The income tax filing season starts on January 20, 2015, states the Internal Revenue Service. This means that people may begin filing returns for Taxes 2014 on that date. This day will kick-off the filing season even though the United State Congress passed a eleventh hour tax law, and it was signed by President Obama.
In addition, the Congress passed a bill which extends more than 50 soon to expire income tax breaks. The extension goes through the end of 2014 and allows filers to take advantage of them on their 2014 federal income tax returns. The President signed the bill just recently on December 19.
Previously, these kinds of last minute laws have delayed the start of the income tax filing season, but it is not the case this time, stated Internal Revenue Service Commissioner, John Koskinen.
Koskinen has indicted that nothing was stopping the IRS from keeping its systems current and fully tested. Annually, many millions of taxpayers, desiring to obtain their refunds as soon as possible, file their returns during the very first weeks of the tax season.
Most recently, the IRS has indicated that refunds should be issued within 21 days of filing when the process is done electronically with TurboTax or other online means. This is the quickest way to file and get a refund.
Koskinen said that tax refunds may be late because the IRS has experienced budgetary cuts. He did not indicate, though, how late refunds would be.
Average refunds for 2013 were around $2,800 each. The IRS figures on processing around 150 million tax returns for individual taxes this year.
Enterprise resource planning (ERP) software facilitates managing business resources efficiently. ERP software systems are provided by multiple vendors for implementation by businesses of various sizes and and types. For example, this post briefly describes the Enterprise 21 ERP system that is provided by TGI for implementation by small to medium-size manufacturing and distribution companies.
Enterprise 21 supports multiple business operations, including:
You can deploy Enterprise 21 with any database that complies with Open DataBase Connectivity (ODBC), such as IBM DB2, Informix, Microsoft SQL Server or Oracle. You can run your database management system on any associated server technology, such as IBM OS/400, Linux, Microsoft Windows or Unix.
Enterprise 21 integrates with many third-party applications, including:
ADP payroll processing
Credit-card processing services
Electronic Data Interchange (EDI) services
Voice Over IP (VOIP) services
You can install and run Enterprise 21 locally on the server in a client-server network of thin clients. The server processes the data. Therefore, a thin-client workstation is a PC that has limited computational resources. You can also install and run Enterprise 21 directly on local fat clients. A fat client is a PC with considerable resources. Alternatively, you can run Enterprise 21 remotely as Software-as-a-Service (SaaS) on an off-site server.
Due to high taxes, Apple plans to continue holding its cash overseas, company says
Apple will in the next three years spend around $45 billion as part of a program launched on Monday that will see shareholders get the first dividend since 1995.
However, that money will not come from the $64 billion held by the company in foreign countries. This is because the government charges a very high tax rate for repatriating money.
Peter Oppenheimer told analysts and investors during the Monday conference that the company does not want to incur the cost of repatriating foreign cash at the moment.
Apple together with other tech giants like Microsoft and Google hold more than $1 trillion in foreign countries are pushing for a tax holiday.
There have been heated debates on the hill regarding the issue. Kevin Brady, a Republican from Texas is the main sponsor of a bill which has 109 co-sponsors. Critics say that giving tax breaks to companies with overseas operations is like rewarding the rich for not paying their taxes.
Initially, the Obama administration supported the proposal. However, his tax reform blueprint launched last month is totally against the idea.
While Apple does not usually discuss such matters in public, Monday’s conference was specifically meant to get the message across to Congress.
Oppenheimer claimed that corporate tax of 35 percent paid by companies when bringing foreign earnings home was an economic disincentive.
Oppenheimer further said that the company has already expressed its view to the Obama administration and Congress.