History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States."

One of the major concerns of the Constitutional Convention was to limit the powers of the Federal Government. Among the powers to be limited was the power of taxation. It was thought that head taxes and property taxes (slaves could be taxed as either or both) were likely to be abused, and that they bore no relation to the activities in which the Federal Government had a legitimate interest. The fourth clause of section 9 therefore specifies that, "No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or enumeration herein before directed to be taken."

The courts have generally held that direct taxes are limited to taxes on people (variously called capitation, poll tax or head tax) and property. (Penn Mutual Indemnity Co. v. C.I.R., 227 F.2d 16, 19-20 (3rd Cir. 1960).) All other taxes are commonly referred to as "indirect taxes," because they tax an event, rather than a person or property per se. (Steward Machine Co. v. Davis, 301 U.S. 548, 581-582 (1937).) What seemed to be a straightforward limitation on the power of the legislature based on the subject of the tax proved inexact and unclear when applied to an income tax, which can be arguably viewed either as a direct or an indirect tax.

In order to help pay for its war effort in the American Civil War, the United States government issued its first personal income tax, on August 5, 1861 as part of the Revenue Act of 1861 (3% of all incomes over US $800; rescinded in 1872). Other income taxes followed, although a 1895 Supreme Court ruling, Pollock v. Farmers' Loan & Trust Co., held that taxes on capital gains, dividends, interest, rents and the like were unapportioned direct taxes on property, and therefore unconstitutional.

The Sixteenth Amendment to the United States Constitution removed the limitations on Congress, paving the way for the income tax to become the government's main source of revenue; it states: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

A growing number of citizens seeks to challenge the power of the state to collect taxes by finding a way to discount the sixteenth amendment. The italicized paragraphs below are represenative of these attempts:

Lower federal courts sometimes refer to "unapportioned direct taxes" and similar catch phrases to describe the power of Congress to tax income. (See U.S. v. Turano, 802 F.2d 10, 12 (1st Cir. 1986). ("The 16th Amendment eliminated the indirect/direct distinction as applied to taxes on income.")) This, however, does not seem to be the stated position of the Supreme Court.

Yet, despite popular opinion, the 16th Amendment did not give Congress any new taxing powers. In Treasury Decision 2303, the Secretary of the Treasury directly quoted the Supreme Court (Stanton v. Baltic Mining Co. (240 U.S. 103)) in saying that "The provisions of the 16th amendment conferred no new power of taxation," but instead simply prohibited Congress original power to tax incomes "from being taken out of the category of indirect taxation, to which it inherently belonged, and being placed in the category of direct taxation subject to apportionment."

The closest the Supreme Court has come to saying that "from whatever source derived" in the amendment expanded the taxing power of Congress was in Justice Holmes' dissent in Evans v Gore (253 U.S. 245, 267 (1920). (Holmes dissent) (Partially overruled by U.S. v Hatter. 532 U.S. 557 (2001), with respect to the prior reasoning about the compensation clause.)). In that case, the Court was considering the effect the 16th Amendment had on the compensation clause, and specifically whether the compensation of judges was unlawfully reduced by the imposition of the income tax. Justice Holmes opined that under the 16th Amendment, "Congress is given power to collect taxes on incomes from whatever source derived ?[so] it seems to me that the Amendment was intended to put an end to the cause and not merely obviate" the result in Pollock. (Id.) Even in this case, though, the majority affirmed the more restrictive interpretation of the Amendment. (Id. at 262-263. (Majority opinion))

The federal income tax statutes echos the language of the 16th amendment in stating that it reaches "all income from whatever source derived," (26 USC s. 61) including criminal enterprises; criminals who fail to report their income accurately have been successfully prosecuted for tax evasion. Since the language of the amendment is clearly meant to restrict the jurisdiction of the courts, it is not immediately clear why the courts emphasize the words "all income" and ignore the derivation of the entire phrase to interpret this section - except to reach a desired political result.

