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July 2012 Archives

Calculating Payroll Taxes? There's an Intuitive App for That.

Those in Texas who are responsible for withholding taxes from a payroll check need to be accurate for two reasons. The first, is so that the employee is paid everything which is his or her due. The second is so that the employer can pay the amount withheld to the proper taxing authority. And now it seems there is an app for that.

4 Weeks Remain for Texas 'Fresh Start' Tax Amnesty Program

In our previous posts we have mentioned that the Texas Comptroller's Office created a tax amnesty program called the "Fresh Start" program. It is set to expire on August 17, 2012, so there are about four weeks remaining.

IRS Responsible for Implementing New Health Care Bill

The recent triumph of President Obama's Affordable Care Act in the Supreme Court has the Internal Revenue Service in a tizzy. Since the "penalty" for not having health insurance has been labeled a tax, the IRS has been charged with making sure people either get health insurance or pay a tax for not getting insurance. In response, the IRS is bringing in new employees to help with writing new regulations, forms, and publications, designing new computer programs to implement and enforce the tax, and create an outreach program that will explain the new tax to both taxpayers and tax professionals. Most importantly, however, are the thousands of workers that will be needed to actually administer the tax credits - which will result in about $4,000 in tax cuts for millions of middle-class taxpayers and their families. Notably, the IRS will have only limited authority to collect the health care taxes and cannot impose any civil or criminal penalties in connection with the tax.

Fracking Income Is Qualified Income Under IRC 7704

In Private Letter Ruling 201227002, the IRS ruled that income derived by a publicly traded partnership from the removal, treatment, recycling, and disposal of fracturing flowback and produced water generated by oil and gas wells during the fracking process is qualifying income under Internal Revenue Code Section 7704(d)(1)(E). Additionally, the IRS ruled that income from the non-retail marketing and distributing of crude oil that is salvaged from the fracking process is also qualifying income.

Delinquent Taxes Have a Ripple Effect in La Marque

Every homeowner and business owner in Texas is required to pay some sort of taxes. They range from sales and use tax or franchise tax, to property tax and cigarette tax. According to the Texas Comptroller's Office, that department collects more than 60 types of taxes and fees. When a resident or business falls on hard times, they may not make their tax payments.

Texas Franchise Tax Law Change Proposed by Comptroller

It can be refreshing when the people speak and the government listens. That is what happened recently in Texas. As we reported in an earlier post, there were a number of business owners who expressed frustration with the way in which Texas franchise taxes were calculated and the types of deductions that were allowed.

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