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Small Businesses Filing Amended Federal Tax Returns to Recover Money


Small Businesses Filing Amended Federal Tax Returns to Recover Money By Darren Oliver April 15th may be gone but, but certainly not forgotten - especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return. According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return.

Alas! In E-Commerce Taxland


In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.

Rearrange Your Affairs For Maximum Tax Savings


One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead.

Organizing Your Taxes


Does this scene sound familiar? It's April 7. You haven't seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it.

Seven Key Tax Deductions for the Self Employed


As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements.

How To Set Up A Tax-Saving Bookkeeping System


One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance.

Knock-Knock-Knock


Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for the self-employed is not far off. Network marketers who receive a form 1099 at the end of the year, and/or who are expected to owe $1,000 or more in taxes, must file a form 1040-ES Payment Voucher quarterly to avoid paying a penalty.

How to Reduce the Estate Tax Using the A-B Revocable Living Trust


In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away.

Keeping Your Own Money - NOT Handing It Over To The Taxman


Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs.

Tax Reform, My Way


We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape.

Surprising Truths About Tax Preparers


Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers.

Navigating The Internet Sales Tax Laws


QUESTION: I have been contacted by my local city government to say that my business is scheduled to be audited to determine if I owe any sales tax from items purchased on the Internet. Can they really make me pay this tax? I thought you could buy things online tax free? -- Katie R.

Home Based Business Tax Deductions


Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.

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TAX NEWS


The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes.

The Government of the Cayman Islands has published legislation in its Official Gazette to introduce a regulatory regime for virtual asset service providers (VASPs).

French Minister of Finance Bruno Le Maire has reportedly said that France intends to collect the country's digital services tax in December 2020.

The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.

Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020.

German Finance Minister Olaf Scholz is optimistic that an international agreement on taxing the digital economy will be reached this year.

The UK Government has dismissed speculation that it will repeal its digital services tax in a bid to secure a post-Brexit free trade agreement with the United States.

The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24.

The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution.

The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses.

On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud.

The Office of the US Trade Representative has announced that the US will impose additional duties of 25 percent on imports of certain French products from next year in response to the country's decision to introduce a digital services tax.

US Trade Representative Robert Lighthizer told a congressional hearing on June 17, 2020, that the US Government has withdrawn from international negotiations on new global tax rules for digital companies at the OECD.

On May 19, 2020, the United States Treasury Department and the Internal Revenue Service issued an Announcement which clarifies the interpretation of references in US income tax treaties to the North American Free Trade Agreement once it is replaced by the Agreement between the United States, Mexico and Canada.

On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals.

French Finance Minister Bruno Le Maire has said that the Government intends to introduce a digital services tax this year.

On May 7, 2020, the United States Internal Revenue Service issued a reminder to employers affected by COVID-19 about the tax credits made available to them under the Coronavirus Aid, Relief, and Economic Security Act.

On May 4, 2020, a bill was introduced in the United States House of Representatives to limit the impact of the Global Intangible Low Tax Income regime on businesses based in US territories and possessions.

On May 1, 2020, the United States Internal Revenue Service Large Business and International Division announced a new compliance campaign focusing on the 2017 Tax Cuts and Jobs Act and the recently enacted Coronavirus Aid, Relief and Economic Security Act.

On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act.

On April 16, 2020, the United States Internal Revenue Service issued a set of frequently asked questions and answers to help inform taxpayers about transfer pricing documentation best practices.

The OECD has released guidance for national policymakers on the impact of COVID-19 on the treatment of cross-border workers and the interpretation of international tax treaty rules.

On March 31, 2020, the United States Treasury Department and the Internal Revenue Service launched the Employee Retention Credit scheme, designed to encourage businesses to keep employees on their payroll amid the COVID-19 crisis.

On March 27, 2020, the United States Treasury Department and the Internal Revenue Service issued a notice which extends COVID-19-related filing and payment relief to federal gift and generation-skipping taxes.

On March 25, 2020, the United States Senate overwhelmingly approved the Coronavirus Aid, Relief, and Economic Security Act, which represents the third package of financial aid measures to businesses and individuals affected by the coronavirus crisis and which includes numerous tax provisions to support businesses.

On March 9, 2020, United States President Donald Trump revealed that the Administration would begin discussions with Congress on potential tax measures to ease the impact of the coronavirus outbreak, including a payroll tax cut.

The finance ministers of France, Germany, Italy, and Spain have put their names to a statement calling for countries to reach an agreement on solving the tax challenges of the digital economy by the end of 2020.

On February 19, 2020, the United States Internal Revenue Service announced that the leaders of the Joint Chiefs of Global Tax Enforcement recently gathered in Sydney, Australia, to review their work and to set priorities for the years ahead.

The EU has added the Cayman Islands, Palau, Panama, and the Seychelles to its list of non-cooperative tax jurisdictions, bringing the total tally to 12 from 8.

In a new report for G20 ministers, the OECD has provided an update on its work to tackle tax base erosion and profit shifting relating to multinational businesses.

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