The Weekly Buzz: Taxes Edition!
US income taxes were due this week. If you’re a responsible non-procrastinator, you may not even have noticed. But for the rest of us, let’s heave a sigh of relief!
Death and Taxes
The famous phrase about death and taxes is often attributed to Benjamin Franklin, though apparently someone else said it first. It feels like he discovered everything else, though! The Founding Father, inventor, publisher, and all-around interesting character came up a lot at Maestro Group this week because he is an inspiration to one of our clients.
Even Google Can’t Escape
Companies that do business in the EU have recently paid a lot of attention to GDPR, the General Data Protection Regulation. Its penalties for poor data privacy and security practices come into force as of next month (May 25, 2018, to be precise). But that’s not the only initiative large global businesses need to keep track of. A European Commission policy proposed in March would create a 3% tax on digital revenues in the EU country where they are generated. Although it’s unlikely to gain the approval of all member states, it’s yet another potential headache for Facebook and friends.
The gig economy has its pluses and minuses. A growing segment of the population is putting together multiple jobs to make ends meet or support the life they want to live. Gigging can bring flexibility, which is very important to Millennial workers. On the negative side, cash flow is unpredictable. A recent white paper lays out the issues and how banks can step up to help the situation. When it comes to taxes, too, the life of the independent contractor or self-employed worker is simply more complicated. Ah well — it’s never too early to start planning for next year’s taxes.