ANGELINA COUNTY, Texas (KLTV) -It happened again this week. A couple had inherited some rural land and they wanted to keep it, perhaps turn it into an agricultural business. Above all, they had lots of questions and wanted to understand the myriad of taxes and regulations that seem to baffle those outside of the agricultural world.
First of all, putting aside all politics, our government is generally very helpful with taxes and regulations regarding true agricultural producers (farmers and ranchers). I believe this is a well-intentioned effort to support the production of food and fiber. There are lower property taxes for agricultural land and Texas doesn't charge sales tax for items used in ag production.
Many things are taking place:
Remember, tax laws vary from state to state - LBM Journal
I've read your credit column for many years and have always enjoyed your perspective and insights. Thanks for writing it! In a recent column you stated "Everyone knows that you don't get a discount on sales tax. No one offers it because it is a government required item to collect and not part of an optional program."
While I know this is true in many areas, it's not true here in Washington state. I have been a CPA for lumberyards for over 45 years and we are allowed to take a credit against taxable sales for prompt pay discounts. It really makes it easier on the customer since our 2% prompt pay discount here at our place applies to the entire statement balance.
Op-ed: These targeted tax credits would help fuel growth
As former Vice President Joe Biden and Democrats in Congress advocate for tax hikes on the wealthy and intrusive regulation on small businesses and workers, Americans know you can't "Build Back Better" by dragging down the economy.
We know this based on recent experience. Following the 2008 financial crisis, the Obama-Biden Administration regularly lowered expectations for recovery, claiming that slow growth would be the new norm. Democrats wanted to pick and choose which jobs grew and how, while calling for cumbersome taxes that made recovery even slower.
Inside The IRS' Final First-Year Depreciation Tax Regulations - Law360
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Other things to check out:
FinCEN Seeks Public Comment on Proposed Changes to Regulations Enforcing the Bank Secrecy Act |
Anti-money laundering authorities are proposing a significant revision to the federal AML regulatory scheme with the aim of making it more effective while providing greater clarity to covered institutions. To that end, on September 16, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM or “Proposed Rule”) seeking public comment on the proposed changes to the regulations enforcing the Bank Secrecy Act (BSA).
The ANPRM stems from the movement in recent years to reform the BSA to “increase the efficiency and effectiveness of the nation’s AML regime.” [3] Industry leaders have called for changes to AML programs aimed at increased flexibility, more meaningful industry collaboration with law enforcement, and innovation in response to novel financial threats.
A bill to make the payroll tax deferral optional, and others worth watching | Federal News Network
Column: Trudeau's second carbon tax coming at worst possible time | BOE Report
Whenever Prime Minister Justin Trudeau wants to solve a problem, his solution can't be to hit families and businesses struggling to get by with even more costs. Yet, that's exactly the approach Trudeau is taking with his second carbon tax.
As Postmedia columnist John Ivison reported , the Trudeau government is getting ready to introduce a second carbon tax through a regulatory regime called the clean fuel standard, which will "require all supplies of fossil fuel to reduce carbon content." If companies can't meet the fuel requirement, they'll have to pay a whopping $350 per tonne carbon tax.
Audit: Top manager at Maryland tax department 'improperly' took leave for months, with $56K in
A top manager at a Maryland state agency was paid nearly $56,000 for almost five months of leave last year with no explanation before being terminated, according to an audit released Thursday.
The "senior management employee" at the Maryland Department of Assessments and Taxation was not identified in the audit from the Office of Legislative Audits, which routinely reviews the books and operations of state agencies.
Under state regulations, employees are only allowed 10 days of the type of leave that the manager was granted, known as "administrative leave."
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