15 07-24 Puerto Rico Income Tax IncentivesBruce Givner
Instead of expatriating, it is better to consider retaining your U.S. citizenship and becoming a resident of Puerto Rico. You sign a 20 year contract with the government. As a result, as an individual, you can pay zero federal and state tax on local interest, dividends and capital gains. The incentives for business are also phenomenal: a 4% rate with profits paid to owners tax free. A business must have 3 employees of which husband and wife can count as two.
15 06-18 Top 10 Tax Preparer And Other Tax Penalties - Not Going To Jail But ...Bruce Givner
What is the definition of a tax return preparer? What is the accuracy-related penalty? What are the primary other penalties? What is IRC Section 6694 (the preparer penalty)? How is it coordinated with the accuracy-related penalty? What are the easiest crimes to commit, e.g. obstruction of justice. What good can an opinion by a tax lawyer do for you?
The OHL Wire ISSUE 17: Off the Plan Purchase - NSW changes in response to sun...Christine Hui Jun Zhong
In Issue 17 of The OHL Wire, we look at some of the NSW changes in response to sunset date concerns in off the plan purchases and the employment law issues that need to be on your radar in 2016. We discuss whether a video message from the grave can be considered as evidence for a valid will. We also look at your rights as a beneficiary of a will and tips for reducing the time of a property settlement during Christmas and New Year Season in Australia. We also check out upcoming events in Sydney and provide you with the top 5 business trends for 2016.
This document summarizes several changes to Virginia's individual and business income tax laws for 2008 and beyond. Key points include:
- Mandatory electronic filing for tax preparers with 100+ clients, excluding certain returns.
- Conformity with recent federal tax law changes including increased Section 179 expensing.
- Increases to the personal exemption amount and filing thresholds through 2012.
- New subtractions for gains from space flight services and resupply services contracts.
- A biodiesel fuels tax credit for producers.
- Filing extensions for military serving overseas or in combat zones.
15 07-24 Puerto Rico Income Tax IncentivesBruce Givner
Instead of expatriating, it is better to consider retaining your U.S. citizenship and becoming a resident of Puerto Rico. You sign a 20 year contract with the government. As a result, as an individual, you can pay zero federal and state tax on local interest, dividends and capital gains. The incentives for business are also phenomenal: a 4% rate with profits paid to owners tax free. A business must have 3 employees of which husband and wife can count as two.
15 06-18 Top 10 Tax Preparer And Other Tax Penalties - Not Going To Jail But ...Bruce Givner
What is the definition of a tax return preparer? What is the accuracy-related penalty? What are the primary other penalties? What is IRC Section 6694 (the preparer penalty)? How is it coordinated with the accuracy-related penalty? What are the easiest crimes to commit, e.g. obstruction of justice. What good can an opinion by a tax lawyer do for you?
The OHL Wire ISSUE 17: Off the Plan Purchase - NSW changes in response to sun...Christine Hui Jun Zhong
In Issue 17 of The OHL Wire, we look at some of the NSW changes in response to sunset date concerns in off the plan purchases and the employment law issues that need to be on your radar in 2016. We discuss whether a video message from the grave can be considered as evidence for a valid will. We also look at your rights as a beneficiary of a will and tips for reducing the time of a property settlement during Christmas and New Year Season in Australia. We also check out upcoming events in Sydney and provide you with the top 5 business trends for 2016.
This document summarizes several changes to Virginia's individual and business income tax laws for 2008 and beyond. Key points include:
- Mandatory electronic filing for tax preparers with 100+ clients, excluding certain returns.
- Conformity with recent federal tax law changes including increased Section 179 expensing.
- Increases to the personal exemption amount and filing thresholds through 2012.
- New subtractions for gains from space flight services and resupply services contracts.
- A biodiesel fuels tax credit for producers.
- Filing extensions for military serving overseas or in combat zones.
ct2008 Connecticut Telefile Tax Return and Instructions - taxman taxman
The document provides instructions for filing Connecticut estimated income tax payments for 2008 using Form CT-1040ES. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more, and withholding is less than their required annual payment.
- The required annual payment is the lesser of 90% of the 2008 Connecticut income tax or 100% of the 2007 tax.
