Strong points Current exemptions and tax rates on inheritances, donations and generational transfers could be affected by the adoption of new tax legislation US plan for President Biden’s families would eliminate base increase in case of death The For the 99.5% bill includes provisions that could significantly affect the way wealth is transferred and restrict […]
By Seth Wilks, Director of Government Relations Have you traded or sold Bitcoin, Ether, or other digital currencies in 2020? If so, you will have the information you need to report on your tax return. With the tax deadline quickly approaching, TaxBit’s CPAs and tax attorneys are abolishing cryptocurrency tax laws to make this process […]
By Seth Wilks, Director of Government Relations Have you traded or sold Bitcoin, Ether, or other digital currencies in 2020? If so, you will have the information you need to report on your tax return. With the tax deadline fast approaching, TaxBit CPAs and tax lawyers are breaking down cryptocurrency tax laws to make this […]
It is not an easy task for the players. If their game is slots, blackjack or craps, there is the house edge. Poker players have to face the rake. Sports bettors face a climb against the vig. And if the gamer – whether he’s a pro, or just one of the tens of millions of […]
It is not an easy task for the players. If their game is slots, blackjack or craps, there is the house edge. Poker players have to face the rake. Sports bettors face a climb against the vig. And if the gamer – whether he’s a pro, or just one of the tens of millions of […]
*** For all of Wyoming, sign up for our daily newsletter *** By Ellen Fike, Cowboy State Daily Celebrities are drawn to Wyoming for its lack of tax laws, a new report from MTV News has found. A regular segment of MTV’s news called “The Pop Factor†details how popular culture influences more than the […]
The Ghana Revenue Authority (GRA) has announced that it will start implementing the new tax policies introduced in the 2021 Budget Report from May 1. In a press release, the GRA commissioner general said parliament had passed the three new tax laws and amended two existing laws to be implemented in 2021. The laws are […]
/cloudfront-us-east-1.images.arcpublishing.com/tgam/6XXUDKNXSJNYVOY2H4MOTGOCRU.JPG)
Ottawa has proposed a 3% tax on digital giants like Google, Amazon and Facebook as other countries consider similar measures. REUTERS PHOTO / Reuters FILE The federal budget aims to toughen corporate tax laws rather than reforming them, enforcing the rules more strictly and closing loopholes instead of changing the tax burden on businesses more […]
On December 17, 2020, the IRS released a document titled “Closer Lookâ€. He explains the IRS’s aspiration to balance the burden on the taxpayer with the potential benefit of its compliance effort when deciding which compliance tool to use. The IRS’s goal is to minimize the burden on taxpayers while encouraging voluntary compliance using the […]
Taxmann has been considered the most trusted and authentic tax law publisher for decades in India. Renowned Chartered Accountant of Surat, CA Ravi Chhawchharia’s book on “Direct Tax Laws and International Taxation” is now published throughout India by leading tax law publisher Taxmann. The aim of this book is to provide a holistic approach to […]
Those considering entering the cannabis industry often have questions about how California taxes the production, storage and sale of the popular drug. Fortunately, the California Department of Tax and Fee Administration (CDTFA) provides a detailed guide to what can be taxed and what the effective tax rates are for cannabis and cannabis products. Cultiva Law […]
ISLAMABAD: The National Assembly, on the opening day of its new session on Monday, attended a legal and technical debate on the issue of the government’s powers to bypass parliament and make changes to the country’s tax laws by through a presidential ordinance after the opposition protested the recently enacted law. Tax Laws Ordinance 2021 […]
The Jersey Tax Service does not have the manpower, systems, or money to deal with the incentive for taxpayers to pay based on their current year income rather than the previous year, according to close scrutiny.The Corporate Services Review Committee is also concerned that the changes would unfairly affect couples who divorced or dissolved their […]
PETALING JAYA: The Inland Revenue Board (LHDN) says its process of auditing or investigating individuals, including politicians, is conducted solely to ensure compliance with tax laws. As the country’s main revenue collector, he said he remains committed to fulfilling his responsibilities “without fear or favor.” “LHDN is always fair, equitable and acts with integrity to […]
In addition to deductions for individual drivers, economic incentives are increasingly available to the trucking industry as a whole. Trucking is not just a job, it is a profession, and treated as such by the Internal Revenue Service. ST. PETERSBURG, Fla. (PRWEB) February 15, 2021 If you are a truck driver, you are also a […]
On January 20, 2021, President Cyril Ramaphosa approved sweeping changes to our tax laws. While some of these were administrative in nature, there have been three very significant changes that will affect most people in South Africa. Criminal proceedings for negligence Certain negligent errors or omissions on your tax return can now lead to criminal […]
