2021 Tax Proposals

TrustBank

On September 15, the House Ways and Means Committee approved the tax provisions of the Build Back Better Act (BBBA), the legislation intended to implement President Biden’s social and education reforms. This proposal would be effective for tax years beginning after Dec.

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Bitcoin Daily: S. Korea Eyes Crypto Capital Gains Tax; Crypto Lawyers See Rise In Demand

PYMNTS

South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. ” But Sung Tae-yoon , an economist with Yonsei University, warned that taxing cryptocurrencies could slow the country’s tech markets.

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Amazon (And Others) Brace For India’s New eCommerce Tax

PYMNTS

The jousting over eCommerce taxes — especially for U.S. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. Amazon India and Flipkart stated that they are both studying the proposed tax.

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […]. That’s what regulators in Thailand are planning to institute.

California Expects IPO Tax Windfall

PYMNTS

California is gearing up to get a tax windfall from all the initial public offerings of California companies slated for this year. According to a report in The Wall Street Journal , close to 10 percent of the tax revenue for the state in the coming fiscal year will come from capital gains. The paper noted the revenue from taxes could grow even more as companies and executives tap the public markets to cash in. billion in tax revenue.

Cooperman: COVID-19 Could Change Capitalism Permanently

PYMNTS

The Omega Family Office chairman and CEO said the country is moving to the left, and taxes will need to be increased despite who wins this year’s presidential election. So, capitalism is changed.”.

Capital One Trains Virtual Assistant Eno To Be Proactive with New Tax Feature

Bank Innovation

Most virtual assistants are reactive, but Capital One is training its virtual assistant, Eno, to be proactive, according to Ken Dodelin, VP of conversational AI products at the bank. Operations Payments Premium Retail Wealth Management Bank of America Capital One CCG Catalyst Erica Nomi Royal Bank of Canada td bank virtual assistant

Tax Reform Shows Early Signs Of SMB Bank Lending Impact

PYMNTS

tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). Department of Treasury finalized rules that apply to SMBs on qualifying for a 20 percent tax deduction, with the National Federation of Independent Business (NFIB) applauding the initiative. However, the impact of the tax reform on the small business community is not clear, particularly so soon after the reform came into effect.

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In South Korea, Treating (And Taxing) Crypto Gains As Income

PYMNTS

To get a better handle on crypto – and to boost government coffers, perhaps – change the tax designation (and rules, of course). Under rules governing “other income,” a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible.

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Most Investors Would Put Tax Breaks Right Into Savings

Bank Innovation

investors is at its highest point since 2000, but most would still place any money from a (unlikely) tax cut right into the bank. While the majority of investors aren’t expecting a slash to their taxes, 47% of them would put the additional money towards improving their financial health, and only 8% […]. Capital Corporate DataBank Databank Online Technology financial health Investing savings tax cuts Wells FargoOptimism among U.S.

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Libra Could Pose Tax Challenges In Europe

PYMNTS

With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. Clifford Chance Partner Dan Neidle said, per the report, “In most countries, gains will be taxable, meaning consumers will have to file a detailed tax return showing all their transactions and the exchange rate at the time, and pay any tax due.

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Aussie Tax Office Reminds SMBs To Pay Debt

PYMNTS

Small and medium-sized businesses (SMBs) in Australia are being reminded by the country’s tax office that owing money to the agency is not OK, Broker News reported Friday (Feb. B2B Payments ato Australia B2B debt News Scottish Pacific SMBs taxes What's Hot In B2B

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Indonesia Reduces Import Tax Threshold To Protect Smaller Firms

PYMNTS

Indonesia has announced it’s going to reduce the threshold for taxing imported eCommerce consumer goods from $75 to $3, to help control the purchases of cheap foreign goods and help protect smaller Indonesian firms, according to a report by Reuters. They’ll be taxed at a rate of 32.5

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Mexico Eyes Investors With IPO Tax Cut

PYMNTS

Stocks in Mexico rose on the news that the country’s government would cut the tax rate for equity IPOs, and allow private pension funds the chance to invest in more instruments. The tax rate for new equity will get slashed to 10 percent from 30 percent. Luis Alberto Castañeda, head of the tax legislation department at the finance ministry, said he thinks the moves will have a “big impact on the market” and should not affect tax revenues.

