Browse Tag

taxes

Low-income drivers being punished by tax rules, study finds

3 mins read

The FINANCIAL — A report by an expert from The University of Manchester has found that low-income drivers are effectively being charged more than double (212%) per mile to subsidise more wealthy road users.…

New book explains how famous Mummy was murdered

5 mins read

The FINANCIAL -- A new book published explains how the famous mummy Takabuti was likely to have been murdered over 2,600 years ago. Editors Professor Rosalie David from The University of Manchester and Professor Eileen Murphy Queen's University Belfast, say a military axe was probably used from behind as she was running away from her assailant.…

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Business Management – 3 Financial Traps and Pitfalls to Avoid

4 mins read

Navigating the world of business can come with several financial traps and pitfalls that experienced entrepreneurs should know how to avoid. Nevertheless, there is always a chance that you could encounter one. Here are some of the financial traps you should avoid for the most success in your business.…

IRS Criminal Investigation identifies $2.3 bln in tax fraud

4 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

4 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

5 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

3 mins 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

7 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

5 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

4 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…