This presentation covered the following:
-ATO audits and reviews
-Tips on dealing with the ATO
-The true power of the ATO
-What comes after the notice of assessment, from objecting to the tax assessment, to debt recovery proceedings from the ATO
Bournemouth – Finance Directors’ Update - December 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
This document discusses different debt collection models and processes, including in-house collections, external debt collection agencies, and litigation. It notes the benefits and disadvantages of each approach. Litigation is presented as a valuable debt collection tool that can encourage negotiation when other soft collection methods are unsuccessful. The document provides an overview of the litigation process in the UK and options for enforcement of judgments, including high court enforcement. It concludes that including litigation as part of a debt collection process can benefit most businesses by allowing them to obtain judgments and leverage enforcement options when needed.
The document discusses Fast Track Mediation, an IRS program that allows taxpayers to resolve disputes through voluntary mediation within 30-40 days without a formal written protest. It can be used for non-docketed cases, trust fund recovery penalties, offers in compromise, and collection due process cases. The summary also mentions that Appeals is responsible for handling tax cases and determining settlements based on hazards of litigation. Hazards of litigation refer to the factual and legal uncertainties that could arise if a case was litigated in court.
The document provides an overview of collection due process (CDP) procedures that taxpayers can use to dispute tax liens and levies issued by the IRS. It discusses how taxpayers can request a CDP hearing after receiving a notice of tax lien or intent to levy. It also outlines the issues that can be raised in a CDP hearing, such as challenges to the collection action or underlying liability. The document notes that taxpayers have the right to judicial review of adverse determinations from CDP hearings. It also discusses penalties for frivolous or dilatory CDP requests.
This document provides an overview of installment agreements, which allow taxpayers unable to fully pay their tax bills to pay over time. It discusses what an installment agreement is, the application process, and factors the IRS considers in approving agreements. The IRS may automatically approve agreements for under $10,000 or streamlined agreements up to $50,000. For larger amounts, taxpayers must submit financial information for the IRS to determine their ability to pay based on assets and disposable income. Installment agreements aim to allow taxpayers to pay what they can reasonably afford over time without jeopardizing their livelihoods or earnings.
The document discusses Australia's new CGT withholding rules for foreign residents. It provides an overview of the rules, key terms, and obligations around withholding amounts for the acquisition of real estate, indirect Australian real property interests, and options from foreign residents. It also discusses clearance certificates, declarations, and case studies demonstrating how the rules apply in various scenarios, including relationship breakdowns. Exemptions and exceptions to the withholding obligations are also outlined.
Bailey - C5 Paris - Investigations - 13 May 2014 [Mode de compatibilité]Patricia B.
This document summarizes key points from a presentation on conducting internal investigations and compliance procedures. It discusses:
- The advantages of internal vs. external investigations.
- Rights that must be protected for employees under investigation, including presumption of innocence and right to comment.
- Specific compliance issues in France, like labor law obligations and strict data protection laws.
- Examples of potential money laundering "red flags" and whistleblowing procedures in France.
- Considerations around disclosing investigations to external auditors or prosecutors.
Bournemouth – Finance Directors’ Update - December 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
This document discusses different debt collection models and processes, including in-house collections, external debt collection agencies, and litigation. It notes the benefits and disadvantages of each approach. Litigation is presented as a valuable debt collection tool that can encourage negotiation when other soft collection methods are unsuccessful. The document provides an overview of the litigation process in the UK and options for enforcement of judgments, including high court enforcement. It concludes that including litigation as part of a debt collection process can benefit most businesses by allowing them to obtain judgments and leverage enforcement options when needed.
The document discusses Fast Track Mediation, an IRS program that allows taxpayers to resolve disputes through voluntary mediation within 30-40 days without a formal written protest. It can be used for non-docketed cases, trust fund recovery penalties, offers in compromise, and collection due process cases. The summary also mentions that Appeals is responsible for handling tax cases and determining settlements based on hazards of litigation. Hazards of litigation refer to the factual and legal uncertainties that could arise if a case was litigated in court.
The document provides an overview of collection due process (CDP) procedures that taxpayers can use to dispute tax liens and levies issued by the IRS. It discusses how taxpayers can request a CDP hearing after receiving a notice of tax lien or intent to levy. It also outlines the issues that can be raised in a CDP hearing, such as challenges to the collection action or underlying liability. The document notes that taxpayers have the right to judicial review of adverse determinations from CDP hearings. It also discusses penalties for frivolous or dilatory CDP requests.
This document provides an overview of installment agreements, which allow taxpayers unable to fully pay their tax bills to pay over time. It discusses what an installment agreement is, the application process, and factors the IRS considers in approving agreements. The IRS may automatically approve agreements for under $10,000 or streamlined agreements up to $50,000. For larger amounts, taxpayers must submit financial information for the IRS to determine their ability to pay based on assets and disposable income. Installment agreements aim to allow taxpayers to pay what they can reasonably afford over time without jeopardizing their livelihoods or earnings.
The document discusses Australia's new CGT withholding rules for foreign residents. It provides an overview of the rules, key terms, and obligations around withholding amounts for the acquisition of real estate, indirect Australian real property interests, and options from foreign residents. It also discusses clearance certificates, declarations, and case studies demonstrating how the rules apply in various scenarios, including relationship breakdowns. Exemptions and exceptions to the withholding obligations are also outlined.