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AICPA Wants To Exclude Some SMB Tax Shelters

PYMNTS

The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters. In a letter sent to the IRS last week, AICPA Tax Executive Committee Chair Annette Nellen explained that while the Tax Cuts and Jobs Act includes new conditions for SMBs to easily prepare their taxes, many cannot use those provisions because they fit the definition of a “syndicate,” and are being treated as tax shelters.

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Capital Gains — Not That Bad?

TrustBank

Recently, financial planning and investment planning discussions have focused on capital gains and the tax cost associated with them. Some clients fear that cap gains tax rates will go up with Joe Biden winning the White House and/or the US Senate flipping to Democratic control.

FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). Security & Fraud Capital One FinCEN News What's Hot

Business Advocacy Groups Fight Proposed Transaction Tax

PYMNTS

Business advocacy groups are fighting a proposed financial transaction tax aimed at limiting high-frequency trading, and decreasing the budget deficit. However, many business advocacy groups are coming out against the proposed tax, including Modern Markets Initiative (MMI), which advocates for high-frequency trading. Particularly, pension funds, which millions of Americans rely on as a main source of income after retirement, will suffer as a result of this tax.”.

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Why Timing Is Everything On Tax Day

PYMNTS

Tax Day for Americans is here, or at least it will be on Tuesday, April 17. This year is a bit of an unusual year as far as taxes are concerned, since April 15 actually falls on a Sunday. Normal protocol would automatically push the tax filing deadline to April 16, but this year, April 16 marks Emancipation Day in the nation’s capital, and so, as a holiday gift to all of us, the Internal Revenue Service (IRS) has given Americans until April 17 to file their taxes.

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Crypto Fails To Impress For Corporate Tax Payments

PYMNTS

to allow businesses to pay their corporate taxes in bitcoin. During the first tax season in which crypto payments were an option for Ohio companies, only two businesses in the state actually used cryptocurrency to do so. State Treasurer Robert Sprague spoke at the Ohio State Associated Press forum earlier this month, reports in Bitcoin Magazine said last week, where he offered new details on adoption of business crypto tax payments.

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IRS Experiences ‘Technical Difficulties’ On Tax Day

PYMNTS

While Americans rush to file their taxes this Tax Day, some computer systems at the Internal Revenue Service (IRS) are “experiencing technical difficulties.” As a result, the agency said it is having trouble taking in returns from tax preparers, The Wall Street Journal reported. Tax Day is already a stressful time for millions of Americans, even when everything goes right,” Neal said in a statement. This year, Tax Day falls on a Tuesday (April 17).

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3 Ways to capitalize on your tax season engagements

Abrigo

Every year, accountants brace themselves for the inevitable tax season. For many accountants, unfortunately, tax season means that lucrative consulting work that can diversify revenue and bolster firm growth throughout the year gets put on hold in order to handle the mountains of personal and business tax returns. However, tax season provides the opportunity for accountants to sit down with the majority, if not all, of their clients.

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Funding Options Criticizes UK Approach To Late SMB Tax Payments

PYMNTS

tax authorities’ approach to small businesses that fall behind on tax payments. Reports in AltFi said Funding Options argued that the approach by HM Revenue and Customs (HMRC) to late tax payments is “too aggressive,” citing the high number of applications HMRC submitted to shutter small businesses. The tax authority applied to close 4,160 businesses last year, reports noted.

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Bitcoin Daily: S Korea Eyes New Crypto Income Tax; Less Network Traffic Causes Drop In Bitcoin Fees

PYMNTS

South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. But individuals’ profits from virtual currency is not listed as income, they don’t end up falling under income taxes.

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How Bookkeeping Capitalizes On Young, Digital-First SMBs

PYMNTS

An entrepreneur who opens a coffee shop or launches a FinTech startup isn’t in business to crunch numbers and file taxes. B2B Payments automation B2B bookkeeping data integration Digital First FinTech Human Insight News paper checks Pilot.com SMB accounting SMB owners software taxes

Bitcoin And The Bitter Tax Bite

PYMNTS

And lest you think changes in tax policy sow confusion only in the United States, think again. Bitcoin breeched a key psychological barrier on news that the South Korean government would tax income earned by virtual currency exchanges to the tune of 24.2 who reside in economies that might see high inflation or capital controls (with devaluation a common occurrence), then the virtual currency offers a store of value not tied to the government. The taxman cometh.

