Posts tagged "tax code"

TaxSmith now offers tax relief

For those of you that are struggling with back taxes or IRS penalties may have a new option. Taxsmith.com.The website recently launched this service to provide immediate solutions to individuals struggling with Penalties by the IRS and unpaid back taxes.

Federal income taxes are imposed by local, state and by government agencies on every single individual of the United States. Becoming delinquent on your federal taxes could spell a slew of problems from an individual including higher interest rates, late fees, and even jail time. This new service can help those individuals that are stuck in this type of situation .

TaxSmith can now help individuals and entities that are burdened by this financial hardship brought on by unpaid taxes and overdue IRS fees.

Reliance on tax software like Turbotax is subject to human err and complications that could lead to mistakes in filing. Using low level amateur accounting firms won’t give you the level of customer service that this new TaxSmith seeks to offer. TaxSmith claims to offer consultation, forms, and service unmatched to any others.

Only time will tell whether or not TaxSmith will become a leader in the tax filing field. Please check back online to see how TaxSmith with fare in the reviewsphere. One thing we know for sure. With the fiscal cliff weighing down heavily on us and the future of the tax code being uncertain, we need a lot more services like TaxSmith around.

 

 

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Posted by Taxmaster - December 18, 2012 at 6:28 pm

Categories: Income Tax, Tax Law   Tags: , , , , , ,

Tax hikes on the rich “negligible” for growth on the economy

Washington- A recent report was re released after Republicans tried to claim that tax hikes on the wealthy would be detrimental to growth in the economy. The report states that revoking the Bush era tax cuts on the wealthiest Americans will have a “negligible” impact on the economy. The report also states that the the Bush Era tax cuts did very little to help spur the growth of the economy. The report also stated that the Bush Era tax cuts helped fuel the income inequality among income classes.

“Analysis of such data conducted for this report suggests the reduction in the top tax rates has had little association with saving, investment, or productivity growth,” the study says. “It is reasonable to assume that a tax rate change limited to a small group of taxpayers at the top of the income distribution would have a negligible effect on economic growth.”

The study takes into account tax rates and economic growth that dates back to the world war 2 era. Needless to say Democrats pounced on the opportunity to prove to Republicans that tax cut for the wealthy don’t necessarily equate to growth and that the top two percent of earners should go back to Clinton Era tax rates when growth was substantial. Republicans, as they always seem to, complain and swear that raising taxes on the wealthy will only bring gloom and doom for the US economy.

“What this report demonstrates is at the core of the debate we’re having right now,” said Maryland Rep. Chris Van Hollen, the top Democrat on the House Budget Committee, adding that it “put a stake in the heart of the Republican argument that small increases in marginal tax rates for wealthy individuals somehow hurt economic growth.” He also noted that during the Clinton years with tax hikes the US economy was doing a lot better off than when Bush introduced his tax cuts.

“What this CRS report does is take away the last little fig leaf that [Republicans] had to justify big tax cuts for very wealthy individuals,” Van Hollen said.

“Republicans have simply failed to face up to the reality,” said Rep. Sander Levin (D-Mich.), the top Democrat on the House Ways and Means Committee. “I hope that this CRS report will add further impetus to the speaker to sit down with Republicans, because when I’ve talked to a few of them, I don’t think they’ve had this discussion.”

Republican lawmakers claim that the report was written by a left wing study group and that its findings are biased and therefore fallacious.

This is a continuing trend with Republicans denying the facts when they stare them point blankly in the face.  Maybe this report will be the wake up call needed to raise taxes on the top 2 percent.

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Posted by Taxmaster - December 16, 2012 at 3:33 am

Categories: Federal Tax, Income Tax, Tax Law   Tags: , , , , , , , , , ,

1% Bank Exec Elites Caught Up in Tax Evasion

3Frankfurt- Deutsche Bank is a behemoth monster full of bankers and fat cats. It is no wonder that during a raid at their headquarters officials identified two of its highest ranking officials as potential tax evaders. This doesn’t fare as timely news for the bankers of this country since the recent fallout of the global economy and woes that have already plagued this bank.

Authorities in Germany are investigating whether or not employees of Deutsche Bank were conspiring to avoid paying sales tax on carbon emission certificates. co chief executive Jurger Fitschen and CFO Stefan Krause are suspected of playing a role in signing documents that may be tied to this sales tax evasion.

Yesterday a swarm of officers searched Deutsche Banks including private homes. During this investigation the police took into custody 5 individuals that have yet to be identified.

The bank is providing its full cooperating and said the problem has already been resolved by adding“Unlike the Public Prosecutor’s Office, Deutsche Bank is of the opinion that this correction took place in due time,” It made no further comments

No one knows whether or not the top executives were directly aware of the egregious actions they were engaging in as executives like this sign many documents in the course of the day. Prosecutors have yet to comment on whether or not they were accusing these individuals of purposely signing these documents.

With the release of this shocking news it is unexpected as to how the bank will recover from this blow.

Like other banks, Deutsche bank is trying to recover after the global debt crisis that we recently faced, weak economic growth, and new crippling regulation. One regulation in particular requiring more capital to be available on hand could be especially crippling to the bank.

Deutsche bank has recently trying to improve its image, but legal issues keep on creeping up haunting a bank that is trying desperately to turn around. Only time will tell if this ethical turnaround is real or if this is just a typical horse and pony show.

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Posted by Taxmaster - December 14, 2012 at 3:46 am

Categories: Federal Tax, Tax Evasion, Tax Law   Tags: , , , , , , ,

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