Arguments about the meaning of the current income tax has continued for nearly 100 years. Courts are reluctant to support a literal reading of the tax laws in favor of potential taxpayers, since it can lead to tax avoidance. Professor Soled points out why judicial doctrines are used against tax avoidance strategies in general,

"The use of judicial doctrines to curtail tax avoidance is pervasive in the area of income taxation. There are several reasons for this phenomenon: central among them is that courts believe that if the Internal Revenue Code ("Code") were read literally, impermissible tax avoidance would become the norm rather than the exception. No matter how perceptive the legislature, it cannot anticipate all events and circumstances that may unfold, and, due to linguistic limitations, statutes do not always capture the essence of what is intended. Judicial doctrines fill the void left either by the legislature or by the words of the Code. Another reason for the popularity of these doctrines is that courts do not want to appear duped by taxpayers..." (Jay A. Soled, Use of Judicial Doctrines in Resolving Transfer Tax Controversies, 42 B.C. L. Rev 587, 588-589 (2001).)

Of course, if the intent of Congress was to actually reach all income then the simplest way to state s. 61 would be "all income ***however realized.***" Instead, s. 61 mentions sources and other sections of the federal tax code actually lists about 20 sources of income that are specifically taxed. (26 USC ss. 861-864.) A common rule of statutory interpretation is the doctrine inclusio unius est exclusio alterius. This doctrine means "[t]he inclusion of one is the exclusion of another?This doctrine decrees that where law expressly describes [a] particular situation to which it shall apply, an irrefutable inference must be drawn that what is omitted or excluded was intended to be omitted or excluded." (Black's Law Dictionary 763 (6th Ed. 1990).) Since particular sources are listed as taxable in the tax law, then it is reasonable to infer that other sources of income are excluded from taxation. This argument is called the "861 source argument" and the courts refuse to analyze the argument despite consistently holding against it, even going so far as to issue restraining orders against people who publish websites about it. (U.S. v. Bell, 238 F.Supp.2d 696, 698 (M.D. Pa. 2003).''

In 1913 the tax rate was 1 percent on taxable net income above $3,000 ($4,000 for married couples), less deductions and exemptions. It rose to a rate of 7 percent on incomes above $500,000.

During World War I the top rate rose to 77 percent; following the war, the top rate was scaled down (to a low of 25 percent).

During the Great Depression and World War II, the top income tax rate rose again, reaching 91% during the war; this top rate remained in effect until 1964.

In 1964 the top rate was decreased to 70% (1964 Revenue Act), and then to 50% in 1981 (Economic Recovery Tax Act or ERTA).

The Tax Reform Act of 1986 reduced the top rate to 28%, at the same time raising the bottom rate from 11% to 15% (in fact 15% and 28% became the only two tax brackets).

During the 1990s the top rate rose again, standing at 39.6% by the end of the decade.

In 2001 the top rate was cut to 35% and the bottom rate was cut to 10% by the EGTRRA, or Economic Growth and Tax Relief Reconciliation Act.

In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some of the changes passed in the 2001 EGTRRA.

For more free legal information on Tax Law, please visit Free Legal Information.

In The News:

