Today (July 15) is Tax Day, and despite it coming three months later than normal due to COVID-19, several million Americans will be scrambling to get their returns (or at least their applications for extensions) out the door by midnight. But as it turns out, taxpayers...
For taxpayers who took advantage of the 90-day reprieve to file or pay taxes, the deadline is almost up. The Internal Revenue Service (IRS) has issued a friendly reminder that taxes are due on Wednesday, July 15. In response to the COVID-19 pandemic in March,...
Seattle’s City Council passed a new tax for big businesses operating in the city, including Amazon, according to CNBC. The tax, called the JumpStart Seattle Tax, will target businesses with at least $7 million in annual revenue. Those businesses will be taxed 0.7 percent to...
The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to...
U.S. Treasury Secretary Steven Mnuchin said the deadline for taxes could be extended beyond the already elongated July 15 deadline, so as to help those affected by the pandemic’s economic turmoil, the Financial Times (FT) reported. Mnuchin said he would be looking into the matter...
Beyond the challenges of the pandemic that is forcing businesses to grapple with all manner of operating challenges, tax complexity has been building over the years on a global stage — and it’s only going to increase. As Kurt Smith, vice president of product and...
Some Republicans are warming to the House Democrats’ plan that would provide businesses with a $194 billion employee retention tax credit, The Wall Street Journal reported. Both parties are looking at bipartisan ways to keep workers employed and prevent businesses from shutting down. Under the...
eCommerce giant Amazon and presidential candidate Joe Biden have taken to Twitter in a squabble over taxes. On Friday (May 22), Biden told CNBC that Amazon “should start paying their taxes.” “I don’t think any company, I don’t give a damn how big they are,...
Tax refund season has turned into a nightmare for the Internal Revenue Service (IRS), which now has whole storage units full of unopened refund requests as the pandemic drags on. The IRS still uses a lot of antiquated equipment, including much work done on paper,...
