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The central issue debated at each successive legislative session for over a decade, Louisiana's significant fiscal problems have remained unresolved despite efforts to mitigate the state's financial woes and avoid cutting key services or resorting to stop-gap solutions. Louisiana created its current tax structure in the 1970s, with some subsequent revisions in response to new economic realities. While many developments in Louisiana's fiscal picture lie outside the state's control, other changes including shifting tax rates, shrinking the tax base, and increasing the number of exemptions, deductions, and tax credits, resulted from decisions made by the legislative body. In Exploring Long-Term Solutions for Louisiana's Tax System, James A. Richardson, Steven M. Sheffrin, James Alm, and other contributors advocate for establishing financial reforms geared to long-term change and more stable fiscal prospects. With a focus on practicality and accessibility, the authors explore the complexities of Louisiana's economic reality and explain the state's current tax structure. In so doing, they suggest several reforms that challenge the state's use of sales tax, application of the individual income tax, approach to corporate taxation, and allocation of other taxes such as mineral revenues. Crucial for those who want to engage with their representatives, colleagues, and fellow voters on the topic of taxation, this book equips readers with timely information about policy and, more importantly, nonpartisan solutions that could secure a more prosperous future for Louisiana.
There are thousands of VAT vendors in South Africa who are obliged to prepare a VAT return every two months. But in practice it is rather more complex, as certain rules apply to what you can and cannot claim as a legitimate amount, and on imports and exports related to your business.
But help is now at hand with The VAT Handbook, everyone’s essential guide on all matters concerning this tax.
Small business taxes taxing you out? For most business owners, their single biggest "expense" (and headache) is dealing with their taxes. And while the just passed Congressional tax bill reduced taxes for many of the estimated 30 million small business owners in the U.S., the nation's taxes continue to be complex. Not being up-to-speed on tax rules and strategies can lead to mistakes that cost business owners thousands of dollars in fines and penalties every year. Small Business Taxes For Dummies assists both current and aspiring small business owners with important tax planning issues, including complete coverage of the tax changes taking effect in 2018, creating an ongoing tax routine, dealing with the IRS, and navigating audits and notices. Includes issues influencing incorporated small businesses, partnerships, and LLCs Offers expanded coverage of other business taxes including payroll and sales taxes Provides websites and other online tax resources Gives guidance to millennials juggling multiple gigs If you're a current or aspiring small business owner looking for the most up-to-date tax planning issues, this book keeps you covered.
Enough is enough * In 2011, Amazon paid an effective tax rate of 0.5 per cent on its UK earnings of GBP3.35 billion. * In 2013-14, Apple Australia paid around $80 million in income tax on revenue of over $6 billion. Multinational corporations have avoided trillions of dollars of tax over the past 25 years. Tax avoidance is legal, but its massive abuse by multinationals has had a devastating effect on governments around the world, and has placed an unbearable burden on individual taxpayers and on honest local competitors. Multinational corporations generate profits in around 180 countries around the world. They work hard to avoid, reduce, or delay their tax obligations for as long as possible, and they generally succeed. Sometimes they pay nothing or, at best, the percentage of their multibillion-dollar incomes that they pay in tax is a lot less than the percentage an individual worker pays. Four accounting firms - PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte- are the global accountants and tax advisers for the multinationals. They have been paid over $500 billion in the past 25 years to prepare annual accounts and to manage the multinationals' tax affairs. The favourite tool of the 'Big Four' accountancies to minimise tax for their multinational clients is transfer pricing: a complex and confusing array of methodologies and strategies that works to reduce tax or even avoid tax payments altogether. The Great Multinational Tax Rort explains how transfer pricing developed, and describes the strategies and tactics that the Big Four global accounting firms use on behalf of their voracious clients. Written by Martin Feil, one of the few independent experts on transfer pricing and profit repatriation by multinationals - a former poacher turned gamekeeper - this is a call to arms for citizens and governments to restore a fair taxation system.
Seventy-five percent of Americans claim religious affiliation, which can impact their taxpaying responsibilities. In this illuminating book, Samuel D. Brunson describes the many problems and breakdowns that can occur when tax meets religion in the United States, and shows how the US government has too often responded to these issues in an unprincipled, ad hoc manner. God and the IRS offers a better framework to understand tax and religion. It should be read by scholars of religion and the law, policymakers, and individuals interested in understanding the implications of taxation on their religious practices.
The New Markets Tax Credit (NMTC) is a non-refundable tax credit intended to encourage private capital investment in eligible, impoverished, low-income communities. NMTCs are allocated by the Community Development Financial Institutions Fund (CDFI), a bureau within the United States Department of the Treasury, under a competitive application process. Investors who make qualified equity investments reduce their federal income tax liability by claiming the credit. This book describes the New Markets Tax Credit Program and the major considerations banks may need to address when using the tax credits to support community and economic development activities. The book examines the primary opportunities and risks associated with the use of NMTCs and discusses the methods used by national banks and federal savings associations (collectively, banks) to structure transactions and use the credits effectively.
Tax expenditures -- special exemptions and exclusions, credits, deductions, deferrals, and preferential tax rates claimed by corporations, individuals, or both -- support federal policy goals but result in revenue forgone by the federal government. Congress and the administration are reexamining tax expenditures used by corporations as part of corporate tax reform. This book describes trends in the number of corporate tax expenditures and estimated corporate revenue losses since 1986; describes the use of corporate tax expenditures in 2011; and compares the size of corporate tax expenditures to federal spending by budget function and, for tax expenditures used only by corporations, identifies spending programs with similar purposes. This book also uses GAO's tax expenditures evaluation guide to determine what is known about the deferral of income for controlled foreign corporations; deferred taxes for certain financial firms on income earned overseas; and the graduated corporate income tax rate.