The Tax Laws (Amendment) Bill (No.2), 2020 (the Bill) was published in the Gazette with a view to making changes to various tax laws, as explained in more detail below. Once enacted, the bill will enter into force on January 1, 2021. However, we note that the National Assembly is currently suspended until February 8, […]
Some of philanthropy’s biggest hitters say they want Congress to reform tax laws so philanthropists can get money faster for those who need it. Several of the largest foundations in the United States – including the Ford Foundation – announced Tuesday Giving that they have formed a coalition dedicated to “accelerating charitable giving” by reforming […]
If you are inclined to support charity, 2020 might be a special year to do so. The usual funding needs of nonprofits have been compounded by the COVID-19 pandemic. Many charities have seen donations plummet and income-generating events canceled while grappling with increased demand for their services. A survey conducted in late October by the […]
small business weekSeptember 22-24 is a good time for individuals to consider taking advantage of the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to eligible self-employed taxpayers, independent contractors and those working in the […]
My friends, I have read a lot about the coronavirus. Apparently it was spreading in a Washington state nursing home with fatal consequences. We are told that most people will overcome the disease, but our elders are the most vulnerable. Apparently, it’s not so deadly with our children. And if they do catch the virus, […]
File photo Maryland is a high tax state. Recent changes in federal tax law have worsened the tax situation: At the federal level, the maximum combined amount of property, state and local, income, and sales taxes that can be deducted is now $10,000. In the past, these taxes were generally fully deductible. However, there has […]
The Internal Revenue Service says it wants tax-exempt organizations to be aware of recent tax law changes that may affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to current and previous tax years of tax-exempt organizations. Repeal of the “parking tax” for […]
/cloudfront-us-east-1.images.arcpublishing.com/gray/WCMAXCNE6RCV5CFZOTKMVFPNZ4.bmp)
CHARLOTTESVILLE, Va. (WVIR) – As Virginians ring in the new year, new tax laws are taking effect across the Commonwealth. Starting January 1, 2020, a number of new laws will change the way Virginians shop and pay taxes. A law is a reduction in the sales tax on certain products considered essential hygiene products. The […]
It has become popular among many politicians to favor the legalization of marijuana, both for medical purposes and even for recreational purposes. They argue that our prisons are full of underage drug users and that our law enforcement resources are overstretched and should be dedicated to more serious crimes. The leadership of this movement is […]
What and how a country chooses to tax speaks volumes about its values. A core value embedded in America’s DNA, for example, is equality. And in practice, Americans imagine their country to be more equal than it is and strive to treat every member of society that way. But, as I learned while researching my […]
If you haven’t started preparing tax returns, consider this your sign. Significant changes have been made to federal tax law since the enactment of the Tax Cuts and Jobs Act of 2017. Here’s what you need to know as you prepare to file your case by Monday, April 15. You will probably take the standard […]
The five-day period between Christmas and New Years is one of the busiest times for charitable giving. But under President Donald Trump’s new tax laws, nonprofits across the country could see a drop in year-end giving. Some organizations in Charlotte may already be feeling the effects. The local branch of the Salvation Army is counting […]
By Dean Hedeker, Next avenue Donor No one ever said getting divorced was easy. Besides the normal emotions of a broken relationship and family, there’s paperwork, lawyers, courts, and, of course, money. As if asset splitting wasn’t difficult enough, new tax changes coming into effect in January 2019 could add a significant amount of stress […]
Understanding the new tax law is daunting. There have been changes at the individual and corporate level. We heard about the elimination of the personal exemption and the elimination or reduction of many popular itemized deductions such as mortgage interest and state and local taxes. But there have also been some changes in the way […]
/istock647783982.spiderstock.millennials.downtown.cropped-5bfc32ac46e0fb00260c7460.jpg)
The Tax Cuts and Jobs Act (TCJA) of 2017 generated significant buzz as tax experts speculated about how the average American’s tax bill was affected. Some of the most significant changes relate to tax deductions and credits that could have a significant impact on the younger generation of taxpayers. For millennials, the latest round of […]
/https://blogs-images.forbes.com/robertwood/files/2014/12/12.jpg)
President-elect Trump and Republicans say big tax changes are coming. It’s time. The US tax code is the most complex in the world, packed with benefits for special interests and social engineering. It is incomprehensible and often produces unfair results. In 1913, our all the tax law was 27 pages long. It’s now over 4 […]