- Estimated payments are due April 15, June 15, September 15, 2008 and January 15, 2009.
- The worksheet provides guidance on calculating estimated tax liability and payment amounts due each installment.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Citrin Cooperman
This document summarizes key information about the Paycheck Protection Program (PPP) loan forgiveness process.
It outlines the different forgiveness applications (3508S, 3508EZ, 3508), what they are used for, and the timeline for applying for forgiveness. It walks through the components of the 3508 application including documenting payroll costs, reductions to loan forgiveness amounts, and eligible non-payroll expenses. It also discusses recent developments like additional disclosure requirements and safe harbors that exempt borrowers from reductions.
1040S-ME resident short form booklet (forms & instructions)taxman taxman
This document provides information and instructions for filing a 2008 Maine individual income tax return using the short form 1040S-ME. It outlines who is eligible to use the short form, the mission statement of Maine Revenue Services, taxpayer assistance resources, important tax law changes for 2008, frequently asked questions, and general filing instructions. Key details include the eligibility criteria for using the short form, the electronic filing and payment mandates for tax return preparers and certain taxpayers, and the increased optional use tax reporting percentage of 0.08% of Maine adjusted gross income.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The document summarizes recent state and local tax developments in several southeastern states. It discusses legislation and court cases related to topics like corporate income tax rates, sales tax base expansion, tax incentives, fuel taxes, and the taxation of online travel companies. Key states covered include Alabama, Florida, Georgia, North Carolina.
The document provides an update on estate planning topics including proposed changes to inheritance of retirement plan benefits, the Uniform Trust Code in Minnesota, portability, proposed federal legislation for fiscal year 2012, drafting for the qualified small business deduction, and planning for income tax basis step-up in bypass trusts. Key points covered include possible changes to required minimum distributions for inherited retirement plans, the requirements and advantages of portability, and new rules for the Minnesota qualified small business property deduction.
2008 Connecticut CT-1040EZ/Telefile Tax Return and taxman taxman
This document provides instructions for filing estimated income tax payments for the 2009 tax year in Connecticut. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more and withholding is less than their required annual payment.
- The required annual payment is 90% of the tax on the 2009 return or 100% of the tax on the 2008 return.
- Estimated payment coupons are due on April 15, June 15, September 15, 2009, and January 15, 2010.
- Taxpayers may owe interest if estimated payments are insufficient by the due dates, even if the total tax is paid by the filing deadline.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This document contains information about New Hampshire's Interest and Dividends Tax for tax year 2008, including details about:
- Filing requirements and deadlines
- Payment options including online payments and extensions
- A tax rate of 5% on interest and dividend income
- Interest rates on late or unpaid taxes
- Where to find forms and get assistance
It provides the forms and instructions needed to file the Interest and Dividends Tax return, including extensions, estimates, and payments.
This document summarizes a presentation on tax issues and planning for 2011. The agenda covers business and individual tax topics, including S corporation trends, current business tax incentives, IRS initiatives, Alabama tax law updates, ROTH IRAs, capital gains exclusions, and foreign financial asset reporting requirements. It also outlines known federal tax law changes scheduled for 2013 and proposals currently being discussed, such as parts of the American Jobs Act.
This document provides information on the capital structure of Puerto Rico, including outstanding debt amounts, credit ratings, and primary security sources for various government bond issuers and revenue bond issuers in Puerto Rico. The largest issuers include the Puerto Rico Electric Power Authority (PREPA) with $9.176 billion outstanding, the Puerto Rico Highways and Transportation Authority (PRHTA) with $6.464 billion, and the Puerto Rico Aqueduct and Sewer Authority (PRASA) with $3.677 billion. Bond ratings from S&P, Moody's, and Fitch are provided for each issuer.
This document provides an overview and summary of Canada-U.S. cross-border tax issues presented by Alpesh Joshi, CA, CPA. It discusses the services provided by AJPCA related to cross-border tax compliance, international tax, and consulting. It highlights some key impacts of the new fifth protocol to the Canada-U.S. Tax Treaty, including changes to the definition of permanent establishment and treatment of hybrid entities. It also covers issues like foreign bank reporting requirements, obtaining an ITIN number, and nexus for U.S. income and sales tax purposes. The presentation aims to make bankers aware of common cross-border tax concerns faced by individuals and corporations.
