Tax code

Tax code for undocumented foreign minors in Italy

Undocumented foreign minors in Italy will receive the Italian tax code to be registered in the national health system. On June 7, 2022, by Resolution No. 25/E, the Revenue Agency (Agenzia delle entrerate) clarified by mentioning the Italian law which regulates the right of unidentified minors living in the country to use the national health […]

Tax deductions

How to claim work-from-home tax deductions on your tax return

If you’re still working from home (and will continue to do so), it might be a good idea to understand exactly what you can and can’t claim at tax time, because otherwise you risk being rude. the shock comes July 1 when your supposed deductions are just pipe dreams. An employee who works from home […]

Tax laws

Income clubbing under income tax laws

Income tax laws contain certain provisions for associating income with the income of a person other than the person who earned the income. In this article, I will discuss the provisions applicable to individual taxpayers. Clubbing clause applicable in the event of transfer of assets Income from assets donated by members to HUF: Although gifts […]

Tax code

Opinion: Two ways to fix the tax code and lower inflation

Inflation is on everyone’s mind in Washington right now. And Congress is weighing legislation to stimulate the economy while keeping the federal deficit under control. It would certainly be a good thing. But most insiders are betting against passing reconciliation legislation. And if that happens, Congress could squander a valuable opportunity to finally improve the […]

Tax deductions

Lawyers – FIRS General Warning on Threat of Recapture of Tax Deductions

In response to a public notice issued by the Federal Inland Revenue Service (FIRS) that it will claw back unremitted state and local tax deductions, the Federation’s 36-State Board of Attorneys General (BOAG) warned the Federal Government Agency to stop making threats to state governments.The group, which issued the warning in a statement issued after […]

Tax regulations

New tax regulations applicable to the mining sector | Denton

The National Executive has recently adopted Decree No. 308/22 and General Resolution No. 5205/22. These regulations apply to export duties and the fiscal stability assistance policy applying to the mining sector. Decree No. 308/22. Export duties applicable to new copper projects National Decree No. 308/22 published in the Official Gazette on June 14, 2022 establishes […]

Tax code

Romania’s ruling coalition agrees on several changes to the tax code, including higher taxes on gambling winnings

The three parties that make up Romania’s ruling coalition – the Social Democrats (PSD), the Liberals (PNL) and the Hungarians (UDMR) – have agreed on several changes to the tax code that will be implemented from January 1, 2023. However, there is no consensus. again about the so-called ‘solidarity tax’ on companies with a turnover […]

Tax regulations

80% of stores and markets have adhered to tax regulations in Saudi Arabia

RIYADH – The Zakat, Tax and Customs Authority (ZATCA) said it carried out more than 8,000 inspection visits to markets and shops last May, during which it recorded 80% compliance with tax regulations. While ZATCA reported that they recorded 20% non-compliance of stores and markets with tax regulations, which resulted in electronic tax invoices not […]

Tax code

Frank Stronach: A four-point plan to fix the tax code

Breadcrumb Links Comment NP There are four major reforms needed to simplify the tax system and ensure everyone pays their fair share Publication date : June 14, 2022 • 3 hours ago • 4 minute read • 20 comments Photo by Chris Young/The Canadian Press Content of the article In my National Post column published […]

Tax deductions

Louisiana lawmakers impose limits on sports betting tax deductions

Louisiana sports betting operators face clear limits on promotional game deductions under a new state law that will take tax effect in July. Beginning July 1, each Louisiana sportsbook licensee will be limited to $5 million per year in free play credit, regardless of the number of sportsbooks associated with each licensee. Most state licensees […]

Tax laws

Market tax laws remain tough, 4 years after Wayfair

Marketplaces have grown significantly in recent years amid the pandemic-driven acceleration of e-commerce and the growth of omnichannel commerce. In reality, eMarketer predicts that US market sales will total more than $357 billion in 2022, or nearly 35% of all online sales. As more and more customers flock to marketplaces, the opportunity to scale a […]

Tax laws

Pakistan changes its tax laws to legalize money transfers

ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels for money transfer by money transfer operators and offices. The country presented the 2022/2023 budget on June 10, 2022 and amended the tax laws to allow the transfer of money made through operators, bureaus and exchange companies. Through the Finance Bill 2022 […]

Tax laws

Finance bill defines beneficial owner under tax laws

ISLAMABAD: The Finance Bill 2022 defined “beneficial owner” for tax treatment purposes under the Income Tax Ordinance 2001. Changes have been proposed in Section 2 of the Income Tax Ordinance 2001 through the introduction of the Finance Bill 2022 on 10 June 2022. READ MORE: Pakistan cuts payroll tax brackets to 7 in 2022/23 budget […]

Tax regulations

Jordan’s economic modernization vision outlines simplification of trade and tax regulations | Jordan News

Ammon News – Jordan’s economic modernization vision has proposed ways to simplify customs, tax and maritime regulations for trade and retail. The vision, which was launched by His Majesty King Abdullah a few days ago, to be implemented in three phases over 10 years, focuses on the trade sector as a top national priority, in […]

