What we know about Republican tax plans

Mitch McConnell
Senate Majority Leader Mitch McConnell is a key player in changes to the tax code.

Trying to understand just what GOP tax plans barreling through Congress means to businesses and individuals is a little like nailing jello to the wall. Which is why experts like Wilton Manors accountants Sterling Accounting are needed.

Things could still change before the tax package is approved by Congress and signed by President…

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Court orders Coinbase to share thousands of users info. with IRS

The IRS wants to know about bitcoin holdings.

Fort Lauderdale accountants‘ clients could have a new worry, if they have bitcoin holdings. A federal court in California has ordered Coinbase to turn over to the IRS identifying records for clients who had more than $20,000 in bitcoin pass through their accounts this year.

According to the Verge, the bitcoin exchange estimates 14,355 users meet the government’s requirements.

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Don’t neglect taxes in gig economy

Gig economy
As the gig economy grows, tax implications abound.

Tempted to make a little cash driving for Uber or Lyft, or renting out a room through Airbnb? Or have you built a business using other skills?

Then welcome to the gig economy, in which you can be your own boss, and, depending upon what you do, build your own business. But as with any small business, risks go along with…

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IRS starts enforcing Obamacare employer mandate

The IRS has issued guidance that it is enforcing Obamacare’s individual mandate.

Despite Republican attempts to do away with it, Obamacare is still the law, and that means the IRS has started enforcing the mandate that businesses with 50 or more employees offer affordable insurance or face fines.

The decision comes even as President Donald Trump has tried to weaken enforcement of the law.

The New York Times…

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Outgoing IRS chief warns against cutting too deep

Cuts at the IRS could delay tax returns. By Joshua Doubek (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Members of Congress can’t honestly say they weren’t warned. Departing IRS chief John Koskinen is telling anyone who will listen that if Congress cuts the agency’s budget too deeply, millions of tax refunds could be delayed.

It’s hard to say, though, whether his warning will be heeded as Congress looks to cut…

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Job growth picks up, but economy hampered by anemic wage increase

The economy keeps adding jobs, though wage growth remains slow.

October job figures released last week shows employment bouncing back after being battered by hurricanes this summer.

But the years-long trend of slow wage growth continues.

The Bureau of Labor Statistics figures show the economy added 261,000 jobs in October. The unemployment rate has fallen to 4.1 percent.

But hourly wages barely kept up with inflation, rising 2.4 percent during…

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Will tax cuts cost 401(k)s?

Tax cuts could affect 401(k)s.

Republican leaders in Congress have yet to unveil their plan for cutting taxes. But one possible aspect is drawing plenty of attention—the possibility of shrinking the amount workers can contribute to 401(k) plans.

The New York Times reports:

Details of the Republican tax plan have not yet been released, but the talk has been of imposing a cap…

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If you don’t do this, the IRS will reject your tax return

The IRS has issued guidance that it is enforcing Obamacare’s individual mandate.

There’s plenty of uncertainty surrounding Obamacare. But one thing you can count on: The IRS will reject tax returns without health insurance disclosures.

The New York Times reports:

“In the latest signal that the Affordable Care Act is still law, the Internal Revenue Service said this week that it is taking steps to enforce the…

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IRS suspends Equifax contract

Tax form
The IRS temporarily suspended a contract with Equifax.

After heavy criticism from lawmakers, the IRS backed away from a contract with Equifax.

The IRS had awarded a $7.2 billion no-bid contract to the credit-tracking company to verify the identities of taxpayers creating accounts on the IRS website. It temporarily suspended that contract last week.

Lawmakers questioned the deal following the disastrous hacking of Equifax that compromised…

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Will tax cuts mean more automation?

Donald Trump is pushing a plan to cut corporate income taxes.

At least some hedge fund managers believe corporate tax cuts will boost automation.

With President Donald Trump and Republican leaders in Congress looking to slash corporate taxes as part of a broad tax code overhaul, investors are placing bets that corporations will spend some of their windfalls on automation, Reuters reports. David Randall of the news agency…

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