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Stripe Joins Sequoia Capital India And Y Combinator In Backing India-Based Tax Filing Software Firm Clear

CB Insights

Clear , a tax filing software firm, has raised $75M in a Series C. India-based Clear offers an online platform for tax filing and processes over 10% of India’s business invoices. This round drew participation from Stripe, Think Investments, and Kora Management, among others.

UK SMEs Way Behind On Tax Payments

PYMNTS

Funding Options pointed to late B2B payments in particular as a key factor behind why small businesses are struggling to pay their taxes. tax body, reports noted, and also face the threat of tax collectors. Funding Options is promoting the use of alternative finance to help SMEs access the working capital they need to pay their tax bills. Instead, successful businesses may be paying tax bills late because their own corporate customers are paying invoices late.

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UK Election Puts Big Tech Digital Tax On Hold

PYMNTS

have resulted in a delay for legislation that is now in draft form, which would include a provision to tax larger tech firms that derive sales from the region. The bill has proposed a 2 percent tax on revenues for firms as diverse as Facebook and Amazon. The bill would also include provisions that would limit the amount of capital losses firms can use to offset against profits. A silver lining looms for Big Tech in the chaos that is Brexit.

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Accountants Urge Clarity In SMB Accounting Rules Amid Tax Reform

PYMNTS

The American Institute of Certified Public Accountants (AICPA) submitted recommendations to policymakers this week, urging clarity and simplification in how the Tax Cuts and Jobs Act impacts small business (SMBs) accounting rules. In a letter sent to the International Revenue Service (IRS) and the Treasury Department, the AICPA said tax reform legislation must provide clarity in how SMBs approach accounting compliance.

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Hacker Tracker: The Evolving Threat Of Tax Fraud

PYMNTS

Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. On the other hand, around that same time the IRS released data showing that phishing and malware incidents in the 2016 tax season increased by 400 percent. What’s Next In Tax Fraud. Security & Fraud Cybercrime Digital Shadows Hacker Tracker News tax fraud What's Hot

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Lyft IPO Oversubscribed, Could Reap $1B In CA Taxes

PYMNTS

California could receive “$1 billion or more” from the capital gains taxes on the IPO’s stock sales. “We We need those billions for education and other areas,” John Chiang, the state’s former treasurer and controller, told CNBC , adding that the collection of taxes “may not happen all at once, and could be spread over time.”. “If If you’re coming with a $19 billion valuation, you’re talking about [a state income tax rate of] 13.3

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Sales Of Small Businesses To Spike, Driven By Tax Reform

PYMNTS

this year, driven largely by tax reform. The IBBA, along with M&A Source and the Pepperdine Private Capital Markets Project, announced their research on Monday (Feb. Those professionals largely attributed the trend to tax reform and the Small Business Administration’s decision to lower minimum down payments from 25 percent to 10 percent. B2B Payments B2B IBBA M&A News SMBs tax reform What's Hot In B2B

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Tax Apps Drop While Credit Karma Retains Title

Bank Innovation

Maybe tax season has mobile users worrying about their credit history, or contemplating borrowing some cash? Tax worries seem to already be a thing of the past. Marketing Mobile Online Payments Technology Virtual Currency Bank of America Capital One Mobile Chase Mobile Credit Karma GEICO Mobile Google Wallet IRS2Go Mile IQ PayPal Square Cash U by BB&T Venmo Wells Fargo Mobile

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Tax Preparation and Investment Apps Rise in Rankings

Bank Innovation

Credit Karma is still king, but tax preparation apps and investment apps also made a strong showing in this week’s app rankings. Mobile Online Wealth Management Acorns Capital One Credit Karma IRS2G0 Robinhood VenmoThis week in the chronicles of apps in the shadow of Credit Karma’s dynasty (first of its name, guardian of credit), some interesting newcomers have joined the top 20 this Read More.

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