Bailey - C5 Paris - Investigations - 13 May 2014 [Mode de compatibilité]Patricia B.
This document summarizes key points from a presentation on conducting internal investigations and compliance procedures. It discusses:
- The advantages of internal vs. external investigations.
- Rights that must be protected for employees under investigation, including presumption of innocence and right to comment.
- Specific compliance issues in France, like labor law obligations and strict data protection laws.
- Examples of potential money laundering "red flags" and whistleblowing procedures in France.
- Considerations around disclosing investigations to external auditors or prosecutors.
This document provides a summary of key UK property tax issues presented by Robert Maas of CBW Tax in March 2015. It discusses various property taxes including income tax, capital gains tax, capital allowances, VAT, SDLT, IHT, and council tax. It also examines the distinction between property investment and dealing, tax structures for property companies, overseas property ownership, and reliefs for capital expenditures and entrepreneur's relief.
The document discusses the IRS's offer in compromise program which allows taxpayers owing back taxes to settle their tax liability for less than the full amount due if they meet certain criteria. Taxpayers can submit offers based on doubt as to liability, doubt as to collectability, or to promote effective tax administration. The IRS will consider factors like the taxpayer's assets, income potential, and special circumstances to determine if an offer should be accepted.
Obtaining a final and enforceable judgment is often just the first phase of the civil litigation process; without effective enforcement and collection, a judgment is merely a piece of paper (or electronic docket entry). This webinar provides an overview of the technical, procedural and strategic considerations necessary to monetize judgments and make litigation worthwhile.
Part of the webinar series: NEWBIE LITIGATOR SCHOOL - 101 PART II 2021
See more at https://www.financialpoise.com/webinars/
The document discusses the structure and responsibilities of the Internal Revenue Service (IRS). It covers how Congress creates tax law that the IRS enforces through departments that process tax documents, audit returns, and collect taxes owed. It also summarizes taxpayers' rights and responsibilities in dealing with audits, penalties for noncompliance, and the statute of limitations. Key aspects of tax preparation, tax planning and avoidance of "tax traps" are also addressed.
The Direct Tax Vivad se Vishwas Rules, 2020 ('the Rules') have been notified. The Rules inter alia laid down the procedure and the forms, which need to be filled in. Further, along with detailed instructions for taxpayers to file the declaration and the undertaking; e-filing utility has also been enabled.
The document summarizes the Dutch tax regime for collective investments. It discusses three main types of structures under Dutch law - fiscally transparent structures, the Fiscal Investment Institution (FII), and the Exempt Investment Institution (EII). Fiscally transparent structures are disregarded for tax purposes, resulting in one layer of tax at the investor level. The FII is a corporate taxpayer but has a 0% tax rate, while the EII is exempt from corporate tax entirely. Both the FII and EII convert all investment income into dividend income at the fund level.
The document outlines the anatomy of a civil tax controversy process between a taxpayer and the IRS. It discusses the following key steps:
1. The IRS conducts a tax audit to ensure accurate tax reporting. All tax returns are subject to audit.
2. If the audit finds a deficiency, the taxpayer receives a "30-day letter" and can request an appeals conference or do nothing.
3. If no agreement is reached in appeals or the taxpayer ignores the letter, a "90-day letter" is sent requiring payment or a tax court petition within 90 days.
4. If the taxpayer petitions tax court, the case may be settled or proceed to trial and potential appeals. If not,
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Transaction costs incurred during mergers and acquisitions must generally be capitalized rather than deducted as expenses. These costs include fees paid to investment bankers, lawyers, and consultants. However, costs related to investigating the value of a transaction or ordinary employment compensation can sometimes be deducted. There are also special rules for success-based fees and costs related to failed or cancelled deals. When multiple parties incur transaction costs, tax benefits can sometimes be allocated to the party that benefited from the costs.
Sponsored by our partners at Taxwise and Ashfords, this event consists of a variety of topics that our clients are telling us are giving them the biggest challenges.
This document discusses employment taxes and the trust fund recovery penalty (TFRP). It begins by explaining trust fund taxes, which are taxes that employers are required to withhold from employee wages, such as income taxes and the employee portion of Social Security and Medicare taxes. These withheld taxes are considered funds held in trust for the government. The TFRP is a penalty that can be assessed against individuals within an employer's organization who are responsible for ensuring these trust fund taxes are paid over to the IRS but willfully fail to do so. The document outlines the key elements the IRS examines to determine if someone is liable for the TFRP, such as if they had sufficient control over the employer's financial decisions. It also discusses
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
1. Significant changes are being made to foreign investment laws in Australia that will impact property transactions involving foreign investors.
2. Key changes include stricter penalties for non-compliance, increased regulation of agricultural land investment, and the transfer of screening and compliance of residential real estate to the Australian Taxation Office.
3. An amnesty period until November 30, 2015 allows voluntary disclosure of past breaches with reduced penalties, to be administered by the Australian Taxation Office.
The document outlines several routine actions and legal requirements when creating a new tenancy. It discusses finalizing rental terms, using legal documentation like tenancy agreements and deposit receipts, conducting an inventory, transferring utilities, protecting any deposits according to government regulations, and providing welcome packs for tenants with important property information. Following these steps helps ensure landlords comply with regulations and tenants have a smooth move-in process.
