Robocalls urge Kansans to oppose changes to tax exemption for businesses

Darrin Mish — Thu, 30 Apr 2015 08:49:42 +0000

www.kansascity.com — Kansans are receiving robocalls warning them of a tax hike on the horizon for small businesses and urging them to call their lawmakers to oppose any changes to a tax exemption for business owners.

The calls, paid for by the Kansas Club for Growth, are a pre-emptive response to the notion that lawmakers might tweak a tax exemption for business owners in the face of a $400 million budget hole.

“Here at the Club for Growth we know that Kansas small businesses use their tax savings to expand their businesses and create jobs for Kansas workers,” the call states.

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ABC, NBC Continue to Dodge Bad News on the Economy; Nets Again Skip Recovered IRS E-Mails

Darrin Mish — Thu, 30 Apr 2015 07:49:31 +0000

newsbusters.org — In the Wednesday edition of bias by omission, five of the English and Spanish network evening newscasts again refused to report on a troubling sign for the U.S. economy while all six omitted any mention of a new development in the IRS scandal.

After completely ignoring the story all together Wednesday morning, the CBS Evening News stepped up to mention that the U.S. economy has screeched to a grinding halt with a measly 0.2 percent growth in gross domestic product (GDP) for the first quarter of 2015.

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How to Verify Your Identity with the IRS

Darrin Mish — Thu, 30 Apr 2015 01:08:13 +0000

With the increase of identity theft, the IRS has taken steps to verify the identities of taxpayers when there is suspicion of fraud. Suppose a tax return is submitted to the IRS under your name and Social Security number that looks suspicious to the IRS. The IRS will then send you Letter 5071C Request for Identity Verification to get you to identify yourself.

The way to verify your identity with the IRS is to visit the identity verification page at the IRS website at www.idverify.irs.gov. At this website, you will be asked a series of questions to ascertain your identity that only the real taxpayer with your Social Security number would be able to answer. So you should only visit www.idverify.irs.gov if you receive Letter 5071C.

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After decades, NFL decides to give up tax-exempt status

Darrin Mish — Wed, 29 Apr 2015 09:19:54 +0000

www.myfoxtampabay.com — Every so often, in a bid to sound threatening, a member of Congress has vowed to revoke the NFL’s tax-exempt status. Now Commissioner Roger Goodell says the league will give it up voluntarily to “eliminate this distraction.”

One result is that Goodell’s compensation – about $35 million 2013, and approximately $44 million in 2012 – will no longer need to be made public.

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Marco Rubio signs Americans for Tax Reform’s anti-tax pledge

Darrin Mish — Wed, 29 Apr 2015 09:17:42 +0000

www.washingtontimes.com — Sen. Marco Rubio of Florida has signed Americans for Tax Reform’s Taxpayer Protection Pledge to oppose any efforts to raise taxes if elected president, the group said Tuesday.

Grover Norquist, president of ATR, pointed out that Mr. Rubio signed and kept the pledge as a state representative in Florida and in his capacity as a United States Senator.

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Top Ten Tax-friendliest States in 2015

Darrin Mish — Wed, 29 Apr 2015 01:25:59 +0000

Which states are the best to live in tax-wise? It’s not so easy to determine because each state has its own tax structure. But The Tax Foundation reviews the states and each year they rank them based on all the taxes that are paid by businesses and residents. Such information would be especially helpful for business leaders, taxpayers and even government policymakers to compare the taxation systems.

So for 2015, which state imposes the least taxes?

Unsurprisingly, the states like Florida that do not have individual income taxes are ranked very highly. Other such states are Alaska, Wyoming, Nevada and South Dakota. In fact, Florida is in the top five. Other states namely Washington, Texas, New Hampshire and Tennessee do not impose income tax but do charge taxes on other forms of income. So these states are placed in the top ten but not top five.

Here are the top ten tax-friendliest states for 2015:

1. Wyoming

2. South Dakota

3. Nevada

4. Alaska

5. Florida

6. Montana

7. New Hampshire

8. Indiana

9. Utah

10. Texas

Most of these states do not charge one or more of the three major taxes – individual income tax, corporate tax and sales tax. For instance, Wyoming, Nevada, and South Dakota have no corporate or individual income tax whereas Alaska does not levy income or state-level sales tax. Florida does not charge individual income tax and New Hampshire and Montana have no sales tax.

But two of the top ten states do impose all three major taxes. They are Utah and Indiana. These states have all three major taxes but the rates are very low and broad-based.

Want to know which states ranked the lowest? Find out more about the most and least tax-friendly states in 2015.

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IRS officials say you need to get current on tax returns

Darrin Mish — Tue, 28 Apr 2015 12:21:58 +0000

whbl.com — Tax Day is long past now, but if you haven’t filed, the IRS says it’s best if you do so.

IRS Spokesman Joe Munoz says the IRS has ways to help you out getting current. “You are not alone. You can always contact us so we can specifically help you comply with the law, and so that way you avoid fines and penalties for not filing.” Online tax filing is still open, and Munoz says that’s the best way to let the IRS know you need help. “We can work out a way to pay those taxes, but the important thing you need to do is to come in contact with us, to let us know that is what’s going on.”

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Impasse on Tax Cuts Persists on Eve of House Debate

Darrin Mish — Tue, 28 Apr 2015 12:20:46 +0000

www.texastribune.org — The House is set to consider its tax relief package today as the impasse between its approach emphasizing a cut to the sales tax rate and the Senate’s recipe that relies on a property tax reduction shows no sign of resolution.

As the Austin American-Statesman’s Kiah Collier reports, House Speaker Joe Straus did not refer the Senate’s tax bills to committee last week. On Saturday, 90 members of the House GOP Caucus released a letter affirming support for the House’s own tax plan.

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South Florida Doctor Pleads Guilty to Tax Evasion in Million Dollar Case

Darrin Mish — Tue, 28 Apr 2015 11:56:35 +0000

If you think people become more generous when they get wealthier, think again. A South Florida doctor who runs a thriving practice pleaded guilty to tax evasion amounting to about $12 million. And although the good doctor paid up his tax dues, US District Judge Darrin Gayles still sentenced him to two years jail, a $50,000 fine and 200 hours of community service after he has done his time.

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NJ Ranks Second for Worst Tax System

Darrin Mish — Mon, 27 Apr 2015 07:56:02 +0000

nj1015.com — New Jersey has the second worst tax system in the nation, according to a new survey. California ranks number one.

The report, “Business Tax Index 2015: Best to Worst State Tax Systems for Entrepreneurship and Small Business,” is put out by by the Small Business & Entrepreneurship Council (SBE Council). The index pulls together 23 different tax measures and combines them into one tax score. All 50 states are then compared and ranked. Among the taxes included are income, capital gains, property, death/inheritance, unemployment and state gas and diesel levies.

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