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Taxation Archives - Page 2 of 2 - Accu-Tax

The business tax system, also known as the income tax, is an extremely complex one, which is based on both state and federal levels. Every single government has the constitutional power to levy and collect taxes according to their own laws. In addition, each state also has several other municipalities like cities and counties for...

US Expatriate Taxes can be a hassle, but it doesn’t have to be. Just like citizens of other countries living abroad, US expats can make life easier by using an expat tax services. Some expats become so frustrated with US expat taxes that they end up moving back to the US altogether. If you have...

The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday by a vote of 220–211. It now goes to President Joe Biden for his signature. He is expected to sign it quickly. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several amendments and passed its version...

For retirement plan in 2020, the SECURE Act and the CARES Act have created some changes. Required minimum distribution (RMDs): Taking required minimum Distributions (RMDs) rises from 70 ½ to 72, at the beginning age, under the SECURE Act. Keep in mind that after 2019, who turned 70 ½ this change only applies to account...

With the convergence of multiple layers of tax legislation and IRS guidance since 2017, this year’s filing season has the potential to confuse tax preparers as well as the clients they serve. Even for those who follow legislation day in and day out, things can get complicated. For example, the Paycheck Protection Program was initially...

As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of...

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Copyright by Accu-Tax. All rights reserved.