Setting up and Running a Limited Company 13 11 15Tom Bathgate
The document discusses key legal and financial matters to consider when setting up and running a limited company. It covers company registration requirements, opening a company bank account, filing annual accounts and tax returns, setting up payroll and VAT, paying corporation tax, getting insurance, and claiming business expenses. Appointing an accountant is recommended for assistance with these various company responsibilities and compliance requirements.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The document discusses trends in tax litigation in India. It notes that tax disputes are increasingly being litigated up to the Supreme Court. Large pendency of cases is burdening judicial machinery, with over 3 million cases pending. The government has attempted to curb litigation through higher interest rates for unpaid tax and mandatory pre-deposits for appeals. However, pendency remains high across forums. The life of a typical tax litigation in India ranges from 6-10 years as it moves through the multi-level appellate system.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
This document summarizes strategies for robust debt collection, including the use of statutory demands, insolvency procedures, litigation, and enforcement options. It notes that the number of "zombie businesses" with liabilities exceeding assets has increased significantly in recent years. When traditional debt collection fails, options like statutory demands, litigation to obtain judgments, and enforcement of judgments through means like High Court enforcement officers seizing business assets can help creditors prioritize recovery. The key is pursuing these strategies before other creditors to get repaid first.
This document provides a summary of key UK property tax issues presented by Robert Maas of CBW Tax in March 2015. It discusses various property taxes including income tax, capital gains tax, capital allowances, VAT, SDLT, IHT, and council tax. It also examines the distinction between property investment and dealing, tax structures for property companies, overseas property ownership, and reliefs for capital expenditures and entrepreneur's relief.
The document discusses the IRS's offer in compromise program which allows taxpayers owing back taxes to settle their tax liability for less than the full amount due if they meet certain criteria. Taxpayers can submit offers based on doubt as to liability, doubt as to collectability, or to promote effective tax administration. The IRS will consider factors like the taxpayer's assets, income potential, and special circumstances to determine if an offer should be accepted.
Obtaining a final and enforceable judgment is often just the first phase of the civil litigation process; without effective enforcement and collection, a judgment is merely a piece of paper (or electronic docket entry). This webinar provides an overview of the technical, procedural and strategic considerations necessary to monetize judgments and make litigation worthwhile.
Part of the webinar series: NEWBIE LITIGATOR SCHOOL - 101 PART II 2021
See more at https://www.financialpoise.com/webinars/
The document discusses the structure and responsibilities of the Internal Revenue Service (IRS). It covers how Congress creates tax law that the IRS enforces through departments that process tax documents, audit returns, and collect taxes owed. It also summarizes taxpayers' rights and responsibilities in dealing with audits, penalties for noncompliance, and the statute of limitations. Key aspects of tax preparation, tax planning and avoidance of "tax traps" are also addressed.
The Direct Tax Vivad se Vishwas Rules, 2020 ('the Rules') have been notified. The Rules inter alia laid down the procedure and the forms, which need to be filled in. Further, along with detailed instructions for taxpayers to file the declaration and the undertaking; e-filing utility has also been enabled.
The document summarizes the Dutch tax regime for collective investments. It discusses three main types of structures under Dutch law - fiscally transparent structures, the Fiscal Investment Institution (FII), and the Exempt Investment Institution (EII). Fiscally transparent structures are disregarded for tax purposes, resulting in one layer of tax at the investor level. The FII is a corporate taxpayer but has a 0% tax rate, while the EII is exempt from corporate tax entirely. Both the FII and EII convert all investment income into dividend income at the fund level.
The document outlines the anatomy of a civil tax controversy process between a taxpayer and the IRS. It discusses the following key steps:
1. The IRS conducts a tax audit to ensure accurate tax reporting. All tax returns are subject to audit.
2. If the audit finds a deficiency, the taxpayer receives a "30-day letter" and can request an appeals conference or do nothing.
3. If no agreement is reached in appeals or the taxpayer ignores the letter, a "90-day letter" is sent requiring payment or a tax court petition within 90 days.
4. If the taxpayer petitions tax court, the case may be settled or proceed to trial and potential appeals. If not,
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Transaction costs incurred during mergers and acquisitions must generally be capitalized rather than deducted as expenses. These costs include fees paid to investment bankers, lawyers, and consultants. However, costs related to investigating the value of a transaction or ordinary employment compensation can sometimes be deducted. There are also special rules for success-based fees and costs related to failed or cancelled deals. When multiple parties incur transaction costs, tax benefits can sometimes be allocated to the party that benefited from the costs.
Sponsored by our partners at Taxwise and Ashfords, this event consists of a variety of topics that our clients are telling us are giving them the biggest challenges.
This document discusses employment taxes and the trust fund recovery penalty (TFRP). It begins by explaining trust fund taxes, which are taxes that employers are required to withhold from employee wages, such as income taxes and the employee portion of Social Security and Medicare taxes. These withheld taxes are considered funds held in trust for the government. The TFRP is a penalty that can be assessed against individuals within an employer's organization who are responsible for ensuring these trust fund taxes are paid over to the IRS but willfully fail to do so. The document outlines the key elements the IRS examines to determine if someone is liable for the TFRP, such as if they had sufficient control over the employer's financial decisions. It also discusses
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
1. Significant changes are being made to foreign investment laws in Australia that will impact property transactions involving foreign investors.
