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21
May 2020
  • BY: italiancpafirms
  • TAG: Documents, Business, tax
  • 01 COMMENT

NEW TAX FILING DEADLINE

Due to the Coronavirus, the federal income tax filing deadline has been moved from April 15th to July 15th. The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. The Coronavirus is continuing to spread rapidly across the world, with more than 4.8 million confirmed cases in 188 countries. This virus has caused 300,000 people to have lost their life. The outbreak was considered a global pandemic by the World Health Organization on March 11th. This was declared when the virus was passing easily from person to person in many parts of the world at the same time. Due to this outbreak, more than 4.5 million people which is half of the world’s population are living under social distancing measures. Companies under social distancing are forced to reduce direct contact between employees and service providers. Remote service has allowed customers to get assistance during the Coronavirus crisis without putting any lives at risk. Companies are now forced to update their remote services, ensuring they work as seamlessly as human interaction. At the Italian CPA Firm, we are working remotely to make sure clients never feel alone. We are reachable through phone and computer. We know times are difficult, so we want to ensure we may take care of your finances seamlessly. Our team of highly qualified accountants is equipped to provide you with remote services. We have all the technology to ensure quick responses and effective service. If we all social distance, we can get through this pandemic! Get in touch! READ MORE
23
Jan 2020
  • BY: italiancpafirms
  • TAG: Documents, Business, tax
  • 01 COMMENT

The price of European wines may never be the same

After a long hard day of work, it isn’t uncommon for people over the age of 21 to enjoy a nice glass of wine. Although there is a wide variety of wines based around the kind of grapes used and price, Americans still manage to find a wine that fits them. 

Wine being consumed by Americans will see an increase in price due to tariffs being imposed by President Donald J Trump. 

The United States has imposed a 25% tax on European wines which was put into effect after winning approval from the World Trade Organization to retaliate in the dispute over subsidies to planemaker Airbus. 

The United States imports $2.07 billion in wine from Italy, 17% more than in 2014. The United States is drinking more wine than ever before, though beer sales are still higher wine is coming in at a close second. Those who now enjoy drinking wine over beer will either have to find a new spirit or come to terms with the doubling prices. Some bottles would even become too expensive to import. 

Many people still don't understand why the dispute over an aircraft is resulting in taxing wine; the two are separate entities. Many speculate that the President may be using this taxation to his own advantage as it was discovered he owns a vineyard in Virginia. The President claimed that people could substitute their foreign wines with homegrown bottles. 

These tariffs will leave 34% of drinkers who prefer wine very unhappy.

But what about American farmers in the United States?

What the President doesn’t realize is the tariffs are also affecting American business life. 
California winegrowers spoke out about the tariffs claiming how they feel it will only cause retaliation and be unsuccessful when persuading the public to buy Californian wine. Consumers also have other options when it comes to wine. 

Taxes have not been imposed on wine coming from South America or New Zealand which could take revenue away from American made wine. 

Thousands of people have opposed the move in written comments to the US Trade Representative, which handles the decision and was accepting submissions until January 13. 

Many importers try to bring it to the Presidents attention that these tariffs will have a huge impact on small businesses, American workers, and consumers. 

The wine industry and businessmen all over Europe and the United States have their fingers crossed the tariffs won’t be passed. The faith of the wine industry is uncertain.

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02
Dec 2019
  • BY: italiancpafirms
  • TAG: Documents, Business, tax
  • 01 COMMENT

Trump puts tariffs on Italian products

In the last month the Trump Administration has implemented tariffs on goods being imported from the European Union (EU).  

A tariff is a tax placed only on internationally traded goods. The taxes are to be paid by the country whose good is being imported. The Administration placed a 10% tariff on aircraft imported from the European Union and 25% duty on agricultural and other products being imported.  7.5 million dollars of tariffs were imposed on a variety of goods being imported.

For Italy, the United States is their most important (non-european) trade partner with two-way trade totaling 77.875 billion dollars in 2018. The main good exported from Italy are automobiles.  Alfa Romeo, Ferrari, Fiat, Lamborghini, and Maserati are a few of the well known car companies manufacturing cars in Italy. 

But why are these tariffs being implemented?

The implementation of these tariffs are a result of the World Trade Organization, allowing the United States to recuperate damages from the European Union unfair subsidies to the aircraft maker Airbus. Airbus is a european aircraft company based in Britain, Germany, and France. The Italian government finds it unfair that goods being exported from Italy are being subject to tax when they were not involved in the production of the airbus.

The WTO ( World Trade Organization) has recently found that Airbus and its rival Boeing have received billions of dollars in subsidies. So, how is this fair to the Italian government?

What's Italy’s Response to the Tariffs?

During the visit of the Italian President Sergio Mattarella to the White House on October 18th, he asked United States President Donald Trump to ease up on the tariffs being placed on Italian exports. Trump responded to this request by saying that maybe the United States government was a bit harsh on the Italian government, and that was not their intent.  

The president said he valued the partnership the United States has with Italy, and he will look into the tariffs being placed on Italian products.

Will these tariffs cause the United States and Italy to lose their close relationship?   


 

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