Related Research Articles
Financial statements are formal records of the financial activities and position of a business, person, or other entity.
Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care.
The Low-Income Housing Tax Credit is a dollar-for-dollar tax credit in the United States for affordable housing investments. It was created under the Tax Reform Act of 1986 (TRA86) and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. LIHTC accounts for the majority of all affordable rental housing created in the United States today. As the maximum rent that can be charged is based upon the Area Median Income ("AMI"), LIHTC housing remains unaffordable to many low-income renters. The credits are also commonly called Section 42 credits in reference to the applicable section of the Internal Revenue Code. The tax credits are more attractive than tax deductions as the credits provide a dollar-for-dollar reduction in a taxpayer's federal income tax, whereas a tax deduction only provides a reduction in taxable income. The "passive loss rules" and similar tax changes made by TRA86 greatly reduced the value of tax credits and deductions to individual taxpayers. Less than 10% of current credit expenditures are claimed by individual investors.
Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.
The Canada Revenue Agency is the revenue service of the Government of Canada. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits for the federal government and most provincial and territorial governments. It also oversees the registration of charities in Canada.
Double taxation is the levying of tax by two or more jurisdictions on the same income, asset, or financial transaction.
A use tax is a type of tax levied in the United States by numerous state governments. It is essentially the same as a sales tax but is applied not where a product or service was sold but where a merchant bought a product or service and then converted it for its own use, without having paid tax when it was initially purchased. Use taxes are functionally equivalent to sales taxes. They are typically levied upon the use, storage, enjoyment, or other consumption in the state of tangible personal property that has not been subjected to a sales tax.
Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. Tax amnesty is one of voluntary compliance strategies to increase tax base and tax revenue. Tax amnesty is different from other voluntary compliance strategies in part where tax amnesty usually waives the taxpayers' tax liability. India had run one of the biggest Tax Amnesty scheme - IDS,2016 in the world in 2016 and managed to gather around $4 billion as taxes in 4 months.
The European Union withholding tax is the common name for a withholding tax which is deducted from interest earned by European Union residents on their investments made in another member state, by the state in which the investment is held. The European Union itself has no taxation powers, so the name is strictly a misnomer. The aim of the tax is to ensure that citizens of one member state do not evade taxation by depositing funds outside the jurisdiction of residence and so distort the single market. The tax is withheld at source and passed on to the EU Country of residence. All but three member states disclose the recipient of the interest concerned. Most EU states already apply a withholding tax to savings and investment income earned by their nationals on deposits and investments in their own states. The Directive seeks to bring inter-state income into the same arrangement, under the Single Market policy.
Tax-free shopping (TFS) is the buying of goods in a foreign country and obtaining a refund of the sales tax which has been collected by the retailer on those goods. The sales tax may be variously described as a sales tax, goods and services tax (GST), value added tax (VAT), or consumption tax.
Under Section 1031 of the United States Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and purchase of real estate, a process sometimes called a Starker exchange.
Internal Revenue Service (IRS) tax forms are forms used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service of the United States. They are used to report income, calculate taxes to be paid to the federal government, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other tax forms in the United States are filed with state and local governments.
Back taxes is a term for taxes that were not completely paid when due. Typically, these are taxes that are owed from a prior year. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
The Multistate Tax Commission is a United States intergovernmental state tax agency created by the Multistate Tax Compact in 1967. As of 2011, 47 states are members of the Commission in some capacity. Commission members, acting together, attempt to promote uniformity in state tax laws. Its actions do not have the force of law, and member states may opt not to follow its recommendations.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report the assets and identities of such persons to the U.S. Department of the Treasury. FATCA also requires such persons to report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938, which is in addition to the older and further redundant requirement to report them annually to the Financial Crimes Enforcement Network (FinCEN) on form 114. Like U.S. income tax law, FATCA applies to U.S. residents and also to U.S. citizens and green card holders residing in other countries.
The Liechtenstein Disclosure Facility (LDF) is an agreement between the governments of Liechtenstein and the United Kingdom which enables UK citizens to declare previously undisclosed assets to Her Majesty's Revenue and Customs (HMRC). The LDF, which came into force on 1 September 2009, is designed to be a proactive initiative which encourages individuals to voluntarily regularize their affairs. The scheme offers more favourable terms than other tax investigations, with participants normally receiving a fine of 10 per cent of tax due instead of 100 per cent, with tax interest and penalties only sought for the previous 10 years rather than the previous 20 years.
Under the federal law of the United States of America, tax evasion or tax fraud, is the purposeful illegal attempt of a taxpayer to evade assessment or payment of a tax imposed by Federal law. Conviction of tax evasion may result in fines and imprisonment. Compared to other countries, Americans are more likely to pay their taxes fairly, honestly, and on time.
Black Money and Imposition of Tax Act, 2015 is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015. It came into effect from 1 July 2015.
Tax pooling allows New Zealand taxpayers to pool their provisional tax payments together in an account held by a registered tax pooling intermediary at Inland Revenue (IRD) so that underpayments by some can be offset by overpayments of others. Taxpayers receive/pay an interest rate that is higher/lower than IRD's rates if they overpay/underpay provisional tax. Intermediaries operate under legislation set out in the Income Tax Act 2007 and Tax Administration Act 1994.
Texas Tax Code Chapter 313 creates a state tax incentive program for certain large businesses to limit the appraised value on their property for the purposes of local Texas public school district property taxes.
References
- ↑ "Voluntary Disclosure Program". CT.gov. Retrieved 11 January 2014.
- ↑ "What is a Qualified Entity?" . Retrieved 11 January 2014.
- ↑ "Foreign Accounts Compliance" . Retrieved 27 February 2018.
- ↑ "Abatement of Interest" . Retrieved 11 January 2014.