2. Key changes include stricter penalties for non-compliance, increased regulation of agricultural land investment, and the transfer of screening and compliance of residential real estate to the Australian Taxation Office.
3. An amnesty period until November 30, 2015 allows voluntary disclosure of past breaches with reduced penalties, to be administered by the Australian Taxation Office.
The document outlines several routine actions and legal requirements when creating a new tenancy. It discusses finalizing rental terms, using legal documentation like tenancy agreements and deposit receipts, conducting an inventory, transferring utilities, protecting any deposits according to government regulations, and providing welcome packs for tenants with important property information. Following these steps helps ensure landlords comply with regulations and tenants have a smooth move-in process.
Setting up and Running a Limited Company 13 11 15Tom Bathgate
The document discusses key legal and financial matters to consider when setting up and running a limited company. It covers company registration requirements, opening a company bank account, filing annual accounts and tax returns, setting up payroll and VAT, paying corporation tax, getting insurance, and claiming business expenses. Appointing an accountant is recommended for assistance with these various company responsibilities and compliance requirements.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The document discusses trends in tax litigation in India. It notes that tax disputes are increasingly being litigated up to the Supreme Court. Large pendency of cases is burdening judicial machinery, with over 3 million cases pending. The government has attempted to curb litigation through higher interest rates for unpaid tax and mandatory pre-deposits for appeals. However, pendency remains high across forums. The life of a typical tax litigation in India ranges from 6-10 years as it moves through the multi-level appellate system.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
This document summarizes strategies for robust debt collection, including the use of statutory demands, insolvency procedures, litigation, and enforcement options. It notes that the number of "zombie businesses" with liabilities exceeding assets has increased significantly in recent years. When traditional debt collection fails, options like statutory demands, litigation to obtain judgments, and enforcement of judgments through means like High Court enforcement officers seizing business assets can help creditors prioritize recovery. The key is pursuing these strategies before other creditors to get repaid first.
The document summarizes key aspects of South Africa's Tax Administration Act, including:
1. It outlines the 19 chapters that make up the Act and provides brief descriptions of chapters related to assessments, dispute resolution, and administrative penalties.
2. It defines important terms like "assessment", "return", and "date of assessment" and explains concepts such as original assessments, additional assessments, and estimated assessments.
3. It summarizes requirements around taxpayer registration, record keeping, submitting returns, and communicating changes to SARS. It also outlines the tax dispute resolution process and different penalty types under the Act.
The document discusses various dispute resolution mechanisms under Indian tax law, including traditional avenues as well as non-traditional alternatives. It provides details on the Dispute Resolution Panel (DRP), which allows taxpayers to resolve disputes with tax authorities before an assessment order is issued. It also covers Mutual Agreement Procedures (MAP) for resolving international tax disputes, and Advance Pricing Agreements (APA) for determining transfer pricing methodology and prices in advance for multinational transactions. Overall, the document outlines and compares traditional litigation-based dispute resolution with Indian tax authorities to more cooperative non-traditional alternatives.
Workshop on Understanding the Amended law of Service Tax dated 03.09.2014 Ses...Agarwal sanjiv & Co
This document summarizes the key aspects of the adjudication process for service tax demands in India. It discusses the triggers for issuance of a show cause notice, the contents and timing of show cause notices, the handling and adjudication of show cause notices, and the consequences after an adjudication order is issued. The presentation covers the demand determination process, principles of natural justice that must be followed, requirements for a valid adjudication order, and jurisdictional limits for different tax officers to adjudicate cases involving certain demand amounts.
Workshop on Understanding the Amended law of Service Tax dated 03.09.2014 Ses...Agarwal sanjiv & Co
This document summarizes information about enquiries, audits, and show cause notices in service tax. It discusses who can initiate enquiries, what to do if enquired, and potential outcomes which include further investigation, departmental audit, special audit, or issuance of a show cause notice. The document also covers summons, describing them as a tool to conduct enquiries when taxpayers do not cooperate. It provides guidance on how to properly handle a summons.
Five Common Concepts in Estate AdministrationHull & Hull LLP
The document outlines five common concepts in estate administration:
1) Probate is the process of granting a Certificate of Appointment to an estate trustee named in a will or next of kin if there is no will. Complications may arise if someone objects.
2) The "executor's year" refers to the period when the estate trustee must realize assets, beginning at the date of death or probate.
3) Advertising for creditors is not required but may protect the estate trustee from claims by unknown creditors.
4) Estate trustees are entitled to compensation unless limited by the will, typically calculated as a percentage of the estate, and may seek additional fees for complex administration.
5) Estate trustees must
The document outlines the guidelines for indirect tax ombudsmen in India established in 2011. It details the purpose of introducing ombudsmen to enable resolution of public grievances against customs, excise, and service tax departments. It describes the qualifications for ombudsmen and their powers and duties, which include receiving complaints, making recommendations, and issuing awards to settle disputes. The guidelines also provide the procedure for filing complaints and settling them through agreement or awards binding on tax authorities.
