New York state legislature just agreed to increase the tax bill for high value properties in the state. The law, known as the “progressive mansion tax,” requires property owners that purchase a property with a value at or above $1 million to pay a larger tax bill.
Sweeping tax reform can be a good thing — or not. Many Americans throughout the country have found themselves facing a surprising and even unmanageable tax bill. What to do? In most cases, you should still file your tax returns. A failure to file can result in additional penalties and fees.
The Internal Revenue Service (IRS) can impose harsh penalties for those who fail to pay their tax obligations. Stories of the government agency sending people to jail and taking away property abound. But when can the government use these extreme measures and are these severe penalties common? This piece will answer these questions.
Not everyone can pay their tax bill. These situations can impact anyone, including some of the Hollywood elite. Famous actor Wesley Snipes provides an example. The actor attempted to make a deal with the Internal Revenue Service (IRS) after getting a $23.5 million tax bill.
The Tax Cuts and Jobs Act (TCJA) includes a provision that allows qualifying business owners to take an income deduction (QBID). The vague language and complexity of the 20 percent pass-through deduction continues to cause frustration for business owners. Which business owners can take the deduction? Who cannot? This piece will focus on how this provision of the TCJA impacts those in the real estate business.
The Tax Cuts and Jobs Act resulted in major tax reform. Savvy tax planners can make the most of these changes and take steps to reduce their tax obligations. Three specific examples include adjusting how you donate to charitable donations, making sure you can get certain business deductions and using tactics that work for your specific income bracket.
Finding the right business headquarters is an important choice. The right location can help set the company's image and impact the type of workers that are interested in working for the business.
A large tax bill may warrant a challenge. However, building a successful case against the Internal Revenue Service (IRS) is not an easy task. Former Hollywood great Wesley Snipes provides an example.
Tax reform is not a common occurrence. Tax reform that results in a complete overhaul that impacts almost every taxpayer in the country is even more unlikely. Yet that is the current climate. Individuals, corporations, businesses … every taxpayer in the country will likely experience an impact from the Tax Cuts and Jobs Act (TCJA).
Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this type of leave.