MINNEAPOLIS — Filing Minnesota state income tax returns for 2018 is going to be more of a pain than usual because lawmakers and the governor left a crucial piece of legislation unfinished, and it's too late to fix before the upcoming tax season. The unfinished business was a "tax conformity" bill to sync Minnesota's income tax rules with the 2017 federal tax overhaul. Democratic Gov. Mark Dayton vetoed a GOP plan in a dispute that mostly centered on school aid, and the session ended without an agreement. While legislative leaders say they want to pass a long-term solution soon after the Legislature reconvenes Jan. 8, taxpayers are still stuck with the rules that now exist. A rundown on the issue and how it affects taxpayers: THE PROBLEM Minnesota's tax laws are based on how the federal government previously defined taxable income. That changed dramatically under the 2017 federal tax overhaul, which eliminated some deductions that Minnesota still accepts and created new tax breaks … [Read more...] about 2018 Minnesota tax returns will be a bigger pain than usual
Tax return season
JOHANNESBURG: South Africans are left with few hours to file their tax returns on Wednesday. Long ques at Sars offices will be the order of the day if one has not filed their returns yet. Sars says contact centres will be open from 8 am to 6 pm on Wednesday. Sars says taxpayers who miss Wednesday’s deadline will be fined between R250 and R15,000 if not using the e-filing system. The revenue service says its e-filing channel has experienced 99.7% uptime this tax season. Employer Interim Reconciliation submissions are also due on Wednesday while provisional taxpayers using the e-filing system have until the end of January next year. Sars has also warned the public to be suspicious of refund scams. “These scams come in various forms including letters, email, website links and even individuals either posing as SARS officials, debt collectors or tax officers,” it said in a previous media release. Tax payers should authenticate communication, which can be done via the SARS … [Read more...] about Last Day For Tax Returns At Sars
Not filing your income tax returns can lead to prosecution, even if you are entitled to a refund. In a recent decision, the Delhi High Court (HC) held the prosecution proceeding stands committed upon non-filing of income tax return within the prescribed due date under section 139 (1) of the Income-Tax Act. An individual taxpayer had failed to file his income tax return for the Assessment Year (AY) 2003-04 to 2005-06 within the time stipulated under section 139 (1) of the Act. In addition, he failed to abide by the notices issued under Section 142 (1) (requiring a taxpayer to furnish tax return and certain other information) for non-filing of returns. The assessing officer initiated the prosecution proceedings against the taxpayer as punishable under Section 276CC. After the lower court ruled against the taxpayer, he went to the high court. The taxpayer said in relation to AY 2004-05 and AY 2005-06, there was no tax due. Instead, he said he paid more tax than he was supposed to and … [Read more...] about Not filing your income tax returns on time? You could be prosecuted
Durban - If you have not submitted your personal income tax returns, you have until the end of the month to do so. Tax season will close on October 31 for non-provisional taxpayers and for those provisional taxpayers who opt to file at a branch. To date, Sars is close to reaching the 3-million mark in tax return submissions for the current year of assessment. This is approximately a 4% increase compared to the same time last year. Of these returns, 51% have been submitted through eFiling. According to Sars provisional taxpayers ordinarily have until January 31, 2019 to file on eFiling only. The focus this filing season has been on the 24-hour eFiling channel which taxpayers can use at their leisure without having to go to a branch. eFilers are supported by the Help-You-eFile mechanism during business hours, which links them to a Sars contact centre agent who can assist the taxpayer to complete their tax return. Sars said in the last month of filing season, the Sars … [Read more...] about Have you submitted your tax returns yet?
close Video Trump's tax returns could be released if Democrats win the House A tax statute could force President Trump to release his tax returns if the Democrats win control of at least one chamber of Congress. The mystery of President Trump’s tax returns could finally come to an end if Democrats win control of at least one chamber of Congress following the midterm elections in November. Democratic lawmakers in the House are planning to use an obscure, almost 100-year-old tax statute -- that permits the chairmen of Congress’ tax committees to look at anyone’s returns -- to get to the bottom of Trump’s finances and possibly make public the information that the president has kept guarded since the 2016 election. “Probably the approach would be to get all of it, review it and, depending on what that shows, release all or part of it,” Rep. Lloyd Doggett, D-Texas, told Politico. The 1924 law states that the Treasury Department … [Read more...] about Trump’s tax returns will be target of Democrats’ probe if they win House in midterms