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IRS Will Tax Arizona Families’ Tax Rebates

CPA Practice

Taylor, Kiplinger Consumer News Service (TNS) If you received an Arizona child tax rebate last year, you will have to report that amount on your federal income tax return. The IRS has classified the rebate payments as taxable income, meaning some Arizona families might have to pay taxes on the money they received.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

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Ex-IRS Chief Says He Is Confident Daniel Werfel Will Do Well as Agency’s New Leader

CPA Practice

He’s extremely well-suited for his current assignment, having strong management skills, an insider’s knowledge of Washington, and having already worked at the IRS. I hope that as he undertakes this task, he reaches out to tax practitioners for their input,” said Everson, who is currently vice chairman of tax consulting firm alliantgroup.