The Fight for Tax Reform Will Be Long and Arduous
Is it starting to feel like the process to simply put up a new stop sign in the Nation’s Capitol would take an act of Congress? These days nothing is simple in Washington and when it comes to tax reform the battle will be anything but easy.
When President Trump took office it was widely believed that tax reform would be fairly simple and would come with only minor headaches. With the Senate and Congress both controlled by republicans, tax reform was just a matter of when, not if. Well, not so fast.
If you thought the battle for healthcare reform was tough, the nation’s lawmakers are just getting started. The interesting thing is, the tax reform battle isn’t just a matter of party lines. Republicans are very divided on tax reform, including what changes to make and how to pay for them.
There are several overriding factors that could delay tax reform even further, not to mention that another election cycle is coming up. First off, Congress needs to pass a fiscal budget for 2018 before it can take on tax reform. Secondly, republicans are divided over whether they should seek a tax cut or complete tax reform.
The battle over many long-standing tax incentives and breaks is also a big sticking point. Additionally, Obamacare is still unfinished business and it is looming over the current administration. Some lawmakers, including the president, are still focused on resolving that matter first.
Therefore, those still hoping for, or expecting, tax reform this year better prepare to curb their enthusiasm. This looks like another long journey with many twists and turns.
Thieves Steal Confidential Taxpayer Info Via IRS Website
Just when you thought you were safe to access important and confidential information via the IRS website, it turns out scammers are at it again. According to reports from the IRS, thieves have managed to break into one of the government agency’s website services and steal the confidential information of thousands of taxpayers. In fact,…
SEC Penalizes Deutsche Bank for Questionable Accounting Issues
Accounting mistakes can happen to anyone, whether you’re self-employed, have a small business with just a few employees, or you run a major corporation. However, even when mistakes happen, the consequences can be damaging. When those mistakes, or irregularities, involve large organizations like corporations, banks and financial institutions the consequences can be severe. Recently, the…
Activists, Unions Take Aim at Governor Brown’s Budget Grip
California Governor Jerry Brown has been known to rule the state’s budget with a tough grip. Not much has passed or been voted down without him having a hand in the decision. The governor has fought for tax hikes, put the kybosh on new programs that call for more spending and worked tirelessly on building…
Tax Fraud Getting More Advanced – Are You Prepared?
It used to be that tax fraud was fairly cut and dry. Essentially, it involved an individual or company who, for various reasons, tried to purposely fudge on their taxes, either by understating their income or by trying to completely skip out on filing a return. Those practices certainly still exists, despite the IRS’s constant…