Tax News

Illinois begins income tax returns Monday

The Illinois Department of Revenue begins accepting individual income tax returns on Monday, the same date the Internal Revenue Service will begin accepting federal individual income tax returns. If a taxpayer electronically files an error-free return, they should receive a direct deposit refund within four weeks, according to a news release. Last year, the state …

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John Bullis: California Form 3840 required for some tax-free exchanges

When a taxpayer does a “tax-free exchange” of California real estate for real estate in some other state, California form 3840 is required to be filed each year and when the replacement property is sold. The “tax-free exchange” is known under the federal law as “1031 exchange” (for the IRS tax code number). It applies …

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Tight budget means tough decisions for General Assembly – The Summerville News

By Beau Evans and Dave WilliamsCapitol Beat News Service ATLANTA – Georgia House Speaker David Ralston has warned his legislative colleagues repeatedly this month the need for painful spending cuts means the 2020 General Assembly session likely will last longer than usual.Three days of hearings Jan. 21-23 on Gov. Brian Kemp’s proposed mid-year budget adjustments …

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Brazil’s Bolsonaro rules out Economy Minister’s ‘sin tax’ idea | News

Saturday, January 25, 2020 8:10 a.m. EST RIO DE JANEIRO/SAO PAULO (Reuters) – Brazil’s President Jair Bolsonaro has ruled out a so-called “sin tax” on beer, cigarettes and sugary food products, an idea floated earlier in the week by Economy Minister Paulo Guedes at the World Economic Forum in Davos, Switzerland. “Paulo Guedes, sorry, you …

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DOJ files civil complaint against Florida Keys tax preparer

By filing thousands of tax returns replete with bogus energy, education and low-emission vehicle credits, the Internal Revenue Service estimates a Key Largo accountant bilked the federal government out of millions of dollars in tax revenue, according to court documents. The Department of Justice Friday filed a civil complaint against Thriving in the Black, LLC, …

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‘Not fit for purpose’: tax glitch putting pensions of self-employed at risk | Money

Hundreds of thousands of self-employed could be missing out on future state pensions and benefits because of a glitch in the self-assessment system that makes it “not fit for purpose”, according to a top accountancy body. When an individual files their self-assessment tax return online, a message can appear from HM Revenue & Customs that …

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Virginia tax filing seasons gets underway next week

RICHMOND, Va. (AP)- Tax season is set to kick off in Virginia. Beginning Monday, residents can file Virginia individual income tax returns. In a news release, the state Department of Taxation reminded residents that due to changes in federal tax law, the Virginia standard deduction has increased to $4,500 for individuals and married couples filing …

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math isn’t there for another income tax cut

The chairman of the Georgia Senate’s tax-writing committee said Friday he doesn’t think the General Assembly can pass another income tax rate cut during the 2020 session. At least with the current budget situation. “Right now, the revenue is not there for that,” said Senate Finance Chairman Chuck Hufstetler, R-Rome. “I don’t see the math there …

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US-UK relations: Is London toughening its stance with Washington?

Image copyright Getty Images Image caption UK officials insist that there is no deliberate attempt to pick a fight with the US For years, much tosh has been spoken about the so-called special relationship between the United Kingdom and the United States. The two countries are allies of long-standing with shared values, history and language. …

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