Here's a surprise: Congress is ready to debate the so-called tax extenders that expired at the end of 2014. Accounting Today reports that the IRS has issued its annual warning that the tax season could start late if Congress does not act soon. If the past few years are any indication, the bill will be passed at the latest possible hour, the extenders will be enacted for 2015 only, and we will be right back where we started. Second verse, same as the first.
People who keep some of their money in foreign banks or investments had better make sure they are reporting that income to the proper tax authorities. The IRS has begun exchanging taxpayer information with their colleagues in as many as 34 other countries, The Wall Street Journal reports.
There are all different sorts of deadlines we face in our lives. For some of these deadlines, there can be very major consequences if we end up missing them. Federal tax deadlines fall into this category.
If you have a professional practice, such as medicine, law or finance, you may have considerable income. This level of income will generate significant taxes, both from the Internal Revenue Service (IRS) and from the Minnesota Department of Revenue. Tax planning and advice from a knowledgeable accountant or tax attorney would be helpful to reduce or minimize your tax burden. However, you know that it is unlikely that you will be able to reduce it to where it they are negligible.
There it is, prominently and unambiguously stated in Article I, Section 8 of the United States Constitution: The Congress shall have Power To lay and collect Taxes.
The Internet has created the possibility for nearly anyone to become an online seller of wares. And it should come as no surprise that tax collectors at state and federal levels have an interest in tracking and recovering all the tax revenue such sales may be generating.
After working hard for several decades, long-time Minnesotans might decide to split their time in a warmer state during the winter months. As people begin to spend more of their time in another state and acquire property, it makes logical sense that they would consider switching residency. In trying to switch residency, people might also find a more hospitable tax climate.
Taxpayers in Hennepin and Ramsey counties will find their wallets a bit lighter when it comes time to renew their car tabs this year. Both counties have opted to join Anoka, Washington, Dakota, Scott and Carver in collecting a so-called "wheelage" tax from the owners of vehicles registered in their borders. The $10 tax will likely be effective immediately, and is so far set to only apply to cars and trucks actively registered in Hennepin and Ramsey counties (or one of the other counties that already has a yearly wheelage tax), not bicycles, motorcycles, scooters or trailers.
Well, it depends. In some regard, the analysis done by the state's Department of Revenue shows that taxes are indeed fairer now across socioeconomic lines. On the other hand, there are still taxes that disproportionately affect one economic class more than others.
Not everyone has the need or desire to open up a foreign bank account, but they are fairly common for some individuals in Minneapolis. These accounts are held offshore, in another country and under different rules, so how are they treated under the Federal Tax Code? And what are the reporting requirements?