Wyoming Corporate Income Tax Bill Fails – Tax & Accounting Blog
A bill introduced in the Wyoming 2019 legislative session that would have imposed a corporate income tax on specified business has failed. The bill would…
Wolters Kluwer Projects 2020 Tax Brackets and Other Amounts – Tax & Accounting Blog
Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for…
ACA “Cadillac” Tax Repeal – Tax & Accounting Blog
The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans. Unless the Senate takes…
Self-Directed IRAs: Risks and Opportunities – Tax & Accounting Blog
Self-directed IRAs open up investment opportunities, but carry risks. A wrong move can result in current taxation of IRA income, immediate taxation of all assets…
IRS Letters Warn Taxpayers to Report Past Virtual Currency Transactions – Tax & Accounting Blog
The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should…
Congress Returns to Work on Including Possible Tax Legislation – Tax & Accounting Blog
Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The…
Cryptocurrency Mining and Selling: When Do You Owe Tax? – Tax & Accounting Blog
Taxpayers who mine, sell or exchange cryptocurrency likely owe federal income tax because of those activities. But have they reported that income or gain? After…
Ohio Will Cut Income Tax Withholding Rates – Tax & Accounting Blog
Ohio will reduce withholding rates used by employers to calculate payroll deductions for the state income tax. The rate reduction will begin January 1, 2019.…
Individuals May Owe Michigan Tax on IRC Sec. 965 Income – Tax & Accounting Blog
Individuals and trusts may owe Michigan income tax on IRC Sec. 965 income either as: – dividend income attributed to the state of residence; or…
Illinois Reduces Premiums Tax Rate on Industrial Insureds – Tax & Accounting Blog
Illinois lawmakers voted to override Gov. Bruce Rauner’s veto of legislation that: – reduces the premiums tax rate on industrial insureds; and – establishes new…