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 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 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 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

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 […]