Has NDA’s tax obsession been counter-productive?  LivemintWith tax revenue collections falling short of budget estimates, there is a need for the government to reconsider its ambitious targets and reform the tax system.
Policy | Data localisation determines taxes, sovereign rights  Moneycontrol.comThe RBI and commerce ministry together with tax authorities and technology experts must define the data localisation issue.
Budget 2019: Direct Taxes Code – The legislation in the making that will impact your taxes  The Financial ExpressOne of the key expectations of taxpayers from the Union Budget 2019 is an announcement or update on replacing the current Income Tax Act with a new direct ...
New income tax rules with tougher penalty comes into effect: 10 points  LivemintNEW DELHI: Under the revised guidelines of the Income Tax department, those indulging in serious offences under black money and benami laws will not be ...
Amazon's less-than-zero tax rate is unacceptable  CNNEdward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California.
How multiplexes dabble with alternative content to counter rising taxes  Business StandardAt the fag end of 2018, the government brought down the GST rates on cinema tickets costing up to Rs 100 to 12 per cent from the earlier 18 per cent, while ...
Budget 2019 | Wealth tax – The idea is to play fair, but is the time ripe?  Moneycontrol.comChances are wealth tax might make a comeback. Even so, the government would do well to put safeguards in place to ensure the common man is not put at a ...
Filing out a tax return for the first time? Here are seven important tips  Business StandardThere are many who find income tax calculation and filing to be a tough task. However, reading and learning about it can turn out to be a skill useful for a lifetime.
Tax body seeks extension of GST return filing by four months  Economic TimesTax payers and consultants are also required to keep in mind the hundreds of amendments and clarifications issued by the government since inception of GST ...
Budget 2019: Modi government may reduce income tax burden on middle class taxpayers; top 5 things to expect  The Financial ExpressBudget 2019-20: Presently, taxpayers whose taxable income is up to Rs 500000 are not liable to pay tax due to the rebate of Rs 12500 available to them.
Budget 2019: Consumers want government to reduce taxes, focus on increasing income  India TodayWith just days left before the announcement of Union Budget 2019, consumers have asked the government to focus on increasing income by reducing the tax ...
Stricter rules on dealing with tax evasion kicks in from today  LivemintNew Delhi: A stricter set of norms that govern the option of paying additional fee to avoid prosecution for income tax offences has kicked in from today. The new ...
Can countries lower taxes and raise revenues?  The EconomistRARELY has a dinner-table scribbling created such a legacy. In 1974 Arthur Laffer, an economist, sketched a simple diagram on the back of a napkin to illustrate ...
How To Reduce Tax On Your Investments  ForbesNo one likes paying taxes…even though a high tax bill can be considered a 'good problem.' Investors sometimes go to great lengths trying to reduce or ...
Budget 2019: Govt may ask 'loss-making' companies to pay tax  India TodayThe finance ministry is likely to propose a minimum amount of tax on loss-making companies in the upcoming budget or just after that. However, genuine ...
Interface between taxpayer, tax collector must reduce  The HinduIn the backdrop of the election fever, the Indian economy apparently took some beating with sluggish growth rates and disconcerting unemployment numbers.
Bitcoin Prices Could Make Paying Taxes in Bitcoin Even More Attractive  CointelegraphRobert W. Wood is a tax lawyer representing clients worldwide from the offices at Wood LLP in San Francisco. He is the author of numerous tax books and writes ...
India Incs advance tax mop-up surges 171% in Q1, Mumbai collection up 133%  Business StandardIndia Inc's advance tax figures grew exponentially by 171 per cent during the first quarter of 2019-20, prompting the tax authorities to say that the economy may ...
Tax foreign tech giants operating in India, say RSS ideologues, Gandhian  Business StandardThree Rashtriya Swayamsevak Sangh (RSS) ideologues, including K N Govindacharya, and a Gandhian have written to Finance Minister Nirmala Sitharaman to ...
Finance minister concerned about slow growth in tax revenue - The Jakarta Post  Jakarta PostFinance Minister Sri Mulyani Indrawati has expressed concern about a slowdown in tax revenue this year, especially from the oil and gas sector.
Connecticut approves new 'mansion tax' with a twist  Fox BusinessThe measure is part of a newly agreed upon biennial budget.
12 documents you need to file your income tax return this year  Business StandardIncome tax return (ITR) filing season has begun for FY 2018-19. Don't wait for the last date to file your ITR i.e 31 July 2019, it is better to keep all the required ...
ITR filing: Income tax department makes disclosing LTCG from stocks, equity mutual funds simpler  LivemintThe Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual fund.You only need to disclose the total LTCG from ...
Budget 2019: Will income tax slabs, rates get another revision?  India TodayExpectations are soaring among Indian taxpayers, who are eagerly awaiting new finance minister Nirmala Sitharaman's maiden budget speech on July 5.
Budget 2019: Government likely to increase income tax exemption limit to Rs 3 lakh  India TodayIt was earlier reported that the government would only consider raising income tax deductions under certain sections of the Income Tax Act. However, a *fresh* ...
