The Government Accountability Office today released Tax Gap: Actions Needed to Address Noncompliance with S Corporation Tax Rules (GAO-10-195): According to IRS data, about 68% of S corporation returns filed for tax years 2003 and 2004 (the years data were available) misreported at least one item. About 80% of the time, misreporting provided a tax advantage to the corporation and/or shareholder. The most frequent errors involved...more
What is Taxable Income Almost all income accrued in Singapore by a person or business is subject to income tax. All sales transactions that occur in Singapore or monies received in Singapore are taxable. Taxable income includes income from your business, salary from employment, interest earned on your deposits and rental income. Personal Income Tax for Foreigners Working in Singapore Foreign employees working in Singapore are...more
Finding a tax accountant in the UK may be a necessary course of action for businesses registered in the United Kingdom. Keeping proper, accurate and up to date financial records can mean the difference between a peaceful existence and locking horns with the government over underpaid or unpaid taxes. As with anything it is much easier and less stressful to deal with potential problems early than to have to deal with the aftermath. Finding a professional and knowledgeable UK accountancy firm can make the life of a business owner much more peaceful.If your company does not directly employ a member of staff who is properly qualified to handle the accounts then it is essential to pass them off to an outside accountancy firm.Rather than the business owner or general member of staff endeavouring to muddle through the finanical accounts on their own, passing the work off to a professional and appropriately trained accountancy firm is a far more efficient and cost effective option. However, it is equally important to ensure that you choose the right accountancy firm for your business. Outsourcing to an accountancy firm that does not come up to your expectations can lead to a waste in...more
Once a month there's an electric bill coming in the mail with your name on it. For the next week, it's telling the kids to shut the lights off when you're done, And most of the time, you turn them off yourself. Right? Meanwhile downstairs there's the TV, stereo, lights, computer, and a play station going. You have to give them...more
If you have unpaid taxes owed to the IRS you should be looking for a resolution to this problem. The longer you wait to resolve the problem the worse things are going to get. Although the IRS often times works very slowly, you can be sure of one thing: they are going to realize soon enough that you have unpaid taxes. At that point...more
With real estate being touted as a wise investment in ones future, it is important that you know all of the positives and negatives that come along with being a property holder. Taxation is a familiar road that all of us travel, but it is important that you look beyond your tunnel vision and actually see what is happening to your dollar. Recently the Wall Street Journal did opinion piece on the amount of times that a dollar really gets taxed. This information opened Pandora’s Box with regards to real estate investing, and the level of taxation that is placed upon a real estate investor’s dollar. If you look at an individual dollar from the time that it is earned throughout an entire year, there are at least three distinct times that this dollar can get a bite taken out of it by local and federal gluttons. The first bite comes as personal earnings are taxed by federal and state income taxes. The next bite comes in the form of the “Capital Gains Tax”. If you invest your once bitten dollar into a real estate deal, and you are fortunate enough to receive a profit back, your dollar gets munched on for the second time by the capital gains tax. The third and final...more
When you decide to use a function, you will find that each function has a set of rules that affect the way in which the function will operate and the order in which the parameters of the function will operate. The components that are used by a...more
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As there are online tax filing software and services are available, paying taxes has become easy and convenient. The IRS provides you with Free File tax preparation software that lets you do your taxes for free but the only thing is you...more
With the European Union expanding and borders contracting, more and more people are entering the UK, with figures reporting over 1,500 migrants entering a day.Many foreigners believe they do not have to pay any taxes when working abroad. This is...more