For the first time in U.S. history, a tax is set to be imposed when not purchasing anything. Under the new health care law, people who do not purchase health insurance will be forced to pay penalty fees. These same fees were referred to as a “tax” by the Supreme Court on Thursday, forever changing the history of modern taxes in this country.
Opponents of the tax law are calling foul on the penalty and say it is merely a forced tax increase, something the bill’s sponsors vehemently deny. The fact remains, that there are many instances in which you get a tax break for buying something, but this is the first time in American history that you will pay higher taxes for failing to buy a product.
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For help with your tax questions, contact the experienced McAllen CPAs at Gonzalez and Arrambide, Inc. at 956-447-9009.
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Senate Republicans successfully blocked a Democrat-backed bill that would have extended tax cuts to small businesses. The bill would have allowed tax breaks for small businesses that added to their payroll through either hiring new employees or increasing pay.
Republicans however filibustered against the bill, ensuring it was seven votes short of what it needed to move forward. Both sides, however, are calling foul and insisting that the other is playing toward voters in the upcoming election. Senate Majority Leader Harry Reid (D-Nev.) blames the filibuster on the GOP’s efforts to make President Obama lose some credibility. The GOP, however, believes the legislation was merely a campaign ploy and didn’t have any real chances of improving the economy.
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For more information on tax options for your small business or to inquire about our services, contact that experienced McAllen CPAs at Gonzalez and Arrambide, Inc., at 956-447-9009.
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A Texas lawyer will serve three years in prison and pay $847,000 in restitution for fleeing the country to avoid paying U.S. income taxes. A federal judge in Amarillo sentenced John Lewis Lesly after he was arrested by IRS agents at Dallas-Fort Worth International airport, nearly 7 years after fleeing to Canada in October of 2005, one month before his indictment. According to the Austin Statesman, investigators say Lesly had not filed an income tax return since 1976. In April, Lesly pled guilty to four counts of failure to file tax returns between 1999 through 2002 and reports estimate he made more than $2.7 million during that time frame.
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For help with your tax questions or to inquire about our services, contact the McAllen tax experts at Gonzalez and Arrambide Inc., at 956-447-9009.
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Members of the Florida Consumer Action Network will stage a protest July 30 in front of the historic Vinoy Hotel in St. Petersburg, Florida to call an end to tax breaks for persons making more than $250,000 a year. The demonstration comes as Congress is mulling a vote on tax cuts left over from the Bush administration.
Proponents of the protest say passing Obama’s tax plan will protect Americans who make less than $250,000 a year while generating an estimated $68 billion in yearly revenue, or $700 billion over the next decade, from the wealthiest Americans.
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Small business owners have recently taken caution at the looming problem of increase in U.S. taxes. They already feel the pressure of current tax rates and complying with ever-changing tax regulations. According to the National Federation of Independent Business (NFIB), this dilemma limits business owners in making short-term business decisions regarding the livelihood of their business. Constant threat of change and increase in tax rates hike uncertainty levels, leaving owners to hang in the balance. In a recent survey, it was found that 29% of business owners were plagued by tax complexity, claiming it challenges business procedures.
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To acquire legal tax advice from a Weslaco tax expert for your small business tax concerns, contact Gonzalez & Arrambide, Inc. at 956-447-9009.
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