Archives for July 2018

The tax code, officially titled the Internal Revenue Code, has been written by Congress and has an average of 3.7 million words…at this present time, at least! It’s a compilation of tax laws that have been written and passed by Congress since the ratification of the Constitution way back in 1788. Who gives Congress the power to levy taxes? Congresses power to levy taxes for the collection of revenue, is… Read More

Most businesses will find themselves having been affected by the Tax Cuts and Jobs Act, which has made big changes to the laws that govern tax deductions for entertainment and meals. Before the changes came in, businesses could make deductions of up to 50% on entertainment related expenses provided they were incurred as the direct result of active trade conduct or came before or after a significant and genuine business… Read More

Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a cheque to be sent… Read More

For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: What is Corporate Income Tax? Corporate income tax is an entity-level tax applying only to C corporations. Corporate profits can also be subject to another, second degree of taxation at individual shareholder level, on dividends when distributed and on… Read More