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Fin24.com | 12 tips for taxpayers to better understand section 12J investments

By the end of February, most taxpayers are looking for every opportunity to reduce their tax liabilities.




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GSTN allows inter-head cash transfer for taxpayers; resolves cash flow issues

GSTN added that a taxpayer can now transfer the amount available in an electronic cash ledger from one major head to another major head, keeping the minor head the same.




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California Sues Uber And Lyft For 'Cheating' Drivers And Taxpayers

The state accuses the ride-hailing apps of flouting a labor law by classifying drivers as independent contractors instead of employees.




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Wages of NRL and AFL players set to be paid by taxpayer thanks to JobKeeper scheme

The Government's proposed JobKeeper payment is set to move the goalposts in desperate negotiations between sporting codes and their players amid the coronavirus pandemic.




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Four Swiss Bankers Charged with Helping U.S. Taxpayers Use Secret Accounts at Swiss Banks to Evade U.S. Taxes

Marco Parenti Adami, Emanuel Agustino, Michele Bergantino and Roger Schaerer, bankers at an international bank, were indicted by a federal grand jury in the Eastern District of Virginia and charged with conspiring with other Swiss bankers to defraud the United States.



  • OPA Press Releases

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Former UBS Banker Charged with Helping U.S. Taxpayers Use Secret Swiss Bank Accounts to Evade U.S. Taxes

Martin Lack, a former UBS AG banker who is currently an independent asset manager, has been charged with conspiracy to defraud the United States.



  • OPA Press Releases

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Two Los Angeles Residents Permanently Barred by Federal Court from Forming Trusts for Taxpayers

A federal court in California has permanently barred Gwenn Wycoff and Frank Ozak from forming trusts for others.



  • OPA Press Releases

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Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers with Offshore Accounts at Canadian Imperial Bank of Commerce’s FirstCaribbean International Bank

The Justice Department announced that late yesterday a federal court in San Francisco entered an order authorizing the Internal Revenue Service to serve a John Doe summons seeking information about U.S. taxpayers who may hold offshore accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank.



  • OPA Press Releases

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Court Authorizes IRS to Issue Summonses for Records Relating to U.S. Taxpayers with Offshore Bank Accounts

Five Banks Directed to Produce Records for Accounts at Zurcher Kantonalbank, The Bank of N.T. Butterfield & Son Limited and Affiliates



  • OPA Press Releases

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California Banker Charged with Helping U.S. Taxpayers Conceal Secret Israeli Bank Accounts

Shokrollah Baravarian, of Beverly Hills, California, was charged today in the U.S. District Court for the Central District of California with conspiracy to defraud the United States.



  • OPA Press Releases

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Credit Suisse Pleads Guilty to Conspiracy to Aid and Assist U.S. Taxpayers in Filing False Returns

Credit Suisse AG pleaded guilty today to conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other documents with the Internal Revenue Service.



  • OPA Press Releases

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Remarks by Assistant Attorney General for the Criminal Division Leslie R. Caldwell at the Taxpayers Against Fraud Education Fund Conference

Qui tam cases are a vital part of the Criminal Division’s future efforts. We encourage you to reach out to criminal authorities in appropriate cases, even when you are discussing the case with civil authorities. The sooner we on the criminal side learn about potential criminal conduct, the sooner we can investigate.




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7 of Top 10 Counties by Share of Taxpayers Claiming EITC Are in Mississippi


In new Urban-Brookings Tax Policy Center analysis of Earned Income Tax Credit (EITC) take-up at the county level, Benjamin Harris, a fellow in Economic Studies, and Research Assistant Lucie Parker use zip-code level data on taxes and demographics to take a "fresh look" at the EITC. "Since its creation in 1975," they write, "the Earned Income Tax Credit has played a major role in the U.S. safety net." Earlier this year, Harris presented EITC take-up using IRS data from 2007. Compare that to the new list of ten counties with the highest share of EITC recipients below:

Rank  County EITC Share (pct)
10 Sharkey Co., MS 50.5
9 Quitman Co., MS 50.7
8 Coahoma Co., MS 51.6
7 Starr Co., TX 52.1
6 Claiborne Co., MS 52.7
5 Humphreys Co., MS 53.0
4 Buffalo Co., SD 54.1
3 Shannon Co., SD 54.5 
2 Holmes Co., MS 55.5
1 Tunica Co., MS 56.1

"The regional variation EITC claiming is stark," Harris and Parker conclude. "The counties with the highest share of taxpayers claiming the EITC are overwhelming located in the Southeast. ... [O]ver half the taxpayers in a large share of counties in Alabama, Georgia, and Mississippi claim the EITC. With few exceptions, almost all counties with high EITC claiming are located in the South. Relative to the South, the Northeast and the Midwest have much lower claiming rates. Moreover, average EITC benefit closely follows the pattern for share of taxpayers taking up the credit: in counties where more taxpayers claim the credit, the credit is larger on the whole."