GST Council meet on 21 June to focus on checking tax evasion  LivemintNEW DELHI: Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired ...
How Taxes Could Change If Democrats Win in 2020  BloombergDemocratic presidential candidates like Joe Biden and Kamala Harris have talked about repealing the GOP's tax overhaul. Yet a large-scale rollback is unlikely.
Tax Season May Be Over, but You Can Make These 4 Moves to Lower Your 2019 Taxes  Yahoo FinanceNow that summer is kicking into gear, many of us are more focused on barbecues and beach days than potentially tedious matters like taxes. And with your next ...
Income Tax dept issued ₹64,700 crore refund in current fiscal  LivemintNew Delhi: The Income Tax department has issued ₹64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over ...
Last date to file annual tax returns under GST extended to August 31  India TodayThe 35th GST council on Friday extended the tenure of the national anti-profiteering authority (NAA) by two years till November 30, 2021. The date for filing ...
Govt compulsorily retires 15 senior indirect tax officers over charges of criminal conspiracy, corruption  Business TodayAccording to finance ministry sources, the ousted CBIC officials were charged with corruption, collecting and giving bribes, smuggling and even criminal ...
Electric Vehicles Could See Lower GST And Road Taxes  ZigWheels.comAs per a government draft notification, EVs belonging to all categories could also be exempted from road tax for registration.
Income Tax Planning: Why you should not confuse tax planning with investment planning  The Financial ExpressPeople often make a mistake by putting money in low-return, but tax-saving instruments without evaluating its impact on their financial goals.
Opinion | Time for a global tax net for the internet  LivemintEven if an international consensus is hard to obtain on the taxation of digital services that make money off large user bases in countries like India, we should not ...
City, county, utility keep taxes and rates reasonable  Brunswick NewsAs a society, we understand the need for things like taxes, fees and other financial means through which governments and utilities get the funds they need to ...
Imran Khan urges people to take advantage of tax amnesty scheme  Times of IndiaPakistan News: With nine days left for the tax amnesty scheme to end, Pakistan Prime Minister Imran Khan Friday urged the people to declare their assets and ...
Income Tax returns deadline of July 31 likely to be postponed  Business TodayYou may get some more time to file your income tax returns in the current assessment year. The regular deadline of July 31 is expected to be pushed back this ...
No taxes owed by GMR from $270-million arbitration award: Maldives  LivemintThe Maldivian government in 2017 had slapped a notice seeking $20.5 million.The arbitration ruling indemnified the Indian developer from any tax liabilities.
A Message From the Billionaire’s Club: Tax Us  The New York TimesA group of wealthy Americans, some with inheritances and some with self-made fortunes, are calling for a tax on the net worth of people like them.
Budget 2019: Hopes of tax exemption limit hike  Economic TimesHere are some expectations of the common man that the government could consider in the upcoming budget.
1st GST Council Meet under Modi 2.0: EVs may see tax cut, anti-profiteering body to get extension  Business TodayFinance Minister Nirmala Sitharaman is expected to consider myriad proposals in her first GST Council meet on June 21. The meeting which was earlier slated ...
Should inheritance tax be introduced?  Moneycontrol.comIf inheritance tax is in any way reintroduced, it would require careful deliberation from the government with regards to its structure. To function effectively, a strong ...
How to get an income tax e-refund - ​Only e-refunds now  Economic TimesThe Income Tax Department issues refunds only as an e-refund to the assessee. Issuing refunds by cheques has been discontinued. To receive the refund ...
Opinion: New gross-receipts tax will hurt Oregon consumers, affordable housing  OregonLive.comSen. Alan Olsen, R-Canby, writes that the new business tax won't necessarily go to educational needs and will result in higher prices for goods, services and ...
Tax saving tips: Invest in real estate and save tax on LTCG  Business StandardInvestments in real estate are borne out of savings made out several years of earnings. These investments have both monetary value and emotional value for ...
New GST return forms to help authorities check tax evasion  LivemintNEW DELHI: Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming ...
Filing income-tax returns? Here are the five key mistakes to avoid  Business StandardIndividuals and Hindu Undivided Families constitute almost 98 per cent of e-filers. This category tends to be most prone to making mistakes while filing returns.
Delhi demands hike in share in central taxes  Times of IndiaNEW DELHI: The Delhi government on Friday asked the Centre to enhance the allocation of its share in the central taxes to at least Rs 6000 crore agai.
Budget 2019 may bring pro-poor tax sops, tightening of tax administration: Sonu Iyer, EY India  Economic TimesThe coming budget is unlikely to see across the board major giveaways on the personal tax front as the finance minister has very little financial leeway, said ...
How Silicon Valley Avoids Paying Taxes Using Small Biz Break  BloombergSilicon Valley has won big with a tax break aimed at small businesses.
