Episode 26: How Income Taxes Became Part of The Constitution

Episode 26: How Income Taxes Became Part of The Constitution

8/23/2022
This week we talk about:
What you need to do when you close your business. (Do It right or you will receive surprise tax bill with penalties)

Deolitte on various areas of the new Inflation Reduction Act

The Sixteenth Amendment to the US Constitution and how it impacts you every minute of every day!

https://www.irs.gov/newsroom/what-business-owners-need-to-do-when-closing-their-doors-for-good

Deloitte:
https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2022/TNV/220816_1.html?elqTrackId=5084e0514b8d42c9bf737d3b3d14179c&elq=e4e5be066b7749d6b921281778051bb2&elqaid=98458&elqat=1&elqCampaignId=18145

Detailed discussions of the following issues related to the new law are also available from Deloitte Tax LLP:
• Book-minimum tax;
• Stock buyback excise tax;
• Clean-energy tax provisions; and
• Financial reporting considerations.
We’ll provide links to additional resources as they become available.

https://www.irs.gov/irs-history-timeline
https://www.irs.gov/pub/irs-utl/irs-history-timeline_march-2019.pdf
https://www.archives.gov/milestone-documents/16th-amendment

Then, after WWII, with the Cold War and massive expansion of the federal government, the tax system exploded for everyone. See the attached for the history of U.S. tax rates: https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx

American Dreams Podcast:
www.youtube.com/channel/UC-gL-bLP0-ZI2cDfuGWbWmA

My Website:
groco.com

Please let us know if there are specific topics you’d like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
rcohen@groco.com
510.797.8661

Posted 8/23/2022

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