Tax me, I’m a millionaire

Chris Skinner

The aim of this group is to get governments to tax them more. High Net Worth Individuals (HNWI) and Ultra High Net Work Individauls (UHNWI) are those two groups who … The post Tax me, I’m a millionaire appeared first on Chris Skinner's blog. Well, I’m actually not.

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How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance. Some people hear the words “a tax” and interpret it as “attacks” I heard a figure the other day … The post How much tax is lost each year?

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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.

When One State’s Tax-Exempt Necessity Is Another’s High-Tax Discretionary Purchase

PYMNTS

Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Campaigns against taxing obligatory items are spreading across the United States, forcing states to rethink their revenue generation decisions. Many governments historically lower or remove taxes on items they wish to make easier to purchase. Depending on the state and local taxes, a sales tax can add between 2.5

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Israel to Tax Cryptocurrencies

Bank Innovation

Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable. According to the circular, translated by multiple reports, cryptocurrencies will […]. Cryptocurrency Exclusive Bitcoin cryptocurrency

Unclaimed Money, Tax Returns, What’s Next for Credit Karma?

Bank Innovation

Exclusive Online Payments PFM Credit Karma credit karma tax personal financial mangement tax returns unclaimed moneyCould personal finance management be the next chapter in free credit-score provider, Credit Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. But I wouldn’t take it […].

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Mexico To Tax Digital Services From Other Countries

PYMNTS

Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year. The tax will cover all online applications, including video, audio streaming, images, education and others. There are stipulations for what constitutes a Mexican recipient to determine eligibility for the tax.

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Avalara Unveils eInvoicing Software For Tax Compliance In India

PYMNTS

To assist companies in following Goods and Services Tax (GST) rules in India, Avalara, Inc. However, digital invoicing standardization and mandates also leads to further benefits than only fostering adherence to tax rules.

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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.

PPP Recipients To Lose Valuable Tax Breaks

PYMNTS

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . Bloomberg reports that if SMBs qualify for loan forgiveness by using 75 percent of the funds to pay workers, they cannot deduct the wages or other business expenses paid for by the cash on their tax return, according to the seven-page IRS notice published on Thursday (April 30).

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Deep Dive: Anticipating The Post-Brexit eCommerce Tax Landscape

PYMNTS

Key international negotiations surrounding Brexit stand to reshape global eCommerce, including the kinds and amounts of taxes that online marketplaces will face. 31 whether or not a deal is signed, however, leaving businesses to guess how they should prepare for any new tax compliance obligations that could be set in motion. Tax Impact of a No-Deal Brexit . Plans also call for services that would enable tax payments via text or email.

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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. The tax, technically known as “Tax Deducted at Source” (TDS), is sent directly to an account held by the central government. The new tax would come on top of recent changes to eCommerce’s structure, which came into effect at the beginning of 2019.

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Tax Time Tardiness And The Faster Refund

PYMNTS

The federal tax filing deadline in 2020 has been waived in the wake of coronavirus disruptions. But come coronavirus or the Martian measles, taxes will be filed, and refunds issued. In time-honored tradition, tax accountants will prepare forms and the U.S. Tax firms now have an opportunity to reduce lag times and ease filing frustrations for customers, creating a better overall experience – and maybe make a few extra bucks doing it. It’s About More Than Taxes.

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The (Un)Certainty Of eCommerce Sales Taxes

PYMNTS

The only certainties in life, the saying goes, are death and taxes. We’ll underscore the certainty of the latter — taxes — for eCommerce firms and sales taxes , especially. Although taxes may be certain — just how much tax is due, and where, and perhaps even when, are all variables that are far from certain. To summarize that decision, states can tax sales by companies that do not have a physical presence within the state. Taxes, Local And Complex.

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How Sales Tax Complexities Shape eCommerce, Sellers’ Business Decisions

PYMNTS

Merchants must handle the sales tax compliance obligations of each locale from which they receive money if they want to sell online. The complexities of sales tax compliance affect business decisions by both sellers and marketplaces, according to Ted Hettich, chief sales officer at U.K.-headquartered Retailers entering the online space are met with a bewildering number of sales tax policies from different countries and jurisdictions. Strategizing around tax .