Viewpoint | Here's why you should file your income tax returns in time  Moneycontrol.comDivya Baweja, Divya Agarwal and Pooja Verma. Filing of income tax returns (ITR) is around the corner and authorities have already released the necessary ...
It's almost tax time. Do you need to see an accountant or could you do it yourself?  ABC NewsMaybe it's even your first time. Yep, adulting is hard. It's even harder if you have a small business, multiple incomes, an investment property or just a pile of ...
Budget 2019: Follow these simple steps to reduce your taxable income under new rules  India TodayNot even a month is left for the announcement of full Budget 2019 and the government is all set to make effective new income tax laws that will benefit millions of ...
Budget 2019: From infrastructure status to extension of tax holidays for affordable housing, here’s what realty sector expects from the budget  The Financial ExpressRationalization of taxes that alleviate the tax burden on the real estate sector and providing much-needed liquidity that can boost consumer demand would be a ...
Industry seeks tax cuts, bold land, labour reforms from NDA  LivemintIndustry executives on Monday sought tax cuts, lower interest rates and bold reforms in land acquisition and labour laws in a blueprint prepared to aid the Modi ...
Labor says it will oppose Coalition's 'economically irresponsible' tax cuts for wealthy  The GuardianThe Coalition has dismissed Labor's calls to negotiate over its $158 billion tax cut package, setting up a showdown over the government's economic agenda ...
Budget 2019: Not just tax cuts, here’s how Modi 2.0 can help companies without revenue loss  The Financial ExpressUnion Budget 2019: The reduction in the corporate tax rate is not the only way to make India Inc. happy. There are various other areas where Budget can ...
New York Can Tell Congress Lots About Trump’s Taxes  The New York TimesHis state returns will give the House a glimpse of past I.R.S. audits, before and after he entered the Oval Office.
Digital giants face tax setback after G20 agreement  Financial TimesMinisters pledge new rules by 2020 that will ensnare groups like Facebook and Google.
Botched your tax withholding in 2018? It's about to get more complicated  CNBCFine-tuning your tax withholding is about to get a little more complicated. The Internal Revenue *Service* is expected to release a draft of its new Form W-4, the ...
Income-tax law does not consider all inherited assets as ancestral property  LivemintNot all properties that you inherit can be termed as ancestral property for tax purposes. Ancestral property is defined as one which a person inherits from any of ...
Budget 2019: Industry body seeks increase in minimum tax exemption limit for senior citizens  India TodayIndustry body Assocham has advocated tax measures to benefit senior citizens in the Union Budget, to be presented on July 5 by Finance Minister Nirmala ...
Withdrawing Rs 10 lakh a year may attract 3-5% tax: Finance Ministry  India TodayWithdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high ...
'Don’t skip taxation, inflation, loads while planning for retirement’  Economic TimesTalking to the participants at the ET wealth Investment Workshop, Billimoria said investors should work with real numbers.
How Corbyn's tax bombshell would wreak 'HAVOC' on hard-working families - Revealed  Express.co.ukJEREMY Corbyn's proposed changes to inheritance tax would wreak havoc on hard-working families, as Tory leadership frontrunner Boris Johnson says the tax ...
Budget 2019 | Direct tax reforms – It’s a case of now or never!  Moneycontrol.comNaveen Aggarwal. Nineteen years into the 21st century and we are still following a tax law that is half a century old. A law that is now largely considered ...
Government Proposes No Road Tax For Electric Cars. Will EVs Still Be Expensive?  CarDekhoCurrently, road tax on a passenger vehicle in India goes upto 20 per cent of its ex-showroom value!
Productivity Commission: Dump stamp duties for land taxes  MacroBusinessFormer Productivity Commission chairman Peter Harris says the federal government should consider adopting key recommendations in the 'Shifting The Dial' ...
Market analyst says Modi 2.0 readying a crackdown on GST, direct tax fraud  Economic TimesThe govt earlier this week dismissed 12 senior income-tax officers on charges of corruption.
Filing Income Tax Returns? Avoid These Six Common Mistakes  News18From the intimidating number of forms available, to claiming deductions, in the last-minute rush to file income tax returns, make sure to keep in mind some details ...
Anger over re-introduction of tampon tax in Tanzania  Medical XpressA decision by Tanzania's government to reintroduce a tax on sanitary pads and tampons has angered women in the country, with one activist on Sunday saying ...
A Former Business Partner Alleges the Trumps Evaded Taxes in Panama  The New York TimesThe owners of a luxury hotel in Panama City that ousted the Trump Organization as property managers last year accused it on Monday of evading taxes in ...
Trump’s Tax Law Made Americans Less Charitable, Nonprofits Say  BloombergAmericans gave less money to charities last year partly because the Republican tax law changes made many people ineligible for tax breaks that can inspire ...
Democrats talk up tax credits to counter Trump law | TheHill  The HillDemocratic lawmakers and presidential candidates are offering a slew of proposals to expand tax credits benefiting workers and families, as a way to counter ...
