Tax laws

Unprecedented changes proposed to gift and inheritance tax laws

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 […]

Tax laws

Cryptocurrency Tax Laws: What U.S. Taxpayers Should Know As Tax Day Approaches

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 […]

Tax laws

MTV: Celebrities move to Wyoming over tax laws

*** 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 […]

Tax laws

Federal budget 2021: Liberals seek to tighten corporate tax laws and close loopholes, but avoid sweeping changes

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 […]

Tax laws

How does the IRS enforce the country’s tax laws for the benefit of all taxpayers? | CPA and Foodman advisors

On December 17, 2020, the IRS released a document titled “Closer Look”. 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 […]

Tax laws

Taxmann publishes CA Ravi Chhawchharia’s book on ‘Direct Tax Laws and International Taxation’

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 […]

Tax laws

Understanding California Cannabis Tax Laws | Cultiva Law, PLLC

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 […]

Tax laws

Not Enough Labor or Money in Revenue Jersey to Change Tax Laws, Claims Report

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 […]

Tax laws

LHDN: Audits carried out to ensure compliance with tax laws

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 […]

Tax laws

Tax laws offer incentives to become truck drivers; Could help alleviate shortage

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 […]

Tax laws

Impact of the draft law on tax laws (amendment) (n ° 2), 2020 – Taxation

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, […]

Tax laws

Billionaires and philanthropy bigwigs want Congress to fix tax laws so charities can get more money faster

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 […]

Tax laws

These Charitable Donation Tax Laws Have Been Changed To Help With A Pandemic

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 […]

Tax laws

Who is eligible for the head office deduction under the new tax laws?

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 […]

Tax laws

Tax laws provide protections and deductions for seniors

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, […]

Tax laws

Comment: US tax laws have made matters worse for federal retirees in Maryland.

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 […]

Tax laws

How New Tax Laws Affect Tax Exempt Organizations

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 […]

Tax laws

New Virginia Tax Laws Effective January 1, 2020

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 […]

Tax laws

Federal Tax Laws Impact Companies Selling Legalized Marijuana

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 […]

Tax laws

Football tickets, child credits and other changes

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 […]

Tax laws

Trump’s tax laws could explain the slowdown in year-end giving

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 […]

Tax laws

How Divorce Tax Laws Will Change in 2019

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 […]

Tax laws

How New Tax Laws Will Affect Small Law Firms

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 […]

Tax laws

9 Ways New Tax Laws Are Affecting Millennials

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 […]