This document summarizes the 2013 adopted budget for the Consolidated City of Indianapolis and Marion County. It describes the fiscal environment in 2012 including unexpected higher property tax and income tax revenues. For 2013, the budget faces a $65 million gap due to expected flat revenues from property and income taxes. Property tax revenue is projected to be flat as economic growth has not increased property values. Income tax revenue will be $3.2 million lower in 2013 due to reduced distributions from a stabilization account. The budget outlook is expected to improve in 2014 when a $20 million increase in income tax revenue is anticipated from resolving a state-local tax imbalance from 2008-2010.
This document provides a brief guide for small business owners on deductible business expenses and individual deductions. It lists various expenses that are often missed but can be deducted, such as travel expenses, employee meals, car expenses, rent, retirement savings, startup costs, and home offices. It also summarizes rules around deducting health insurance, using the standard versus actual mileage rate for car expenses, and taking the home office deduction. Deadlines for tax forms are provided, along with contribution limits and deadlines for retirement accounts.
Este documento presenta información sobre el cambio climático, la escuela y la tecnología. Explica que el cambio climático ha existido desde hace mucho tiempo debido a varios factores naturales, pero que la actividad humana es ahora un importante impulsor del cambio. Luego define el cambio climático y describe algunas aplicaciones de Android, como Earth Now de la NASA, que permiten visualizar datos sobre la temperatura, los niveles de dióxido de carbono y otros factores que afectan el planeta. Finalmente, señala que estas aplicaciones pueden ser
This document provides an overview of taxation in India. It discusses the history of income tax, which was first introduced in India in 1860. It outlines the various tax authorities in India, including central and state governments and municipalities. It defines key terms related to taxation like income, assessment year, and previous year. It also provides examples of statements showing taxable income from sources like salary, house property, business/profession, and a summary statement of total taxable income. Finally, it briefly discusses value-added tax.
Este documento propone reciclar aceites saturados para elaborar productos de limpieza como jabones y aceites relajantes, con el fin de prevenir la contaminación ambiental y generar ingresos. La solución ofrece reciclar los aceites usados para producir artículos como jabones y aceites esenciales para la venta a espacios como spas, farmacias y hoteles.
ct2008 Connecticut Telefile Tax Return and Instructions - taxman taxman
The document provides instructions for filing Connecticut estimated income tax payments for 2008 using Form CT-1040ES. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more, and withholding is less than their required annual payment.
- The required annual payment is the lesser of 90% of the 2008 Connecticut income tax or 100% of the 2007 tax.
- Estimated payments are due April 15, June 15, September 15, 2008 and January 15, 2009.
- The worksheet provides guidance on calculating estimated tax liability and payment amounts due each installment.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Citrin Cooperman
This document summarizes key information about the Paycheck Protection Program (PPP) loan forgiveness process.
It outlines the different forgiveness applications (3508S, 3508EZ, 3508), what they are used for, and the timeline for applying for forgiveness. It walks through the components of the 3508 application including documenting payroll costs, reductions to loan forgiveness amounts, and eligible non-payroll expenses. It also discusses recent developments like additional disclosure requirements and safe harbors that exempt borrowers from reductions.
1040S-ME resident short form booklet (forms & instructions)taxman taxman
This document provides information and instructions for filing a 2008 Maine individual income tax return using the short form 1040S-ME. It outlines who is eligible to use the short form, the mission statement of Maine Revenue Services, taxpayer assistance resources, important tax law changes for 2008, frequently asked questions, and general filing instructions. Key details include the eligibility criteria for using the short form, the electronic filing and payment mandates for tax return preparers and certain taxpayers, and the increased optional use tax reporting percentage of 0.08% of Maine adjusted gross income.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The document summarizes recent state and local tax developments in several southeastern states. It discusses legislation and court cases related to topics like corporate income tax rates, sales tax base expansion, tax incentives, fuel taxes, and the taxation of online travel companies. Key states covered include Alabama, Florida, Georgia, North Carolina.
