2 minutes read
The Deadline to file corporate tax returns (forms 1120, 1120A, and 1120S) is Monday March 16th, 2015. Most corporate returns are required to be filed electronically therefore they must be sent to the IRS before midnight on the 16th. If for some reason you are filing a paper corporate tax return, the post mark on the envelope must show 11:59pm or earlier in order to avoid late filing penalties.
4 minutes read
A lot of attention is being paid to Millennials, who, unlike their parents’ generation, are bucking the trend of graduating directly into lucrative jobs, settling down, buying a house and having 2.5 kids. Millennials, defined as young adults born between the early 1980s and early 2000s, are instead moving back in with their parents, struggling to find work and as a result not making big purchases like cars and homes, not getting married as young, and not...
4 minutes read
Taxes are never a fun process, and there can be a great deal of confusion about how much to pay or how to get the most money back. With tax season in full swing, many people are finding themselves lost in a flurry of financial advice that’s hitting them from all directions and it’s difficult to sort through all the noise. Here’s some advice from tax experts about what issues they consider the most important tax issues of 2015:
3 minutes read
Intuit’s TurboTax–the leading do-it-yourself tax preparation software used by million of taxpayers–abruptly turned off the ability to file 2014 state tax returns citing “an increase in suspicious activity”. This comes on heals of claims of “price gouging” by its customers which caused a major public relations uproar forcing the CEO of TurboTax to pen an apology.
4 minutes read
A great emphasis has been placed on the importance of a higher education degree over the last several decades, with the prevailing notion that a good paying job and solid career track are within one’s reach when clutching a college diploma. This long-accepted wisdom has spurred countless high school grads to move out of their homes and into dorms to get the all-important college experience, which they have been told leads to better career options and a better...
4 minutes read
TurboTax, the leading do-it-yourself tax software by Intuit, has caused an uproar with their customers claiming shady tactics of “price gouging” & “bait & switch”. Intuit has removed popular tax forms from their Basic & Deluxe programs, forcing clients to upgrade their software by at least $30 in order to have access to the same forms that were in last year’s programs:
4 minutes read
Imagine, as an American, choosing to become a teacher in Russia, or a tour guide in Italy. According to U.S. tax law, you would have to pay taxes on your earnings, just as you would if you worked domestically. Now, imagine you’re an American corporation which has just purchased a foreign company. You shift over ownership and operations to your new foreign holdings and become subject to a different set of tax laws, allowing your business to...
4 minutes read
The numbers are in, and the legal sale of recreational marijuana is, by all accounts, a success in Colorado, having earned $2 million in taxes related to the sale of recreational marijuana in just the first month of 2014. Unlike Washington State, which legalized the sale of recreational marijuana in the same 2012 election, Colorado taxes marijuana at a variety of levels: there is a 10% statewide sales tax for recreational marijuana in...
4 minutes read
Were one to listen to the bipartisan rhetoric that has been whipped up in the House against the Affordable Care Act’s 2.3% excise tax on medical devices, it’s easy to see how a relatively small tax can be enough to scare a whole lot of people. Everything from the claims of company closures to the threat of over 43,000 American jobs being shipped overseas is being blamed on this tax, so finding the truth can take a bit of digging past the...
5 minutes read
Since the economic collapse that began in 2008, politicians and lawmakers all across the United States have been on the move to enact policy that will stimulate the economy and bring back jobs. Tax policy has inevitably become part of this national discussion. The Laffer Curve, an economics theory that posits that cutting taxes is beneficial for economic stimulation, has been put to the test in two real life scenarios that have played out in Kansas and California....