Xero Targets Taxes With Instafile Acquisition

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Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution.

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KPMG Debuts SMB Accounting, Tax Platform

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KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. KPMG’s latest launch is timely, considering the upcoming tax season as well as the latest tax law overhauls in the U.S.

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Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

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million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. That means the companies are dealing exclusively in cash, even when paying their taxes.

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Thailand Govt Eyes Blockchain To Track Taxes

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As the saying goes, nothing in life is certain but death and taxes. To be certain of taxes, will blockchain seal the deal? Last week, Thailand’s Revenue Department was reported to be bringing blockchain projects into the fold to track tax payments, aided by machine learning.

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Ohio To Let Businesses Pay Taxes With Bitcoin

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Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well.

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Facebook, Google Targeted In Revised Franco-German Tech Tax

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France and Germany have come up with a compromise for a European Union (EU)-wide digital tax, abandoning a wide-ranging 3 percent tax on revenues generated by ad sales in the digital economy.

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Tax Reform A Bust For Small Business Hiring, ZipBooks Finds

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tax reform on the small business community, but so far, small business owners say the overhauls have made little impact on their hiring practices. “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?'”

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EU ‘Link Tax’ May Shutter Google News Abroad

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A “link tax” might mean the end of Google News in the EU. Richard Gingras, the search engine’s vice-president of news, said while “it’s not desirable to shut down services” the company isn’t happy with Brussels’ current proposal to charge a link tax for using news stories.

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French Prosecutors Call For UBS To Pay 3.7B Euros For Tax Evasion

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billion euros for what it contends is helping wealthy people in the country evade taxes. According to a report in Reuters , UBS is facing accusations of laundering the proceeds of tax fraud and illegally going after clients in France.

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Why Timing Is Everything On Tax Day

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Tax Day for Americans is here, or at least it will be on Tuesday, April 17. This year is a bit of an unusual year as far as taxes are concerned, since April 15 actually falls on a Sunday. Back then, taxes weren’t due on April 15. Tax season used to be a month and a half shorter.

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UK Facing Pushback For Tax On Tech Companies’ Revenue

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and lobbyists who contend a new tax on some of the world’s biggest internet companies would create what is seen as a dangerous precedent. Chamber of Commerce — lobbyists and lawmakers, Donohue and others think the tax would target big American technology companies unfairly. The U.K.

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Five At Five: France Aims To Tax Big Tech

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Today’s coverage includes the latest European push to tax such companies as Google, Apple, Facebook and Amazon. France’s Finance Minister Wants EU-Wide Digital Tax By Year End. Welcome to Five at Five, your late look at the day’s payments and commerce news.

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New Tax Law Targets Corporates’ Cross-Border Payments

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A new tax introduced as part of broader reform in the U.S. The BEAT Tax, short for the Base Erosion and Anti-Abuse Tax, is designed to prevent businesses from moving their U.S. Large enterprises, including Accenture and Western Union, are already warning shareholders that finances may take a hit as a result of BEAT tax, reports noted. The publication noted that businesses are increasingly exploring new strategies to avoid the tax. “We

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How Smarter Payment Tools Make Filing Taxes Less Taxing

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Filing taxes is hardly a walk in the park. Fortunately, online tax filing solutions have helped cut through the mounds of paperwork that go into preparation and filing — and consumers seem to be rejoicing. Building a smarter tax filing system.

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Credit Karma To Advance Tax Refunds For Free

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Credit Karma Tax announced on Thursday (Jan. citizens who file their tax returns through Credit Karma Tax to get a $500 to $1,000 advance on their tax refund with no fees or interest. The clients can get access to the funds as quickly as 24 hours after the IRS accepts the tax return. Consumer Finance American Express Credit Karma Tax Earlybird Advance News Tax refund tax refund advance tax refund loans What's Hot

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].

Here’s How Your Tax Day Stacks Up

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Tax season, that is. Curious to know how your taxes stacked up? million tax returns last year, some 88 percent of which were filed electronically. trillion in adjusted gross income — meaning a total tax liability of $1.52 percent federal tax rate. While that looks to mean the average taxpayer forked over $9,655, Motley Fool pointed out that this data is skewed by the Earned Income Tax Credit (EITC). states don’t charge residents income tax.

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A Rough Map To The New World Of Online Sales Taxes

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Supreme Court opened the door to state collection of sales taxes for eCommerce purchases, questions swirled about software, Congressional action, marketplace sellers and how consumers would react. That’s likely because many important industry participants — both retailers and the support technology firms that operate the gears — have over the years come to accept that one day, one way, states would eventually get the OK to collect those taxes. A day after the U.S.

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Israel to Tax Cryptocurrencies

Bank Innovation

Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable.