The document provides an update on estate planning topics including proposed changes to inheritance of retirement plan benefits, the Uniform Trust Code in Minnesota, portability, proposed federal legislation for fiscal year 2012, drafting for the qualified small business deduction, and planning for income tax basis step-up in bypass trusts. Key points covered include possible changes to required minimum distributions for inherited retirement plans, the requirements and advantages of portability, and new rules for the Minnesota qualified small business property deduction.
2008 Connecticut CT-1040EZ/Telefile Tax Return and taxman taxman
This document provides instructions for filing estimated income tax payments for the 2009 tax year in Connecticut. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more and withholding is less than their required annual payment.
- The required annual payment is 90% of the tax on the 2009 return or 100% of the tax on the 2008 return.
- Estimated payment coupons are due on April 15, June 15, September 15, 2009, and January 15, 2010.
- Taxpayers may owe interest if estimated payments are insufficient by the due dates, even if the total tax is paid by the filing deadline.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This document contains information about New Hampshire's Interest and Dividends Tax for tax year 2008, including details about:
- Filing requirements and deadlines
- Payment options including online payments and extensions
- A tax rate of 5% on interest and dividend income
- Interest rates on late or unpaid taxes
- Where to find forms and get assistance
It provides the forms and instructions needed to file the Interest and Dividends Tax return, including extensions, estimates, and payments.
This document summarizes a presentation on tax issues and planning for 2011. The agenda covers business and individual tax topics, including S corporation trends, current business tax incentives, IRS initiatives, Alabama tax law updates, ROTH IRAs, capital gains exclusions, and foreign financial asset reporting requirements. It also outlines known federal tax law changes scheduled for 2013 and proposals currently being discussed, such as parts of the American Jobs Act.
This document provides information on the capital structure of Puerto Rico, including outstanding debt amounts, credit ratings, and primary security sources for various government bond issuers and revenue bond issuers in Puerto Rico. The largest issuers include the Puerto Rico Electric Power Authority (PREPA) with $9.176 billion outstanding, the Puerto Rico Highways and Transportation Authority (PRHTA) with $6.464 billion, and the Puerto Rico Aqueduct and Sewer Authority (PRASA) with $3.677 billion. Bond ratings from S&P, Moody's, and Fitch are provided for each issuer.
This document provides an overview and summary of Canada-U.S. cross-border tax issues presented by Alpesh Joshi, CA, CPA. It discusses the services provided by AJPCA related to cross-border tax compliance, international tax, and consulting. It highlights some key impacts of the new fifth protocol to the Canada-U.S. Tax Treaty, including changes to the definition of permanent establishment and treatment of hybrid entities. It also covers issues like foreign bank reporting requirements, obtaining an ITIN number, and nexus for U.S. income and sales tax purposes. The presentation aims to make bankers aware of common cross-border tax concerns faced by individuals and corporations.
This document summarizes the 2013 adopted budget for the Consolidated City of Indianapolis and Marion County. It describes the fiscal environment in 2012 including unexpected higher property tax and income tax revenues. For 2013, the budget faces a $65 million gap due to expected flat revenues from property and income taxes. Property tax revenue is projected to be flat as economic growth has not increased property values. Income tax revenue will be $3.2 million lower in 2013 due to reduced distributions from a stabilization account. The budget outlook is expected to improve in 2014 when a $20 million increase in income tax revenue is anticipated from resolving a state-local tax imbalance from 2008-2010.
This document provides a brief guide for small business owners on deductible business expenses and individual deductions. It lists various expenses that are often missed but can be deducted, such as travel expenses, employee meals, car expenses, rent, retirement savings, startup costs, and home offices. It also summarizes rules around deducting health insurance, using the standard versus actual mileage rate for car expenses, and taking the home office deduction. Deadlines for tax forms are provided, along with contribution limits and deadlines for retirement accounts.
