Direct Taxation

The Internal Revenue Service is apologizing after many taxpayers in California and other states affected by natural disasters were sent letters demanding payments that weren’t due until Oct. 16. The Internal Revenue Service is apologizing after many taxpayers in California and other states affected by natural disasters were sent letters demanding payments that weren’t due until Oct. 16. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of…

Republicans hope to revive expired business tax breaks in a bill they could introduce this month. Republicans hope to revive expired business tax breaks in a bill they could introduce this month. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of…

The Internal Revenue Service says it is no longer dropping the call. The agency answered 2.4 million more taxpayer phone calls with live assistance this year through April 7, compared with the same period last year. And wait times fell to four minutes, down from a sitcom-length 27 minutes a year ago.  The Internal Revenue Service says it is no longer dropping the call. The agency answered 2.4 million more taxpayer phone calls with live assistance this year through April 7,…

A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. The 15% corporate minimum tax that went into effect at the beginning of this year applies to U.S.-based companies that report income to shareholders averaging at least $1 billion over three years. What’s more, once a company is subject to the levy, it remains that way even if profits decline…

Rising interest rates are squeezing cash-strapped towns and school systems that use short-term borrowing to keep cash flowing while they wait for property tax dollars to come in.  A-rated cities and school districts are paying 3.16% for a one-year loan issued March 3, compared with 0.21% at the beginning of 2022, according to data from Refinitiv MMD. In places where local budgets are already burdened by inflation, rising borrowing costs add to the pressure to raise taxes or cut services.…

WASHINGTON—A decades-old proposal to replace federal income, estate and payroll taxes with a national sales tax has gained support and attention in the new House GOP majority, but House Speaker Kevin McCarthy said he doesn’t favor the policy.The so-called FairTax, if enacted, would be the largest structural change in U.S. taxation in 110 years. Wages, capital gains and corporate profits would become tax-free. The new levy would hit consumption instead. The national sales tax would apply to a broad base including food,…

WASHINGTON—When calculating federal income taxes, it makes absolutely no difference which spouse is listed first on a joint tax return. An opposite-sex couple can put the man’s name first, start with the woman’s name, list them in order of income, go alphabetically or begin with the spouse who woke up earlier last Tuesday. It literally doesn’t matter one cent.But there are two lines for names on Form 1040. Somebody has to go first, and somebody has to go second. Maybe knowing something about the order we choose can help…

The Internal Revenue Service on Friday gave millions of Americans a one-year reprieve on new tax-reporting requirements, delaying implementation of a law that requires e-commerce platforms such as eBay, Etsy and Airbnb to give the tax agency information on users with more than $600 in revenue. The delay means the platforms won’t have to send sellers and the IRS a blizzard of 1099-K tax forms early in 2023, and…

WASHINGTON—Americans paid a greater share of the taxes they owe in recent years, according to new estimates from the Internal Revenue Service. In tax years 2014 through 2016, Americans paid 85% of their taxes on time, up from the agency’s 83.7% estimate for tax years 2011 through 2013, the IRS said Friday. That compliance rate climbed to 87% after IRS enforcement and late payments were included, from 85.9% in the prior estimate. The IRS projects that those higher percentages were consistent for tax years 2017 through…

The Internal Revenue Service released tax thresholds for 2023 after inflation adjustments. Photo: Ting Shen for The Wall Street Journal…