Tax code

Frank Stronach: Our jaw-dropping monstrosity of a tax code

Breadcrumb Links Comment NP There’s no defensible argument for keeping our tax code as it is. Publication date : June 07, 2022 • 1 day ago • 3 minute read • 42 comments Photo by Getty Images/iStockphoto Content of the article If you want to get an idea of ​​the complexity and intricacy of our […]

Tax laws

If you earn more than $100,000, audit risk doubles as tax laws change, including reporting $600 via cash applications to the IRS

The IRS has been in the news a lot lately as it drastically changes tax laws and audits high income earners over $100,000. This is happening despite the backlog of millions of unprocessed tax returns. In recent news, things like the declaration of payments worth $600 or the agency’s destruction of 30 million paper documents […]

Tax deductions

Tim Tams, dog food, edible underwear, toilet paper – the bizarre tax deductions Aussies are trying to claim

If you think Tim Tams, ciggies and toilet paper are legitimate work-related deductions on your tax return, be warned: the Australian Taxation Office is ready for you. The ATO will begin reviewing claims with returns filed from July 7 and expects to begin paying refunds from July 16. Australians have a long history of claiming […]

Tax deductions

Home Improvements and Tax Deductions: Everything You Need to Know

The renovation boom has skyrocketed in 2021 for a number of reasons, including the ongoing pandemic and a growing number of people working from home. Spending and renovation are expected to remain strong in 2022, with signs that things could slow by the end of the year, according to Harvard’s Leading Indicator of Remodeling Activity […]

Tax code

GAO outlines tax code inequity, urges Congress to facilitate interagency data sharing – FEDmanager

In a recent audit, the Government Accountability Office (GAO) determined current federal law prevents the development of more inclusive tax policies. Restricting the collection of demographic data and sharing data between agencies perpetuates racial, ethnic, and gender disparities in eligibility and tax attribute amounts. According to the GAO, the Internal Revenue Service (IRS) may collect […]

Tax regulations

You can have a maximum of two independent houses under income tax regulations

After 52 months of service, I decided to do something on my own. Can I withdraw the entire amount from my Employee Provident Fund (EPF) account? I understand that for the withdrawal of the balance of the EPF to be exempt from tax, it is necessary to have completed five years of service. Is there […]

Tax code

On measures for implementing Articles 67 and 330 of the Tax Code of the Kyrgyz Republic – Tax authorities

May 25, 2022 GRATA International To print this article, all you need to do is be registered or log in to Mondaq.com. For the purpose of practical implementation of Articles 67, 330 of the Tax Code of the Kyrgyz Republic, Article 18 of the Law of the Kyrgyz Republic “On Promulgation of the Tax Code […]

Tax deductions

Endgame: SC rolls back restriction on bank tax deductions

As we awaited the results of the recently concluded 2022 National Elections, the Supreme Court (SC) issued its ruling signifying a victory for Banks and Other Financial Institutions (AIFs). On May 10, the SC issued its decision enacted on December 1, 2021 on the motion for certiorari by the Department of Finance (DoF) and the […]

Tax deductions

Can you claim self-education expenses as tax deductions?

If you’re like many Australians and spent the lockdown teaching yourself something work-related, you may be able to claim self-education expenses on your tax return this tax season. Tax time is right around the corner (yeah, this year has gone by really fast), so now is the time to figure out if these Python tutorials […]

Tax regulations

Labuan Tax Regulations 2021 Fully Implemented by Malaysian Government

Labuan, Malaysia – May 21, 2022 — Just recently, the Malaysian government issued the Labuan Business Activity Tax Requirements Regulations 2021 to replace the previous gazette of the Labuan Business Activity Tax Regulations 2018. Other Business Entity (OTE) has been reinstated as Code 23 and enjoys tax benefits under the Labuan Business Activity Tax. law […]

Tax laws

Spanish Basque Country Prepares Its Own Crypto Tax Laws, Exchanges Will Be Forced To Report On Clients

Source: Adobe/Fotokon While central governments continue to buzz about the how, when, and why of crypto taxation and regulation, some provincial governments have decided to go it alone, especially in the Basque Country, Spain. The Independent reported that the three main western provinces of the Basque Country – Gipuzkoa, Biscay and Álava – will try […]

Tax deductions

Home Equity Loans and the Limit on Tax Deductions for Home Loans

The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, made significant changes to the deductibility of interest on home loans. More importantly, the amount of interest you can deduct on qualifying home loans is now limited to $750,000 for single filers and married couples filing jointly (or $375,000 if married filing separately), […]

Tax regulations

New York State Updates Proposed Corporate Franchise Tax Regulations | Vide Rome LLP

On April 29, 2022, the New York State Department of Taxation and Finance (the “Department”) released what it calls a “final update” to its Proposed Franchise Tax Rules. undertaking on all matters except for distribution, which he indicated. will be published in the summer of 2022. The Department anticipates that it will begin the State […]

Tax deductions

10 self-employed tax deductions to take in 2022

Image source: Getty Images Self-employed individuals report business income on their personal tax returns. Tax deductions are one of the best ways to reduce your tax bill. When you are independent, you are the boss. Leader. The big fish. It also means you’re the one stuck with the tax bill. Each year, you are responsible […]

Tax laws

Portugal to change its crypto tax laws – is Gibraltar the alternative?

