Tag Archive for find a tax professional

Compliance 2014 – Capital Acquisitions Tax – Ireland

The 2010 Finance Act introduced a fixed pay and file date for all gifts and inheritances with a “valuation date” after 14th June 2010. As a result, the Capital Acquisitions Tax year runs from 1st September to 31st August in the following year.

C.A.T. arising on gifts/inheritances, where the “valuation date” falls within the twelve month period ending on 31st August in a particular tax year, must be paid and filed with Revenue by the 31st October of that year.

What do we mean by “Valuation Date”?

The “valuation date” is the date on which the property making up the gift or inheritance is valued. The “valuation date” for a gift is the date the individual receives the gift but Read More

Written by | Posted in Estate Planning Tax • Gift Tax

When Should You “Lawyer Up” When Dealing With The IRS?

If you receive a notice from the IRS regarding small mistakes and omissions with your income tax return, you can probably deal with the IRS directly or by giving your tax preparer a quick call. However, if there is any chance your case could go sour, you need to call a qualified and experienced tax attorney, and pronto. A good rule of thumb is that if you’re asking yourself whether it’s serious enough to merit calling a tax attorney, it probably is.

Maybe these two true life stories will help:

In January 2014, Beanie Beans founder Ty Werner was convicted of evading $5.5 million in taxes owed on the $27 million in interest accrued from millions of dollars stashed away in a Swiss bank account. The sentence? Two years on probation and some hefty fines, which were small change for a billionaire like Werner. Read More

Written by | Posted in Tax Fraud/Evasion/Crimes

Compliance 2014 – Capital Gains Tax – Ireland

If you’ve already made or about to make a disposal of a capital asset (e.g. certain shares, an investment property, a business, etc.) anytime between 1st January and 30th November 2014 you will be obliged to pay your Capital Gains Tax by 15th December 2014.

If you decide to wait and dispose of your asset between 1st December and 31st December 2014 then your payment will be due by 31st January 2015.

What happens if you miss these deadlines?

Interest of 0.0219% per day will be applied to all late payments of Capital Gains Tax.

What happens if you make a gain in the first part of the year and a loss in the second part?

Read More

Written by | Posted in Capital Gains • Europe, Middle East • Tax Policy

States Without An Income Tax – Good Idea?

California’s largest tax revenue source by far is its personal income tax. This tax generated 67% of total tax revenues for FY 2012-2013’s General Fund. As shown in the pie chart from the California State Controller’s Office, the corporate income tax only provided 8% of state tax revenues.

Seven states do not impose an income tax and two states impose it on only a portion of one’s income. How can they do that? A recent article in Cleveland.com answers that question. See “No-income-tax states use other taxes to pay the bills: Axing Ohio’s Income Tax,” by Robert Higgs, 10/2/14.

The seven states without an income tax are: Read More

Written by | Posted in Corporate • Income Tax

Virtual Currencies: The Modern-Day Equivalent of Your Father’s Offshore Bank Account?

In this high tech era of GPS trackers and unmanned drones, new concerns are emerging over the erosion of personal privacy space. A new federal law compels the Federal Aviation Administration to allow drones to be used for all sorts of commercial endeavors – from selling real estate to monitoring oil spills. That same law also makes it easier for local police to send up their own drones. This raises new concerns about how much detail the drones will capture about lives down below. Some advocacy-rights groups are quick to point out that this is nothing more than “routine aerial surveillance of American life.”

But as frightening as it might be to think that you could come face-to-face with a drone taking pictures outside of your third-floor fire escape, there is something even more Read More

Written by | Posted in International

TaxConnections CEO Welcomes About.com Writer/Editor William Perez

As  the Founder and CEO of www.taxconnections.com, I want to welcome About.com Freelance Writer/Editor William Perez. William Perez is interested in interviewing members of TaxConnections on a wide variety of subject matters on tax. William joined TaxConnections and is eager to speak with and interview our members for media articles on tax topics. We encourage all of our members to reach out to William and send him a message at  https://www.taxconnections.com/profile/William-Perez/12261048 with interesting stories on a wide range of subject matters.

