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News

Election Impact on Small Business Confidence

  • 7 October 2016
  • Author: machele
  • Number of views: 3181
  • 0 Comments
October 6, 2016  
By  Roger Russell

Elections have consequences. While it’s clear that the next President will have his or her own agenda, and possibly the legislative power to back it up, predicting the future based on possible outcomes is risky. Still, the upcoming election, perhaps more than usual, is already affecting people’s contemplated behavior as they anticipate possible outcomes.

IRS Offers More Tax Relief on Sale of Livestock Due to Drought

  • 3 October 2016
  • Author: machele
  • Number of views: 3288
  • 0 Comments
washington, D.C. (September 30, 2016)  
By Jeff Stimpson

Farmers and ranchers who were forced to sell livestock due to drought now have more time to replace the livestock and defer tax on any gains from the forced sales, the IRS said.

To qualify, the taxpayers must be selling more stock due to drought than they normally would, and the livestock generally must be replaced within a four-year period; the IRS can extend this period if the drought continues.

Study Ranks States on Their Business Tax Climate

  • 30 September 2016
  • Author: machele
  • Number of views: 3594
  • 0 Comments
By  Michael Cohn September 29, 2016 
 
The Tax Foundation has released its annual ranking of states and how competitive their business tax codes are.

The think tank’s 13th annual State Business Tax Climate Index examines over 100 different variables in five tax categories: corporate, individual income, sales, property, and unemployment insurance.

You Do Not Want to Be On the Radar of the IRS Wealth Squad

  • 30 September 2016
  • Author: machele
  • Number of views: 3360
  • 0 Comments
New York (September 29, 2016)  
By Suzanne Woolley

(Bloomberg) The very rich are different from you and me. They even have their own IRS audit squad.

Saturday marks the start of the fourth quarter, a time of financial reckoning, of crashing toward quotas and scrambling to reach year-end targets. Corporations and individuals alike rush to cut the income tax they'll need to pay next year. Some go too far (or just miss things, or misunderstand what and how they need to report). The IRS collected $6.3 billion last year assessing taxpayers for underreported income. Among them are the big fish, honored with the IRS equivalent of a SWAT team.

IRS Collected More Tax Revenue with Fewer Employees and Lower Budget

  • 29 September 2016
  • Author: machele
  • Number of views: 3765
  • 0 Comments
Washington, D.C. (September 28, 2016)  
By  Michael Cohn

Despite years of cuts to the Internal Revenue Service budget and its employee count, the agency is nonetheless collecting more tax revenue, according to a new report.

The report on IRS compliance activities, from the Treasury Inspector General for Tax Administration, noted that in fiscal year 2015, the IRS continued to lose employees who could provide taxpayer service and enforce the tax laws. Although there was a slight increase in the IRS’s fiscal 2014 budget, the budget for fiscal 2015 declined 3 percent to $345 million, from $11.3 billion to $10.9 billion.
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