Government Publishes New Proposals for Early Payment of Tax
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RSM's Andrew Hubbard looks at government plans to force people to pay tax more quickly.
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RSM's Andrew Hubbard looks at government plans to force people to pay tax more quickly.
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Federal Reserve Chairman Jerome Powell gives testimony on the economy and monetary policy before the Senate Banking Committee in Washington, July 17, 2018.
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President Donald Trump says he "unleashed an economic miracle" with his tax cuts last year. Trump was marking the six-month anniversary of the $1.5 trillion tax cuts. (June 29) AP
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The US Internal Revenue Service has announced plans to streamline the personal income tax return for the 2019 tax filing season, to reflect changes brought about by the Tax Cuts and Jobs Act (TCJA).
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The American Institute of CPAs (AICPA) has urged the Internal Revenue Service (IRS) and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers.
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The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases.
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The decision by the US Supreme Court to drop the physical presence requirement for states to impose sales tax will have an "incredible impact" on states' tax regimes and revenues, according to Mark Friedlich, Senior Director of Tax and Accounting, North America, Wolters Kluwer.
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The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by Jule 31, 2018.
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US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced.
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Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore, by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy (ITEP) has said.