The Zondervan 2016 Church and Nonprofit Tax and Financial Guide annual reference guide continues to be one of the few resources offering tax and financial advice to churches and nonprofit organizations. Issues of financial accountability, receiving and maintaining tax-exempt status, accounting for charitable gifts, and other crucial topics receive careful and full discussion. The 2016 edition also contains a thorough description of tax laws affecting churches and other nonprofit organizations, ensuring compliance with all regulations. The book includes expert advice on handling charitable gifts, sample policies and procedures, easy techniques for simplifying financial policies and procedures, insights on medical expense reimbursements, key steps in sound compensation planning, and examples of required IRS filings.
The increasing use of artificial intelligence within the workplace is likely to cause significant disruption to the labour market and in turn, to the economy, due to a reduction in the number of taxable workers. In this innovative book, Xavier Oberson proposes taxing robots as a possible solution to the anticipated problem of declining tax revenues. In accordance with guiding legal and economic principles, the book explores the various tax models that could be applied to both the use of robots, such as a usage or automation tax, and to robots directly. Numerous associated issues are discussed, such as the definition of robots for tax purposes, the difficulty of granting a tax capacity to robots, as well as the compatibility of robot taxes with international tax rules. The author concludes by putting forward a possible system for the taxation of robots, taking all of these issues into consideration. Being the first work of its kind to explore the potential for taxing robots in detail, this book will be a unique resource for researchers in the fields of law and economics who have an interest in the impact of artificial intelligence. Lawyers and tax professionals can also benefit from Oberson's insights on what future models of taxation may look like and what the legal consequences may be.
The number of large partnerships has more than tripled to 10,099 from tax year 2002 to 2011. Almost two-thirds of large partnerships had more than 1,000 direct and indirect partners, had six or more tiers and/or self-reported being in the finance and insurance sector, with many being investment funds. The Internal Revenue Service (IRS) audits few large partnerships. Most audits resulted in no change to the partnership's return and the aggregate change was small. Although internal control standards call for information about effective resource use, IRS has not defined what constitutes a large partnership and does not have codes to track these audits. According to IRS auditors, the audit results may be due to challenges such as finding the sources of income within multiple tiers while meeting the administrative tasks required by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) within specified time frames. This book determines what IRS knows about the number and characteristics of large partnerships; assesses IRS's ability to audit them; and also assess IRS's efforts to address the audit challenges.
This book's eminent editors and contributing authors provide an accessible and engaging account of the 'new' politics of corporate taxation, highlighting the complex and multidimensional strategies used by activists to influence public opinion, formal regulation and corporate behaviour. While campaigning is successful at exposing tax avoidance, it presents significant governance challenges. As this book reveals, the battle to establish fair and sustainable corporate tax regimes has only just begun. Chapters offer readers a timely assessment of the emerging role of new tax justice NGOs, the media and whistleblowers, as well as new governance strategies and policies targeting multinational corporations. Through the lens of political science, the authors show how civil society organisations shape the agenda of tax practices of the world's largest and most powerful corporations, including examples such as Apple and Google. A detailed evaluation is given of new private governance initiatives in the international tax arena and their relationship with traditional forms of regulation. Looking closely at the wider significance of the debate in contemporary global governance, academics and graduates in the fields of international political economy, global governance, development studies and taxation will find this book a timely and thought-provoking read.
A number of tax provisions have either expired in 2011 or are scheduled to expire at the end of this FY 2012. These include the Bush tax cuts, the alternative minimum tax (AMT) patch, the temporary payroll tax cut, and other temporary expiring provisions, many of which are commonly referred to as "tax extenders." Aside from the payroll tax cut, which was extended by the Middle Class Tax Relief and Job Creation Act of 2012, the most recent law extending many of these provisions was the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This book provides an overview of these expiring provisions with a focus on past cost and cost of extension and a brief discussion of the current debate concerning the policy.
This book examines the most recent developments, analysis and research concerning taxation in the United States. Topics discussed in this compilation include corporate tax expenditures and information on estimated revenue losses and related federal spending programs; taxing businesses through the individual income tax; refundable tax credits; the ability of unauthorised aliens to claim refundable tax credits; and master limited partnerships as a policy option for the renewable energy industry.
"These really are the best tax tables on the market" Andrew, AT Accounting "Fantastic book... A bible in the office" Craig Elliot Bloomsbury's Tax Rates and Tables 2016/17 Finance Act Edition provides you with comprehensive, post-Finance Act coverage of the new revised tax rates, allowances and reliefs. You'll have all the data you need to calculate your client's tax liabilities. Contents: Personal Taxation; Expenses and Benefits; PAYE; Shares and Share Options; Taxation of Investment Income; Taxation of Business Profits; Taxation of Companies; Capital Gains Tax; Inheritance Tax; Capital Allowances; Stamp Taxes; Value Added Tax; Insurance Premium Tax; Landfill Tax; Aggregates Levy; Air Passenger Duty; Climate Change Levy; Fuel Duty; Vehicle Excise Duty; National Insurance Contributions; Tax Credits; State Benefits and Statutory Payments; National Minimum Wage; General.
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