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Other Tax News and Alerts
Stories we are following:
🔥🎇hot topics:
2024 IRS Tax Reporting Rule on Crypto Transactions Above $10K Sparks debate
Voluntary Disclosure Program lets employers who received questionable ERC
When you establish a 529 plan to set money aside toward a child's future
More News:
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IRS advances innovative Direct File project for 2024 tax season
IRS reminds those with no filing requirement about IRS Free File
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IRS plan to use AI may affect wealthy taxpayers. Here's how:
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Tax News and Updates from SmartBiz Automations:
IRS Inflation Reduction Act -Strategic Operating Plan
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Most popular seminars at the 2023 IRS Nationwide Tax Forums are here:
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IRS sets January 23 as official start to 2023 tax filing season
1/23/24
other news:
Tax News and Updates from SmartBiz Automations:
How Property Tax Foreclosure Accelerates Gentrification
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IRS Says Some People Can Still Get COVID Stimulus Cash.
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Fun Tax Facts:
Did you know?
Tax cuts
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According to a report by the Institute on Taxation and Economic Policy, in 2018, 60 of the largest corporations in the United States paid no federal income tax on a total of $79 billion in profits. This was made possible by various tax breaks and loopholes in the tax code. The Tax Cuts and Jobs Act further lowered the corporate tax rate from 35% to 21%, potentially increasing the number of corporations that pay little or no federal income tax.
Income Tax Origins
The concept of income tax has been around for centuries, with evidence of its existence dating back to ancient civilizations like Egypt and Mesopotamia. The world's first income tax was implemented in ancient Egypt, around 3000 B.C., to fund public works projects.
Fun Tax facts
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The longest tax return ever filed by an individual was 75 feet long and had more than 4,000 pages of supporting documentation. The highest personal income tax rate in the world is in Aruba, where individuals may face a tax rate of up to 59%. The shortest tax return ever filed contained only two characters: "EZ" (short for the 1040EZ form used by individuals with simple tax situations).
Tax meaning
The term "tax" comes from the Latin word "taxo," which means "I estimate" or "I assess." In Swiss the word "tax" means Dachshund 😊 In some countries, including Sweden and Denmark, income tax returns are publicly available for everyone to see.
The 1%
In 2019, the top 1% of taxpayers in the United States paid more in federal income taxes than the bottom 90% combined. The top 1% paid an average of $2.5 million in federal income taxes, while the bottom 90% paid an average of $1,200.
Tax "loopholes"
The United States has one of the highest corporate tax rates in the world, but due to various deductions and loopholes, many corporations end up paying much less than the official rate. In fact, some large corporations pay no federal income tax at all.
More fun guides to come soon!
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