Tax season is almost over, with the extended May 17 federal tax filing deadline right around the corner. And while the IRS has asked taxpayers to file early — in part due to the enormous backlog of returns that it is still sorting through — many Americans will inevitably fail to file their returns by Tax Day.
Individuals who owe federal taxes will incur interest and penalties if they don't file and pay on time.
Florida Man Sentenced for Evading Taxes on Millions in Secret Offshore Bank Accounts | OPA |
A resident of Palm Beach County, Florida, was sentenced to 24 months in prison for not reporting his foreign financial accounts from 2006 through 2015 and for willfully evading the assessment of millions in taxes from 2007 through 2014.
According to court documents, from 2003 through 2009, Dusko Bruer owned and operated a company that bought U.S.-made agricultural machinery and parts and sold them throughout the world. Bruer's company had numerous employees and reaped millions of dollars in annual gross receipts. Despite its success, Bruer's company did not file employment or corporate tax returns, nor did the company pay employment or income taxes. Furthermore, from 2003 forward, the company never paid Bruer a salary.
Tax deadline 2021: When are state income taxes due? Check our list
Below, you'll find a list of every state that's extended its individual income tax due date to align with the federal deadline, along with states that didn't extend theirs at all (which means you're already late), ones that moved their deadline later than May 17 and those that don't collect income taxes at all.
A majority of states have changed their individual income tax deadlines to coincide with the IRS deadline of May 17, according to the American Institute of Certified Public Accountants. Though in most cases, the reprieve doesn't include estimated tax payments for individuals in 2021.
The IRS Is Coming for Crypto Investors Who Haven't Paid Their Taxes - WSJ
Cryptocurrencies are exploding—and so is the Internal Revenue Service's pursuit of Americans who aren't paying taxes on them. With Tax Day approaching, it's a good time to clean up your act if you've been lax about taxes on crypto. Not doing so could compound future tax problems, especially if you have traded a lot or have more than a small stake.
Two new IRS efforts to find crypto tax cheats stand out: In April, a federal judge in Boston approved an IRS summons to the payments company known as Circle and its affiliates, including Poloniex, to turn over customer records to the agency. And in early May, a federal judge in San Francisco approved another IRS summons for records to the crypto exchange known as Kraken.
Missouri set to require online stores to collect taxes
JEFFERSON CITY, Mo. (AP) — Missouri is set to become the last state to require out-of-state online stores to collect sales taxes on residents' purchases after the GOP House gave its approval Friday.
House members voted 145-6 to send an online sales tax bill to fellow Republican Gov. Mike Parson, just hours before lawmakers' 6 p.m. deadline to pass legislation. Parson appears likely to sign the bill. He's called on lawmakers to pass such legislation in the past.
Here's Where Property Taxes Are The Highest And Lowest
To illustrate just how much variance there is in the amount of property taxes people pay, LendingTree looked at the median amount of real estate taxes paid in each of the nation's 50 largest metropolitan areas. In doing so, the online lending marketplace found that homeowners in some metros can expect to pay thousands of dollars more per year than homeowners in other parts of the country.
"Different county and state governments assess property value in different ways, which can contribute to why tax amounts vary so significantly across the country," says Tendayi Kapfidze, chief economist at LendingTree, explaining that individual areas also have different tax rates and offer different tax breaks to homeowners, which can also affect how much people are paying in real estate taxes.
Readers respond: Where's our 'fairness' in taxes? - oregonlive.com
Recently West Virginia Democratic Sen. Joe Manchin expressed disappointment with the idea of President Biden raising the federal corporate tax rate from 21% to 28%. He mentioned "fairness" – one of Donald Trump's favorite words.
With all of the legislation that has occurred in the last 40 years in favor of corporate America, his position is a little hard to understand.
Here in Oregon, the Washington County Board of Commissioners sees fairness in a strange and different way. If you will recall, in 2014, Intel Corp. received an enormous $125 million property tax exemption from the board while their revenues stood at $3 billion for the year. Also, the initial premise was that this would be a job creator. A few years later, 1,300 employees were laid off. So much for job creation.
What's Driving Americans' Views of Their Taxes?
Half of Americans say the amount of federal income taxes they pay is too high , according to a recent Gallup review by my colleague Lydia Saad. This is lower than in the past. Gallup has been asking about taxes since 1956, and the "too high" percentage reached an all-time high of 69% in 1969. As recently as 1999, 68% of Americans said their taxes were too high. But that percentage has dropped over the past two decades after the tax cuts passed into law in the first years of the George W.
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