Tax time may not be everyone’s favorite time of the year, but at Sterling Accounting, there’s no lost sleep! Don’t run into troubles with the IRS over your taxes – be sure you are going to rank on their good side with the expert help of Sterling Accounting.
“More Americans who pay their income taxes each quarter are being penalized by the IRS for making mistakes or missing payments.
There’s been a nearly 33% jump — from almost 7.5 million to nearly 10 million — in the number of penalties levied between fiscal years 2007 and 2016, IRS data show…” [ Read more here ]
Are we likely to see a tax shakeup with the proposed reform taking place this year? Tax professional’s aren’t all that certain… “Nearly two-thirds of the survey respondents (63.5 percent) said compromise in Congress is most needed to ensure passage of tax reform. For the survey, Deloitte polled more than 3,100 attendees during a webinar last month….” [ Read more here ]
America’s tax system can be a nightmare for many, with the endless paperwork, and tracking of all your finances. But tax time doesn’t need to incite fear! Get the professional help of Sterling Accounting, today!
“Americans will spend more than six billion hours this year gathering records and filling out forms, just to pay their taxes. They will pay some $10 billion to tax preparation firms to help get the job done and spend $2 billion on tax-preparation software…” [ Read more here ]
With the tax debate in full swing, the question arises – would cutting taxes affect the economy in a beneficial way? Americans for Tax Reform President Grover Norquist takes a dive into the controversy on Fox Business:
It seems the numbers surrounding the Floyd Mayweather vs IRS situation is getting murkier, as the IRS is being forced to lay off the boxer following a big chunk of cash he paid out… “A new report says that Floyd Mayweather’s $3.3 Mill tax lien has been released by the IRS, even though he appears to still owe the IRS a whopping $29 million. If true, it might make you wonder why the IRS often pushes so relentlessly to collect, but seems to ease off in some cases…” [ Read more here ]
Depending on your situation, personal taxes can be a nightmarish task, but it still won’t hold a candle to the expertise needed to work through a business tax codes… and if you don’t get it right – the IRS will be at your front door. Hear from one mom and pop’s small business that was leveled to the ground due to tax problems.
What is an Insurance Dedicated Fund (IDF)? Many are finding that this practice is a safe way of avoiding some big taxes…
“Many IDFs are owned inside of life-insurance policies, but they can also be held in annuity contracts, which have different tax implications. There’s no official accounting of how much money has been invested, but according to Aaron Hodari, who keeps tabs for Birmingham, Michigan-based Schechter Wealth, it’s at least $15 billion — triple what it was a decade ago…” [ Read more here ]
The IRS suspended PTIN registration and renewal at the beginning of this month, following continued court battles over it’s fees…
“The Internal Revenue Service reopened its Preparer Tax Identification Number system Wednesday after closing it earlier this month because it lost a lawsuit over registration and renewal fees…” [ Read more here ]
A number of states have begun implementing some new taxes on gasoline, using the funds to work on transportation services that are much needed. California is among one, with the governor proposing a 12 cent hike.
“Montana, Indiana, Tennessee and South Carolina are the other states that passed gas tax hikes this year. Several other state legislatures that are still in session are considering their own measures…” [ Read more here ]
Taxes are hard enough for a novice when filing a personal form, but when you also have to take the time to understand your business taxes, things can get a bit blurry. Cut through the paperwork and leave it to the professionals at Sterling Accounting. “There are different levels of taxes to remit, depending on the kind of business. These facts should be confirmed by speaking to an accountant, as well as the frequency the business is mandated to remit them. There are state and federal taxes, and specified taxes that must be remitted to either of them…” [ Read more here ]