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White House Tax Proposal

White House Tax Proposal Attorneys Wichita Ks

White House tax proposals. The Trump administration is calling for a large decrease in the corporate tax rate from 35 to 15%. The proposal is NOT formal legislation but is an outline composed of broad principles. It also cuts the top rate on pass-through businesses, including sole proprietorships, from 39.6% to 15% and makes other major changes to the personal tax system. In order to become reality, the proposal will now have to be crafted into a bill, which would have to pass in the U.S. House and the Senate before going to the President to be signed into law.

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Corporate Transparency Act1

Corporate Transparency Act

In January of 2021, Congress enacted the Corporate Transparency Act, (the “Act”). The Act requires most small businesses to file a report to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, disclosing certain information of small business entities. The Act goes into effect beginning January 1, 2024. The purpose of the Act is to provide transparency regarding ownership of legal entities to prevent money laundering, tax fraud and other illegal activities.

Due To Covid 19 The IRS Pushes Tax Deadline Attorneys Wichita Ks

Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15

The traditional tax day of April 15 has passed and millions of Americans are taking advantage of the three-month reprieve given by the federal government and many states in response to the COVID-19 pandemic. Depending on your individual circumstances, you might be looking to file as quickly as possible in order to collect your refund.