Tax regulations

Income tax regulations in Qatari laws

Introduction: Individuals and entities tend to research and evaluate tax regulations before entering a market, as taxation is considered an important indicator that helps gauge the strength, stability, and attractiveness of any market. Law number (24) of (2018) promulgating a new income tax law replaced law number (21) of (2009) and has been in force […]

Tax code

A flatter, simpler tax code benefits everyone | Editorial chronicles

Another round of tax reforms was introduced at the State House last week, and chances are it will lower your tax bill. After two measures taken in 2018 — and a third scrapped in 2020 as the global pandemic threatened to wreck state finances — Georgia House management’s new plan would make the tax code […]

Tax deductions

How Black Business Owners Can Save a Bundle With Tax Deductions

Multiple reports show that millions of Americans, including black entrepreneurs, started businesses last year. The reasons ranged from people losing their jobs due to COVID-19 to people leaving the corporate world to become their own bosses. New and existing business owners alike would do well to start preparing their 2021 taxes now, if they haven’t […]

Tax code

Youngkin signs bill to comply with tax code

Pandemic-related loans will not be treated as state taxable income Posted February 24, 2022 by Robyn Sidersky young This year’s tax season could be a little less complicated for businesses that got Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill Governor Glenn Youngkin signed into law on Wednesday will ensure […]

Tax deductions

What is the difference between standard and itemized tax deductions

There are a lot of decisions to be made during tax season. You need to decide your filing status, the tax credits you want to claim, and whether you want to itemize your deductions or use the standard deduction. 1 The goal is to choose the method that will make you the most money.Credit: Getty […]

Tax code

Can indexing the tax code to inflation lead to smarter investment and growth?

As the U.S. economy emerges from the pandemic, it is important for U.S. lawmakers and policymakers to ensure that fiscal policy encourages growth while recognizing that inflation is at a 40-year high. One of the main levers civil servants can use is indexing to inflation, the Tax Foundation explained in a new paper ((https://taxfoundation.org/economic-growth-opportunity-tax-reforms/) yesterday. […]

Tax laws

Azerbaijan amends tax laws relating to CFCs, tax havens and transfer pricing – Tax

To print this article, all you need to do is be registered or log in to Mondaq.com. This update appeared at: https://mnetax.com/azerbaijan-amends-tax-laws-relating-to-cfcs-tax-havens-transfer-pricing-46405 The Azerbaijani government has made significant changes to the Tax Code, which will come into force on January 1, 2022. These changes include measures focused on combating tax evasion and broadening the tax […]

Tax deductions

The Pros and Cons of Standard Tax Deductions vs. Itemized Tax Deductions

Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount… Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount you owe Uncle Sam. Deductions protect some of your income from income tax. income, and […]

Tax deductions

Best tax deductions in 2021

The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]

Tax laws

Lawmakers Introduce Bill to Improve Crypto Tax Laws – Here’s How It Would Make Consumers’ Lives Easier

Weedezign/Getty Images/iStockphoto Legislation reintroduced in Congress last week by a bipartisan group of lawmakers aims to change the way cryptocurrency purchases are taxed and help clear up some of the confusion over how to account for certain crypto transactions on your tax returns. income. See: Taxes 2022 — Questions About Your Crypto Purchase to Ask […]

Tax laws

New set of tax laws for 2022 – Taxation

To print this article, all you need to do is be registered or log in to Mondaq.com. In an attempt to revive the economy after the COVID crisis, the government has made changes to laws aimed at accelerating economic development. The following proposed changes to tax legislation are expected to come into force in January […]

Tax deductions

Best tax deductions in 2021

For the second year in a row, the IRS has extended its deadline for filing taxes. You will have until May 17, 2021 to complete your 2020 tax returns. So, have you started? Are all those anxious thoughts swirling around already? Like, do you have all the paperwork? Which form do you still need? Deductions […]

Tax code

3 ways savvy crypto investors are using the tax code to their advantage

It’s officially tax season, and if you were among the many cryptocurrency traders last year, it’s time to report your business on your 2021 tax return. This applies to those who sold or spent their cryptocurrency, those who traded one cryptocurrency for another, and those who engaged in other taxable events, such as earning interest […]

