Death And Taxes: One Is Becoming Much More Digital

PYMNTS

After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year.

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AICPA Wants To Exclude Some SMB Tax Shelters

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The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.

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Tax Reform Shows Early Signs Of SMB Bank Lending Impact

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tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). However, the impact of the tax reform on the small business community is not clear, particularly so soon after the reform came into effect.

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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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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.

Taxes 190

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.

Taxes 280

New Mexico Lawsuit Sparks Marijuana Business Tax Debate

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Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.

UK Government Report Calls On eCommerce Players To Pay More Taxes

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s Housing, Communities and Local Government Committee is calling on internet retailers to pay higher taxes to help struggling offline retailers in the country’s shopping districts. The taxes would help physical stores as more purchasing moves online. in taxes. The U.K.’s

Taxes 196

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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Bitcoin Daily: Bitcoin Briefly Breaches $3,700; NH Eyes Crypto Tax Payments

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In other news, New Hampshire is considering a law that would allow residents to pay their taxes with cryptocurrency. CoinDesk reported that NH House Bill 470 would allow state agencies to accept digital currency for tax payments.

Overstock To Pay Some Ohio Business Taxes With Bitcoin

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3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. state to offer this way of paying for business taxes, noted Overstock in the press release. “We

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Many Bitcoin Investors Don’t Plan To Deduct Losses On Tax Returns

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Bitcoin investors took a massive hit in 2018 – and, according to personal finance company Credit Karma, most of them don’t realize they can write off the losses on their tax returns. According to a report in MarketWatch , citing Jagjit Chawla, general manager of tax at Credit Karma, U.S. Credit Karma surveyed bitcoin investors to get a sense of how they plan to treat the losses and gains on their taxes.

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France To Move Ahead With Tech Tax In January

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France, which had vowed to start taxing Google , Apple , Facebook , and Amazon in December if the European Union failed to agree on a digital tax, now says the tax will be implemented on January 1.

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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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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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Mexico Eyes Investors With IPO Tax Cut

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Stocks in Mexico rose on the news that the country’s government would cut the tax rate for equity IPOs, and allow private pension funds the chance to invest in more instruments. The tax rate for new equity will get slashed to 10 percent from 30 percent. Luis Alberto Castañeda, head of the tax legislation department at the finance ministry, said he thinks the moves will have a “big impact on the market” and should not affect tax revenues.

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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 […].

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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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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Facebook, Google Pressured In India Over Privacy, Taxes

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Govindacharya have asked lawmakers in India to call leaders of Google and Facebook to the country to ask them about data privacy and their compliance on tax laws, according to a report from Reuters.

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France Anxious To Tax Apple, Google, Other Tech Giants

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17) that he wants France to start taxing big tech giants beginning Jan. He pushed for an EU-wide digital tax for the end of 2018. “We An EU tax referendum would require a unanimous vote from all members, and the union’s smaller countries don’t support the issue yet.

Taxes 169

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 Havens And Money Laundering Suspected In Deutsche Bank Raid

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Federal authorities in Germany raided six offices of Deutsche Bank on Thursday morning (November 29), searching for evidence about money laundering and offshore tax havens, according to a report by The Wall Street Journal.

Taxes 197

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.

Google 196

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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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.

Taxes 178

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

Bank Innovation

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.

Taxes 169

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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Berkshire’s Munger Weighs In On ‘Stupid’ Tax Policies … And Much Else

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In a series of commentaries at the annual shareholder meeting of the Daily Journal, Munger said that some states — including California, Connecticut and New York — have been “stupid” as they have driven wealthier individuals away amid onerous tax and regulatory policies. Alexandria Ocasio-Cortez, have embraced 70 percent marginal tax rates on incomes that are north of $10 million. Taxes Apple Banks Berkshire Hathaway Commentary Editors' Picks jpmorgan News taxes

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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.

Taxes 115

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.

Taxes 135

Despite Gov’t Shutdown, Tax Refunds Will Be Paid

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government shutdown continues, a Trump official has promised that tax refunds will go out on schedule. Tax refunds will go out,” the acting director of the White House Office of Management and Budget, Russell Vought, told reporters on Monday (January 7), according to Bloomberg.

Taxes 196

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.

Taxes 115

Unclaimed Money, Tax Returns, What’s Next for Credit Karma?

Bank Innovation

Exclusive Online Payments PFM Credit Karma credit karma tax personal financial mangement tax returns unclaimed moneyCould personal finance management be the next chapter in free credit-score provider, Credit Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. But I wouldn’t take it […].

Taxes 178

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.

Taxes 156

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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Bank earnings more than double thanks to tax cut

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billion in the fourth quarter, a 133% year-over-year increase, due to a one-time charge in the year-earlier quarter and a lower effective tax rate throughout 2018. Earnings Tax cuts Trump tax plan Tax laws Commercial lending Consumer lending FDICBanks earned $59.1

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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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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.