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Taxation Legal News
Linder To Address Americans For Fair Taxation National Convention In Atlanta
Duluth, Georgia - Congressman John Linder (R-Georgia) will deliver the keynote address at the national convention of Americans For Fair Taxation (AFFT) on Saturday night in Atlanta, encouraging grassroots activists from all over the United States to keep working to build popular support for Linder’s FairTax bill, H.R. 2525.
The convention will also feature addresses by Herman Cain, Chairman of the Tax Leadership Council and founder of Godfather’s Pizza, and Leo Linbeck, President and Chairman of AFFT. In addition, panelists from various organizations allied with AFFT, such as the American Farm Bureau Federation and National Small Business United, will discuss ways to build momentum for the FairTax.
H.R. 2525 would eliminate the IRS and replace all federal income taxes, capital gains taxes, payroll taxes, and death taxes with a single national retail sales tax. Linder has attracted bipartisan support for the bill and has met with several high-ranking officials within the Bush Administration - including Treasury Secretary Paul O’Neill and Presidential Adviser Karl Rove - to advocate the idea.
Congressman Linder will deliver his keynote address on Saturday evening. All media are invited to cover the event
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
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Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
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