Este documento presenta información sobre el cambio climático, la escuela y la tecnología. Explica que el cambio climático ha existido desde hace mucho tiempo debido a varios factores naturales, pero que la actividad humana es ahora un importante impulsor del cambio. Luego define el cambio climático y describe algunas aplicaciones de Android, como Earth Now de la NASA, que permiten visualizar datos sobre la temperatura, los niveles de dióxido de carbono y otros factores que afectan el planeta. Finalmente, señala que estas aplicaciones pueden ser
This document provides an overview of taxation in India. It discusses the history of income tax, which was first introduced in India in 1860. It outlines the various tax authorities in India, including central and state governments and municipalities. It defines key terms related to taxation like income, assessment year, and previous year. It also provides examples of statements showing taxable income from sources like salary, house property, business/profession, and a summary statement of total taxable income. Finally, it briefly discusses value-added tax.
Este documento propone reciclar aceites saturados para elaborar productos de limpieza como jabones y aceites relajantes, con el fin de prevenir la contaminación ambiental y generar ingresos. La solución ofrece reciclar los aceites usados para producir artículos como jabones y aceites esenciales para la venta a espacios como spas, farmacias y hoteles.
Este documento describe un proyecto de financiamiento colectivo llamado OvRcharge, un cargador inalámbrico que hace levitar el smartphone mientras se carga. OvRcharge consta de una base con circuitos para la tecnología inalámbrica y una funda especial para el teléfono que permite que flote en el aire durante la carga. Los creadores diseñaron una carcasa ultrafina que no solo protege el teléfono, sino que también permite la carga inalámbrica al incluir un receptor de electricidad y un imán para mantener
The document provides information about an Indian Wedding Specialist program called iWOW that is run by Hard Rock Hotels. The program educates travel agents about South Asian weddings and certifies them as specialists to market and sell destination weddings to South Asian clients. It details the requirements to become an iWOW specialist, the benefits provided like marketing materials and trips, and an overview of South Asian wedding traditions from different religions commonly seen like Hindu, Muslim, Sikh and more. Key events in South Asian weddings that may be planned are also outlined.
Este documento describe un proyecto de financiamiento colectivo llamado OvRcharge, un cargador inalámbrico que hace levitar el smartphone mientras se carga. OvRcharge consta de una base con circuitos para la tecnología inalámbrica y una funda especial para el teléfono que permite que flote en el aire durante la carga. Los creadores diseñaron una carcasa ultrafina que no solo protege el teléfono, sino que también permite la carga inalámbrica al incluir un receptor de electricidad y un imán para mantener
Este documento presenta información sobre el cambio climático y la escuela. Explica que el cambio climático es la modificación del clima a escala global debido al impacto humano. El objetivo es que los estudiantes comprendan la fuerza del cambio climático, desarrollen conciencia sobre este problema y se conviertan en sujetos críticos dispuestos a un desarrollo sostenible.
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
This document discusses key information reporting requirements and changes for 2016, including:
- Form 1098 reporting now requires property address, outstanding mortgage principal, and origination date.
- Form 1099-MISC due date for non-employee compensation in Box 7 changed to January 31, 2017.
- Mergers and acquisitions information reporting must be addressed in agreements, and successor entities may combine predecessor reporting in some cases.
- Substantial penalties apply for failure to file correct and timely information returns. Reasonable cause can sometimes waive penalties.
What the CARES Act Means for Independent Workers and Small BusinessesMBO Partners
What does the CARES Act mean for independent workers and small businesses? MBO Partners explains the nuances of this important act for COVID-19 relief.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
Discover more information about the California Competes Credit application a tax credit incentives program recently created by the state of California. Companies looking to apply need to do so before April 14, 2014 - O'Connor Davies CPAs - New York CPA Firm
Introducing HMRC’s New Penalties - WizxpertBookkippo
HMRC is introducing a new points-based penalty system for late submissions, effective from April 2022 for VAT customers. For those submitting Income Tax Self Assessment (ITSA) and whose businesses and property income is over u00a310,000 per annum, the new system comes into effect from 6 April 2023. For all other ITSA submissions, the system will be effective from 6 April 2024. You can see more information in our pdf file. And more knowledge you can visit us.
https://www.wizxpert.com/
This article on your 2016 tax return and tax planning tips for nonqualified deferred compensation plans is reprinted with permission of myNQDC.com, a respected source of information, content, and tools on nonqualified deferred compensation.
