Tag: Tax

Posted in Business

FACT CHECK: Trump and GOP distort on health care, vote fraud, Biden tax plan

WASHINGTON (AP) — President Donald Trump made a dizzying array of misleading claims about voting fraud and health care Monday as fellow Republicans opened their convention with speeches distorting the agenda of his Democratic rival, Joe Biden.

Trump falsely asserted that he was the one who ensured that people with preexisting medical problems will be covered by health insurance; actually that was Democratic President Barack Obama. Several speakers accused Biden of proposing to defund police, ban fracking, take over health care and open borders — none of that true.

A look at statements at the Republican National Convention:

HEALTH CARE

TRUMP: “We protected your preexisting conditions. Very strongly protected preexisting … and you don’t hear that.”

THE FACTS: You don’t hear it because it’s not true.

People with preexisting medical problems have health insurance protections because of President Barack Obama’s health care law, which Trump is trying to dismantle.

One

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Posted in Business

NJ health insurance tax would raise costs for small businesses at the worst time

Eileen Kean
Published 5:00 a.m. ET July 30, 2020 | Updated 7:18 a.m. ET July 30, 2020

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The Small Business Lease – Emergency Assistance Grant Program is designed to help small businesses impacted by Covid-19

Asbury Park Press

As you read this, legislation is being considered in Trenton that would impose higher health insurance costs on small businesses at the worst possible time — during a pandemic when they are struggling to stay afloat.

Despite the financial hardship, many small business owners have done all they can to keep their employees on their group health plans at a time when everyone is exceptionally concerned about the risks posed by a very contagious virus. Lawmakers pushing this bill need to know it would not only hurt already battered small businesses but their employees, who risk losing that important insurance coverage if the bill passes.  

The companion bills introduced by the

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Posted in Business

Rishi Sunak considering sales tax for internet purchases

Getty Images
Getty Images

Rishi Sunak is considering plans for a new tax on goods sold online as the government looks for ways to raise income and protect the high street amid the Covid-19 pandemic.

A call for evidence on the issue announced last week acknowledged that many retailers are opposed to such a levy but noted that the existing business rates system favoured online firms over those with high-rental value shops.

Downing Street said the coronavirus pandemic had already had a “significant impact” on the way business is done and the government needed to ensure that the tax system raised enough money to fund public services.

The call for evidence was examining the business rates system and potential alternatives.

“As part of this we will consider the case for introducing alternative taxes as part of the review, including an online sales tax,” the spokesperson said.

“The pandemic has had a significant

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Posted in Business

UK Mulls Online Sales Tax to Help Save Struggling Brick-and-Mortar Shops

Click here to read the full article.

The United Kingdom may soon require an online sales tax.

According to multiple reports, Chancellor of the Exchequer Rishi Sunak is weighing plans to tax online retailers in a bid to raise 2 billion pounds (about $2.5 billion) a year for the UK government as well as to help flailing brick-and-mortar businesses.

More from Footwear News

Last week, the U.K. Treasury opened a call for evidence as it reviews the system of business rates imposed on brick-and-mortar businesses. Under the current system — which was imposed in the ’90s — approximately two billion shops, offices and factories are subject to taxation based on the rental value of their outposts.

As it looks to restructure its system, the Treasury is mulling adding a tax to online retailers in order to fund a reduction in rates for brick-and-mortar shops. It is also considering restructuring its

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Posted in Finance

UK ‘more attractive’ for illicit Russian cash after property tax climbdown

Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment
Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment

The UK government has been accused of undermining efforts to tackle illicit Russian cashflows into Britain after it watered down a planned tax on overseas buyers.

An extra stamp duty charge for non-residents comes into force in England and Northern Ireland next April.

The government approved a 2% ‘surcharge’ in little-noticed documents published without fanfare on Tuesday (21 July), the same day as MPs’ heavily critical report on Russia.

But the Conservatives had promised a 3% levy as recently as November – and the low-key reduction of the planned rate has faced little scrutiny.