I-T summons Naresh Goyal in tax evasion case  Economic TimesThe case is related to alleged irregularities in dealings between Jet and Dubai-based cos.
Tax department may not get to reopen cases beyond 4 years  Economic TimesThese provisions are governed by Section 149 of the Income Tax Act. However, when it comes to issuing a notice for the extended period of six years, certain ...
ITR filing: Don't make these mistakes to avoid getting tax notice  Economic TimesFind out what you should do to avoid getting a notice for small errors on income tax returns.
Goods and services tax, a game changer? Not for home decor firms at least  LivemintAfter the goods and services tax (GST) was introduced in 2017, home decor companies were in the spotlight because plywood, laminate and ceramic tile ...
Impenetrable tax laws lead to Treasury losses  Financial TimesIn reference to Emma Agyemang's report, “Treasury 'loses £8bn a year' from self-assessment under-reporting” (June 14), both the article and the study by the ...
How do you decide capital gains tax on property sale?  MoneycontrolSale/transfer of a house property triggers taxability of capital gains in the hands of a taxpayer, which can be either short-term or long-term in nature depending ...
Tax sops for VCs, 10-yr tax holiday for start-ups on Kiran Mazumdar-Shaw's Budget wishlist  Economic TimesThe Biocon MD tweeted that start-ups needed a tax holiday to boost funding.
ITR Filing: 5 benefits of filing income tax returns you may not be aware of  The Financial ExpressFiling ITR on time is beneficial in many ways while keeping you tax-compliant. Here's all you need to know.
Arbitrary tax policy spawns an offspring  CALmattersHistory has proven that no political decrees are more arbitrary than those about taxation. We hear a lot about “tax fairness,” but what is taxed and the level of that ...
Mayoral candidates clash on taxes | Local News  Niagara GazetteIt has been one of the most hotly debate topics of the Democratic mayoral primary campaign.
California will have highest gas tax in US starting July 1  10NewsSACRAMENTO, Calif. (KGTV) -- California will have the highest gas tax in the nation after an upcoming increase beginning July 1, according to figures by the ...
Banks want current tax benefits extended to three-year deposits  Business StandardBanks have sought an extension of the current tax benefits on five-year deposits to three-year ones to attract medium-term liabilities and bring parity with ...
Salaried employee? Encashed leave? Know if you have to pay Income Tax  Zee BusinessAs per the Income Tax rules, leave encashment is taxable as a salary if you receive it while in *service*. If a government employee gets leave encashment at the ...
No corporate tax relief for large companies in budget  LivemintNEW DELHI: Finance minister Nirmala Sitharaman won't cut the tax rate for large companies to 25% from 30% in the forthcoming budget and may raise the ...
GST Council Meet: Tax on electric vehicles not reduced; fitment committee to take decision  Business TodayThe high-powered GST Council on Friday did not reduce the tax rate on electric vehicles as anticipated. There were expectations that the tax on EVs would be ...
$8.6b burden: NSW insurance taxes keep growing - Regulatory & Government  Insurance NewsThe NSW Government will reap $8.6 billion from insurance taxes and levies over the next four years, the latest state budget shows. The Insurance Council of ...
Keller @ Large: What Encore Boston Harbor Opening Means For Tax Revenue  CBS BostonBOSTON (CBS) – Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, joined WBZ-TV political analyst Jon Keller this week on Keller ...
Push on for land taxes as basis for productivity drive  The AustralianScott Morrison is being urged to encourage the states to replace stamp duty with new land taxes in a move former Productivity Commission chairman Peter ...
ITR filing: Three changes that will impact the tax filing  LivemintThe deadline for employers to issue Form 16 has also been extended by 25 days, from June 15 to July 10.E-refunds will be issued to only those bank accounts ...
Too Rosy? Experts Question Warren's Wealth Tax Figures  FortuneThe ambitious scope of Elizabeth Warren's push to rethink how America tackles issues has spurred questions about how she would deliver.
Tax lobbyist and lawyer admits not paying $735,933 in taxes  Washington PostA tax lobbyist and former attorney for the Department of Justice's Tax Division failed to pay his own taxes, he acknowledged in U.S. District Court in Alexandria ...
NDTV case: Delhi ITAT upholds long-term capital gains tax on Roys  BusinessLinePrannoy and Radhika Roy, Founders of NDTV, are facing a double whammy for a loan agreement with Viswapradhan Commercial Pvt Ltd (VCPL). After SEBI ...
Budget 2019: Some wise tax messaging  Economic TimesThe Budget 2019 must pay heed to suggestions made by various committees in the past on tax laws.
Tax-free bonds could be reintroduced in Budget  LivemintHighway sector has been one of the best performing areas of the government.Infra majors can hope Budget to approve *fresh* issue of tax free bonds to raise ...
Window closing for tax refund of up to $110 for Virginia residents  Bluefield Daily TelegraphRICHMOND, Va. — Virginia's governor and the Virginia Department of Taxation are reminding Virginians who have not yet filed their Virginia individual income ...
Budget 2019: Ease of doing business vs tax collection; to be, or not to be  The Financial ExpressUnion Budget 2019 India: The oft-quoted phrase of Shakespeare's Hamlet ~ to be, or not to be ~ would be apt to indicate the expectations on the first Budget of ...