Visit this U.S. map interactive to get county level data on share of taxpayers claiming EITC as well as average EITC amount, in dollars, per county.

Authors

  • Fred Dews
     
 
 





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Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance




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Tax-News.com: India Consults Taxpayers On Income Tax Law Reform

India has launched a consultation on efforts to reform the country's 1961 income tax law, to be led by a newly constituted task force.




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Tax-News.com: Switzerland Sends 2019 Taxpayer Data Under CRS

Switzerland's Federal Tax Administration has announced the exchange of information on millions of financial accounts with 75 partner countries.




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Tax-News.com: Switzerland To Share Taxpayer Data With Hong Kong, Singapore

Switzerland's agreements for the automatic exchange of financial account information with Hong Kong and Singapore have entered into force.




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Tax-News.com: Malaysian Taxpayers Seek 'Fairer' Tax System

The Consumers Association of Penang (CAP) has called on the Malaysian Government to reintroduce inheritance tax in the Budget 2018.




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Tax-News.com: New Zealand To Better Track Taxpayers' Property Transactions

New Zealand's Inland Revenue has announced that those who buy and sell property will be required to provide their IRD number on land transfer documentation, to improve the agency's ability to enforce the tax rules on property speculation.




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Tax-News.com: Switzerland To Share Taxpayer Data With Hong Kong, Singapore

Switzerland's agreements for the automatic exchange of financial account information with Hong Kong and Singapore have entered into force.




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Tax-News.com: Switzerland Legislates To Improve Taxpayer Oversight

The Swiss Federal Council will bring into force legislation on the implementation of recommendations made by the Global Forum on Transparency and Exchange of Information for Tax Purposes.




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Tax-News.com: Switzerland Sends 2019 Taxpayer Data Under CRS

Switzerland's Federal Tax Administration has announced the exchange of information on millions of financial accounts with 75 partner countries.




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Tax-News.com: US Taxpayer Body Argues Against Steel, Aluminum Tariffs

The National Taxpayers Union has called upon the US Department of Commerce to halt its investigation into steel and aluminum imports, claiming that imposing tariffs would be "an economically inefficient solution to a narrow problem."




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Tax-News.com: Irish Taxpayers Must Renew 2014 Tax Rulings

Companies with a tax ruling dating from 2014 from the Irish Revenue have been encouraged to renew these before they expire.




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Tax-News.com: Pakistan Targeting Panama, Bahamas Leaks Taxpayers

Pakistan's Finance Minister, Mohammad Ishaq Dar, has directed the Federal Board of Revenue to approach the tax authorities of nine territories about information in the Panama and Bahamas leaks.




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Tax-News.com: Jersey Reassures Taxpayers Over Return Delays

Revenue Jersey has sought to reassure taxpayers over fears that they will be charged the default effective rate of tax from next January.




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Tax-News.com: US Taxpayers Can Apply Online For COVID-19 Economic Impact Payments

On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act.




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OECD releases schedule for Action 14 peer reviews and invites taxpayer input

On 20 October, the OECD released the key documents that will form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan. In accordance with the Assessment Methodology, the reviews will be conducted in batches, with the first batch commencing in December 2016.




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OECD invites taxpayer input on peer reviews of Dispute Resolution (BEPS Action 14)

The OECD is now gathering input for the Stage 1 peer reviews of Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire.




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OECD invites taxpayer input on third batch of Dispute Resolution peer reviews

The OECD is now gathering input for the Stage 1 peer reviews of the Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire.




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OECD invites taxpayer input on fourth batch of Dispute Resolution peer reviews

The OECD is now gathering input for the Stage 1 peer reviews of Australia, Ireland, Israel, Japan, Malta, Mexico, New Zealand and Portugal, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire.




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OECD releases third round of peer reviews on implementation of BEPS minimum standards on improving tax dispute resolution mechanisms and calls for taxpayer input for the fifth round

As the BEPS Action 14 continues its efforts to make dispute resolution more timely, effective and efficient, eight more peer review reports have been released today. These eight reports highlight how well jurisdictions are implementing the Action 14 minimum standard as agreed to in the OECD/G20 BEPS Project.