For several years now, Portugal has been attracting many founders and investors to the crypto space with its Golden Visa and its treatment of crypto which is currently that crypto winnings are not taxed on the grounds that they are not legal tender . In a bid to level the playing field with investors in […]

Tax code

How the IRS can unlock the tax code to open up American generosity

I have long believed that Americans naturally want to help people in need. I have seen this generosity firsthand in my decades of service with the Salvation Army, and have always felt that this deep impulse to give is the product of seven factors, or “keys.” The desire to be generous stems from a historical […]

Tax code

How the IRS can unlock the tax code to open up American generosity

I have long believed that Americans naturally want to help those in need. I have seen this generosity firsthand in my decades of service with the Salvation Army, and have always felt that this deep impulse to give is the product of seven factors, or “keys.” The desire to be generous stems from a historical […]

Tax laws

Nigeria needs favorable tax laws in a digital economy

steve aya Although Nigeria has its own tax law, it is important that this law is user-friendly, fair and flexible, so that the country can take advantage of the rapidly developing digital economy. These were the views of Dr. Alexander Ezenagu, guest speaker at the 2022 edition of the Punuka Annual Conference, on the theme: […]

Tax deductions

How to claim work-from-home tax deductions on your tax return

If you’re still working from home (and will continue to do so), it might be a good idea to understand exactly what you can and can’t claim at tax time, because otherwise you risk being rude. the shock comes July 1 when your supposed deductions are just pipe dreams. An employee who works from home […]

Tax deductions

EU offers tax deductions for equity, but with additional restrictions on interest

The EU has released a draft directive aimed at addressing the perceived bias in favor of debt finance companies over capital and, therefore, promoting financial stability. The proposals (called “DEBRA”) are due to take effect on January 1, 2024 and allow a deduction for corporation tax purposes by reference to equity. Member States which already […]

Tax deductions

It’s time to end tax deductions for union busting

As workers attempt to form unions at companies such as Amazon and Starbucks, reporters have highlighted a number of practices that appear to be designed to prevent workers from organizing, including: anti-union texts that Starbucks would have sent to its employees; a captive-audience anti-union meeting with six members of Starbucks management that a barista should […]

Tax laws

Ghana: Unilateral tax laws violate taxpayers’ rights to fair administration

Problematic tax legislation is causing irreparable damage to exporters’ cash flow and the local economy, as one-sided anti-taxpayer laws continue to stifle growth and deter foreign investors. According to Ernest Lai King, managing director of 1Road Consulting and consultant to law firms, deficiencies in the Value Added Tax (VAT) law regarding VAT audits have led […]

Tax deductions

Beware of tax deductions on personal super contributions after age 67

Since this often means capital gains, a tax deduction for some resulting super contributions can be a great way to manage tax. It can also be a time when those who hold substantial assets in a family trust begin to withdraw more money (trust distributions) – making tax deductions for super contributions practical again. It […]

Tax regulations

Latest tax regulations set to have a severe impact on ‘mom and dad’ real estate investors as year-end accounts roll in

Wednesday, May 11, 2022, 4:22 p.m.Press Release: Bayleys Realty Group The full impact of the new tax regulations for residential property investors is about to really be felt when preparing their 2021/2022 financial accounts, according to a leading residential investment sales professional. Bayleys Canterbury residential investment specialist Angela Webb says the cut to the tax […]

Tax code

Scholars Strategy Network: The tax code is unfair, but it doesn’t have to be

Americans don’t seem to agree on much today. But one thing they agree on is that the US tax code is unfair. A 2017 Pew Research Poll found that 56% of Americans, including majorities of Democrats and Republicans, view the tax system as unfair. Political scientist Vanessa Williamson to research shows that Americans actually view […]

Tax deductions

Guide to home equity tax deductions

Prior to the Tax Cuts and Jobs Act 2017, landlords could claim a plethora of additional tax deductions. But these are no longer an option. After the law was passed, it is more complicated to get a deduction when you borrow against the equity in your home, but it is still possible if you meet […]

Tax deductions

New York Tax Deductions for Cannabis Businesses

On April 9, 2022, New York Governor Kathy Hochul signed the New York City Budget Bill 2022-2023 into law. One of the main provisions of the bill was a decoupling of the IRC Sec. 280E, the severely inhibitive rule that denies most tax deductions to cannabis businesses (explained later). NY is one of several states […]

Tax deductions

Malaysian companies with flexible working arrangements are now eligible for income tax deductions

The FWA tax deduction covers expenses incurred by employers for: consulting fees, capacity development cost, software cost, and software subscription. * Scroll below for the press release in Bahasa Melayu. As Malaysia moves into its endemic phase, more and more organizations are adopting flexible working policies (FWAs) that allow employees to vary working conditions to […]

Tax deductions

Business meals, home office tax deductions change for 2022

IRS WASHINGTON — The Internal Revenue Service today urged professional taxpayers to start planning now to take advantage of the enhanced 100% business meal deduction and other tax benefits available to them when they file their 2022 federal income tax return. During National Small Business Week, May 1-7, the IRS is highlighting tax benefits and […]

