The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses.
Frequently, someone in your company—it may be the president, vice president, treasurer or some other officer—will have assumed the duty of collecting and depositing federal payroll taxes. That person could be in for a rude awakening one day.
According to an onerous provision in the federal tax law, any person who willfully fails to deposit the required income tax withholding or employment taxes can be held personally liable for any unpaid taxes. This is one time when the corporate shield cannot protect an individual.
The Consumer Financial Protection Bureau’s (CFPB) indirect crusade against dealers has been ongoing for several years now. For those who are not familiar with the auto dealership model, dealer participation is a method whereby a dealer arranges a wholesale rate of financing for a customer and then marks it up to a rate equal to that which the customer could find in the retail marketplace. As the NADA describes in their article, “The Fallacy of Flats” , the CFPB has essentially claimed that this provides the dealer with a level of pricing discretion that creates a “significant risk” that certain groups of consumers will pay a higher interest rate (due to more dealer participant) than other groups of similarly situated consumers in violation of the federal Equal Credit Opportunity Act. Although auto lending policies strictly prohibit gathering information on ethnicity, the CFPB has claimed evidence of this violation as a result of its efforts to categorize borrowers into ethnic groups based on the borrower’s name and the zip code in which they reside. The accuracy of the CFPB’s categorization has come under question on many fronts but it has not deterred them from their crusade.
As another year draws to a close, the tax moves you make, or don’t make, can have a significant impact on your 2015 tax return. Fortunately, there are plenty of tax-saving opportunities available to individual taxpayers, even if certain tax provisions are not resolved until the waning days of the year. Here are seven ways you may be able to reduce your tax bill for 2015.
Despite its off-putting name, a “Crummey trust” can provide favorable results for individuals who have a significant amount of assets. This device might be incorporated into a comprehensive estate plan.