US Treasury: Taxes On Digital Companies Are Discriminatory

PYMNTS

Treasury official said a French tax plan targeting American digital companies is discriminatory against American businesses. After a European Union plan for tax reform fell apart, France, along with Britain, Italy and Spain, are moving forward with plans to tax companies like Google and Apple.

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French Government Institutes 3 Percent Digital Tax

PYMNTS

based internet companies, announcing Wednesday (March 6) the introduction of a digital tax that will impact companies including Google, Facebook, and Amazon. The tax is expected to yield France $565 million each year, reported CNBC. The French government is going after U.S.-based

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Sen. Warren Proposes 7 Percent Corporate Tax Law

PYMNTS

Elizabeth Warren announced her vision for a revamped corporate tax law, The Wall Street Journal reported Thursday (April 11), an initiative that could raise $1 trillion over 10 years. corporations and heighten overall corporate tax collections by 30 percent over a decade.

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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.

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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.

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Procure-To-Pay’s Tax Conundrum

PYMNTS

“Over the past few years, governments have begun using Big Data and technology to digitize existing and new tax regulations in an attempt to reduce value-added tax (VAT), and sales- and use-tax gaps,” he told PYMNTS in a recent interview.

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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.

SMB Tax Complexity Preserves Role For The Human Accountant

PYMNTS

With the first tax season post-tax reform nearing completion in the U.S., Andre Kattoura, head accountant at small business accounting and tax services firm AccuAlly , explained to PYMNTS the friction SMBs face when they don’t outsource the accounting function.

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Xero Targets Taxes With Instafile Acquisition

PYMNTS

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.

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EY Debuts Corporate Crypto Accounting, Tax Solution

PYMNTS

EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. The CAAT solution automates data collection and automatically generates reports for visibility and analytics, while supporting IRS tax return preparation.

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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. The tax authority applied to close 4,160 businesses last year, reports noted. ” At the same time, tax regulators are cracking down on tax avoidance as well.

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Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

PYMNTS

million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. That means the companies are dealing exclusively in cash, even when paying their taxes.

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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). 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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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. We cannot tax and spend our way into prosperity.

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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.

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Thailand Govt Eyes Blockchain To Track Taxes

PYMNTS

As the saying goes, nothing in life is certain but death and taxes. To be certain of taxes, will blockchain seal the deal? Last week, Thailand’s Revenue Department was reported to be bringing blockchain projects into the fold to track tax payments, aided by machine learning.

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Chile Weighs 19 Percent Tax On eCommerce Firms

PYMNTS

Chile is considering a 19 percent tax on multinational eCommerce companies like Amazon, Netflix and Uber. The Chilean Chamber of Commerce, the Confederation of Production and Commerce and the Organisation for Economic Co-operation and Development (OECD) are all backing the tax rate.

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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. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.

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French Lower Parliament Passes Big Tech Tax Bill

PYMNTS

France’s lower parliament has passed a proposed tax that targets the revenue of tech giants like Google , Amazon and Facebook. The tax will apply to about 30 major companies, mainly from the U.S.,

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Democrats Propose Tax On Stocks, Bond, Derivative Deals

PYMNTS

In a move that could negatively impact high-frequency traders, Democrats are bringing forward a plan to tax stock, derivative and bond deals. Peter DeFazio (D-OR) is spearheading the “Wall Street Tax Act of 2019” bill, with U.S.

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New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.

Tax Reform A Bust For Small Business Hiring, ZipBooks Finds

PYMNTS

tax reform on the small business community, but so far, small business owners say the overhauls have made little impact on their hiring practices. “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?'”

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France To Move Ahead With Tech Tax In January

PYMNTS

France, which had vowed to start taxing Google , Apple , Facebook , and Amazon in December if the European Union failed to agree on a digital tax, now says the tax will be implemented on January 1.

Taxes 174

Ohio To Let Businesses Pay Taxes With Bitcoin

PYMNTS

Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well.

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Overstock To Pay Some Ohio Business Taxes With Bitcoin

PYMNTS

3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. state to offer this way of paying for business taxes, noted Overstock in the press release. “We

Ohio 216

Many Bitcoin Investors Don’t Plan To Deduct Losses On Tax Returns

PYMNTS

Bitcoin investors took a massive hit in 2018 – and, according to personal finance company Credit Karma, most of them don’t realize they can write off the losses on their tax returns. According to a report in MarketWatch , citing Jagjit Chawla, general manager of tax at Credit Karma, U.S. Credit Karma surveyed bitcoin investors to get a sense of how they plan to treat the losses and gains on their taxes.

