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Tax Man Cometh
Interesting developments to come - See what made the cut...

Tax Man Cometh Tax Man Cometh

Monday April 15 is a dreaded day by most Americans, time to file your dreaded annual U.S. federal and state income tax returns. If you are a citizen or resident of the United States you are required to file a federal income tax return. Returns must be posted before midnight on April 15 or face penalties and fines. The Revenue Act of 1861 was declared to assist in funding the Civil War at which time assessments determined the individuals federal income tax. Eighteen years later in 1913, the Sixteenth Amendment to the United States Constitution was ratified, giving the United States Congress legal authority to tax income without regard to the apportionment requirement. Tax filing date deadline varied over the years until 1955 when April 15th was finalized. IRS projected 239,271,700 federal income tax returns will be filed; paper filing of federal income tax returns estimated at 101,313,700 and estimates for electronic filing for federal income tax returns 137,958,000. Further estimates from IRS include 145,436,600 individual federal income tax returns will be filed. Partnership federal income tax returns for 2012 estimated at 3,589,900 and corporate returns estimated at 6,837,900. Individuals employed by others expected to produce an estimated 29,653,000. Organizations filing exception from filing federal income taxes for 2012 estimated at 1,499,500.

Individuals who do not file required tax returns by due date of April 15 might face a failure-to-file penalty or a failure-to-pay penalty. The failure-to-file penalty is normally more than the failure-to-pay penalty. Penalty for filing a federal income tax return late is usually 5% of the unpaid taxes for each month or part of a month that a return is late however, the penalty will not exceed 25% of your unpaid taxes. When filing a federal income tax return late by over 60 days, individual(s) can face minimum penalty of $135 or 100% of unpaid taxes, whichever is less. Income tax not paid by due date generally result in failure-to-pay penalty of ½ of 1% of unpaid taxes for each month or part of a month after the due date that the taxes were not paid with max penalty of up to 25% of your unpaid taxes.

The IRS functions under four major operating divisions: Large Business & International (LB&I) division, the Small Business/Self-Employed (SB/SE) division, the Wage and Investment (W&I) division, and Tax Exempt & Government Entities (TE/GE) division. IRS headquarters is located in Washington DC and operates ten service centers across the country: Andover, MA, Atlanta, GA; Austin, TX; Cincinnati, OH; Fresno, CA; Holtsville, NY; Kansas City, MO; Memphis, TN; Ogden, UT and Philadelphia, PA. Three computer centers are operated by the IRS: Detroit, Michigan; Martinsburg, West Virginia and Memphis, Tennessee.
 

U.S. Warns Japan Over Manipulating its Currency U.S. Warns Japan Over Manipulating its Currency

The new Japanese Shinzo Abe administration has pushed for aggressive bond-buying at the Bank of Japan, as the yen USDJPY has dropped 13% against the dollar so this year. On Friday, the U.S. Treasury warned Japan against actively weakening the Yen, after its twice a year assessment whether any nation is a currency manipulator. The U.S. Treasury said in a statement, “We will continue to press Japan to adhere to the commitments agreed to in the G-7 and G-20, to remain oriented towards meeting respective domestic objectives using domestic instruments and to refrain from competitive devaluation and targeting its exchange rate for competitive purposes.”

Pressure Needed on North Korea Pressure Needed on North Korea

Arizona Republican John McCain wants China to increase its influence on North Korea to back down from threats and development of nuclear weapons. “What China needs to do is start squeezing North Korea’s economy. Without China their economy would collapse in a relatively short period of time, and China has got to start stepping up,” McCain said. McCain spoke that China is needed to assist in the ongoing threats from North Korea and dismissed the notion that China’s hands are tied when it comes to reining in North Korea’s missile launches or nuclear tests. Additionally, Japan’s foreign minister Fumio Kishida said that China has a key role in defusing North Korea’s aggressive stance given its long-standing relationship with the isolated country. Kishida said, “We need to have China play its role, and we need to hold discussions to allow this to happen.”

April 15, 2013


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