Accounting
White House discussing allowing airlines to keep ticket tax
White House officials are discussing temporarily allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help as travel plummets due to the spread of coronavirus. Original Article Posted at : https://www.accountingtoday.com/articles/white-house-discussing-allowing-airlines-to-keep-ticket-tax
Read MoreWorse Than Advertised: The Legal and Economic Pitfalls of Maryland’s Digital Advertising Tax
Key Findings The Maryland General Assembly is on the verge of adopting a vaguely worded, legally dubious tax on digital advertising in the final days of this session—now paired with new tobacco taxes. Although lawmakers intend to tax large out-of-state businesses, much of the tax burden would be borne by Maryland-based businesses and Maryland consumers.…
Read MoreGeorgia’s Proposal to Extend the Local Rental Car Excise Tax onto Peer-to-Peer Car Sharing is the Wrong Approach
On Monday, Georgia’s House of Representatives passed House Bill 378, which would extend the state’s municipal rental car excise tax onto marketplace facilitators of rental motor vehicles, including peer-to-peer car sharing firms. This proposal, like other proposals contemplated by policymakers in other states, goes in the wrong direction by expanding a tax that violates the…
Read MoreFirms go remote at breakneck speed in response to coronavirus pandemic
Accounting firms across the nation are knee-deep in tax season, but now, they are also knee-deep in a crisis no one could have predicted. Original Article Posted at : https://www.accountingtoday.com/news/firms-go-remote-at-breakneck-speed-in-response-to-coronavirus-pandemic
Read MoreFiscal Measures during the Coronavirus Outbreak
Countries around the world are implementing emergency tax measures to support their debilitated economies under the coronavirus (COVID-19) threat. The following countries implemented or plan to implement tax relief for businesses and households affected by this health crisis: China has reduced its value-added tax (VAT) from 3 percent to 1 percent for the cash accounting…
Read MoreAccountant groups call for extending filing season amid coronavirus threat
The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic. Original Article Posted at : https://www.accountingtoday.com/news/accountant-groups-call-for-extending-tax-filing-season-amid-coronavirus-threat
Read MoreUsing The EITC To Help Fight An Economic Slowdown
President Trump and some members of Congress are promoting a payroll tax cut to respond to the growing coronavirus outbreak. But if they are looking…
Read MoreCompliance programs and audits falling short
More than half of compliance officers believe they don’t have enough resources to carry out their function adequately, and nearly a third say their auditing and monitoring process is insufficient, according to a new survey. Original Article Posted at : https://www.accountingtoday.com/news/compliance-programs-and-audits-falling-short
Read MoreGeorgia House Passes Flat Income Tax Legislation
Tuesday, the Georgia House of Representatives passed HB 949, a bill to consolidate the state’s six individual income tax brackets into one, reduce the top rate from 5.75 percent to a new 5.375 percent flat rate, eliminate the Georgia itemized deduction for state income taxes paid, create a new tax credit for individuals with incomes…
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