If you set your sights on winning the lottery, you may find it surprising to realize Uncle Sam is in your corner. Why would Uncle Sam want you to win the lottery? The more cynical amongst us would point to the fact that the Internal Revenue Service (IRS) wants you to win because they can get up to 37 percent of any lottery winnings in tax obligations.
A recent decision from the Supreme Court of the United States (SCOTUS) has changed how state’s view online transactions. In the past, the only way a state could impose a tax on sales was to essentially establish that the business had a physical presence within the state. The evolution of online transactions led to a challenge.
Lawmakers are calling on the Internal Revenue Service (IRS) to provide additional guidance on taxation of cryptocurrency. The House Ways Committee Chairman along with others on his committee sent a letter to the IRS to question enforcement actions taken against taxpayers holding virtual currencies.
It is World Cup time. This year, the World Cup marks more than just a celebration of amazing soccer games. It also showcases athletes that are in the middle of international tax battles.
There is a great deal of uncertainty tied to the Tax Cuts and Jobs Act (TCJA). One involves the treatment of chickens. Puns abound when analyzing how the Internal Revenue Service (IRS) will define chickens without running afowl of the new tax law. But all jokes aside, the issue is a serious one for those in the poultry market.
The Internal Revenue Service (IRS) has accused seven restaurant owners of tax evasion. The accusations led to an investigation by the IRS and local state tax authorities of seven businessmen.
There are many advantages to owning a second property. In addition to diversification of your investment portfolio, a second property can allow you to make the most of an area you love.
Minnesota lawmakers are considering a new tax law. The tax char of the Minnesota Senate proposed the law. The law, titled SF 4010, would result in a decrease in the individual income tax and corporate franchise tax by one-tenth of one percent in the event revenues exceed expenditures.
Tax planning strategies can reduce a business’ tax obligations. One example involves keeping certain assets overseas. If the asset returned to the United States, a tax would be due. An asset that remained abroad was not subject to this tax.
President Donald Trump made due on his promise. Congress got a proposed tax law onto his desk before the end of the year. He signed it. Now taxpayers are trying to get a better idea of how the law will impact their tax returns.