Tax regulations

New York Department of Tax and Finance Passes Tax Regulations

Related practices and jurisdictions Nearly seven years after it began publishing proposed regulations regarding sweeping corporate tax reforms that went into effect in 2015, the New York State Department of Tax and Finance (Department) issued guidelines, stating that “the Department intends to commence State Administrative Procedure (SAPA) to formally propose and adopt” its proposed corporate […]

Tax regulations

New York Department of State Intends to Finalize Corporation Tax Regulations This Fall | McDermott Will & Emery

Nearly seven years after it began publishing proposed regulations regarding sweeping corporate tax reforms that went into effect in 2015, the New York State Department of Tax and Finance (Department) issued guidelines, stating that “the Department intends to commence State Administrative Procedure (SAPA) to formally propose and adopt” its proposed corporate tax regulations this fall. […]

Tax deductions

Bill that would allow legal Missouri marijuana businesses to take advantage of tax deduction advances — Greenway Magazine

On Wednesday, an alternative version of a bill introduced by Sen. Denny Hoskins, R-Warrensburg, that would allow an income tax deduction for certain expenses related to operating a medical marijuana business was passed by the House Select Committee on Government Oversight. It is now going before the House Committee on Administrative Oversight. Language in SB […]

Tax laws

BURS strengthens tax laws » TheVoiceBW

The Botswana Unified Revenue Service (BURS) is undertaking some key activities which are expected to accelerate the operational efficiency of BURS in collecting tax revenue. In a recent media briefing, Finance and Economic Development Minister Peggy Serame said some of these activities include reviewing tax legislation. “We are undertaking a comprehensive review of the Value […]

Tax code

April is a reminder that a racially fair tax code is possible

This month, millions of Americans filed taxes. For many, tax season is little more than a burden or an annoyance – just one more thing to cross off the to-do list. But as leaders of organizations who fight for marginalized communities every day, we see our country’s notoriously complicated tax system as the main driver […]

Tax laws

New Tax Laws in Puerto Rico Are Attracting Crypto Influencers

4,000 companies relocated to Puerto Rico Puerto Rico hosted cryptocurrency conferences and set up beginner courses for locals to learn the basics The island is prone to many natural disasters, for example Hurricane Maria The most recent Times article calls Puerto Rico one of the most memorable digital currency networks in the world. Are they […]

Tax deductions

Removing the cap on state and local tax deductions is the wrong answer to dwindling donations in high-tax states

When Congress passed the Trump administration’s sweeping tax legislation in 2017, many supporters of the law believed its provision limiting deductions for state and local taxes would indirectly encourage charitable giving by wealthier taxpayers. The thought was this: Affluent taxpayers in typically Democratic large states with the highest donations, like New York and California, faced […]

Tax laws

Crypto influencers move to Puerto Rico due to tax laws. Positive?

The last The Times article qualifies Puerto Rico as “the home of one of the world’s premier cryptocurrency communities”. Are they exaggerating or are they onto something? Apparently, favorable tax laws brought “10,000 well-heeled American migrants” to the island. Of these, “approximately 3,000 of the arrivals are newly minted cryptocurrency millionaires” and “approximately 4,000 businesses […]

Tax laws

The new tax laws for nonprofit organizations will put them in a constant state of anxiety.

Some of the changes made through Budget 2022, which have profound and serious implications for the nonprofit sector, have gone largely unnoticed. If the part of the economy that receives foreign funding has been squeezed by regulation in recent years, now is the time for domestic groups to feel the heat as well. Some of […]

Tax deductions

Brown introduces bill to increase tax deductions for educators

Press release U.S. Sen. Sherrod Brown (D-OH) recently hosted a press conference call to discuss his efforts to quadruple the amount educators can deduct from their taxes for class fees. Brown and Representative Anthony Brown (MD-04) introduced the Educator Expense Deduction Modernization Act, 2022 this week. The current teacher deduction is $250, far less […]

Tax laws

Unilateral tax laws violate taxpayers’ rights to fair administration

Problematic tax legislation is causing irreparable damage to exporters’ cash flow and the local economy, as one-sided anti-taxpayer laws continue to stifle growth and deter foreign investors. Shortcomings in the country’s Value Added Tax (VAT) law regarding VAT audits have resulted in the endless withholding of VAT refunds, violating taxpayers’ constitutional rights to fair administration. […]

Tax code

Polis signs bill to simplify Colorado’s tax code | Colorado

(The Center Square) — Gov. Jared Polis on Thursday signed a bill that makes several changes to Colorado’s tax code. The bill, Senate Bill 22-032, prohibits local jurisdictions from charging fees for general business licenses to retailers who already hold a standard license and requires the Department of Revenue to consult with business owners to […]

Tax code

Biden’s proposals would fix a tax code that coddles billionaires – ITEP

Billionaires can afford to pay more of their income in taxes than teachers, nurses and firefighters. But our tax code often allows them to pay less, as evidenced by the last talk ProPublica reporters using IRS data. According to their calculations, Betsy DeVos, Education Secretary under former President Donald Trump, received an average of $112 […]