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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 […].

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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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. Back then, taxes weren’t due on April 15. Tax season used to be a month and a half shorter.

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Bitcoin Daily: Bitcoin Briefly Breaches $3,700; NH Eyes Crypto Tax Payments

PYMNTS

In other news, New Hampshire is considering a law that would allow residents to pay their taxes with cryptocurrency. CoinDesk reported that NH House Bill 470 would allow state agencies to accept digital currency for tax payments.

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.

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 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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Facebook, Google Targeted In Revised Franco-German Tech Tax

PYMNTS

France and Germany have come up with a compromise for a European Union (EU)-wide digital tax, abandoning a wide-ranging 3 percent tax on revenues generated by ad sales in the digital economy.

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UK Government Report Calls On eCommerce Players To Pay More Taxes

PYMNTS

s Housing, Communities and Local Government Committee is calling on internet retailers to pay higher taxes to help struggling offline retailers in the country’s shopping districts. The taxes would help physical stores as more purchasing moves online. in taxes. The U.K.’s

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France Anxious To Tax Apple, Google, Other Tech Giants

PYMNTS

17) that he wants France to start taxing big tech giants beginning Jan. He pushed for an EU-wide digital tax for the end of 2018. “We An EU tax referendum would require a unanimous vote from all members, and the union’s smaller countries don’t support the issue yet.

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EU ‘Link Tax’ May Shutter Google News Abroad

PYMNTS

A “link tax” might mean the end of Google News in the EU. Richard Gingras, the search engine’s vice-president of news, said while “it’s not desirable to shut down services” the company isn’t happy with Brussels’ current proposal to charge a link tax for using news stories.

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Tax Havens And Money Laundering Suspected In Deutsche Bank Raid

PYMNTS

Federal authorities in Germany raided six offices of Deutsche Bank on Thursday morning (November 29), searching for evidence about money laundering and offshore tax havens, according to a report by The Wall Street Journal.

Taxes 195

French Prosecutors Call For UBS To Pay 3.7B Euros For Tax Evasion

PYMNTS

billion euros for what it contends is helping wealthy people in the country evade taxes. According to a report in Reuters , UBS is facing accusations of laundering the proceeds of tax fraud and illegally going after clients in France.

Taxes 182

UK Facing Pushback For Tax On Tech Companies’ Revenue

PYMNTS

and lobbyists who contend a new tax on some of the world’s biggest internet companies would create what is seen as a dangerous precedent. Chamber of Commerce — lobbyists and lawmakers, Donohue and others think the tax would target big American technology companies unfairly. The U.K.

Taxes 176

China To Institute Billions Of Dollars In Tax Cuts To Boost Economy

PYMNTS

China is aiming to boost the economy by tax cuts and infrastructure spending in the billions of dollars range. He said there are planned cuts of the taxes and fees businesses face of close to 2 trillion yuan or $298.3 According to the report, the tax cuts are deeper than the 1.3

Taxes 176

How Smarter Payment Tools Make Filing Taxes Less Taxing

PYMNTS

Filing taxes is hardly a walk in the park. Fortunately, online tax filing solutions have helped cut through the mounds of paperwork that go into preparation and filing — and consumers seem to be rejoicing. Building a smarter tax filing system.

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Credit Karma To Advance Tax Refunds For Free

PYMNTS

Credit Karma Tax announced on Thursday (Jan. citizens who file their tax returns through Credit Karma Tax to get a $500 to $1,000 advance on their tax refund with no fees or interest. The clients can get access to the funds as quickly as 24 hours after the IRS accepts the tax return. Consumer Finance American Express Credit Karma Tax Earlybird Advance News Tax refund tax refund advance tax refund loans What's Hot

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New Tax Law Targets Corporates’ Cross-Border Payments

PYMNTS

A new tax introduced as part of broader reform in the U.S. The BEAT Tax, short for the Base Erosion and Anti-Abuse Tax, is designed to prevent businesses from moving their U.S. Large enterprises, including Accenture and Western Union, are already warning shareholders that finances may take a hit as a result of BEAT tax, reports noted. The publication noted that businesses are increasingly exploring new strategies to avoid the tax. “We

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