irish Chamber calls for new body to simplify tax code

The Anglo-Irish Chamber of Commerce has called for the creation of a tax reform office to recommend and advise the government on how to simplify what it describes as “the onerous nature of the Irish tax system for business”. . The business advocacy group has called for a new agency modeled on the UK’s Office […]

Tax deductions

Best tax deductions in 2021

The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]

Tax regulations

US Tax Regulations for Vaping Products Intended for Pulmonary Delivery of Cannabinoids – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Tax Regulation in the US for Vaping Products Intended for Pulmonary Delivery of Cannabinoids” has been added to from ResearchAndMarkets.com offer. The Tax Regulation report provides a detailed analysis and comparison of the existing tax systems in each state in the United States in relation to cannabis vaping products. The report includes […]

Tax deductions

Best tax deductions in 2021

The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]

Tax regulations

US Tax Regulations for Vaping Products Intended for Pulmonary Delivery of Cannabinoids

DUBLIN, February 10, 2022–(BUSINESS WIRE)–The report “Tax Regulation in the US for Vaping Products Intended for Pulmonary Delivery of Cannabinoids” has been added to from ResearchAndMarkets.com offer. The Tax Regulation report provides a detailed analysis and comparison of the existing tax systems in each state in the United States in relation to cannabis vaping products. […]

Tax code

KY experts should clean up the tax code, not cut income tax / Public News Service

Amid talk of state income tax cuts, experts say Kentucky’s tax code reforms should instead focus on eliminating tax breaks for the wealthy and businesses. the Kentucky Chamber of Commerce and other proponents of income tax abolition say it’s a necessary step to keep businesses. Jason Bailey, executive director of the Kentucky Center for Economic […]

Tax laws

How Tax Laws Contribute to America’s Racial Wealth Gap (Video)

Homepage ” Politics ” How Tax Laws Contribute to America’s Racial Wealth Gap (Video) Posted By: XYZ Social News February 7, 2022 Many financial experts say the US tax code contributes to the persistent racial wealth gap in the country. Emory University law professor Dorothy A. Brown joins CBS News’ Tanya Rivero and Tony Dokoupil […]

Tax laws

Lawmakers Introduce Bill to Improve Crypto Tax Laws – Here’s How It Would Make Consumers’ Lives Easier

Weedezign/Getty Images/iStockphoto Legislation reintroduced in Congress last week by a bipartisan group of lawmakers aims to change the way cryptocurrency purchases are taxed and help clear up some of the confusion over how to account for certain crypto transactions on your tax returns. income. See: Taxes 2022 — Questions About Your Crypto Purchase to Ask […]

Tax laws

A music teacher reacts to the tax laws of third-party organizations

AKRON, Ohio — After starting his own business during the pandemic, a music-loving man is now gearing up for a big change in the way small business owners accept payments. Music is an art, according to Jeff Klemm, is part of who he is. He started his first band at age 14. When he was […]

Tax deductions

Complete Guide: Home Equity Loans and Tax Deductions

A home equity loan can be a great way to use the equity in your home for a variety of different purchases. In addition to using the money for home improvement projects, many people use home equity loans to finance debt consolidation or other major purchases like investments or higher education. Although interest paid on […]

Tax deductions

Are there any tax deductions for tenants?

Image source: Getty Images Here’s what you need to know if you’re renting a home. Key points Owners benefit from numerous tax deductions. Although this generally does not apply to renters, you may be entitled to a benefit. If you are self-employed and have a home office, you may be able to claim a deduction. […]

Tax laws

New set of tax laws for 2022 – Taxation

To print this article, all you need to do is be registered or log in to Mondaq.com. In an attempt to revive the economy after the COVID crisis, the government has made changes to laws aimed at accelerating economic development. The following proposed changes to tax legislation are expected to come into force in January […]

Tax deductions

Best tax deductions in 2021

For the second year in a row, the IRS has extended its deadline for filing taxes. You will have until May 17, 2021 to complete your 2020 tax returns. So, have you started? Are all those anxious thoughts swirling around already? Like, do you have all the paperwork? Which form do you still need? Deductions […]

Tax deductions

“The government’s objective is to move away from tax deductions”

NEW DELHI : About 16% of corporate taxpayers accounting for 61% of business income have adopted the new reduced tax regime without incentives, making it a resounding success, said Chairman of the Central Board of Direct Taxes (CBDT), JB Mohapatra , in a post-budget interview. The government’s aim is to move from tax deductions to […]

Tax laws

El-Sisi ratifies amendments to VAT and stamp duty laws

ArabicFinance: Egyptian President Abdel Fattah El-Sisi has ratified amendments to the Value Added Tax (VAT) and stamp duty laws, Enterprise reported, citing the Egyptian Official Gazette. Under the amendments, advertisements on television, radio, as well as billboards and online advertisements will be subject to 14% VAT, replacing the 20% stamp duty, to which they were […]

Tax laws

New Jersey Governor Murphy Signs New Sports Betting Tax Laws

New Jersey Sports Betting Tax Update On Jan. 18, New Jersey Governor Phil Murphy signed a bill that provides tax breaks on credits used to entice players to brick-and-mortar casinos and online operators tied to them in the state. Promotional game credits available for taxation include credits, chips or other incentives that entice players to […]

Tax code

3 ways savvy crypto investors are using the tax code to their advantage

It’s officially tax season, and if you were among the many cryptocurrency traders last year, it’s time to report your business on your 2021 tax return. This applies to those who sold or spent their cryptocurrency, those who traded one cryptocurrency for another, and those who engaged in other taxable events, such as earning interest […]

Tax laws

January 2022 review: the tax laws you need to know

While you focus on your business, we stay on top of legislative and policy changes that may affect your tax compliance. As real-world online sellers face a wave of train robberies and online marketplaces struggle to prevent the sale of stolen goods, a growing number of businesses are moving into the metaverse. This month’s roundup […]