Accounting
IRS sending letters about delayed employer tax credit payments
The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19. Original Article Posted at : https://www.accountingtoday.com/news/irs-sending-letters-about-delayed-employer-tax-credit-payments
Read MoreHow Can The IRS Do Correspondence Audits When It Can’t Open Its Mail?
Sometimes, the junk mail and the bills pile up unopened on my dining room table. The Internal Revenue Service has me beat. After the COVID-19…
Read MoreThe Tech Take: Virtual reality the new reality for accountants
Virtual reality could be one piece of tech that really enhances the remote accounting experience, enabling the most realistic simulacrum of in-person meetings available today. Original Article Posted at : https://www.accountingtoday.com/opinion/virtual-reality-the-new-reality-for-accountants
Read MoreHungarian COVID-19 Response: Surtax for Banks and Retail
In response to COVID-19, Hungary has implemented tax relief measures as well as additional tax in some sectors in order to make up revenues. Some tax relief measures have been targeted at “vulnerable” sectors, which include hospitality, entertainment, sports, and media. From July 1, employers in these sectors had social security contributions reduced by 2…
Read MoreIreland loses Apple billions, but wins tax vindication for now
For Ireland, a ruling that it didn’t illegally help Apple Inc. is vindication, of sorts. Original Article Posted at : https://www.accountingtoday.com/articles/ireland-loses-apple-billions-but-wins-tax-vindication-for-now
Read MoreCash-strapped businesses hit Tax Day with new reasons to worry
U.S. taxpayers were given an additional three months to file tax returns this year because of the coronavirus crisis, but even the extra time hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen. Original Article Posted at : https://www.accountingtoday.com/articles/cash-strapped-businesses-hit-tax-day-with-new-reasons-to-worry
Read MoreApple wins fight over $14.9B tax bill in blow to EU
Apple Inc. won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestager’s crackdown on preferential fiscal deals for companies. Original Article Posted at : https://www.accountingtoday.com/articles/apple-wins-fight-over-14-9b-tax-bill-in-blow-to-eu
Read MoreMarginal Tax Rates for Pass-through Businesses by State
Pass-through businesses, such as sole proprietorships, S corporations, and partnerships, make up a majority of businesses in the United States. The owners of these firms pay individual income tax on income derived from these businesses. The marginal tax rates vary for pass-through firms depending on the state where they operate, as states tax individual income…
Read MoreState Forecasts Indicate $121 Billion 2-Year Tax Revenue Losses Compared to FY 2019
Key Findings Extrapolating from recently revised state revenue forecasts yields an estimated nationwide $121 billion decline in state tax collections across FYs 2020 and 2021 against a FY 2019 baseline, and $191 billion compared to initial tax revenue projections for those two years. These estimates are consistent with the results of other recent analyses, and,…
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