WHEN AND HOW TO PAY ESTIMATED TAXES

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is paid by the end of each payment quarter. The easiest way to make your estimated […]

IRS’s FACTA ENFORCEMENT FELL SHORT

IRS’s FACTA enforcement fell short. As part of the new law P.L. 111-147, the Hiring Incentives to Restore Employment Act, which was passed in 2010, the Joint Committee on Taxation estimated it would bring in an additional $8.7 billion in revenues over the following 10 years, when it was passed in 2010. So the IRS […]

STEPS TO SAFEGUARD TAXPAYER DATA

Steps to safeguard taxpayer data. The Internal Revenue Service partners with state tax agencies and the tax professional community to fight the 21st century identity thieves. after forming the Security Summit and enacting a series of safeguards, the partners are making inroads. Data thefts at tax professionals offices are on the rise. As the Security […]

RULES FOR CLOUD AND DIGITAL CONTENT

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Rules for cloud and digital content. The IRS proposed regulations 130700-14, to clarify how to classify transactions involving digital content and cloud computing. The new rules are designed to help taxpayers decide whether an electronic commerce transaction is a sale, lease, license, or provision or services when applying various international provisions of the Code, such […]

TRUMP’S TAX CUTS CHANGED ECONOMY

Trump’s tax cuts changed economy. Americans have been getting used to the new Tax Cuts and Jobs Act slowly but surely. Some if its effects are already visible, and some of them will take months, or even years, to  understand. After all, economists are still publishing studies about the effect of the last comprehensive tax […]

TAX CUT TOUGH SELL

Tax cut tough sell. The White House an GOP congressional leaders expect much smoother sailing this fall when they seek to enact a tax cut, which is the centerpiece of their agenda–the first major reform of the federal tax code since 1986, including deep cuts in corporate and individual rates. But there is still the […]