A financial crime lawyer warned in the wake of the Russia report that reducing the rate risked making Britain “more attractive” for money laundering.

Little-noticed watering down of party pledge

In the run-up to the election last year,

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Posted in Finance

How to file for a tax extension online if you aren’t able to meet the July 15 deadline

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As the pandemic swept across the nation in March, the Internal Revenue Service moved the original tax filing deadline and tax payment deadline from April 15 to July 15.

That deadline arrived Wednesday. But individual taxpayers who are unable to meet the July 15 deadline can request an automatic extension til October 15.

Here’s what taxpayers should know.

How do I file an automatic extension until October 15?

Taxpayers who’d like an extension until October 15 must fill out an Automatic Extension of Time to File U.S. Individual Income Tax Return (Form 4858) by July 15.

According to the IRS, this form can be completed electronically through the IRS Free File or a tax software provider.

“To get an extension, taxpayers must estimate their tax liability on the

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Posted in Personal

Two in three Americans want to see Trump’s tax returns: Reuters poll

By Chris Kahn

NEW YORK (Reuters) – Two out of three Americans want to see President Donald Trump’s income taxes, and about half believe he has been withholding them for reasons that could hurt him politically, according to a Reuters/Ipsos public opinion poll.

The July 13-14 poll shows many Americans remain concerned about Trump’s finances and potential conflicts of interest with his family business. The survey was conducted after a U.S. Supreme Court ruling over Trump’s financial records last week likely postponed their release to New York City prosecutors until after the Nov. 3 election.

Trump has refused to show the public his personal tax returns for years, bucking a decades-old tradition of financial transparency among presidential contenders. The businessman-turned-politician has routinely questioned the public’s interest in his taxes and said he would not release them because they are under audit.

The poll found 66% of adults agreed that Trump

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Posted in Personal

Doing last-minute taxes? The best tax software is on sale right now

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission.  

The deadline to file federal taxes has finally arrived—it’s Wednesday, July 15 FYI—meaning if you haven’t yet completed your forms, now is the time. While tax season is often stressful no matter when you file, getting your documents together and knowing your options, like qualifying for a low-income waiver or filing for an additional extension, are valid ways to make the process way easier. The easiest way to lessen the last-minute stress, though: Use a great online tax software to file.

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If you don’t have a personal accountant, a tax software program will expedite the process of locating tax breaks, calculating refunds, and navigating any law changes. After testing some of the

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Posted in Money

Paper or e-file? Some July tax filers won’t have choice due to glitch

It’s tax season in July.

Given that the Internal Revenue Service has been dealing with a backlog of unprocessed paper tax returns, it may be even wiser at this point to e-file your 1040 by July 15, especially if you want to collect a tax refund as quickly as possible and use direct deposit to a bank account. 

The tax filing deadline, which was extended because of the coronavirus crisis, is fast approaching for millions of taxpayers who have yet to file their 2019 federal income tax returns.  

Oddly enough, some people may have little choice but to file a paper return for 2019 because of a computer headache triggered by the use of an online IRS stimulus tool for “non-filers.” It’s not a glitch that will hit everyone, but it’s certainly odd enough to worth noting. 

The rollout of the stimulus payments, officially called the Economic Impact Payment, included

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Posted in Money

The 7 worst ways Americans are using their tax refunds

Because of COVID-19, this year’s tax deadline got delayed three months to July 15. But even with the extra time, it appears many people are still waiting until the last minute to file — including many taxpayers who will be receiving refunds.

The IRS says that as of July 3, it processed 95 million refunds, down from 105 million by the same time last year.

The tax agency says Americans are getting back an average $2,762 this year, slightly more than during the 2019 tax season.

With the economy struggling and unemployment still high, managing a refund wisely is more important than ever. But many Americans aren’t making the best use of their windfalls.

See the seven worst ways people are using their tax refunds.

1. Letting it rot in checking accounts

Prapan manuchon / Shutterstock

Setting a tax refund aside in an emergency fund is smart. Many financial

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