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TAX

IRS provides tax inflation adjustments for tax year 2022

2 mins read

The FINANCIAL — The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 PDF provides details about these annual adjustments.…

Is Life Insurance Taxable? What You Need To Know About Taxable Life Insurance

2 mins read

The saying goes, the only sure two things in life are death and taxes. But if you have planned ahead and bought life insurance for after your death, are the taxes still a sure thing?  …

IRS Free File Can Help People Who Have no Filing Requirement Find Overlooked Tax Credits and Get a Refund

3 mins read

The FINANCIAL -- The Internal Revenue Service urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free.…

IRS Criminal Investigation identifies $2.3 bln in tax fraud

2 mins read

The FINANCIAL — The Internal Revenue Service released the Criminal Investigation Division’s annual report PDF, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of over $10 billion in tax fraud and other financial crimes. “The special agents and professional staff…

National EIP Registration Day: Community partners can help people sign up for Economic Impact Payment

2 mins read

The FINANCIAL — The Internal Revenue Service urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, Nov. 10. National EIP Registration Day is part of the agency’s further concerted push with partners across the country…

IRS urges students to register so they can receive $1,200 Economic Impact Payment

2 mins read

The FINANCIAL — The Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. In advance of the National EIP Registration Day on November 10 and highlighted in…

IRS and tax industry warn taxpayers of a new coronavirus-related scam

1 min read

The FINANCIAL — The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security Summit, remind taxpayers…

Internal Revenue Service announced changes to help struggling taxpayers

3 mins read

The FINANCIAL — The Internal Revenue Service announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding…

IRS released tax inflation adjustments for 2021

2 mins read

The FINANCIAL — The Internal Revenue Service announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the…

International community addresses tax challenges that occur from digitalisation of the economy

2 mins read

The FINANCIAL — The international community has made substantial progress towards reaching a consensus-based long-term solution to the tax challenges arising from the digitalisation of the economy, and agreed to keep working towards an agreement by mid-2021, according to a Statement released today. The OECD/G20 Inclusive Framework on BEPS, which groups 137 countries and jurisdictions on an equal footing…

Apple won appeal over €13 billion against EU

2 mins read

The FINANCIAL — The General Court of the European Union issued its judgment in the Apple State Aid case today (Wednesday 15 July 2020) annulling the European Commission Decision. In 2016 The European Commission concluded that Ireland granted undue tax benefits of up to €13 billion to Apple and it was illegal under EU state aid rules. The Irish…

The UK’s tax regime should be simplified, Blick Rothenberg

2 mins read

The FINANCIAL -- The UK’s tax regime should be simplified in an effort to get the UK economy open again, say leading tax and advisory firm Blick Rothenberg.…

Facebook sued for $9bn in a tax court trial

2 mins read

The FINANCIAL — The Internal Revenue Service have accused Facebook of deliberately “downplaying” the value of its assets as part of a scheme to pay less US tax. The IRS claims that Facebook owes more than $9 billion linked to its decision to shift profits to Ireland. Trial began in a San Francisco court on…

AmCham Georgia has Criticized New Tax Rule

5 mins read

AmCham Georgia has sent letter to Minister of Finance Machavariani requesting suspension of recent changes in tax law, that requires all companies to pay tax within 5 days of import, rather than the 30 days that many companies are currently allowed. AmCham said this change can only hurt foreign investment inflow and the creation of…