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Tag Archive for tax
June 15, 1215. No Taxation Without Representation!
A phrase thought to belong to the US revolutionaries was actually rooted in principle in chapter 12 of the Magna Carta. Like those who revolted against England’s policy, the Baron’s believe that rampant taxation was a signature of tyrannical government.
Just two weeks after the January 19th start of Tax Season, on Wednesday, February 3rd, the IRS experienced an alleged “hardware failure” that according to USAToday.com, “knocked some of the tax agency’s computers out of service.” With all the troubles the IRS is already facing, this latest snafu just adds more fuel to the overwhelming frustration most taxpayers feel with this government institution.
As of February 4th, the day the USA Today article was posted, Read more
College and high school students are frequently utilized by businesses and non-profit organizations as interns. These arrangements can be beneficial to the organization as the organization may get the services and insights from the intern, even though the organization receives no immediate tangible benefit. The intern may benefit by obtaining valuable on-the-job training, an entree into a permanent job, college credit, and maybe a few dollars in earnings. Internships vary greatly. They may be paid or unpaid; for college credit or not for credit; highly structured as in a college program, or an independent arrangement with less structure. Read more
A frequent question that arises is whether legal expenses are deductible. The answer to that question can be both yes and no and can be complicated depending upon the nature of the legal expense.
The Internal Revenue Code (IRC), which is the body of tax laws written by the United States (U.S.) Congress and approved by the president in office at the time the law is created, tells us that except as otherwise expressly provided, such as itemized deductions, no deduction shall be allowed for personal, living, or family expenses. The IRC also says that, in the case of an individual, deductions are allowed for all of the ordinary and necessary expenses paid or incurred during the taxable year:
• For the production or collection of taxable income; Read more
S. 2801 of the Internal Revenue Code is NOT a S. 877A “Exit Tax”, but a punishment for the “sins of the father”
Updated September 12, 2015 – the IRS has issued “proposed rules” governing the issue of “The sins of the father”.
The following was a comment on Part 9 of this “Exit Tax” series.
“I know many tax compliant, patriotic Americans who have renounced. Many have done so seeing the $2m threshold approaching, to protect their families and get on with their lives. All with heavy hearts.
You did not mention the additional burden on those who renounce who have US citizen relatives–the tax their Read more
Canadian Privately-Owned Investment Corporations Should Not Late File Their Corporate T2 Tax Returns
Companies that earn passive or investment income such as capital gains, interest or rental income pay corporate tax at a higher rate than the low rate on active business income. To ensure integration of the tax system, part of the Part I tax and where applicable Part IV tax goes into a notional refundable dividend tax account (“RDTOH”) that is refundable when a taxable dividend is paid to the shareholder or to a recipient corporation. The dividend refund also results in a reduction in the RDTOH of the payor corporation.
In order the obtain the dividend refund, the corporate returns of the payor must be filed on a timely basis and no later than 3 years after the end of the year in which the dividend refund arose. Annual filing due dates of the T2 is within 6 months after the end of the taxation year. Read more
Senior Director, Tax (Southern California)
The Senior Director, Tax will be responsible for directing and managing all tax compliance and tax reporting with international, federal, state and local authorities including quarterly and annual tax provision. The Senior Director, Tax will also be responsible for the following:
• Direct and manage the preparation and review of the worldwide income tax provision including the preparation of the ASC 740 calculations, current and deferred analysis, technical review of tax accounting positions (FIN48, 123R, FAS141R purchase accounting, valuation allowance analysis APB 23 Assertion), tax account reconciliations and return-to-provision reconciliation. Read more
Following is the tax responsibility for individuals for November, 2015.
If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on the Internal Revenue Service Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
You’ve submitted your OVDP letter and attachments to the Voluntary Disclosure Coordinator and are reclining in your arm chair watching the “big game” while opening up the day’s mail. The upper left-hand corner of one of the envelopes in your pile is adorned with the IRS’s logo. You open it up. The letter is but a few paragraphs long and as you start glancing at it you breathe a sigh of relief. It says that your disclosure has been preliminarily accepted by CI as timely.
It provides instructions for the second phase: completing and submitting the full voluntary disclosure package to the Austin Campus within 90 days of the date of the timeliness determination (and cooperating with the examiner in resolving all civil liability). You’ve made it this far, but you are uncertain about what is meant by a “full voluntary disclosure Read more
Should A Convicted Congressman Be Allowed To Keep His Seat In Congress And Continue To Receive Benefits?
Seems like politicians are having a problem staying out of trouble these days. The latest one to “bite the dust” did so in grand fashion, not failing to live up to the hypocrisy that makes for scintillating newspaper headlines. Who was this person? None other than United States Congressman, Michael Grimm. To use a cliché, Mr. Grimm’s “naughtiness” earned him a stocking full of coal from Santa this Christmas.
Amid a drumbeat of calls for his resignation, Rep. Michael Grimm pleaded guilty to aiding and assisting in the preparation of a false tax return on December 23, 2014. The ink on the signature at the bottom of Mr. Grimm’s plea agreement wasn’t even dry before the embattled Congressman vowed to hold onto his Staten Island congressional seat.
According to 26 U.S. Code § 280F – Limitation on depreciation for luxury automobiles the first year’s depreciation expense for a newly procured vehicle should be prorated over the tax year based on the in service date not to exceed the limitations spelled out in IRS Rev Proc 2014-21
For passenger automobiles the 2014 Tax Year Amount is:
1st Tax Year $ 3,160
2nd Tax Year $ 5,100
3rd Tax Year $ 3,050