We are fortunate in the TaxConnections community as we have tax experts from all over the world joining an interactive experience only available through membership in TaxConnections Worldwide Directory of Tax Professionals. Our members are leading the Read More

Written by | Posted in TaxConnections

Kentucky Department of Revenue – Secrets Revealed

Many states, like my home state of Florida, have broad freedom of information laws. Known in Florida as the Sunshine Laws, the state’s citizens can request a wide range of information from the government. Under the laws, so long as the information is not made confidential by a specific statute/law, then the government has an obligation to provide the citizen with whatever is requested. As a state and local tax (“SALT”) practitioner, I often use this knowledge to my advantage. I often request documents and statistics from the state that I find beneficial to myself, my client, or my practice.

Other states have similar laws. In Kentucky, the Open Records Act gives its citizens a mechanism to request a broad spectrum of information from its government. Like many state agencies believe, the Kentucky Department of Revenue thought it was above the law. Read More

Written by | Posted in North America • State And Local Tax (SALT)

IRS Issues Final Regs On Deductibility of Local Lodging Expenses

On September 30, 2014, the IRS issued final regulations in T.D. 9696, allowing employees to deduct expenses paid or incurred for local lodging as business expenses.

The general rule is that local lodging expenses for an individual are nondeductible personal expenses. The new regulations provide that local lodging expenses that meet certain criteria are deductible as ordinary and necessary business expenses under IRC 162.

The regulations state that local lodging expenses that meet either a facts and circumstances test or satisfy safe harbor requirements are deductible by an individual if incurred directly. Read More

Written by | Posted in International • IRS • Tax Deductions

Taxpayers Rights When Audited By Tax Authorities In South Africa (Chapter 7.7) Final Post

Posted in sections, this is my Doctoral Thesis on taxpayers rights when audited by the tax authorities in South Africa – equally applicable to many English-based law systems in Africa and abroad (eg. India). This will be of particular use to any tax practitioners doing work in Africa and in other English-based legal systems around the world.

Analysis of Challenging The Commissioner’s Discretionary Powers In Auditing Taxpayers under The Constitution of The Republic of South Africa

CHAPTER 7 – CONCLUSION

7.7 THE PROPOSED TAX ADMINISTRATION ACT – Final Post Read More

Written by | Posted in Africa • Audit

Learn How Tax Professionals Are Surpassing Competitors – A Gift Is Included

Have you noticed just about everything has changed with technology over the past twenty years? Have you noticed that people now go to the web to find a tax professional? They no longer wait around for a referral. The client acquisition game has changed and for the first time in history tax professionals are surpassing their competitors with bigger brand names. A fundamental shift in how tax services are sold has opened the eyes of the thousands of tax professionals now utilizing new technology only available at www.taxconnections.com. The old ways of selling your tax expertise to prospective clients or even to potential employers is fundamentally changing right before your very eyes. We have the only technology available that is leading the way for the extraordinary shift in selling tax services. We know it is vitally important to your success that you learn about it Read More

Written by | Posted in TaxConnections

The Unknown Tax Comic – Part 8

♦ On my income tax Form 1040 it says “Check this box if you are blind.” I wanted to put a check mark about three inches away. — Tom Lehrer

♦ Suggested simplified tax form: How much money did you make last year? Mail it in. — Stanton Delaplane

♦ Jokes that tax accountants tell their children:
Why was 6 afraid of 7? Because 7 8 9

♦ Dear Internal Revenue Service:

Enclosed you will find my 2013 tax return showing that I owe $3, 407.00 in taxes. Please Read More

Written by | Posted in Tax Humor • TaxConnections

Taxpayers Rights When Audited By Tax Authorities In South Africa (Chapter 5.5.6 – 5.5.6.7)

Posted in sections, this is my Doctoral Thesis on taxpayers rights when audited by the tax authorities in South Africa – equally applicable to many English-based law systems in Africa and abroad (eg. India). This will be of particular use to any tax practitioners doing work in Africa and in other English-based legal systems around the world.

Analysis of Challenging The Commissioner’s Discretionary Powers In Auditing Taxpayers under The Constitution of The Republic of South Africa

CHAPTER 5 – JUDICIAL REVIEW WITH REFERENCE TO SS 74A AND 74B –

5.5.6.7 Natural justice and Procedural Fairness Read More

Written by | Posted in Africa • Audit
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