Workshop on Understanding the Amended law of Service Tax dated 29.08.2014 Se...Agarwal sanjiv & Co
This document summarizes information presented in a workshop on service tax laws and procedures in India. It discusses the processes of enquiries, summons, audits, and show cause notices that the tax authorities can initiate. It provides details on who can conduct enquiries and audits, how taxpayers should respond to summons, and the potential outcomes of these actions, which include further investigation, issuance of show cause notices, searches and seizures, and prosecution.
Canada Revenue Agency's New and Aggressive Tax Enforcement Powers: How You Ca...This account is closed
The document discusses new aggressive tax enforcement powers from the Canada Revenue Agency (CRA). It outlines new whistleblower rewards up to 15% of taxes collected from information provided about major international tax non-compliance. Additional reporting is also required for financial institutions on electronic funds transfers over $10,000 and taxpayers must now report foreign assets over $100,000. The voluntary disclosures program is emphasized as a way for taxpayers to proactively disclose past non-compliance and receive penalty waivers and interest reductions.
Workshop on Understanding the Amended law of Service Tax dated 29.08.2014 Ses...Agarwal sanjiv & Co
This document summarizes the key aspects of the adjudication process for service tax demands in India. It covers topics such as:
- Triggers for issuing a show cause notice (SCN) by the department
- Contents and timing of SCNs
- Handling and responding to SCNs
- The adjudication process and principles of natural justice
- Issuance and characteristics of the adjudication/demand order
- Consequences and options after the adjudication order
It provides details on the demand confirmation process, recovery proceedings, relevant dates, monetary limits of officers for adjudication, and principles like speaking orders and de novo adjudication. Overall, the document offers a comprehensive overview of the
Securities and Exchange Board of India TAKEOVER CODE Feb 2016.pptAnuragDash17
The document provides an overview of the SEBI Takeover Code and recent changes. Some key points:
- The code aims to regulate acquisitions of listed companies' shares or control. It was recently revised based on recommendations.
- It applies to substantial acquisitions of shares, voting rights, or control of a listed company by an acquirer individually or with persons acting in concert.
- Important definitions include acquirer, control, and persons acting in concert. Control means right to appoint majority directors or control policy decisions.
- Threshold for open offer increased from 15% to 25%. Open offer size also increased from 20% to 26% of shares.
The document discusses taxpayers' rights when dealing with an IRS audit. It outlines 10 key rights taxpayers have, including the right to be informed, the right to quality service, and the right to appeal an IRS decision. It also provides tips for dealing with an IRS audit notice, such as not ignoring it, reading it closely, and knowing applicable deadlines. Additional sections cover taxpayers' rights to challenge IRS positions, retain representation, and expect a fair tax system. The document aims to educate taxpayers on their protections during an IRS examination.
FOLLOWER NOTICES AND ACCELERATED PAYMENTSRobert Maas
This document provides information about accelerated payment notices (APNs) and follower notices issued by HMRC. It summarizes that APNs require taxpayers to pay disputed taxes upfront if they have an open enquiry or appeal, and outlines the objection grounds and payment deadlines. Follower notices request amendment of tax returns based on similar cases, with potential penalties for noncompliance. The document advises taxpayers on issues like payment options and settlement opportunities.
The document summarizes key aspects of procedures and precedents in U.S. Tax Court. It describes the Tax Court's structure and jurisdiction over tax deficiency cases. It explains procedures for docketing cases, discovery, pre-trial memoranda, and precedent from appeals. The document also covers the small tax case procedure and calendar calls. Finally, it discusses the review process for cases decided by special trial judges.
10 Things You Need to Know About Resolving Tax ControversiesNow Dentons
This presentation details the 10 Things You Need to Know About Resolving Tax Controversies, including: Planning and documenting the transaction, A new model for dealing with the Canada Revenue Agency, etc.
Discharging federal taxes in bankruptcy presentationgppcpa
This document summarizes a presentation on discharging federal taxes in bankruptcy and other alternatives. The presentation covers: (1) bankruptcy procedure and how it creates a separate bankruptcy estate entity, (2) rules for discharging taxes including the three-year and two-year rules, (3) methodology for determining dischargeability, (4) return filing requirements and treatment of late filed returns, (5) how liens survive bankruptcy, and (6) alternatives to bankruptcy like installment agreements and offers in compromise. Contact information is provided for additional questions.
The document discusses various provisions and procedures related to the recovery of income tax in India. It explains that the primary duty of collecting tax demand lies with the Assessing Officer who raised the demand. It outlines planning steps like collecting asset details, provisional attachment, and early service of demand notices. It also describes the different recovery measures available to tax authorities ranging from persuasive actions to coercive actions like penalty, attachment of assets or salary, recovery by sale of movable property, and liability of legal representatives.
This document provides an overview of tax dispute resolution in Kenya. It discusses:
1. The definition of tax controversies as disputes between tax authorities and taxpayers, usually resulting from audits.
2. The lifecycle of tax disputes from prevention through managing disputes like audits to final resolution. Prevention strategies include proper documentation and engaging tax consultants.
3. The Alternative Dispute Resolution (ADR) mechanism established in 2015 as a voluntary means of resolving tax disputes outside judicial processes. ADR aims to expedite resolution and improve relations between tax authorities and taxpayers.
