Trump likely to propose 15% tax rate for all businesses, not just corporations

As it is shaping up, President Trump's new tax plan sounds a lot like his old one. A Trump administration official told CNN on Tuesday that Trump may propose a major tax cut for so-called "pass-through businesses" from 39.6% to 15%. That comes on the heels of news that Trump is also considering a big reduction in the top rate for corporations from 35% to 15%. The Trump administration is planning to announce a tax plan on Wednesday, though it is expected to be more of an outline and not rich in detail.

Read More: http://money.cnn.com/2017/04/25/news/economy/trump-tax-rate-cut-businesses/index.html?iid=hp-toplead-dom

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IRS Offers Last-Minute Filing Tips

Use Direct Deposit for Quicker Refunds

With the April 18 deadline, fast approaching, the Internal Revenue Service today offered taxpayers still working on their 2016 taxes a number of tips. These tips are designed to help taxpayers avoid common errors that could delay their refunds or cause other tax problems in the future.

Read More: https://www.irs.gov/uac/newsroom/irs-offers-last-minute-filing-tips-use-direct-deposit-for-quicker-refunds

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Short-term rentals, the sharing economy, and tax

Clients renting out their properties need to know a few key rules.

As the sharing economy continues to grow, more people are capitalizing on the opportunity to rent their homes, other real property, or even extra rooms to travelers through Airbnb or similar services (sometimes called "peer-to-peer accommodation") for extra income. It's a win-win in many cases—travelers experience places they visit as a local resident would, and the owner makes money that would otherwise go to a hotel or motel (although the latter probably isn't too happy about it).

Read More: http://www.journalofaccountancy.com/issues/2016/dec/tax-on-airbnb-short-term-rentals.html

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IRS starting private debt collection program this week

The IRS said Tuesday that it is beginning its private debt collection program this week.

The program is being started as a result of a law that Congress passed in 2015. Typically, taxpayers whose accounts will be given to private collectors are people whom the IRS has contacted multiple times in the past several years and still have unpaid taxes, IRS officials said. 

Read More: http://thehill.com/policy/finance/327253-irs-starting-private-debt-collection-program-this-week

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