Tax laws

Russia to Include Cryptocurrencies in Updated Tax Laws

Russia to Include Cryptocurrencies in Updated Tax Laws New Tax Rules Could Make or Break the Way for Wider Crypto Adoption in Russia By Shashank Bhardwaj Image: Shutterstock Jhe federal government of Russia would have proposed a bill in the State Duma (lower house of the Russian parliament) establishing rules for the taxation of cryptocurrency […]

Tax regulations

Compliance with tax regulations increases in the first quarter

DUBAI At its second meeting of the year, the Board of Directors of the Federal Revenue Authority (FTA) – chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the AFC Board of Directors – adopted the AFC annual accounts […]

Tax laws

WazirX establishes its headquarters in Dubai to escape India’s heavy tax laws

WazirX establishes its headquarters in Dubai to escape India’s heavy tax laws WazirX moved its headquarters to Dubai due to heavy tax laws. India has issued a 30% crypto tax and 1% tax deductions on crypto exchanges. Dubai is a hub for cryptocurrency innovators and influencers with relaxed digital asset trading laws. WazirX, India’s largest […]

Tax regulations

United Arab Emirates: Tax compliance increases in the first quarter – News

The number of persons subject to VAT increased to 367,157 during the January-March quarter compared to 358,468 in the same quarter last year Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the FTA Board, issued guidelines to maintain the pace of upgrades […]

Tax code

This is what the rules might look like

Over the past few months, the standoff between the Central Bank of Russia (CBR) and the country’s Ministry of Finance over crypto regulation has become the top regulatory conspiracy for the Russian crypto community to follow. Simultaneously, however, another important legislative development has been going somewhat under the radar: negotiations around changes to the tax […]

Tax code

Russia changes tax code to make it easier for foreign companies to pay in rubles

An employee holds 1,000 Russian ruble banknotes at the Goznak printing house in Moscow, Russia July 11, 2019. REUTERS/Maxim Shemetov/File Photo Join now for FREE unlimited access to Reuters.com Register April 20 (Reuters) – Russian lawmakers on Wednesday passed an amendment to the tax code which they say would make it easier for foreign companies […]

Tax code

Simplify the tax code to solve the IRS mess

JThe deadline for filing federal income taxes this year is April 18. Hopefully your return is simple and you won’t need help from the Internal Revenue Service. The tax agency has been plagued by abysmal phone service, piles of unopened mail, backlogged processing of returns, and an increasing number of taxpayer disputes, such as describe […]

Tax laws

Market enabler tax laws have arrived, as has “build versus buy”

Now that market enabler tax laws are in place in the US, EU and a growing number of countries around the world, the question remains as to how these platforms can actually achieve tax compliance at scale. What new technologies and services can online marketplaces adopt to meet new consumer tax obligations? While the policies […]

Tax laws

Kansas changes property, sales and income tax laws

April 14, 2022 2:39 p.m. Job : April 14, 2022 2:39 p.m. Updated: April 14, 2022 3:07 p.m. Picture KOAM TOPEKA, Kan. – The governor of Kansas signs a tax reduction bill, making property tax changes for certain residents. Kansans are feeling the impact of pandemic-induced inflation. So today we reduced property taxes. Our tax […]

Tax laws

The Wayfair Decision: How Technology Is Changing State Tax Laws | Bowditch and Dewey

The decision of the Supreme Court of the United States in South Dakota vs. Wayfair, Inc. 138 S.Ct. 2080 (2018) has changed the way businesses think about state tax compliance. In Wayfair, the Court upheld a South Dakota sales tax law that required out-of-state online sellers to sell goods or services worth more than $100,000 […]

Tax code

To promote fairness, abolish the tax code

As we approach another year’s tax filing deadline, let’s take a moment to marvel at just how silly the tax code has become. In its zeal to maximize revenue while advancing the social good, Congress has created a code that produces huge unintended consequences: it favors corporations over charities, subsidizes conspicuous consumption by the wealthy, […]

Tax code

To promote fairness, abolish the tax code

April 13, 2022 To promote fairness, abolish the tax code Posted at 10:42am in the comments posted by David Ridenour As we approach another year’s tax filing deadline, let’s take a moment to marvel at just how silly the tax code has become. David Ridenour In its zeal to maximize revenue while advancing the social […]

Tax laws

The Wayfair Decision: How Technology Is Changing State Tax Laws

E-commerce, Taxes • By Sandra F. O’Neill • April 13, 2022 The decision of the Supreme Court of the United States in South Dakota vs. Wayfair, Inc. 138 S.Ct. 2080 (2018) has changed the way businesses think about state tax compliance. In Wayfair, the Court upheld a South Dakota sales tax law that required out-of-state […]

Tax deductions

11 tax deductions to help small business owners reduce their taxes

Tax planning can help you maximize the tax deduction you get as a small business owner. … [+] Thus reducing the taxes of your small business. Getty Filing your taxes is one of the least exciting parts of owning your own business. However, your small business taxes can be extremely painful without proactive tax planning. […]

Tax deductions

Understanding before and after tax deductions from your salary

GaryPhoto/Getty Images/iStockphoto Everyone loves payday, but seeing your gross income, i.e. what you earned, lined up next to your net income, i.e. what you need to keep, can make it a little sweet and sour. Good to know: unplug those appliances that are driving up your electricity billSee: What income level is considered middle class […]

Tax deductions

What are the best tax deductions for SMEs in 2022?

