The Ministry of Finance has proposed amendments to certain provisions of the Income Tax Act, which have been approved by the Executive Yuan and forwarded to the Legislative Yuan for deliberation. The Legislative Yuan passed the third reading on the July 15th 2024.

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application.

Overdue tax cases referring for enforcement with revised payable tax amount would not have the tax payment reissued with a postponed deadline.

Business entities, who although report no business activities and also not purchasing the uniformed invoices, shall still declare the current period’s sales amount and a detailed list of uniform invoices, to avoid being liable to a surcharge for belated filing or non-filing.

Since Jan. 1 2016 individuals who has income or losses derived from transactions of house and land, regardless of the taxable amount shall file house and land transaction income tax, and those failing to file tax return by the deadline will face the penalty fine!