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Topic: Tax

It estimates that 94 percent of individual filers will never have to mail another paper document. News 

IRS Plans to Eliminate Most Physical Tax Documents by 2025

Jim Hendler

Starting from the 2024 filing season, the majority of taxpayers will be given the choice to completely eliminate paper usage. The IRS has announced its goal to achieve paperless processing for all tax returns by 2025. Through the IRS Paperless Processing Initiative, the agency plans to eliminate approximately 200 million paper documents each year, reduce processing times by 50%, and expedite refunds by several weeks. The funding for this project comes from President Biden’s Inflation Reduction Act of 2022. The Tax Administration expects that the changes will resolve the issue…

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Online gaming players have repeatedly urged the government and the GST Council to levy 18% GST on their segment instead of 28% that was recommended by the Group of Ministers (GoM) Gaming 

Industry Dismayed by GST Council’s Decision to Impose 28% Tax on Online Gaming

Adriana Marais, , ,

The 50th meeting of the Goods and Services Tax (GST) Council has decided to impose a 28% GST on the entire face value of online gaming. However, the gaming community, who had been anticipating this decision, views it as a disadvantage. Finance Minister Nirmala Sitharaman stated at a press conference that online gaming, horse racing and casinos will be taxed at 28 percent. There will be some changes in the GST Act to include online gaming, he added. However, Roland Landers, CEO of The All India Gaming Federation, stated that…

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