Tax season has been quite different in 2021 compared to previous years. Due to circumstances in 2020, the IRS has extended the deadline for filing and paying taxes to May 17 for individuals – including sole proprietors and sole proprietorships, small businesses. However, the questions that arise during tax time remain, and one of the […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax deductions

Charitable donation offer with income tax deductions

Editor’s note: This article was originally published on December 8, 2021. Find more USA TODAY tax season coverage here. Charitable giving this holiday season takes on a new, happier meaning when it comes to tax deductions. Generally, most people cannot get tax relief when giving money to charity if they claim the standard deduction on […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax deductions

New Cannabis Tax Deductions in New York

New York introduced a sizable tax break for cannabis businesses in its 2022 budget. The revenue bill included a state tax deduction for cannabis-related business expenses that are currently prohibited by law. section 280E of the federal tax code. We’ve seen this strategy in other ‘cannabis-friendly’ states and it’s a welcome development. Under the proposed […]

Tax deductions

5 often overlooked tax deductions and credits (video)

Only 1 out of 5 declarants claim an unknown tax credit called Crédit d’Epargne (Credit for Contributions to Retirement Savings). There are others too. 5 Often Overlooked Tax Deductions Earned income tax credit Savings loan Caring for a friend or relative Camp or sports camp Education expenditure Chart: Tax Tip of the Day: 5 Often […]

Tax laws

Solon says it might be time to review tobacco tax laws and anti-smuggling measures

BoC A SOLON said on Thursday it might be time to reassess the country‘s tobacco tax law alongside government review‘s against smuggling. “Is there an overtaxation, to the point where we actually reward the smugglers, because of the huge taxation?” PBA party slate representative Jericho Jonas B. Nograles said in a mix of English and […]

Tax laws

EU challenges tax laws in Germany and Spain

By Todd Buell (April 6, 2022, 11:23 a.m. EDT) — The European Union’s executive arm on Wednesday challenged tax laws in Germany and Spain, saying that part of Germany’s withholding tax law and the Spanish tax payment system violates EU law. The European Commission has announced that it is sending a formal notice to Germany […]

Tax laws

EU challenges tax laws in Germany and Spain

By Todd Buell (April 6, 2022, 11:23 a.m. EDT) — The European Union’s executive arm on Wednesday challenged tax laws in Germany and Spain, saying that part of Germany’s withholding tax law and the Spanish tax payment system violates EU law. The European Commission has announced that it is sending a formal notice to Germany […]

Tax code

Using machine learning to crack the tax code – Tax

Canada: Using machine learning to crack the tax code 06 April 2022 Blue J Legal To print this article, all you need to do is be registered or log in to Mondaq.com. In this first installment of Blue J Predicts on Tax Notes for 2022, we take stock of the inaugural year […]

Tax deductions

Sales tax among frequently missed tax deductions | Rogersville

A sales tax deduction is one of the frequently missed deductions for states that do not impose income tax. States with no income tax include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. There are two ways to claim the state sales tax deduction on your return. You can keep your […]

Tax code

Addressing Inequality Through the Colorado State Budget and Tax Code

It has now been two years since the COVID-19 pandemic upended the world as we knew it. In Colorado, hospitalizations finally reached a historically low, allowing a moment to step back and reflect on the bigger picture. There may be no better time for this than when state lawmakers are considering Colorado’s spending priorities for […]

Tax laws

New tax laws for investments in 2022

Colorado revised its state tax code in 2021, and many of the changes will impact investors. Additionally, the federal government has adjusted various tax laws in response to inflation and the pandemic, so the tax landscape may be quite different from a year ago. Read on to learn how the changes affect Colorado investors, business […]

Tax deductions

8 of the Most Overlooked Tax Deductions and Credits

MadameNoire Featured Video Source: valentinrussanov/Getty Tax laws are constantly changing. It’s hard to keep track of what you can deduct, what you must report, and all the other moving parts of the daunting process that is filing taxes. During the last years, CNBC reports that Americans took significantly fewer itemized deductions compared to 2017 and […]

Tax regulations

Crypto Trader Profiles Change With New Tax Regulations

Indian crypto exchanges expect to see a different profile for crypto traders after the government announced a new 1% TDS tax on every crypto exchange, a 30% tax on winnings and other rules which will come into effect from July 1. Rather than young, high-volume crypto traders, HNIs should take a bigger slice of the […]

Tax deductions

COVID-related tax deductions to know

Parade.com has an extensive editorial partnership with the Cleveland Clinic, consistently named one of the nation’s best hospitals in US News & World Report’s annual “America’s Best Hospitals” survey. Click here to learn more about our health reporting policies. Coping with the physical symptoms of COVID can be hard enough, but living with and recovering […]

Tax regulations

The Profile of Crypto Investors Changes as Tax Regulations Go Into Effect

Mumbai: Younger investors who drove the country’s cryptocurrency boom appear to be liquidating their positions under new tax rules, to be replaced by high net worth individuals (HNIs) as a key investor segment on crypto exchanges. Exchanges said several young investors who were making money from high trading volumes, including many from smaller towns and […]

