The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to indentify U.S. taxpayers and report information about their financial accounts. The primary aim was to prevent taxpayers from using foreign accounts to commit federal tax crimes.
The New York State Attorney General Barbara D. Underwood has filed a lawsuit on June 14 against the Donald J. Trump Foundation and its directors, including the president and his three eldest children, Donald Jr., Eric and Ivanka. According to the New York Times, the state attorney general has concerns involving the charity and the family violating campaign finance laws, illegal coordination with a presidential campaign and self-dealing. The suit asks for restitution and that Donald Trump be prohibited from leading a non-profit in New York for 10 years. The action does not seek criminal penalties.
Try as they might, many taxpayers do not make the tax deadline on time. The reasons can vary: A busy schedule, a family crisis or simply forgetfulness. No matter the excuse, every year many Americans fail to submit their returns by the date mandated by the Internal Revenue Service.
Now that tax season has begun, it is more important than ever to understand the relevant points of the recently-passed tax overhaul. Last week, our blog examined five significant piece of information from the new tax reform. This week, we will conclude our examination by discussing five more changes to the tax code that you should know about.
It’s only a few months until tax season. With the recent overhaul of the United States tax law passed by the Trump administration, taxes may seem a bit more confusing this year. Although the overhaul’s most significant changes won’t affect your 2017 returns, there are still several important things to learn about the new tax code. There will be many changes to take into consideration, and making a mistake on your return could mean big consequences.
It's never too early to think about taxes. Sure, there are plenty of things that are much more pleasant to think about, like root canals or traffic jams. But getting a jump on your 2017 taxes is a great idea--the sooner you finish them, the sooner you can relax.
Governor John Kashich’s two-year budget plan, which allows business owners to file taxes with the state of Ohio rather than their city of residence, is being challenged by a group of Ohio municipalities. Over 100 towns and cities are filing suit in an attempt to block several of the budget bill’s tax provisions.
The main federal income tax filing deadline here in the U.S. is in mid-April. However, spring doesn’t have a monopoly on important tax filing dates. Fall sees such a key deadline, the filing deadline for those who received an extension.
Although it comes at the same time twice a year, your property tax bill likely surprises you. Like countless others in Ohio, that often unplanned-for expense will either wreck your budget or go to the back burner where you will deal with it later. However, later may not come until the next tax bill arrives, further complicating your financial situation.
There are certain things it can be very important for consumers to pay attention to when it comes to sales taxes. This includes what sales tax holidays they might be able to take advantage of.