Indiana AG calls for effective universal healthcare legislation

This just in from atg@subscriptions.in.gov

Picture of justice
Picture of justice

Appearing on Fox News, AG Curtis Hill calls on Congress to create health care plan that is constitutional and effective

Attorney General Curtis Hill today appeared on several national TV and radio shows to discuss a federal court ruling last week holding that the Affordable Care Act (ACA) is unconstitutional. The ruling is a win for Indiana and 19 other states that filed a legal challenge against the law commonly known as “Obamacare.”

Following are clips from the Attorney General’s appearances today:

“The attorneys general of these states made a decision based on the rule of law and the constitutionality of this process,” Attorney General Hill said on “Fox & Friends.” “Now Congress has to go to work and make sure we find ways to constitutionally provide health care for all American citizens.”


2018 Corporate “Blended” Tax

This just in from OakPartners.com.

Some Corporations to Pay Blended Tax Rate

Corporations will pay different tax rates for 2018. Last year’s Tax Cuts and Jobs Act enacted a flat 21% corporate tax rate, which replaced a graduated tax structure.

The new tax rate took effect January 1, 2018, meaning corporations with a fiscal year that includes that date will pay the flat rate. However, corporations will not pay the flat rate for the part of the year preceding the January 1, 2018 date.

Follow these steps to pay the blended tax rate:

  1. Calculate taxes for the entire taxable year based on the rate preceding the tax act’s effective date.
  2. Make a second tax calculation based on the new flat rate of 21% for the entire taxable year.
  3. Proportion the taxes based on the days in each taxable year (prior to and after the January 1, 2018 effective date).
  4. Generate the sum of these two figures, which is the amount of taxes the corporation will owe for the fiscal year.

All corporations with fiscal years that include January 1, 2018 must use the blended tax rate calculation. The IRS advises corporations that already filed returns for portions of the fiscal year in 2017 to file amended returns.

For more information, go to https://www.irs.gov/forms-pubs/2017-fiscal-tax-year-filers-must-use-blended-corporate-tax-rates.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor, such as those at Oak Partners http://www.oakpartners.com.


2018 Tax Scams from IRS

This just in from irs@service.govdelivery.com:

IR-2018-253

WASHINGTON — The Internal Revenue Service and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams.

These emails generally impersonate a company employee, often an executive, and are sent to payroll or human resources personnel. The email from the “employee” asks the payroll or human resource staff to change his or her direct deposit for payroll purposes. The “employee” provides a new bank account and routing number, but it is actually controlled by the thief. This scam is usually discovered pretty quickly, but not before the victim has lost one or two payroll deposits.

A common theme in these and many other email scams is that they include grammatical and spelling mistakes.

One version the IRS and Summit partners have highligted in recent years is the W-2 scam. This involves an email impersonating an executive or person in authority, which requests a list of the organization’s Forms W-2 covering all of its employees. The purpose of this scam is to allow thieves to quickly file fraudulent tax returns for refunds.

General non-tax related BEC/BES email scams should be forwarded to Internal Crime Complaint Center (IC3) by going to www.ic3.gov.

Tax professionals and others should also report tax-related phishing emails to phishing@irs.gov.