Similar to Handling the ATO: Audits and Debt Recovery (20)
Presentation covers QBCC Compliance audits / QBCC Minimum Financial Requirements for licensees and how accountants can assist including:
Notice of reasons for proposed suspensions of licence;
Notice of reasons for proposed cancellations of licence;
Consequences of suspensions and cancellations of licence on the builder/client;
Methods for recovering money in uncertain times; and
Key upcoming changes to the QBCC licencing regime.
Dylan from Redchip's Litigation team covered:
• Directions to rectify issued by the QBCC;
• Claims under the Home Warranty Scheme;
• Pitfalls of notices issued by the QBCC;
• QCAT process for disputing notices issued; and
• Methods for recovering money in uncertain times.
Financial distress and your safety net during COVID-19Redchip
Temporary changes to insolvency laws mean businesses have a safety net so they can resume normal operations once the crisis has passed. This includes an increase to the statutory demand limit (to $20,000), and extended protections for directors against personal liability for trading whilst insolvent.
This safety net, however, is due to expire on 24 September 2020 and businesses can then expect sudden and aggressive debt recovery measures from creditors including the ATO.
Please join our webinar with insolvency experts Robert Champney and
Rebecca Forsyth who will discuss with you:
Changes to occur from 25 September - statutory demands, bankruptcy notices, and obligations as a director;
Debt recovery options available to your clients to improve cash flow; and
“Red flags” that determine financial distress, what options are available to restructure, and the need for proactive conversations with your client and legal advisors
Managing business transactions during COVID-19Redchip
As the COVID-19 pandemic wears on, “business as usual” looks very different than it did just a few weeks or months ago.
Pete and Nick from Redchip's Commercial team will delve into the significant impacts the pandemic has had on transactions and businesses and the practical steps you need to take when talking to your clients about what a sale looks like for them, covering:
Key steps for Sellers to take in preparing for sale;
The role of accounting and financial advisers in the transaction process; and
COVID-19 issues that arise in the context of a transaction.
It’s really important to rally the right team as early as you can and remember, don’t take your eyes off the ball!
Property: Real Estate and Contracts post COVID-19Redchip
The document summarizes changes to foreign investment, land tax, and commercial leasing laws in Australia in response to the COVID-19 pandemic. Key points include:
- The foreign investment review threshold is now $0, review timeframes have increased to 6 months, and foreign investors may face additional conditions. Not seeking approval can result in penalties.
- Land tax relief includes a 25% rebate, waiver of the 2% foreign surcharge, and deferred payments for 2021. Rebates must be used to provide relief to tenants impacted by COVID-19.
- New laws provide protections for commercial tenants who are SMEs eligible for JobKeeper. Landlords must provide at least 50% rent waiver and
Personal Property Securities Register May 20Redchip
The document discusses the Personal Property Securities Act (PPSA) system in Australia for registering security interests in personal property and how registration provides important benefits like establishing priority over other interests. It provides an overview of what types of collateral and transactions the PPSA covers, how to perfect a security interest through attachment and registration, and examples of how registration can protect clients' rights and assets in situations like preferential payments and within corporate groups.
Estate Planning: The market has moved and it's a new ball gameRedchip
Discover practical insights into Estate Planning including:
• Breaking down Estate Planning and making it easy to discuss with your clients;
• Showing you the line in the sand between what is legal advice and what isn’t; and
• Practical case studies that will help you guide your clients through their Estate Planning journey
This document provides an overview of important considerations for starting a new business, including structure, intellectual property, relationships, and data privacy. It discusses:
1) Key reasons why businesses fail center around poor planning, including inadequate market research, financial management, and leadership skills.
2) The importance of establishing a structure that provides operational flexibility, asset protection, and tax benefits, such as a Pty Ltd company.
3) Identifying and protecting key intellectual property like patents, copyrights, trademarks, and confidential information from the start.
4) Formalizing important relationships with founders, employees, customers, suppliers through agreements that allocate ownership, responsibilities, and minimize risks.
Every new business has different needs, but when advising startups and entrepreneurs there are key issues and opportunities that regularly arise.
At this event our experts will be sharing their top tips for early stage and growth businesses, including common pitfalls and simple steps you can take to help protect your clients at the outset.
Topics will include:
The best business structures for tax benefits and asset protection
Capital raising and grant eligibility
Identifying and protecting valuable IP assets
Managing key relationships and the agreements to have in place
Wednesdays With Redchip are complimentary events and include light refreshments.
Is franchising still a viable business opportunity for your clients?
At our Wednesdays With Redchip event in September, our experts provided key discussion points for your clients considering buying or starting a franchise, particularly in the booming health and fitness sector.
Employee Share Schemes & Capital Raising | Wednesdays with Redchip AugustRedchip
Our experts look at two interacting strategies for businesses experiencing, or striving for, high growth:
1. Employee Share Schemes (also known as Employee Share Option Plans) - how do they work and what are the benefits for employers and employees?
2. Capital Raising - how to prepare your business to approach investors and issues to consider in relation to Employee Share Schemes.
At our Wednesdays With Redchip event in July, experts from our property team discussed the common issues and questions that arise surrounding major transactions, including:
Development, funding and joint venture structures.
How do put and call options work, and why would I use one?
