Taxes January 21, 2025
Trump to Impose 25% Tariffs on Mexico and Canada by Feb. 1
Both Canada and Mexico have said they’d retaliate against American goods if Trump slaps tariffs on them. The USMCA is up for review in 2026.
Taxes May 29, 2023
Debt Limit Deal Includes Cut in IRS Funding, Other Measures
Biden and McCarthy announced a deal to increase the government's debt limit, enabling the nation to avoid a debt default and economic turmoil.
Accounting May 27, 2023
Biden and McCarthy Reach Tentative Debt Limit Deal
The deal struck Saturday night offers a lot for the two parties not to like, from expanded work requirements for food stamps opposed by Democrats to higher spending levels than conservatives demanded.
Taxes May 26, 2023
How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
Sales Tax May 26, 2023
Florida Adds New Sales Tax Holidays, But with a Bug
The Florida Legislature erred in including items eligible in two of the sales tax holidays, but that have different tax treatments.
Taxes May 25, 2023
Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions
The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.
Sales Tax May 24, 2023
Colorado Department of Revenue Seizes Headquarters of Boston Market Over Unpaid Sales and Payroll Taxes
McDonald’s purchased Boston Market in May 2000, eventually selling it to Sun Capital Partners, a private equity firm in 2007, which in turn sold the company to the Rohan Group during the pandemic.
Taxes May 24, 2023
TurboTax Settlement Checks from Intuit are Starting to Hit Mailboxes
The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.
May 24, 2023
AICPA Endorses Legislation to Simplify Tax Filing Extension Process
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.
Taxes May 24, 2023
IRS Has Done a Better Job Nipping Tax ID Theft in the Bud This Filing Season
As of March 2, the IRS flagged 1.1 million tax returns with $6.3 billion in refunds for potential identity fraud, said TIGTA in a new report.
Taxes May 24, 2023
No Change in IRS Interest Rates for Q3 2023
Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily.
Small Business May 23, 2023
New Jersey Considers Tax Cuts for Seniors and Businesses
New Jersey is home to the nation’s highest property taxes, with the average bill hitting a record $9,490 in 2022.