The document discusses several tax-related topics:
1) Small partnerships may opt out of new audit rules but some experts say they should wait to see the final regulations before deciding.
2) Private and community foundations saw significantly lower investment returns in 2015, the second year of declines.
3) Rep. Goodlatte may introduce online sales tax legislation but its passage is unclear. The bill would require states to consider a vendor's location for sales tax but use the destination for tax rates.
Coronavirus emergency loans via cares act -small business guide & che...Mark Weber
Banks are still waiting for guidance from the regulatory agencies as to how these loans are to be administered and which banks will be able to provide the loan. It may take up to two weeks before they can begin accepting applications. The recommendation is to make contact with your banking relationships ASAP since there will be a lot of asks coming in short order. You should tell the bank that you plan to apply and ask for updates as they learn more.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
As many of us are working remotely during the COVID19 pandemic, we wanted to share some thoughts and
observations about how the pandemic could impact the
medical and retirement plans that you offer to your
employees.
This document provides information for a tax professional on important tax changes and provisions to watch for the 2021 tax filing season. Key points include the American Rescue Plan Act provisions making the first $10,200 of unemployment benefits non-taxable and increasing the child tax credit. It also discusses COVID-19 related credits, PPP loan deductions, mileage rates, bonus depreciation, excess business loss limitations, and many expiring tax provisions to be aware of. Locations and contact information for the tax preparation service are also included.
This document summarizes various small business tax strategies and planning tips presented by Laura Gannon, CPA of Sullivan and Gannon, LLC. It discusses opportunities for increased deductions and credits including Section 179 expensing, bonus depreciation, retirement plans, and startup costs. It also reviews reporting requirements and penalties as well as planning considerations for 2012 such as the additional Medicare taxes. Business owners are advised to have a succession plan and avoid draining their company of capital or ignoring their financials.
Scott Mariani, JD, Partner and Practice Leader of WithumSmith+Brown’s Healthcare Services Group, presented his “Healthcare Industry Tax Update 2014″ at the HFMA Annual National Institute (ANI). The session provided an update and overview of current tax issues applicable to integrated healthcare delivery systems, hospitals, physicians, and other healthcare providers.
Cares Act Tax Provisions: It’s Not Personal, It’s BusinessCitrin Cooperman
This document provides a summary of a webinar on CARES Act tax provisions. The webinar covered topics such as: bonus depreciation for qualified improvement property which was corrected by the CARES Act; amending 2018 and 2019 business tax returns to claim refunds; changes to accounting methods to claim missed depreciation; and changes to business interest expense deductions and net operating loss carryovers. The webinar was presented by various partners and addressed implications for C corporations, S corporations, partnerships and individual returns.
2013 Mortgage Loan Originator Income Tax AnalysisSteve Lines
This document provides guidance on documenting and analyzing income for self-employed borrowers. It discusses using tax returns to verify self-employment income as tax returns are the most credible source. A cash flow analysis is required to examine personal income from tax returns by increasing non-cash expenses and decreasing real losses. Business tax returns are analyzed to evaluate profitability trends. The document outlines specific income types that require tax returns like self-employment, partnership, commission, capital gains, and contract work.
This document is a lab file submitted by a student named Sukhchain Aggarwal for their degree in commerce. It contains an introduction, declaration, acknowledgements, table of contents, and begins discussing topics related to corporate tax planning in India. The key points covered include:
- An overview of corporate tax planning and how it can help reduce a company's tax liability through proper planning.
- The various heads of income that are considered for taxation: income from house property, business/profession, capital gains, and other sources.
- Methods of tax planning such as planning employee remuneration to ensure deductibility and tax benefits, deducting tax at source in specified cases, and the tax benefits of
Similar to OnPoint Publications Tax Week in Review for December 02, 2016 (20)
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
OnPoint Publications Tax Week in Review for December 02, 2016
1. FOR THE WEEK ENDING DECEMBER 02, 2016
ONPOINT PUBLICATIONS, LLC
Tax Week in Review
2. Opinions, Decisions & Rulings Released this Week
MCDONALD V. COMMISSIONER– T.C. Summary Opinion 2016-79
Issue: After conceding to the assessment of liability, was the wife eligible for
relief from joint and several liability on portions of the assessment?