Tax deductions

2021 Mortgage Tax Deduction Guide

Your guide to mortgage tax deductions for 2021 It’s time to start filing your 2021 taxes. And many homeowners will be wondering about mortgage tax deductions. Generally, you can only deduct certain mortgage costs – and only if you itemize your deductions. If you take the standard deduction, you can ignore the rest of this […]

Tax laws

New Tax Laws 2022: Getting Paid on Venmo or Cash App? This new tax rule may apply to you

If you use payment apps like Venmo, PayPal, or CashApp, the New Year has introduced a change to an IRS tax reporting rule that may apply to some of your transactions. The new rule, which went into effect Jan. 1, imposes no additional tax on payment app users. But it makes it harder for someone […]

Tax deductions

Higher tax deductions for parents in Switzerland from 2023

This week, the Swiss government has set a date for the introduction of more generous tax deductions for childcare. © Zsv3207 | Dreamstime.com From 1 January 2023, parents will be able to deduct up to CHF 25,000 per child in childcare costs from their annual taxable income, reports RTS. Currently, the maximum is CHF 10,100 […]

Tax laws

Ramaphosa has approved new tax laws for South Africa – 5 key changes you need to know

President Cyril Ramaphosa has approved several tax changes for South Africa by signing into law the Currency Rates and Amounts Act and Revenues Amendment Act, the Taxation Act Amendment Act (TLAA) and the Taxation Amendment Act (TLAA). Tax Administration Act (TALAA). In an analysis of the changes, Jean du Toit, head of tax techniques at […]

Tax deductions

End of tax year: Maximize your available tax deductions

As we head towards the end of the 2021/2022 tax year, now is the time to make sure you’ve taken advantage of the tax breaks available to you so you don’t leave “free money” on the table. However, before implementing one or more of the commonly used strategies described below, keep in mind that tax […]

Tax code

The cryptocurrency could be included in the tax code, according to the government for 2021.

Cryptocurrency can be included in the tax code, according to the government. The government takes into account Section 26A of the Income Tax Act and the Annual Information Regulations (AIR), which displays information about all of a taxpayer’s investments and is generally referred to as a “tax book. “. Indians who sell or buy cryptocurrencies […]

Tax deductions

Seven small business tax deductions you need to know about

Data from the US Bureau of Labor Statistics shows that about 20% of small businesses fail in the first two years and almost half fail by the end of their fifth year. There are nearly 32 million small businesses in the United States employing more than 61 million people, making the success of a business […]

Tax deductions

Are you maximizing your tax deductions and minimizing your taxes?

By Len Green, CPA and John Wollenberg, CPA In horse racing, the competition is not over until the horse has crossed the finish line. The same goes for maximizing your tax deductions and minimizing your taxes. For those who think it’s too late to save on your 2021 taxes, we’re here to tell you no! […]

Tax code

How Changes to the 2022 Tax Code May Affect Financial Advisor Clients | Financial advisers

At this time of year, as financial advisors review the past 12 months with their clients, they also anticipate tax changes that could impact plans. For 2022, advisers are revising their plans to account for higher tax brackets and an increased standard deduction, among other changes. Here are some details about the tax changes that […]

Tax code

How the 2022 tax code changes may affect clients of financial advisers

At this time of year, as financial advisors review the past 12 months with clients, they are also considering… At this time of year, as financial advisors review the past 12 months with clients, they also anticipate tax changes that may impact the plans. For 2022, advisers are revising the plans to account for higher […]

Tax laws

Azerbaijan changes tax laws on CFCs, tax havens, transfer pricing – MNE Tax

By Leyla Safarova, Senior Partner, BM Morrison Partners, Azerbaijan The Azerbaijani government has made significant changes to the tax code, which will come into force on January 1, 2022. The changes include measures focused on combating tax evasion and broadening the tax base, including new ones rules on controlled foreign companies (SEC) and transfer pricing […]

Tax laws

How New Tax Laws Can Impact the Hospitality Market: Are You Ready?