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A ‘Diaper’ By Any Other Tax Code: The Complexities Of Selling Across State Tax Laws

PYMNTS

Merchants aiming to sell nationwide must pay attention to how their goods are treated by each state’s tax code. Items considered as exempt medical necessities in some states may be taxed at high rates in others, and businesses cannot afford to be caught by surprise. For example, some states do not tax diapers and tampons to ensure that these necessities are not priced out of reach for those in need, and to avoid making only some consumers shoulder the generation of public revenue.

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Big Tech Compliance Tracker: EU Watchdogs Make ‘Big Tech Hit List’; France To Go Ahead With Digital Services Tax Plan

PYMNTS

Taxes . OECD’s Tax Reform To Be Presented To G20. The Organization for Economic Cooperation and Development (OECD) , which is based in France, said its worldwide tax reform blueprint will be put in front of the Group of 20 finance ministers.

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Death And Taxes: One Is Becoming Much More Digital

PYMNTS

After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year. But there is some good news: Despite the government shutdown, tax refunds will still be paid, according to the most recent reports.

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Intuit QuickBooks Adds New Tax Prep Features — Is Payroll Next?

Bank Innovation

EXCLUSIVE – First SME loans, now tax preparation features, business software provider Intuit QuickBooks clearly has plans of becoming a comprehensive platform for its SME customers. Well, from an evolution standpoint this new tax feature sets the foundation to where we can […]. Exclusive Lending Mobile Online Payments B2B payments Intuit IRS QuickBooks small business lending SME banking SME lending tax

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Reuters, KPMG Team For Aussie Business Taxes

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Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb. The Thomson Reuters software ONESOURCE Fringe Benefits Tax — widely used by Australia businesses — will now be supported by KPMG’s Employment Tax Advisory group. The ONESOURCE FBT software automates the tax calculations necessary to file an FBT return. “As

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French Government Institutes 3 Percent Digital Tax

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based internet companies, announcing Wednesday (March 6) the introduction of a digital tax that will impact companies including Google, Facebook, and Amazon. According to a report in CNBC , France’s finance minister announced the 3 percent tax, saying it will apply to about 30 big companies, mainly from the U.S. The tax is expected to yield France $565 million each year, reported CNBC. While the tax is tiny compared to the revenues of those large U.S.

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The Economic Case For Remote Sales Tax Uniformity

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Isaacson, a lawyer, Bowdoin College professor, senior partner at Brann & Isaacson and Data & Marketing Association tax counsel, argued Wayfair’s side in the precedent-setting Supreme Court case that has small businesses struggling. The cost of the new taxes does not seem to be weighing businesses down, but the pain of compliance certainly is, he said. . “It’s is the only country that has such a complex consumption tax system.” .

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Credit Karma Wants to Be in Top 3 Among Tax Filing Companies

Bank Innovation

EXCLUSIVE – It’s Credit Karma’s second tax season as a tax prep/filing company, and already about 3 million people have started using Credit Karma Tax, according to Jagjit Chawla, general manager of Credit Karma Tax. That number is three times the 1 million filers in the company’s last tax season. “It’s Exclusive Mobile Online Open Fintech PFM Credit Karma online banking tax filings taxes

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How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses

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Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. Tax struggles and unanswered questions can exacerbate these issues, especially considering that approximately 31 percent of millennials reported anxieties over owing tax money or receiving lower-than-expected refunds. Proper tax education is critical to any business’s future, Daher said. How a Generation’s Preferences Can Change Taxes.

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Aussie Tax Office Warns SMBs To Pay Up

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The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb. Laws that were passed in 2019 empowered the ATO to report small businesses’ tax debt to credit reporting agencies if certain criteria were met, such as if a business owed over $100,000 in tax debt or was more than 90 days in arrears.