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let's assume that you would like to begin saving for... Read More

Taxation of Forgiven Debt: The 1099C & You

Often people fall on hard times and stop paying on... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

Are You An Innocent Victim of These Popular Myths?

Misconceptions, misinterpretations and just plain "untruths" are floating about income... Read More

Taxing Overseas Firms for SOX Compliance

The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some... Read More

Keeping Your Own Money ? NOT Handing It Over To The Taxman

Most people trying to make a crust online (or offline... Read More

Another Tax Loophole

Just image, you are a small manufacturing company, business has... Read More

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly... Read More

How To Get An Instant Pay Raise

As a gentleman was leaving my class recently, he wanted... Read More

Failure To Pay Employment Taxes ? Penalties

As an employer, you must pay employment taxes if you... Read More

IRS Lock-In Letters ? What?s An Employer To Do?

Employers often ask employees to designate the amount of tax... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

The Seven Deadly Tax Sins: Commonly Missed Deductions

It's that time again, the April 15 tax deadline is... Read More

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

Recently, I stumbled across a concept that could change your... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

Need a Copy of Your Tax Return Information?

Taxpayers have two easy and convenient options for getting copies... Read More

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from... Read More

What You Need To Know About Taxes If You?re Getting Married

It may not be high on the list of wedding... Read More

Slash Tax when Buying a Business

When buying a business, how the "purchase price" is made... Read More

Understanding Basic Tax Terms

If your like many, you don't always understand what people... Read More

IRS Offer-in-Compromise, Hype or Hope?

"Settle for Pennies on the Dollar! IRS debts settled for... Read More

Tax Help Secret: Avoiding the Entreprenuers Curse

Your days as an entrepreneur and businessperson are consumed with... Read More