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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

27, 2023, providing legal guidance on claims made by the postponed deadline. By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC).

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The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

On top of these final regulations, there are a lot of proposed regulations for business taxation and proposed and final regs on the individual income tax side, as well.”. Adding to the complexity and uncertainty, tax authorities have routinely issued sub-regulatory guidance such as FAQ documents, Oaks said. “On

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. When Delaware first established the Court of Chancery in 1792, it sought to provide a legal “remedy” for corporate entities not found in the common law for the rest of us. Historically, in the U.S.,

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More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Does Delaware Have Sales Tax? are pleased to find the state’s favorable corporate income tax rules.

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Maximizing Profits Through Proper Tax Planning

MyIRSRelief

You should look at the tax expenses of your state and consider other options if they provide for a better business environment. No Individual or Corporate Income Tax: Nevada, South Dakota, and Wyoming. No State Sales or Individual Income Tax: Alaska. No State Sales Tax: Montana, New Hampshire, and Oregon.

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Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

CPA Practice

Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. Incomes in Arizona, Idaho and Missouri increased by about 7%. The knocks to personal incomes affected state revenues.