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 […]

Check your withholding

It’s common for individuals to realize during tax season that they didn’t have enough income tax withheld from their paychecks the previous year. This can result in tax due. To avoid this outcome, the IRS encourages you to check your withholding at least once a year or when certain events warrant it. These include tax […]

How to protect yourself from tax fraud and scams

How to protect yourself from tax fraud and scams, according to … – CNBC https://bit.ly/3JKcHMU

Tax season filing tips

Tax season has arrived! One way to ensure a smoother tax filing experience is to have your tax-related papers and information organized. According to the IRS, information that taxpayers should have at their fingertips includes: Social Security numbers for everyone listed on the tax return; bank account and routing numbers; various forms, including W-2s, 1099s […]

OECD is working on global tax regime

The Organization for Economic Co-operation and Development (OECD) is working with the U.S. Treasury Dept. to release guidance on its global minimum tax regime. The guidance will address the treatment of global intangible low-taxed income (GILTI) and certain tax credits. As the OECD’s second “pillar” of its Global Anti-Base Erosion Rules, which imposes a 15% […]

Many tax limits affecting businesses have increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 […]