#tax systems

[sataniccapitalist]

The IRS Now Audits Poor Americans at About the Same Rate as the Top 1 Percent

As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years.

[jellipsis]

I'll have you know... that... We don't need a tax system... anywhere on Earth... The Gov. should be run like a crowdfunding/crowdsourcing system... Want the pothole on 5th fixed? Donate $25/month... until enough is reached... Want a good Military? Donate $100k... think your congressperson is ballin' like MJ?! :: donate $200/year... and volunteer... and do a magic show to get other people to donate more... this is the way out... Literally... if everyone that did their taxes got paid minimum wage to do them... it would cost the world's governments... ~$469B... And we just settled for free... We got had... We got got... We got hosed... WTF were we thinking?! This is a satirical view on taxes... but me'sa thinks... it'll make you tinker and think too!

[accountancyandtaxupdate-blog]

Half of businesses not MTD ready, according to report

Despite increased awareness of MTD regulations, 50% of businesses are still not ready for MTD, with 30% still in the planning stage and 20% yet to begin preparations, according to a new report by Tax Systems. The report, A Tax Professionals Survey 2019: Attitudes and Approaches to Making Tax Digital, recommends more support for businesses to get MTD ready before the deadline. “Our results suggest the need for more education from vendors around options for process testing, since 58% of respondents did not know about options to test processes before formally signing up to the service,” the report said. Embracing MTD? Tax Systems’ report also showed that there was an increasingly positive outlook on MTD and technology in general, with nearly half of respondents believing that MTD would lead to better accuracy and fewer errors. “Initially, it would appear that automation is still in its relative infancy when it comes to tax since 80% of survey respondents still use spreadsheets in their compliance processes. However, there is a clear effort to move away from this as professionals begin to recognise the benefits of automation and how they can use it to assist in their everyday work as well as longer projects,” Tax Systems’ report said. Using technology to attract millennials Sixty-two per cent also felt that a wider embrace of technology could help attract younger employees into the workforce. “As Millennial and Gen Z workers begin making up more of our workforce, this tech-savvy generation will want and even demand more automation as they are used to bypassing manual compliance work and other tasks,” the report said. “If you combine the increasing regularity and quality of automation with a growing workforce who want it in their businesses, we can expect to see automation continuing to redefine current jobs and allow tax professionals to undertake more value-added and arguably more interesting work.” “Tax professionals realise businesses need to embrace automation in the next five years and they are prepared to navigate the challenges it brings” However, there was still some way to go to convince everyone, with 65% believing that automation would not move tax professionals away from their spreadsheets. “Automation is very much the future. Spreadsheets are still massively in use, but this is unsurprising. MTD and the wider change that automation brings is colossal and businesses could never have been expected to make the switch overnight. Tax professionals realise businesses need to embrace automation in the next five years and they are prepared to navigate the challenges it brings,” the report said. The post Half of businesses not MTD ready, according to report appeared first on Accountancy Age.

https://www.accountancyage.com/2019/05/15/report-by-tax-systems-has-found-that-nearly-50-of-businesses-are-not-mtd-ready/

[hatebook]

I hate that I did my income taxes last night and was bumbed out that I was going to owe over $2k, then realize I hadn't deducted my property tax. Whew... I deducted over a couple grand in property tax and brought what I owed in income tax down a almost $1.5k and breathed a sigh of relief. God bless property tax deductions for income tax! Then I realized the semi-annual property tax was due almost the same time income taxes are due and I'll back out that $1.5k anyway. F*ck! I hate income tax.

[tradenewsinbrief]

More Trade News in Brief Week 31 (29 July - 4 August 2013)

  * ASEAN Annual Report 2012-2013   The ASEAN Annual Report 2012-2013 has been published.   The publication is available online on ASEAN website here.   ——————————————————————————————————————————————–—    * Global Forum on Tax Transparency: New Reports…

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