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OECD invites taxpayer input on sixth batch of Dispute Resolution peer reviews (BEPS Action 14)

The OECD is gathering input for the Stage 1 peer reviews of Argentina, Chile, Colombia, Croatia, India, Latvia, Lithuania and South Africa, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire.




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Simplified registration and collection mechanisms for taxpayers that are not located in the jurisdiction of taxation

This paper reviews and evaluates the efficacy of simplified tax registration and collection mechanisms for securing compliance of taxpayers over which the jurisdiction with taxing rights has limited or no authority to effectively enforce a tax collection or other compliance obligation.




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OECD invites taxpayer input on seventh batch of Dispute Resolution peer reviews

The OECD is gathering input for the Stage 1 peer reviews of Brazil, Bulgaria, China (People's Republic of), Hong Kong (China), Indonesia, Papua New Guinea, Russian Federation and Saudi Arabia, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire.




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OECD invites taxpayer input on eighth batch of dispute resolution peer reviews

The OECD is now gathering input for the BEPS Action 14 Stage 1 peer reviews of Brunei, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino and Serbia, and invites taxpayers to submit input on specific MAP-related issues by 19 March 2019.




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OECD invites taxpayer input on ninth batch of dispute resolution peer reviews

The OECD is now gathering input for the Stage 1 peer reviews of Andorra, Anguilla, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Faroe Islands, Macau (China), Morocco and Tunisia, and invites taxpayers to submit input on specific MAP-related issues by 12 August 2019.




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OECD invites taxpayer input on tenth batch of dispute resolution peer reviews

The OECD is now gathering input for the Stage 1 peer reviews of Andorra, Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, United Arab Emirates and Viet Nam, and invites taxpayers to submit input on specific MAP-related issues by 16 December 2019.




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Tax administration responses to Covid-19: support for taxpayers

These suggestions are not recommendations but are intended to assist administrations globally in their consideration of appropriate measures in their own national contexts to help taxpayers during this difficult period.




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Tackling the coronavirus: OECD Forum on Tax Administration publishes actions that tax administrations are currently taking to support taxpayers

In the light of the worsening global impacts of Covid-19 on individual taxpayers, businesses and the wider economy, the OECD Forum on Tax Administration (FTA) has today published a global reference document setting out actions that FTA tax administrations are currently taking to support taxpayers.




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President Trump's golf trip to Scotland cost taxpayers $1.2MILLION

Contracts show $1,094,250.39 was spent on cars, $30,073.58 was spent on installing phone lines and $30,073.58 was paid to SLC Turnberry Limited, which is part of The Trump Organization.




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ALISON BOSHOFF asks why fatcats worth millions want taxpayers to cover staff wages during lockdown

ALISON BOSHOFF: With Prince Charles not asking for help from the Government's coronavirus furlough scheme - but Victoria Beckham among those taking it - it's sparking furious debate.




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Labour campaign to shut down private schools 'could cost taxpayers billions'

Class sizes and costs for local councils would soar of thousands if extra students has to be absorbed by the state system, the Independent Schools Council (ISC) warned.




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Why we are nowhere near a Zika vaccine - despite millions of taxpayers’ money spent

Even with pre-clinical and early stage clinical trials underway, we still may not see a Zika vaccine licensed and approved for use in humans for years.




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Taxpayers' money STILL being used to fund despotic regimes

The Foreign Office has been condemned by senior MPs and human rights groups for continuing to use aid money intended to alleviate poverty to help some of the world's most brutal regimes.




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Victoria Beckham unrepentant for spending taxpayer cash on furloughed staff and thinks she's victim

Last Sunday was the third and final day of Victoria Beckham's extended 46th birthday celebrations. Already she had enjoyed a 'virtual' party hosted by a celebrity DJ friend and broadcast on Instagram.




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ALISON BOSHOFF asks why fatcats worth millions want taxpayers to cover staff wages during lockdown

ALISON BOSHOFF: With Prince Charles not asking for help from the Government's coronavirus furlough scheme - but Victoria Beckham among those taking it - it's sparking furious debate.




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Taxpayers coughed up $7million in one year on cocktail parties including $165,000 for sports dinners

Taxpayers in 2017 stumped up $45,000 and $120,000 for two separate Australian Sports Commission dinners in Melbourne and Sydney hosted by cabinet minister Greg Hunt.




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Taxpayers say it's time for Prince Harry and Meghan Markle to pay back £2.4m cost to fix up Frogmore

The couple took the eye-watering sum from the Sovereign Grant in April last year to fund the massive renovations at their home on the Windsor estate in Berkshire (pictured).