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Congress is looking at reforming the IRS, just days after a computer crash temporarily suspended processing of tax returns on the date of the filing deadline. The House voted to pass bipartisan legislation that would help modernize the IRS’s information systems.
The bill will not only help improve the information systems, but it will help improve cybersecurity at the IRS and taxpayer identity protection. Another bill would improve taxpayer service at the IRS, it passed as well. These bills were part of a package of bipartisan bills the House voted on and passed. The passing of these bills includes changes such as the following:
These new bills are supposed to help redesign the IRS so that it can provide quality service with the taxpayer first mindset and help prevent future abuse in enforcement powers. This is the first time the agency has been redesigned in 20 years. The bills also would require the IRS to submit to Congress plans to restructure the agency to improve efficiency, better service taxpayers and enhance cyber security. The legislation would also override the IRS’s enforcement tools which means families and small businesses won’t have their property seized without fair notice and due process. A majority of these tax bills passed the House with unanimous consent and many people think this will drastically improve taxpayer experience which is deeply needed with their out of date technology. The IRS Reforms bills will now move to the Senate to be voted on.
The Internal Revenue Service (IRS) is increasing audits on cannabis businesses — the agency is on a mission to ensure that cannabis businesses adhere to the tax code. Unfortunately, cannabis companies must comply with more strict tax laws than other businesses and can claim fewer deductions. Most business owners don’t realize this or aren’t able to meet the reporting responsibilities on their own. If you own a business in...
The world of tax laws is a complex maze, and the IRS statute of limitations is your guide. It tells you how long the IRS has to audit your tax returns and collect any money you might owe. Knowing this timeframe is essential. It’s your protection against the IRS coming after you years down the...
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....