While all industries were affected during the pandemic, none may have suffered devastation like the hospitality market. Now, widespread vaccine deployments have contributed to a sense of optimism (tinged with caution), and yet, even as occupancy rates begin to rise, the resurgence of the hospitality industry faces other threats. A number of proposed tax laws […]

Tax deductions

Whitmer signs bills allowing more tax deductions for disabled vets

Governor Whitmer signed Senate Bill 25 and House Bill 4921, which would improve the lives of Michigan residents by expanding tax deductions for disabled veterans and easing requirements for medical and recreational facilities of marijuana. Senate Bill 25 will allow disabled veterans to deduct taxable income attributed to the cancellation or cancellation of a student […]

Tax deductions

You may be eligible for up to $ 600 in special tax deductions if you donate to charity during the holiday season. Here’s how to claim it

Editorial independence We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information see How we make money. A special tax deduction will reward taxpayers who make charitable donations this […]

Tax laws

Is it time to align tax laws with the BoT -TRA guidelines on NPLs

-the portions of the additional tax payable recorded during tax audits. Over the years, financial institutions in Tanzania have witnessed a controversial treatment of written off loans during the unprecedented period of the COVID-19 pandemic, most financial institutions have implemented several measures to combat the expected rapid increase in non-performing loans (NPLs) such as rearrangement […]

Tax code

Lawmakers could pay for reconciliation while improving tax code

With rate hikes from businesses and individuals potentially out of the Build Back Better (BBB) ​​reconciliation package, lawmakers are evaluating alternative options to increase revenue. Rather than proposing complicated changes to the tax base or untested proposals such as market valuation for billionaires, they should prioritize options that increase revenue while improving the structure of […]

Tax laws

Tax laws for non-resident professional athletes – Taxation

INTRODUCTION High performance athletes who participate in various sports earn millions of dollars in salaries. Just like a normal employee, they have the right to pay their contributions to the government. Earning extraordinary salaries also results in extraordinary tax payments. Cristiano Ronaldo – a top athlete has decided to join Juventus FC, one of the […]

Tax deductions

Five legal tax deductions you probably don’t benefit from

If you pay taxes every year, be sure to use tax deductions, as using them appropriately can lower your tax bill and increase your tax refund amount. In this article, we’ll take a look at five legal tax deductions that you probably aren’t taking advantage of. If you’re looking for something more specific about tax […]

Tax laws

Income tax laws conflict with property tax rules

Federal and state tax laws do not treat coronavirus relief payments as taxable income, but the state has instructed assessors to treat payments as income when calculating a company’s property tax. That contradiction unfolded Thursday before the Garland County Equalization Board, the panel of appointed officials who decide property tax appeals. Parth Patel, president of […]

Tax laws

4 ways Biden’s proposed tax laws could impact stock compensation

President Biden’s proposed tax hikes may impact your stock piggy bank getty Tax increases could be looming. If you have stock options, restricted stock units or company shares, now is the time to analyze whether the tax changes proposed by President Biden could affect your financial planning, whether either directly or indirectly. Some of the […]

Tax code

Illinois Makes Major Tax Code Changes | Morgan lewis

Illinois Governor JB Pritzker enacted various bills on June 17, including the State Budget Bill, SB 2017 (Budget Bill), which contains several provisions intended to increase revenue. Other bills passed by both the Illinois Senate and House, but awaiting the governor’s signature, make significant changes to the Illinois tax code, including the creation of a […]

Tax deductions

How to Make the Most of Student Loan Tax Deductions

Article 80E specifies that only loans from specified financial institutions, including banks and any other financial institution notified by the central government, can benefit from exemptions. A student loan gives you the financial means and flexibility to undertake higher education and pay for it consistently over a longer period. At the same time, it gives […]

Tax regulations

Spain adopts digital services tax regulations and tax declaration | Hogan Lovells

Spain’s Digital Services Tax (“DST”) law was published in October 2020 and entered into force on January 16, 2021 (please see our related publication). However, the DST regulations were only approved on June 8, 2021, coming into effect on June 10, 2021. This delay in approving regulations has forced the first quarterly assessment deadline to […]

Tax code

The DOF open to changing the tax code for private schools

MANILA, Philippines – The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) support amendment of a provision in the Tax Code relating to the tax treatment of private schools and hospitals, provided that no refund is made . During the House Ways and Means Committee hearing yesterday, Deputy Finance Secretary Dakila Napao […]

