If you’re worried about Uncle Sam taking an especially close look at your tax return, you’re not alone. It’s only natural to feel uneasy about an audit when you’re tallying your financial records. The good news is your chances of an audit are slim. On average, only about 1% of all individual returns filed during the previous three years (2006, 2007 and 2008) were audited. Roughly 36% of the returns audited were selected...more
Here is a statistic that will make you mad: 55% of the corporations in this country, big business corporations, pay no taxes at all.Did they make a profit? Well, that depends on how you look at it. The real question is, did they make taxable income? The answer for these tax avoidance corps is decidedly no! Worse yet, if you look at what Corporate America actually contributes to the tax collector, the stats are amazingly low.This we...more
The IRS is probably the most feared arm of the United States government. There are people who fear the IRS more than they do the FBI or the CIA. In facing this branch of the government, you will need a lot of help. While some people may advice you to get a Certified Public Accountant, there are lot of reasons not to do so. In fact, what you should do is get a tax law attorney. Why should you hire a tax law attorney? First of all, facing the IRS means that you either haven't hired an accountant, or your current accountant has done a pretty bad job of managing your finances. This means that it is already too late to hire another CPA to fix your problem. The IRS has already done the math, so you will be wasting resources if you hire another person to do it all over again. You need to focus on areas that you still need to prepare for. What you need is a competent tax law attorney to help you with the legalities that you will be facing. There is also the issue of client-attorney confidentiality. While a CPA can be forced to divulge any information concerning your accounts to a court, a tax law attorney is legally exempted from doing so. Remember that this confidentiality...more
Srinivasan Anand G.The Direct Taxes Code Bill, 2009 is silent on the tax treatment of reverse mortgage. The author opines that having regard to the nature of the transaction, the position which prevails under the Income-tax Act, 1961 will continue under the Code also. However, it is desirable that express provisions be incorporated.1. Under section...more
Mobile digital signage no matter if it is a topper on a taxi cab or a fully mobile billboard truck, mobile signage is growing 90% faster than last year. We are constantly asked for signage enclosures for projects were they are going to be used in mobile digital signage applications, the benefit of mobile signage say using a billboard...more
Hong Kong is a central hub for business in Asia. It is extremely popular for a variety of reasons, including political stability, economic freedom and tax benefits. Hong Kong has one of the lowest tax rates in the world for a developed country, and has an intricate and effective tax system that allows companies to conduct business without being overpowered by their tax liabilities. Indeed, Hong Kong is rated as the worlds 3rd friendliest tax system by Forbes (Tax Misery & Reform Index 2009). Corporate Tax in Hong KongGiven the large number of companies that operate in Hong Kong or have an offshore business in Hong Kong, an understanding of Hong Kong tax implications begins with corporate tax. In Hong Kong, any company conducting business on or offshore can be liable to corporate tax. Profits sourced in Hong Kong are taxed at a low rate of 16.5%, and unincorporated businesses are taxed at 15%. Profits that are sourced overseas, also known as offshore profits, benefit from a zero tax rate, even when remitted back to Hong Kong. Profits derived from operating ships in Hong Kong are treated as offshore profits and are not liable to tax, but profits derived by professional reinsurers for...more
Many entrepreneurs and individuals have heard about offshore banking, but are unsure about the benefits, the legal implications and even what it is exactly. By gaining a better understanding of what offshore banking really is entrepreneurs can decide...more
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They say that this tea is a darling. Yes, Darjeeling tea is often referred to by many as the finest in the world. Because of this, many people would seek only the finest Darjeeling to complete their afternoons.You may think that there are a lot of...more
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