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 considered tax resident, and therefore must pay income tax unless: It is a short-term employment not exceeding 60 days in a calendar year; or The earnings are exempt from tax under the Avoidance of Double Taxation Agreement When a foreign employee plans to end his employment in Singapore, his employer is required to inform Inland Revenue Authority of Singapore before termination of his employment or departure from Singapore. The employer must withhold all money due to the employee until tax clearance is given. Income Tax Returns Filing All Singapore residents who work in Singapore or have accrued income must file for income tax returns. All completed income tax returns forms are to be submitted to the Singapore Tax Department by the 15th of...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...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 credit for their...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 they will get in touch with you to start the collection process.The first thing you must do in resolving unpaid taxes is to find out how much you owe. This will in turn give you an idea of how much of the total debt you can afford to pay. If you have enough money to pay the entire bill, you should do so as soon as possible. This will resolve your unpaid taxes and put the issue behind you.There are several other things you can do to resolve unpaid taxes:1. Hire a tax professional. Why take on this problem alone? If you hire a professional you do not have to worry about making any mistakes. One who is experienced and knowledgeable of the tax code can help you resolve your unpaid taxes in a short period of time. The reason why there are so many tax professionals is because it is a fact that taxes are complex and people do need professionals to...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...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