White House Tax Proposal
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.
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.…
Potential Tax Effects Associated with the CARES Act Stimulus
Since March, federal and state governments have engaged in a variety of methods designed to safeguard Americans’ health and financial security in the wake of the coronavirus pandemic. At any time, taxes have a direct impact on our lives, so it’s natural that some of the key provisions of the recently passed Coronavirus Aid, Relief…