Taxpayers(H) and (W) were assessed additional taxes and penalties after
2009 to 2011 joint returns were audited and adjusted as follows:
• Unreported wages for W.
• Rental losses limited to $25,000 as H spent significant time on rental
activities, but was not a “real estate professional” under
Section 469(c )(7)(B).
• Net operating losses generated by losses from rental activities were
removed after the limitation of $25,000 was imposed.
• Unreported state tax refunds.
ONPOINT PUBLICATIONS, LLC
3. MCDONALD V. COMMISSIONER
Relief under Section 6015( c )
In order for Section 6015( c ) to apply, 3 conditions must be met. The
requesting spouse must:
1. Have filed a joint return for the year.
2. Be divorced or legally separated from non-requesting spouse at time
of request
3. Seek relief no later than 2 years after collection activities commence.
It was agreed that W met all 3 requirements.
ONPOINT PUBLICATIONS, LLC
4. MCDONALD V. COMMISSIONER
Exception to Section 6015( c ) - Actual Knowledge
Relief can be denied if the requesting spouse has actual knowledge of the
item giving rise to the deficiency. Per the regulations:
“If the Secretary demonstrates that the requesting spouse had actual
knowledge of an erroneous item that is allocable to the non-requesting
spouse, the election to allocate the deficiency attributable to that item is
invalid, and the requesting spouse remains liable for the portion of the
deficiency attributable to that item.”
As noted in the case:
◦ H maintained all accounting records regarding the rental activities.
◦ Though W was aware of the real estate losses, representations made by
their CPA lead her to believe that they were entitled to the losses. She
signed the returns without review with the CPA.
ONPOINT PUBLICATIONS, LLC
5. MCDONALD V. COMMISSIONER
Actual Knowledge – or Not
• Actual Knowledge means “an actual and clear awareness (as opposed to
reason to know)” about the item giving rise to the deficiency.
• A taxpayer lacks “actual knowledge” if she is “unaware of the
circumstances that’s give rise to error on the tax return.”
• Did she in fact have knowledge as to why the losses were not deductible
at the time she signed the returns?
ONPOINT PUBLICATIONS, LLC
6. MCDONALD V. COMMISSIONER
The Court’s Decision
The Court concluded that W lacked “an actual and clear awareness” that her
husband failed to qualify as a real estate professional.
◦ Although she knew H spent substantial time with management and record
keeping for the rental activities, she lacked knowledge of the tax law that
would have limited the losses.
Final Advice:
◦ Having knowledge of the activities reported on a joint return is not the
same as understanding the tax laws that apply. Filing for spousal relief may
help your client if they were not aware of the underlying tax law.
The full text can be read here: T.C. Summary Opinion 2016-79
ONPOINT PUBLICATIONS, LLC
7. Opinions, Decisions & Rulings Released this Week
PLR 201649017 – Exempt Organization
Issue: Organization seeking exemption as a business league is denied – does
not promote the industry as a whole.
• Organization (O) was formed to provide educational and support services
to franchisees of a specific business chain – Company N.
• Membership was limited to the business franchisees of N.
• The Service made reference to several revenue rulings in determining
their adverse decision, claiming that O was not a business league. Per the
letter:
◦ “You are similar to the organization described in Rev. Rul. 58-394. You
promote the “product” of N businesses. Membership is only open to
those who own a specified “product” – an N store. You are engaging in
activities that further the interests of the N franchise owners rather than
store owners in general. Like that organization, your activities only
benefit and promote the interests of your members and not the industry
as a whole.”
ONPOINT PUBLICATIONS, LLC
8. PLR 201649017 – Exempt Organization
Oh - Did we say Franchisee Members Only?
Upon receiving the first determination, Business N filed a protest and
submitted a second Form 1024 application. Per the revised request:
◦ Organization O was now part of another organization, a coalition of
franchisee owners.
◦ Claimed they were accepting members who were not N franchisees.
◦ Majority of members were still from original N franchisees.
◦ O still maintained a relationship with N through its website, bylaws,
enrollment forms and membership listing.