Transactional and holding taxes: can I limit, defer or avoid?
The document discusses estate planning and provides information about death statistics in Australia. It notes that the leading causes of death vary by age, with heart disease, dementia, and Alzheimer's being top causes for those over age 75. Estate planning is important given projections that the number of Australians over age 65 will double by 2055 and 40% of Australians do not have a will. The document uses a fictional "Stark Family" as an example to illustrate different estate planning structures like trusts, superannuation, and testamentary trusts. It emphasizes that financial advisers have an obligation to consider clients' best interests, which may include providing estate planning advice or referring to an estate planning lawyer. The last pages demonstrate an estate planning software system advisers
Wednesdays with Redchip May - Personal InsolvencyRedchip
What do you do when the house is burning? We’ve seen many advisers reach for quick-fix solutions for their clients who are facing personal insolvency, but they end up adding fuel to the fire in the long run.
In our May event, our experts look at some of the common misconceptions around bankruptcy and how to deal with it. We also provide some proactive structures and solutions that can benefit your clients when faced with insolvency.
Topics include:
- Personal insolvency misconceptions
- Insolvency related restructures
- Gift and loan back arrangements
Wednesdays With Redchip April - Shareholders Agreements & Business ExitsRedchip
- Why shareholders agreements are important
- The problems shareholders agreements solve when it comes time to exit
- Preparing for a business exit
- What is an adviser's role during an exit?
Wednesdays With Redchip March - Intellectual Property & StructuringRedchip
This document discusses different types of intellectual property (IP) rights and structures for holding IP. It describes registered IP rights like patents, trademarks, and designs as well as unregistered rights like copyright and confidential information. It provides tips for protecting each type of IP and outlines considerations for different holding structures like sole trader, trust, and company. The document recommends a preferred structure with separate IP holding and trading companies held underneath a family trust to obtain tax benefits and asset protection.
Options are becoming increasingly mainstream. As their use has grown, so have the opportunities to add convenience and flexibility to property transactions.
In this presentation our experts delve into everything you need to know about how, when and why to use put and call options.
ATO risk assessments: Your client may be an ATO targetRedchip
In an attempt to increase their communication with taxpayers, the ATO has introduced an Income Tax Profile scheme. Although the risk assessment reports distributed do increase transparency from the ATO, they also generate much confusion and concern – or at the other end of the spectrum, disregard and indifference.
If your client receives an assessment outlining them as high-risk, you need to be prepared to answer their questions and take action. Where has this data come from? What does it mean to be high-risk? Is your client facing an ATO audit?
This webinar gives you an overview of the Income Tax Profile process, what it means for your clients, and tips and tricks for dealing with any issues that may arise.
This document summarizes recent cases related to franchising law in Australia. It discusses cases that examined whether agreements meet the definition of a franchise under the Franchising Code, issues around termination of franchise agreements and post-termination obligations, and the consequences of breaching the Franchising Code. The cases provide guidance on how courts determine if a business system constitutes a franchise and consider the enforceability of restraint provisions and which party owns the goodwill of the business after termination. The document also analyzes whether technical breaches of the Franchising Code alone warrant a remedy if no loss was suffered.
This document provides a disclaimer regarding the use of the information in the document, and then summarizes key elements of a new personal property securities regime:
1. It introduces a six element framework for the new regime, including security interests, collateral, attachment, enforceability, perfection, and enforcement.
2. It defines a security interest and outlines three types of deemed security interests.
3. It defines collateral as the personal property to which a security interest applies.
4. It describes when a security interest attaches to collateral and becomes enforceable against third parties.
5. It discusses priority rules for security interests and an exception for purchase money security interests.
6. It notes the estimated
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
2. ATO Audits & Review
BRIAN RICHARDS
Tax@redchip.com.au
3. Introduction
• Balance contractual and professional responsibilities
of client confidentiality vis a vis compliance with
statutory obligations
• Statutory powers are very extensive
• ATO have published guidelines to assist with your
understanding of the powers and it will apply them
Slide 3
4. Taxation Administration Act 1953
• Section 353-10 (power to obtain information)
• Section 353-15 (power to enter and search)
Section 353-10:
The Commissioner may by notice in writing require you to do all or any of the
following:
(i) to give the Commissioner any information that the Commissioner requires for
the purpose of the administration or operation of a * taxation law;
(ii) to attend and give evidence before the Commissioner, or an individual
authorised by the Commissioner, for the purpose of the administration or
operation of a taxation law;
(iii) to produce to the Commissioner any documents in your custody or under
your control for the purpose of the administration or operation of a taxation
law.
Slide 4
5. Taxation Administration Act 1953
Section 353-15:
For the purposes of a *taxation law, the Commissioner, or an individual
authorised by theCommissioner for the purposes of this section:
(i) may at all reasonable times enter and remain on any land,
premises or place; and
(ii) is entitled to full and free access at all reasonable times to any
documents, goods or other property; and
(iii) may inspect, examine, make copies of, or take extracts from, any
documents; and
(iv) may inspect, examine, count, measure, weigh, gauge, test or analyse
any goods or other property and, to that end, take samples.
