Tax & Accounting Blog

Tax and the 2012 Presidential Election

Tax and the 2012 Presidential Election

Discussions on corporate and individual tax for Americans have emerged as a main focus of the 2012 presidential election. President Barack Obama and Governor Mitt Romney have promoted two different strategies on how to decrease the national deficit through tax policy. President Obama’s plan proposes increasing taxes for high-income households and providing temporary tax relief … Read More

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of  U.S. Citizenship?

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of U.S. Citizenship?

The 14th amendment also prevents U.S. citizenship from being involuntarily cancelled. Although Congress enumerated certain acts that shall lead to a loss of citizenship, the Supreme Court has held that the only way a U.S. citizen may expatriate is through his or her own voluntary and intentional actions of renunciation or abandonment. Section 349(a) of the … Read More

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois has been investigating gas station owners who withhold sales tax revenue for multiple-years. These efforts are beginning to pay big dividends for the state.  So far, the state has collected $72 million dollars in additional sales tax revenues, as a result of this project. They are currently charging 35 different gas station owners with sales tax evasion. … Read More

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

The Missouri Jobs and Prosperity Act aims at replacing corporate franchise taxes, bank franchise taxes, and state income tax with a sales tax increase. The individual income tax will be phased out and corporate income tax, corporation franchise and bank franchise taxes will be terminated immediately.  State sales and use tax would replace these lost revenues by … Read More

IRS Electronic Tax Administration Advisory Committee Report – 2012

IRS Electronic Tax Administration Advisory Committee Report – 2012

Early this summer, the Electronic Tax Administration Advisory Committee (ETAAC) presented its 2012 Annual Report to Congress. The report discusses prior year recommendations and milestones before stressing significant inefficiencies caused by late legislation (often retroactive to the beginning of the year). There is not only a negative impact on tax compliance and e-filing administration, but also … Read More