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US Treasury: Taxes On Digital Companies Are Discriminatory

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Treasury official said a French tax plan targeting American digital companies is discriminatory against American businesses. Treasury’s top international tax official, called the taxes “ill-conceived,” and said the better option was to go after tax reform internationally at the Organisation for Economic Co-operation and Development ( OECD ). Australia is planning a similar tax plan as well. A U.S.

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TBT: Taxes, candidates, and Apple

Matt Wilcox Pro

So when sundry people and corporations manage to avoid paying billions in arguably due taxes, you’d think we might celebrate […]. MOST AMERICANS would gladly opt out of their long-term relationship with the Internal Revenue Service. To that end, a good many of us pay CPAs to ensure we don’t give the IRS one penny more than we must. Digital payments

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Navigating The ‘Hot Mess’ Of Online Food Delivery Sales Tax

PYMNTS

In commerce, when it comes to taxes, new business models beget new (tax) problems. Against that backdrop, tax collection in the nascent restaurant delivery space remains fragmented at best — and confusing at worst. And although we live in a three-dimensional world, tax policy has so many variables that it can seem like seven dimensions. Consider comments by Grubhub CEO Matt Maloney, who said in November that rivals should be charging more sales taxes on delivery fees.

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It’s Tax Day, But Paper Filers Might Not See Their Refunds Until 2021

PYMNTS

Today (July 15) is Tax Day , and despite it coming three months later than normal due to COVID-19, several million Americans will be scrambling to get their returns (or at least their applications for extensions) out the door by midnight. But as it turns out, taxpayers won’t be the only ones scrambling to deal with taxes in a timely manner this year. The vast majority of Americans – 90 percent, according to the IRS’ latest tally – now file and pay their taxes digitally.

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Big Tech Regulatory Tracker: Supreme Court Hears Arguments In Oracle, Google Dispute; Ukraine Considers Tax On Digital Platforms From Abroad

PYMNTS

Taxes. German Finance Minister: More Than 130 Nations Agree to Corporate Tax Framework. The primary aim of any deal would be to make sure that Big Tech firms like Facebook , Google and Amazon were forced to pay their fair share when it comes to tax, according to Scholz.

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Xero Targets Taxes With Instafile Acquisition

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Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution. The company connects accountants, bookkeepers and small businesses to tax authorities to maintain compliance. million paid over three years, with more paid to the tax filing firm subject to its ability to meet certain performance targets.

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EU Will Not Implement Digital Tax, Agrees To Internet Tax Reform

PYMNTS

The European Union has announced that it will not move forward with a digital tax plan covering the entire EU, but also said it would look at reforming tax laws for internet companies, according to a report from Reuters. Under the original proposed digital tax, companies like Google and Facebook could have potentially faced a 3 percent tax hit. “A The global tax reform is being prepared by the Organisation for Economic Co-operation and Development (OECD).

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As Consumers Embrace eCommerce, Tax Complexity Grows

PYMNTS

The Supreme Court ruling has started the ball rolling for states and municipalities to tax eCommerce – specifically, out-of-state firms and online marketplaces. But there have already been disputes making their way through the courts, as detailed in the latest Next-Gen Sales Tax Tracker. The tax jurisdictions number in the thousands, and the landscape is a fragmented one. Data: $57M: Expected value of state revenue to be generated by Arizona’s online transaction tax in 2020.

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Will eSports And Other Online Businesses Spike Digital Taxes?

PYMNTS

Historians and economists regularly look to tax policies to get a sense of what happened within a particular industry, society or country. No doubt the chronicles to come about the rise of the internet age and the spread of digital culture will include serious treatment of tax issues. Indeed, one of the biggest controversies involving eCommerce and its related areas – controversies not yet solved – involves whether and how to tax those activities. Taxing Confusion.

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Tax Season Adds Extra Fraud Weight For SMBs

PYMNTS

Tax season is upon U.S. In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). These cybercriminals are taking to impersonating legitimate tax service businesses and sending SMB targets with malicious email attachments and links designed to infect that SMB with malware. small businesses, and fraudsters are taking advantage.

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