Slide 5
6. Restricted Access
• Legal Professional Privilege
• Only applies to documents prepared by lawyers
• ATO Guidelines – access to documents/information
prepared by accountants
• Source documents – accessible
• Restricted source documents – restricted access but not an absolute
outcome
• Non-source documents - restricted access but not an absolute
outcome
• Documents for objections, appeals to AAT or Courts – restricted
• Legal comment re application of the guidelines
Slide 6
8. What we’re talking about
• ATO commencing debt recovery proceedings
against a client for unpaid tax liabilities
• Focus on individual taxpayer – the ATO
commonly uses other debt recovery
mechanisms for corporate entities
9. What are ATO debt recovery
proceedings?
• Generally commenced after ATO has issued a
Notice of Assessment
• Claim and Statement of Claim filed and served
on the taxpayer claiming the amount of the
assessment + penalties and interest
• Taxpayer has 28 days to file a Defence, or the
ATO can immediately obtain judgment
Slide 9
10. Steps in debt recovery proceeding
Slide 10
Claim
Defence Reply
Summary
Judgment
Default
Judgment
Stay of
Enforcement
Enforcement
28 days
28 days 14 days 8 days
11. Effect of the Notice of Assessment
• TheTAA provides that a Notice of Assessment is
conclusive evidence that:
• Assessment was properly made
• Amounts and particulars of Assessment are correct
• Limited exceptions:
• For the purpose of proceedings under Part IVC of theTAA
• Assessment is tentative or provisional
• Conscious maladministration by the ATO
• Once Notice of Assessment issued, no defence –
even if Part IVC proceedings underway
Slide 11
12. Summary Judgment
• Application brought by the ATO
• Court may give judgment against taxpayer if
satisfied that:
• Taxpayer has no real prospect of successfully defending the
Claim
• There is no need for a trial of the Claim
• Courts have readily found taxpayers have no real
prospect of successfully defending a Claim
• The ATO will move quickly to enforce any judgment
Slide 12
14. Before the ATO applies for
summary judgment
• Taxpayer must address underlying tax debt by
taking steps separately to any court proceeding
• Act urgently
• Waiting until the ATO applies for summary
judgment is almost always too late
Slide 14
15. Objection under Part IVC
• Taxpayer can commence proceedings under
Part IVC of theTAA, objecting to the
assessment which resulted in the tax debt
• The later the objection is filed, the less weight it
will be given
• Must be done properly from the start:
• Substance of the objection & evidence put forward by the
taxpayer may end up before aTribunal (AAT) or the Court
(Federal Court)
Slide 15
16. Hardship Application under
Div 340, Sched 1TAA
• Taxpayer can apply to Commissioner to release
them from liability on basis that they would suffer
serious hardship if have to pay tax debt
• Requires the taxpayer to accept liability
• Discretion exercised by the Commissioner
• Once the ATO obtains judgment, the Commissioner
loses discretion to release the taxpayer
• Schweitzer and Commissioner ofTaxation [2019] AATA 1100
(29 May 2019)
Slide 16
17. Once the ATO applies for
summary judgment
• Commonly, taxpayer won’t be able to resist the
summary judgment application
• If Part IVC proceedings underway, the taxpayer
may be better served by consenting to
judgment but asking Court to stay the
enforcement of that judgment
Slide 17
18. Stay of enforcement where
objection on foot
• If stay is granted, ATO can’t enforce the
judgment until a particular time (e.g. the
conclusion of the Part IVC proceeding)
• If taxpayer succeeds in Part IVC proceeding, the
judgment will be set aside or reduced
• Discretionary relief, no hard and fast rules,
granted sparingly
Slide 18
19. Stay of enforcement – relevant
factors
• Existence, merits and progress of the objection
• However:
• Just the fact that the Notice ofAssessment is under review
does not stop the ATO recovering the tax debt
• The Court won’t hear the substantive arguments for and
against the taxpayer – more about whether the objection is
plainly doomed to fail
• Was the taxpayer “party to a contrivance to avoid
liability”?
• Is the objection just a last ditch effort to avoid
bankruptcy, or has it been genuinely lodged?
Slide 19
20. Stay of enforcement – relevant
factors
• Will the taxpayer suffer hardship if judgement is
enforced before objection concluded?
• Mere fact of having to pay tax debt =/= hardship
• Hardship can be the taxpayer’s likely bankruptcy, and the
impact this will have on the Part IVC proceeding, the family
home, or the taxpayer’s business
• If the outcome of the Part IVC proceeding could save
the taxpayer from bankruptcy, could be hardship
• If taxpayer will go bankrupt regardless of the
outcome, no hardship
Slide 20
21. Summary judgment where hardship
application to be made
• Consenting to judgment but seeking a stay of
enforcement won’t work
• Once ATO obtains judgment, no discretion to waive debt on
hardship grounds
• Left to negotiate with the ATO, trying to delay
summary judgment while progressing hardship
application
• Dealing with two different teams (plus external lawyer) -
each with different objectives, who are not necessarily
communicating with each other
Slide 21
22. Time to act
• When Notice of Assessment issued
• Taxpayer needs to get advice as soon as aware of
the assessment
• The decision to commence Part IVC proceedings or
seek relief from hardship is strategic - must be based
on a substantive assessment of prospects
• If nothing is done until after court proceedings
commence:
• taxpayer will spend substantially more in legal fees
• it may be too late to change outcome
Slide 22