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Tax Reform Goals Outlined

Tax Reform Goals Outlined Attorneys Wichita Ks

The U.S. House Budget Committee has released a 2018 Budget Resolution titled “Building a Better America,” which aims to balance the budget within 10 years and end fiscal year 2027 with a $9 billion surplus. The deficit-neutral proposal includes a simplified tax code, lower individual and corporate tax rates, repeal of the alternative minimum tax, and transition from a worldwide tax code system to a territorial system. This proposal assumes the House-passed American Health Care Act will become law, but passage is uncertain at this time.

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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.