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Showing posts from August, 2014

Highway Use Tax Returns Due Soon

The IRS is reminding owners of highway motor vehicles weighing over 55,000 pounds that highway use tax returns and payment are due September 2, 2014.  The normal deadline for filing Form 2290 is August 31, but this year that date falls on a Sunday, and the following Monday is the Labor Day holiday.  Be sure to keep track of the mileage for such vehicles, because the IRS allows a suspension of tax on heavy vehicles used for 5,000 miles or less during the tax year.  You can read more about the highway use tax on the IRS website at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Trucking-Tax-Center

This blog is for informational purposes only.  It is not intended to be and should not be relied upon as legal advice.

Corporate Inversion Doesn’t Escape All U.S. Tax

A popular recent topic in politics has been “corporate inversion.” By claiming residence elsewhere, corporations are lowering their corporate income tax rates, but may not be escaping U.S. taxes altogether.  Corporations with U.S. employees may still liable for payroll taxes, there are industry-specific excise taxes that may be due, and states have their own various taxes, such as Texas’s franchise tax, which may also be imposed.  
This blog is for informational purposes only.  It is not intended to be and should not be relied upon as legal advice.