Category Archives: International Taxation

IRS Protect Your Client; Protect Yourself Tax

 IRS Protect Your Client; Protect Yourself Tax Tip Number 5 Safeguarding Taxpayer Data – Secure Your Office Tax professionals can help protect taxpayer data by looking around their own offices. It’s more important than ever that tax professionals take aggressive steps to protect taxpayer information. Securing office space is as important as securing computers. In… Read More »

10 Worst excuses for late filing of tax returns in UK

Excuses for late filing of tax returns Source : https://www.gov.uk [ Her Majesty’s Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, and the administration of other regulatory regimes including the national minimum… Read More »

China- Customs audit regulations w.e.f 1 November 2016

China- Customs audit regulations w.e.f 1 November 2016 The new measures provide guidelines in implementing customs audit regulations and specify and refine various items in the operation and implementation of the customs audit regulations.  The measures: Add some content related to self-disclosure Add provisions in relation to introducing third-party agencies (e.g., professional accounting or tax organizations)… Read More »

USA- Retirement Plans Can Make Loans, Hardship Distributions to Hurricane Matthew victims

Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Matthew WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer to Louisiana flood victims. Participants… Read More »

Australia :-Taxpayer can get exemptions on dividends from Foreign Company

ATO draft ruling regarding eligibility for exemptions on foreign dividends. The Australian Taxation Office (ATO) recently issued draft ruling TR 2016/D2 addressing an interpretive issue that goes to the heart of whether a taxpayer can get an exemption for a dividend it receives from a foreign company. This issue originally arose from a question raised… Read More »

USA- Disciplinary Sanctions from the Office of Professional Responsibility

Announcement of Disciplinary Sanctions from the Office of Professional Responsibility The Office of Professional Responsibility (OPR) publishes all disciplinary actions in the Internal Revenue Bulletin (IRB). Published sanctions include censure, suspension or disbarment from practice before the Internal Revenue Service.The below listed individuals have recently been disciplined by OPR and are published in IRB Number 2016-38, dated September 19, 2016, on pages… Read More »

Category: USA

USA- Applicable Federal Rates for Nov 2016 -§ 1274.

 Applicable Federal Rates Revenue Ruling 2016-26 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of… Read More »

USA- Tax Relief to Victims of Hurricane Matthew -Four States Eligible

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and… Read More »

Payment for broadcasting rights of Olympic games isn’t royalty :Federal Court of Australia

Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »

US- Position on Unilateral APA Applications Involving Maquiladoras

IRS Announces Position on Unilateral APA Applications Involving Maquiladoras WASHINGTON –– The Internal Revenue Service today announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria (SAT) under… Read More »

Category: USA

US- Victims of Hurricane Matthew Qualify for Late-Filing Penalty Relief

Many Victims of Hurricane Matthew Qualify for Late-Filing Penalty Relief; IRS Continues to Closely Monitor As Oct. 17 Deadline Approaches WASHINGTON  — The Internal Revenue Service today advised taxpayers affected by Hurricane Matthew but not yet covered by a federal disaster declaration with individual assistance that they may qualify for relief from penalties if they… Read More »

Australia: Guidelines on foreign stamp duty surcharge in Queensland

Foreign stamp duty surcharge The Queensland Commissioner of State Revenue (the Commissioner) has recently released three Guidelines to assist taxpayers in determining when the new Additional Foreign Acquirer Duty (AFAD) rules under the Queensland Duties Act will apply. Under the rules, from 1 October 2016, an additional 3 percent stamp duty surcharge will apply to certain… Read More »

USA- Double Check ACA Information on Your federal tax return

Health Care Tax Tip HCTT 2016-73                                                                                            October 12, 2016   Filing Extension Deadline Almost Here Double Check ACA Information on Your Return If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to… Read More »

Category: USA

USA- IRS Gives Tax Relief to Victims of Hurricane Matthew

IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina Now Affected; Relief for Other States Expected Soon WASHINGTON –– North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane… Read More »

Category: USA

USA-WSDLs for Tax Year 2016

Subject:  Affordable Care Act Assurance Testing System (AATS) Information Returns Tax Year 2016/Processing Year 2017 Tax Year 2016 ACA AATS will open for testing on November 7, 2016 for Information Returns that will be processed in 2017. Special instructions about the functionality of AATS will be included on the AIR Program page. A2A Channel users: As a… Read More »

USA-Tax Stats-Foreign Trusts Tax Year 2014

Foreign Trusts, Tax Year 2014 Foreign Trusts, Tax Year 2014—One table from the Foreign Trust study is now available on Tax Stats. The table presents data from Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, and includes statistics for the number of returns, income, expenses, assets and net worth for Tax… Read More »

USA-Employer shared responsibility provisions /Health Coverage

ACA and Employers: Terms to Know about Offers of Health Coverage Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2017 health coverage for your employees. If you are an… Read More »

Category: USA

USA -IRS ITIN renewal reminder

IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017 WASHINGTON — The Internal Revenue Service reminds taxpayers affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program that they can now begin submitting their ITIN renewal applications to the IRS. Under the Protecting Americans from… Read More »

Understanding Your IRS Notice or Letter

Understanding Your IRS Notice or Letter Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. Why was I notified by the IRS? The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or… Read More »

Category: USA

IRS Video on Tax Transcript

How To Use Get Transcript Online Learn about the Get Transcript Online tool and its enhancements that protect you from fraud. Get started at https://www.irs.gov/transcript.

Extension Filers ? IRS Reminder-Adjusted Gross Income Amount required

IRS Has a Reminder for Extension Filers: Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically IR-2016-124, Sept. 22, 2016 WASHINGTON — The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 17 filing deadline: the adjusted gross income (AGI) amount from your 2014 return… Read More »

Category: USA

China Country Value Added Tax (VAT) Essentials Guide -2016

China Country Value Added Tax (VAT) Essentials Guid The 2016 edition of the China Country Value Added Tax (VAT) Essentials Guide provides an overview of the indirect tax system in mainland China. It is intended to assist companies doing business in or with China to navigate the indirect tax system. China’s indirect tax system was… Read More »

Vietnam Capital Assignment Tax on Offshore assignment of capital

Capital Assignment Tax (“CAT”) – Offshore assignment of capital & interest deriving from Vietnam is subject to Vietnamese CAT In Vietnam, the taxable income of foreign companies is broadly defined and includes income from capital assignment, regardless of where the transactions take place. Guidance issued earlier in 2016 by the Ministry of Finance sets forth… Read More »

Australian Taxation Office updated guidance on general anti-avoidance rules

Australian Taxation Office updated guidance on the application of the general anti-avoidance rules. After much anticipation, the Australian Taxation Office (ATO) has released a revised practice statement on the application of the general anti-avoidance rules (Law Administration Practice Statement (PSLA) 2005/24). Click to View :   (PSLA) 2005/24).   application of the general anti-avoidance rules The… Read More »