CBO brief on the US Tax gap

Tax experts from the Congressional Budget Office (CBO) conducted a briefing for officials from the Brazilian Tax and Customs Administration that focused on the U.S. “tax gap.” The gross tax gap generally is defined as the difference between estimated “true” tax liability for a given period and the amount of tax that’s actually paid on […]

Common accounting pitfalls for startups to avoid

Accounting is a critical element when launching a successful business venture. Unfortunately, it’s also an area where startups tend to make mistakes. Here are some common (and avoidable) errors that entrepreneurs should watch out for. Failing to track expenses Starting a new business is exciting — and it’s natural to focus on generating revenue and […]

IRS issues propsed Service Industry Tip Compliance Agreement

The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program. The SITCA program would be a voluntary tip reporting program between the IRS and service industry employers (excluding gaming industry employers) with at least one business location operating a “covered establishment.” Generally, a covered establishment is […]

Do you work for tips?

Do you work for tips? Like most income, tips in the service industry are taxable. This includes tips paid directly to you by customers, tips paid by credit, debit or gift cards and tips split with other employees. Noncash tips such as passes or tickets are also taxable. If you receive tips, the IRS advises […]

Test your knowledge about the electric vehicle tax credit

Will the Federal Government Tax Your State Tax Rebate?

Will the Federal Government Tax Your State Tax Rebate? https://bit.ly/3YAqeea

Was sensitive taxpayer data disclosed to Facebook?

Was sensitive taxpayer data disclosed to Facebook? That’s what a group of three U.S. House Democrats are seeking to investigate. A Nov. 2022 report indicated that online tax preparation companies sent sensitive data of their users to Facebook. This included taxpayer names, usernames, email addresses, home addresses and data about income, filing status, refund status, […]

Guidance released on global minimum tax

The Organization for Economic Co-operation and Development (OECD) has released technical guidance on the implementation of its 15% global minimum tax on multinational enterprises. It includes clarification of the application of a U.S. tax on intangible income. The guidance comes in the form of a 100-plus-page document and covers several aspects of the global minimum […]

State and Local Sales Tax Rates, 2023

State and Local Sales Tax Rates, 2023 https://bit.ly/3JWoc46

Tax Crimes don’t pay

Tax crimes don’t pay. Just ask the dozens of individuals recently prosecuted for everything from illegally obtaining Paycheck Protection Program loans to falsifying tax returns. An Arkansas businessman pleaded guilty to tax evasion, failing to pay $240,000 by operating his business on a cash-only basis. A Florida man admitted to causing $3.5 million in tax […]