Tax code

How a saint became part of the tax code, forever changing American philanthropy

This tax season, Americans have an unexpected number to thank for one of their most used deductions. She was not an accountant, a lawyer or even a politician, but a real saint. St. Katharine Drexel is well known as a pioneering figure of the early 20th century, championing the needs of Native Americans and Black […]

Tax deductions

Electronic Merchant Systems releases guide to tax deductions for small businesses

Cleveland, Ohio- Cleveland, OH-based Electronic Merchant Systems (EMS) recently published a blog post where they discuss some of the best tax deductions for small businesses. Tax season can be a very difficult time for anyone, especially small business owners. Many aren’t fully aware of the best way to approach taxes, and that’s what the Electronic […]

Tax laws

Appleton restaurant owner pleads guilty to violating tax laws and ‘skimmed’ $800,000

APPLETON, Wis. (WFRV) – The owner and operator of a pizzeria in Appleton has pleaded guilty to violating federal tax laws by skimming earnings to pay employees “under the table.” Court filings show that Paul Vanderlinden, 42, pleaded guilty to violating federal tax laws. He pleaded guilty to willfully filing a false tax return and […]

Tax laws

Appleton restaurant owner pleads guilty to violating federal tax laws | USAO-EDWI

United States Attorney Richard G. Frohling announced that on March 25, 2022, Paul R. Vanderlinden (age: 42) of Appleton, Wisconsin pleaded guilty in federal court in Green Bay to deliberately filed a false tax return and failed to honestly account for and pay payroll taxes to the Internal Revenue Service. According to court documents, Vanderlinden, […]

Tax deductions

The new 20% tax deductions on tech and digital skills training

Source: Unsplash/[email protected] Tech upgrades and digital skills training have emerged as key points in the 2022-23 federal budget, thanks to two new tax deductions proposed by the Morrison government. The Small Business Technology Investment Boost and the Small Business Skills and Training Boost provide participating businesses with an additional 20% tax deduction on eligible expenses. […]

Tax code

The issue is a conviction under the 1977 tax code

We share Carmela Noblejas’ complaint (“Terrible miscalculation in the DQ case”, 30/03/2022) regarding the almost predictable conclusion that the Marcos will be back in Malacañang in light of recent polls demonstrating the sheer stupidity of most Filipino voters. How could they in good conscience consider voting for a candidate whose family has ruled this country […]

Tax deductions

Inflation raises tax deductions for teachers up to $300 for the first time

(Gray News) – Teachers and other educators will be able to deduct up to $300 in reimbursable class fees when they file their 2022 federal income tax returns next year. The IRS reports that this is the first time the annual limit has increased since enacting the special educator expense deduction in 2002. For tax […]

Tax code

How a saint became part of the tax code, forever changing American philanthropy

Above: This likeness of Saint Katharine Drexel is seen at the Katharine Drexel Shrine in Bensalem, Pennsylvania. The saint, who founded the Sisters of the Blessed Sacrament, helped Congress in 1924 make a federal income tax deduction for charitable donations. the US tax code. (Photo CNS/Les Croisiers) This tax season, Americans have an unexpected number […]

Tax code

How St. Katharine Drexel Became Part of the Tax Code and Changed American Philanthropy Forever

This tax season, Americans have an unexpected number to thank for one of their most used deductions. She was not an accountant, a lawyer or even a politician, but a real saint. St. Katharine Drexel is well known as a pioneering figure of the early 20th century, championing the needs of Native Americans and Black […]

Tax laws

Only CAs and lawyers benefit from current income tax laws: Chidambaram | Latest India News

Former finance minister P Chidambaram on Monday urged the government to replace the existing income tax law with the direct tax code and cast doubt on projections for nominal GDP growth of 11.2%, claiming that the war in Ukraine has blocked supply chains and that certain sectors have seen a sharp rise in prices. Taking […]

Tax code

The income tax law should be replaced by the direct tax code : P Chidambaram

The government must replace the income tax law with the direct tax code as it claims to have abandoned all old inheritances, former finance minister P. Chidambaram said on Monday. Participating in the debate on the Appropriation Bill and Finance Bill 2022 in the Rajya Sabha, he said that the IT Act […]

Tax laws

New North Carolina tax laws allow for better returns for HOAs

CHARLOTTE, NC, March 27, 2022 /24-7 PressRelease/ — Some North Carolina residents who belong to a homeowners association (HOA) may find themselves with tax law issues. Some of these questions may be whether or not the HOA should file taxes, how they are affected by state franchise and income taxes, is their association exempt, and […]

Tax code

Senate working on tax code, unemployment benefits bills | Opinion

As we enter the final weeks of the 89th General Assembly, we are done with the work of the Political Committee and are focused on debating the bills and working on the budget and tax bills. This week in the Senate, we passed Senate resolution 108. She recognized March 21-27 as National Agriculture Week in […]

Tax laws

The best cryptocurrencies are trading today; Parliament Passes Tough Crypto Tax Laws

Business oi-Roshni Agarwal | Posted: Friday March 25th 2022, 10:01 PM [IST] The major cryptocurrencies in trade today (March 25, 2022) at the time of writing were trading in a mixed fashion. Bitcoin, the largest m-cap crypto, rose almost 1% to $44,301, while Ether also traded 0.7% to $3,132.