Tax Cuts Boost Corporate Cash Coffers To $1.8T

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Before the recent tax reform passed in December, it was thought that the tax cuts could boost corporate spending on new offices, equipment and factories. But with the reduction in corporate tax from 35 percent to 21 percent, it was expected that companies would dramatically increase their spending. The news comes as core capital goods shipments increased from last February to at least last November, partly due to an expectation of corporate tax cuts.

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Small Business Lobby Denounces GOP Tax Plans

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The GOP unveiled its plans for tax reform late last week in an effort to streamline the tax code, a move that aims to cut the tax rates for corporates. In a statement released late last week, the NFIB said it is “unable to support the House tax reform plan in its current form.”. The GOP tax proposal outlines a 25 percent tax rate for pass-through businesses, which refers to how owners of those small businesses pay tax on income generated through their operations.

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Sweden Cuts Small Business Tax With Eye On Entrepreneurship

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Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses.

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Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

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Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. Now, a new report from advocacy group the Tax Justice Network (TJN) is also shedding light against misconceptions about tax havens, warning that the biggest source of “financial secrecy” services for European Union firms can be found within the U.S. firms held in tax havens.

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IRS Experiences ‘Technical Difficulties’ On Tax Day

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While Americans rush to file their taxes this Tax Day, some computer systems at the Internal Revenue Service (IRS) are “experiencing technical difficulties.” As a result, the agency said it is having trouble taking in returns from tax preparers, The Wall Street Journal reported. Tax Day is already a stressful time for millions of Americans, even when everything goes right,” Neal said in a statement. This year, Tax Day falls on a Tuesday (April 17).

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ACI Worldwide Powers Fleet Tax Payments

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Electronic payments company ACI Worldwide is integrating its technologies with SPAN Enterprises , a tax filing technology provider, to power tax payments for the fleet industry. 23) said ACI will integrate its Official Payments IRS tax payment solution into SPAN’s ExpressTruckTax offering, enabling fleet managers, truckers and CPAs in the trucking industry to file taxes and pay for them using a credit or debit card.

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The Strange Spending Trends Around Sales Tax Holidays

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billion , it is still a more valuable run of commerce activity than Mother’s Day, Father’s Day, Easter and Valentine’s Day combined — which is why state tax holidays placed at the end of July and beginning of August have become so very popular over the last two decades. This year 17 states will have sales tax holidays of one form or another — up from 16 last year, but down from the national high of 20 states in 2010. How Tax Holidays Work.

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Seattle Approves Next Tax For Big Companies Like Amazon

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Seattle’s city council has approved a new tax for the city’s biggest companies, including Amazon , to combat a housing crisis impacting the city’s working class. The new tax was passed with a 9-0 vote, and would affect most companies grossing at least $20 million a year. At 14 cents per employee per hour worked within the city, the new tax would cost companies about $275 annually for each worker. The tax would end after five years unless the city chooses to renew it.

SMBs Losing Hope Over U.S. Tax Reform

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25), found small businesses’ confidence in President Donald Trump’s administration to make good on promises of tax reform have declined. Less than one-third (31 percent) of SMBs surveyed said they expect any changes in tax policy to have a positive impact on their business in the coming year, down quarter-over-quarter from 41 percent. Twenty-seven percent said they expect tax policy to have a negative impact on their companies in the coming year.

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France’s Finance Minister Wants EU-Wide Digital Tax By Year End

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France is plowing ahead with its vision for a European Union-wide digital tax, with the country’s Finance Minister Bruno Le Maire saying he wants the tax approved by the end of 2018. CNBC , citing Le Maire, reported that the French government wants a new tax on Google, Apple, Facebook and Amazon so that they are paying what the government sees as a fairer tax rate in the region.

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Stripe Launches Tool To Help Founders File Tax Returns In Minutes

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Stripe has announced an addition to its Stripe Atlas toolkit that will help founders file their corporate tax returns in minutes. This new tool can be especially important for resource-strapped startups, which often have difficulty with the tax process even with the help of an adviser. tax reform bill could make the process even harder and more confusing. On average, it takes founders weeks of time and thousands of dollars to successfully file a corporate tax return.

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Retailers Raise Concerns Over Potential Border Tax

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Aside from the eCommerce overload, retailers from across the board have been showing increased amounts of concern over a potential new border adjustment tax (BAT) proposed by U.S. Earlier this year, CNN provided a succinct definition of BAT: “A border adjustment tax would give tax breaks to American companies that ship products to other countries, and it would strip away tax breaks from American companies that import goods from other countries.”.

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Bitcoin And The Bitter Tax Bite

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And lest you think changes in tax policy sow confusion only in the United States, think again. Bitcoin breeched a key psychological barrier on news that the South Korean government would tax income earned by virtual currency exchanges to the tune of 24.2 Bitcoin bitcoin cryptocurrency hercules tech ICO international investing News Payment Methods regulation Retail SEC taxThe taxman cometh. And the cryptos plummet.

