Home / Did You Know…?

Did You Know…?

August 28, 2018 | Weekly Commentary

Tax returns that were extended for partnership and S-Corps are due on September 15 and for individuals on October 15.

The first income tax in America was created in 1861 during the Civil War as a mechanism to finance the war effort. It was repealed 10 years later. In 1913, Wyoming ratified the 16th Amendment, providing the three-quarter majority of states necessary to amend the Constitution. The 16th Amendment gave Congress the authority to enact an income tax. In 1914 The Bureau of Internal Revenue (know as the IRS today) released the first Form 1040.

Valley National Services was incorporated on October 27, 1988 – 30 years ago – adding to the one-stop suite of services you know today as Valley National Financial Advisors.

Visit www.theweeklycommentary.com for more posts in this category. DISCLOSURES