Tax Break

Essential reading: Tax extension after Boston attack, and more

April 18, 2013

Welcome to the top tax and accounting headlines from Reuters and other sources.

* IRS announces three-month tax extension after attack. Laura Saunders – The Wall Street Journal. The Internal Revenue Service announced a three-month tax filing and payment extension for Boston-area taxpayers following Monday’s explosions during the Boston Marathon. Link    

* The tax implications of starting a business with retirement money. Josh Patrick – The New York Times. Retirement money is being used to finance thousands of businesses, but it has yet to receive the full blessing of either the Internal Revenue Service or the Department of Labor. Link   

* IRS auditors targeting small business owners – but there are ways to protect your company. J.D. Harrison – The Washington Post. A new study used by the Internal Revenue Service to determine its auditing priorities shows small business owners in a handful of metropolitan areas are particularly likely to cheat Uncle Sam. Link    

* Tax Internet sales, stimulate growth. Arthur Laffer – The Wall Street Journal opinion. The sales tax base in the states should be broadened by treating Internet retailers similarly to in-state retailers, and the marginal income-tax rate should be reduced. Link    

* Seeking simplicity in the tax code. Robert Samuelson – The Washington Post. Judged realistically, the odds of major tax “reform” passing seem slim. Link     

* Maybe we should have more tax brackets, not fewer. Ezra Klein – The Washington Post opinion. Widening income inequality means we should have more tax brackets at higher rates, as not everyone in the top 10 percent is the same. Link

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