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Credit Unions Battle Banks Over Tax Exemptions

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Credit unions took a stand against state bank associations this week over the credit union exemption from federal taxes. “We The response came after 52 state bankers’ associations sent their own letter to Hatch, encouraging him to continue his tough stance on the credit union federal tax exempt status. Mark McWatters over his worry “that the credit union industry is evolving in ways that take many credit unions further from their tax-exempt purpose.”.

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Hedging Bets, Hedging Taxes As Taxman Cometh For Cryptos  

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Tax policy. The move to grab billions of dollars in holdings amid wild speculation has come against a backdrop where tax policy remains unsure. The upshot may be taxes owed, or penalties looming … or both. You can’t tax something – a least not easily – without defining what is being taxed. Should those two agencies agree – on the commodities definition – then there could be relatively positive tax implications. taxes.

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US Supreme Court Gives The Green Light For Online Sales Taxes

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States can collect sales taxes from online retailers thanks to a U.S. The 5-4 decision essentially overturns the court’s 1992 ruling that states can collect sales taxes only from retailers that maintain a physical presence in those states. Since the dawn of online retailing, the Quill ruling has allowed eCommerce firms to skip collecting a state’s sales tax if it shipped products to a state where it doesn’t have an office, warehouse or other physical presence. percent tax.”.

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NFIB Backs Revised GOP Tax Proposals

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small business (SMB) lobby, the National Federation of Independent Business (NFIB), denounced the House Republican tax plan, it has reversed its opinion and backed the proposals following revisions proposed by Representative Kevin Brady (R-Texas). Business Insider reports news that the NFIB released a statement in support of the Republican tax reform bill. “We small business owners in the Trump Administration’s ability to pass effective tax reform was dwindling.

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Credit Karma Wants to Be in Top 3 Among Tax Filing Companies

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EXCLUSIVE – It’s Credit Karma’s second tax season as a tax prep/filing company, and already about 3 million people have started using Credit Karma Tax, according to Jagjit Chawla, general manager of Credit Karma Tax.

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Accountants Urge Clarity In SMB Accounting Rules Amid Tax Reform

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The American Institute of Certified Public Accountants (AICPA) submitted recommendations to policymakers this week, urging clarity and simplification in how the Tax Cuts and Jobs Act impacts small business (SMBs) accounting rules. In a letter sent to the International Revenue Service (IRS) and the Treasury Department, the AICPA said tax reform legislation must provide clarity in how SMBs approach accounting compliance.

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GOP’s Corporate Tax Break May Be Phased Out After A Decade, Source Says

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The GOP released its tax plan Thursday (Nov. 2), offering a glimpse into its Tax Cuts and Jobs Act that includes plans for corporate taxes. According to reports in The New York Times , Republican tax reform efforts would impose a minimum global tax of 10 percent for American multinational corporations. The corporate or business tax rate would also be cut from 35 percent to 20 percent according to the new plan.

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Hyperwallet Keeps On-Demand Economy Tax-Compliant

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The firm is rolling out its Tax Compliance Services initiative, which aims to streamline the tax filing process for companies with 1099-classified employees. The firm’s payout platform will now integrate tax form collection, 1099 form digital distribution and other tax services catered to companies that operate in the gig economy. B2B Payments B2B gig economy Hyperwallet on-demand economy payroll tax compliance What's Hot In B2B

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Moglix Simplifies B2B eCommerce Tax Compliance

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B2B eCommerce platform Moglix is simplifying the Goods and Services Tax (GST) process for manufacturers using its services as companies brace for new tax reforms to take effect in India next year. 16) said India-based Moglix launched its GST technology to support seamless, direct tax filing for companies that buy and sell on its B2B eCommerce platform. GST was introduced as a part of India’s tax reforms and will come into effect April 1, 2017, reports said.

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Hacker Tracker: The Evolving Threat Of Tax Fraud

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Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. On the other hand, around that same time the IRS released data showing that phishing and malware incidents in the 2016 tax season increased by 400 percent. What’s Next In Tax Fraud. Security & Fraud Cybercrime Digital Shadows Hacker Tracker News tax fraud What's Hot

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EU To Propose Tax On Big Tech Companies’ Sales

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The European Commission is gearing up to propose new rules later Wednesday (March 21) that would require digital companies to pay more taxes — and the rules could include U.S. Citing a draft of the rules, Reuters reported that the European Commission is expected to call for companies that have a lot of digital revenue in Europe to pay a 3 percent tax on turnover at the company. The news service noted it’s not a slam dunk that the new tax requirement will be approved.

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