There were a number of important tax developments in the third quarter of 2015 including changes to “per diem” travel expense reimbursements. An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses. If the rate paid doesn’t exceed IRS-approved maximums, and the employee provides …
Presidential candidate Governor Bobby Jindal of Louisiana has released his tax reform proposal which, among other things, seeks to reduce individual income tax rates, eliminate the corporate income tax, and reduce tax code complexity. The Wall Street Journal reported that a focus of the plan is to ensure that everyone contributes to income tax revenue, citing Jindal’s campaign which argues …
Taxes are a crucial component of a country’s international competitiveness. In today’s globalized economy, the structure of a country’s tax code is an important factor for businesses when they decide where to invest, how much to invest, and which types of operations to locate in which countries. No longer can a country levy high taxes on business investment and activity …
Bloomberg is predicting a lower effective tax rate in 2016 because of a drop in the consumer price index (CPI). The CPI measures the cost of goods and services. When the CPI doesn’t change much, it tends to signal that interest rates will stay put. For 2016, Bloomberg is projecting that the personal exemption amount will be $4,050, up from …
Many filing deadlines have changed by Congress and small business owners need to be aware of the new filing dates. The changes came in an unlikely vehicle, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. That non-tax law also gave the IRS an increased audit period from three to six years in many cases. …
More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days …
IRS Form 990 is an informational tax form that most tax-exempt organizations must file annually. The form gives the IRS an overview of the organization’s activities, governance and detailed financial information. Form 990 also includes a section for the organization to outline its accomplishments in the previous year to justify maintaining its tax-exempt status. In collecting this information, the IRS …
If you have not filed one or more tax returns, you are probably very worried and scared about what will happen next. The longer you wait to catch up your returns and pay any back taxes owed, the worse your situation becomes. If you don’t file returns voluntarily, the IRS may file a “Substitute Return” for you, which will not …
Have you heard of the “Saver’s Credit”? You may have heard it called by its formal name- Retirement Savings Contribution Credit. This credit allows low-to-moderate income workers to save two ways for the same amount. We have listed 6 tips you should know about this credit: Save for retirement. You may be able to claim this tax credit in addition …
A 2014 poll taken by the Federal Reserve shows that many Americans are not financially prepared for retirement. More than 5,800 Americas were polled and here are the astonishing results: 33% of Americans work with no savings plan or pension 38% have no intention of retiring or they plan to keep working for as long as possible 65% say their …