The Service was not convinced by the amended information and denied the
application.
The full text can be read here: PLR 201649017
ONPOINT PUBLICATIONS, LLC
9. In the News this Week
Notice 2016-72: Discharge of Certain Qualified Principal Residence Debt
For purposes of applying Section 108(a)(1)(E)(ii), the requirement that the
discharge of indebtedness be “subject to an arrangement that is entered into
and evidenced in writing before January 1, 2017” will apply if:
1. A mortgage servicer sends a borrower-homeowner a notice in
conjunction with a written Trial Period Plan (TPP) or a separate in a
written opt-out letter outlining the terms & conditions of the
permanent loan modification following completion of the active TPP.
2. The borrower-homeowner satisfies all of the TPP and Principal
Reduction Modification Program (PRMP) conditions, and
3. The borrower-homeowner and mortgage servicer enter into a
permanent modification of the mortgage loan on or after January 1,
2017.
A similar conclusion applies to a TPP under Home Affordable Modification
Program (HAMP).
ONPOINT PUBLICATIONS, LLC
10. In the News this Week
T.D. 9797 – Transition Rules Finalized for Consistent Basis Reporting
• Transition rules allowing executors and others, required to file or
furnish a statement under Sec. 6035(a)(1) or (2), can do so by June
30, 2016.
• Section 6035 imposes reporting requirements with regard to the
value of property included in a decedent’s estate for federal estate
tax purposes.
ONPOINT PUBLICATIONS, LLC
11. In the News this Week
T.D. 9797 – Transition Rules Finalized for Consistent Basis Reporting
• Executors and others, required to file estate tax returns under Section
6018 after July 31, 2015, must provide a statement identifying the value of
each interest in such property as reported on the estate tax return to the
Secretary and:
◦ For returns filed under Section 6018(a), information is to be provided to
anyone who acquires any interest in property included in the decedent’s
estate.
◦ For returns filed under Section 6018(b), information is to be provided to
anyone who holds a legal or beneficial interest in the property to which
such return relates.
The full text can be read here: T.D. 9797
ONPOINT PUBLICATIONS, LLC
12. In the News this Week
T.D. 9798 – IRS Maintains Increased Fee for Installment Agreements
Effective January 1, 2017, the IRS will increase user fees for establishing
installment agreements from $120 to $225. Other fees will also be affected:
The full text can be read here: T.D. 9798
ONPOINT PUBLICATIONS, LLC
FEE Previous Amt New Amount
Entering into a direct debit installment agreement $52 $107
Restructuring or reinstating an installment agreement that is in
default
$50 $89
Agreements for low income taxpayers $43 Same
Online payment agreement user fee New $149
Online direct debit agreement user fee New $31
13. In the News this Week
T.D. 9799 – Due Diligence Penalties to Include Other Tax Credits
Section 6695(g) imposes a penalty on tax return preparers who fail to
comply with due diligence with respect to determining the eligibility for, or
the amount of, the earned income credit (EIC).
The Protecting Americans from Tax Hikes Act (PATH) expanded the
penalties to apply to the child tax credit, the additional child tax credit and
the American Opportunity Tax Credit.
Applies to tax years after December 31, 2015. The Form 8867 has been
revised for the 2016 tax year and is a single checklist to be used for all
applicable credits (EIC, CTC/ACTC, and/or AOTC) on the return or claim for
refund subject to the section 6695(g) due diligence requirements.
The full text can be read here: T.D. 9799
ONPOINT PUBLICATIONS, LLC
14. In the News this Week
IR 2016-155 – New Online Access for Taxpayers
IRS has announced the introduction of a new online application that will allow
taxpayers to make balance inquiries, including tax, penalties and interest
amounts.
Coupled with the online payment options, the IRS is providing a safe and
secure method for taxpayers to handle their tax obligations online.
To use the new application, taxpayers will need to authenticate their identity.
This will require taxpayers to have an email address, a mobile phone and
certain financial information available. You can read more about the access
process here: Secure Access.
The full text can be read here: IR 2016-155
ONPOINT PUBLICATIONS, LLC
15. ONPOINT PUBLICATIONS, LLC
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