Tax code

Tax Code 280E as an Obstacle for Cannabis Businesses and the SAFE Banking Act

Newswise – After passing new legislation in April allowing banks to provide services to cannabis companies in states where the drug is legal, the U.S. House of Representatives has signaled it may be high time to remove business barriers for the cannabis industry. The bill, dubbed the SAFE Banking Act, comes after a major lobbying […]

Tax laws

Cryptocurrency Tax Laws: What U.S. Taxpayers Should Know As Tax Day Approaches

By Seth Wilks, Director of Government Relations Have you traded or sold Bitcoin, Ether, or other digital currencies in 2020? If so, you will have the information you need to report on your tax return. With the tax deadline fast approaching, TaxBit CPAs and tax lawyers are breaking down cryptocurrency tax laws to make this […]

Tax deductions

Gatchalian calls for tax deductions to offset work-from-home setup costs

Senator Sherwin Gatchalian is proposing to reduce employee taxes for work performed under a work-from-home (WFH) setup to ease their financial burden. In a statement on Saturday, Gatchalian said the benefits in the form of eligible tax deductions could help ease the burden on telecommuting employees, such as a P 25.00 reduction in their taxable […]

Tax laws

How does the IRS enforce the country’s tax laws for the benefit of all taxpayers? | CPA and Foodman advisors

On December 17, 2020, the IRS released a document titled “Closer Look”. He explains the IRS’s aspiration to balance the burden on the taxpayer with the potential benefit of its compliance effort when deciding which compliance tool to use. The IRS’s goal is to minimize the burden on taxpayers while encouraging voluntary compliance using the […]

Tax deductions

A complete list of tax deductions and credits for any scenario

Okay, I’ve heard of great attempts to infer things that are completely ineligible. I knew a guy who tried to claim his tattoo as a medical expense, and others tried to claim their dogs as dependents. Breast augmentation, cat food, helicopter tours, and boat cruises all list the deductions I’ve seen attempted. Today I want […]

Tax deductions

9 tax deductions everyone can and should claim

fizkes / Shutterstock.com Deductions reduce your taxable income, so it’s in your best interest to claim as much as possible when filing your tax return. To get the most lucrative tax deductions, you must itemize expenses using a Schedule A. This form allows you to deduct mortgage interest, property taxes, charitable donations and certain medical […]

Tax laws

Tax laws offer incentives to become truck drivers; Could help alleviate shortage

In addition to deductions for individual drivers, economic incentives are increasingly available to the trucking industry as a whole. Trucking is not just a job, it is a profession, and treated as such by the Internal Revenue Service. ST. PETERSBURG, Fla. (PRWEB) February 15, 2021 If you are a truck driver, you are also a […]

Tax laws

These Charitable Donation Tax Laws Have Been Changed To Help With A Pandemic

If you are inclined to support charity, 2020 might be a special year to do so. The usual funding needs of nonprofits have been compounded by the COVID-19 pandemic. Many charities have seen donations plummet and income-generating events canceled while grappling with increased demand for their services. A survey conducted in late October by the […]

Tax laws

How New Tax Laws Affect Tax Exempt Organizations

The Internal Revenue Service says it wants tax-exempt organizations to be aware of recent tax law changes that may affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to current and previous tax years of tax-exempt organizations. Repeal of the “parking tax” for […]

Tax laws

Football tickets, child credits and other changes

If you haven’t started preparing tax returns, consider this your sign. Significant changes have been made to federal tax law since the enactment of the Tax Cuts and Jobs Act of 2017. Here’s what you need to know as you prepare to file your case by Monday, April 15. You will probably take the standard […]

Tax laws

How Divorce Tax Laws Will Change in 2019

By Dean Hedeker, Next avenue Donor No one ever said getting divorced was easy. Besides the normal emotions of a broken relationship and family, there’s paperwork, lawyers, courts, and, of course, money. As if asset splitting wasn’t difficult enough, new tax changes coming into effect in January 2019 could add a significant amount of stress […]

Tax laws

9 Ways New Tax Laws Are Affecting Millennials

The Tax Cuts and Jobs Act (TCJA) of 2017 generated significant buzz as tax experts speculated about how the average American’s tax bill was affected. Some of the most significant changes relate to tax deductions and credits that could have a significant impact on the younger generation of taxpayers. For millennials, the latest round of […]