Tax code

The loophole language of the ‘Swiss cheese’ tax code could benefit from an overhaul

Last December, I chaired a hearing of our Ways and Means Oversight Subcommittee on Hidden Wealth in America. I was shocked by what I heard. The Pandora Papers investigation revealed the secret assets of 130 billionaires in 45 countries. Building on this landmark work, our hearing further unmasked a vast network of shelters used by […]

Tax deductions

10 self-employed tax deductions you might be missing

Just like businesses, self-employed people must declare their business income. However, the difference is that the self-employed report this income as part of their personal income tax. If you file your own tax returns, this may mean becoming more familiar with business expenses and tax deductions allowed by IRAS. If you’re self-employed, here are some […]

Tax laws

Clarifying amendments to Indian tax laws: back taxes in disguise?

Proposed changes can provide clarity and certainty for the future Every year, the announcement of the Union budget is eagerly awaited as one of the key tax policy events in India. This year was no different. The 2022 Union budget saw a series of proposed amendments aimed at ending ongoing litigation on certain issues in […]

Tax laws

Clarifying amendments to Indian tax laws: back taxes in disguise?

Every year, the announcement of the Union budget is eagerly awaited as one of the key tax policy events in India. This year was no different. The 2022 Union budget saw a series of proposed amendments aimed at ending ongoing litigation on certain issues in the courts. Most of these amendments favor the taxman and […]

Tax laws

New 2022 U.S. P2P Tax Laws Simplified

Peer-2-peer (P2P) payment applications, also known as money transfer apps or mobile wallets such as Paypal, Venmo or Cashapp, are popular online payment platforms for businesses – they are convenient, easy to use and very efficient ways to transfer money. However, with new regulations, the use of P2P payment applications for commercial transactions will be […]

Tax code

Bill would reform tax code to make long-term care insurance more affordable and accessible

Legislation introduced last week in the House of Representatives would reform the tax code in an effort to make long-term care insurance more affordable and accessible to seniors. It is supported by Argentum and the American Seniors Housing Association. the Long Term Care Affordability Act was introduced last week by Rep. Ann Wagner (R-MO), chair […]

Tax laws

FBR Explains Discount Under Sales Tax Laws

ISLAMABAD: The Federal Board of Revenue (FBR) has explained the payment discount related to invoices issued via Point of Sale (POS) by Tier 1 retailers. The FBR explained through a official note of March 17, 2022 this discount has been authorized in the form of price reduction in seasonal sales / sales and the cash […]

Tax code

Everything Cannabis Business Owners Need To Know About Tax Code 280E

Opinions expressed by Contractor the contributors are theirs. Amid all the excitement of a greener, more prosperous future for the cannabis industry, there’s one hurdle that seems frozen in time: the IRS’ stronghold over its tax regulations regarding “illegal” substances. “. Namely, section 280E of the tax code. Even if cannabis were to be de-scheduled […]

Tax deductions

Republicans propose plan to uncap NJ property tax deductions

NEW JERSEY — A group of Republican New Jersey state lawmakers is proposing a plan that would give homeowners who pay more than $15,000 in property taxes a boost. According to Senator Joe Pennacchio (District 26) and Declan O’Scanlon (District 13), the main sponsors of S-2279, their bill would allow New Jersey taxpayers to deduct […]

Tax deductions

Here are 7 tax deductions you might not know about

(WXYZ) — Monday, April 18 is “Tax Day.” It’s in a little over four weeks. But you may not know some deductions. Cathy Lorenz, partner and CPA at Cohen & Company in St. Clair Shores, explains that there are two types of deductions: itemized deductions and top deductions. Deductions above the line are for anyone […]

Tax deductions

Tax Deductions U.S. Home Sellers Need to Know When Filing Returns This Year

Every week, Mansion Global poses a tax question to real estate tax lawyers. Here is this week’s question. Q. As tax day approaches, are there any new tax deductions related to my home that I should be aware of? A. Not much has changed in terms of housing-related property deductions for the 2021 tax year. […]

Tax deductions

New York lawmakers seek tax deductions for marijuana businesses in budget proposals, despite federal ban

New York’s legislative leaders have tabled budget proposals that include language allowing marijuana companies to take advantage of state tax deductions that are available to other industries despite an ongoing federal ban. House and Senate budget measures expected to pass before the April 1 deadline seek to create an exemption that would allow cannabis companies […]

Tax code

To stimulate investment in R&D, stop penalizing it in the tax code

In his State of the Union Address, President Biden has called for a global level playing field for research and development (R&D) by increasing federal R&D spending, in particular by calling on Congress to pass the bipartisan U.S. Innovation and Competition Act (USICA). While the USICA proposes to increase public investment in R&D, it does […]

Tax deductions

2022 Tax Deductions for Traditional Roth IRAs | national news

Whether you have access to a workplace retirement account or not, anyone with earned income can contribute to their own IRA. However, depending on your income, employment status, and the type of IRA you choose, your contributions may or may not be tax deductible. There are several types of IRAs available and it is important […]