Mixon Tax Law, PLLC

"Vice President Kamala Harris recently announced a series of proposals aimed at boosting small businesses, including an expanded tax deduction for start-ups and easing requirements for obtaining occupational licenses. "But small business owners should pay close attention to another proposal in Harris’s plan: a new standard deduction for businesses. "A standard business deduction would revolutionize taxes for small businesses by eliminating the requirement to track and report business expenses altogether. "Critics were quick to suggest that Harris’s small business proposals lack details and appear hastily thrown together. But a standard business deduction is not a campaign talking point without substance. "It is a serious proposal that is backed by academic research." Perspective: Kathleen DeLaney Thomas explains how Vice President Kamala Harris’s proposed standard deduction for small businesses could be implemented, emphasizing that it would simplify tax filing for qualifying businesses. Read the full piece, now available outside of the paywall. 👇

The IRS failed to address literally tens of thousands of unresolved security vulnerabilities, according to TIGTA.

A #TaxSecurity reminder: Take the strongest actions possible to safeguard your systems and data. Learn more from #IRS at www.irs.gov/identitytheft

Texas Couple Charged in Multimillion-Dollar Tax Refund Fraud Scheme https://lnkd.in/gQ-HQP_R

The IRS cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often produce no results.

A full extension of former President Trump’s tax law should be off the table, but some provisions could be kept for middle-income taxpayers, according to Treasury Secretary Janet Yellen. Speaking at a September 19 event hosted by The Atlantic, Yellen pointed to the Congressional Budget Office estimate that extending every provision of the Tax Cuts and Jobs Act past its December 31, 2025, expiration would cost $4.6 trillion over 10 years. “Honestly, I really believe that’s something the United States can’t afford,” Yellen said. “We need to be on a sustainable fiscal path if we extend any of the tax cuts, and President Biden and Vice President [Kamala] Harris have suggested extending the tax cuts that benefited middle-class families,” she added, pointing to the child tax credit, which was doubled by the TCJA. Keeping some of the cuts would also help maintain the Biden administration’s pledge not to raise taxes on taxpayers making less than $400,000. Another expiring TCJA provision that would affect taxpayers in that group is the lowered individual income tax rate. Read more from Ben Valdez below. (Photo by Rebecca Greenfield/Fortune via Flickr)

Nine jurisdictions have signed a multilateral instrument to implement the OECD subject-to-tax rule (STTR), with 10 others to follow, advancing efforts to help developing countries ensure that some cross-border payments are taxed at a minimum rate. Barbados, Belize, Benin, Cabo Verde, the Democratic Republic of the Congo, Indonesia, Romania, San Marino, and Turkey signed the STTR MLI during a September 19 ceremony at the OECD headquarters in Paris. Belgium, Bulgaria, Costa Rica, Mongolia, Portugal, Senegal, Seychelles, Thailand, Ukraine, and Uzbekistan expressed their intention to sign the treaty. Nearly 60 jurisdictions, including the United States, participated in the event. The STTR is part of pillar 2 of the OECD-brokered two-pillar global tax reform plan, to which nearly all members of the inclusive framework on base erosion and profit shifting agreed in principle in October 2021. The inclusive framework published the model STTR and related commentary in July 2023 and opened the STTR MLI for signature in October 2023. Read more from Stephanie Soong 👇 (Photo by Valsts kanceleja/State Chancellery via Flickr)

The IRS needs to do more to get ready for new reporting requirements on the Form 1099-K and 1099-DA, according to a new report.

Are you ready to navigate the complexities of Beneficial Ownership Information (BOI) filing and ensure your clients stay compliant? https://bit.ly/4guau65

SCOTUS struck down the Chevron doctrine earlier this summer, overturning a 40-year precedent for courts to defer to federal agencies' interpretation of ambiguous law. This ruling will have far-reaching effects. In this video, Principal Legal Analyst Eleanor Tyler breaks down how this decision could impact various players in the lawmaking process. For a clearer understanding of the new legal standard when agency actions are challenged in court, watch our free on-demand webinar on litigation after Loper: https://lnkd.in/edkbPi9f