taxpayers

Property tax company Ownwell refuses to defend itself from charges by competitors

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Property tax company Ownwell refuses to defend itself from charges by competitors

A property tax company called Ownwell in North Texas is offering to file homestead designation paperwork for homeowners for free, but then charges 25% of the savings from homestead exemptions. The company has been criticized for making false promises and misstating the pricing of its competitors. The Better Business Bureau revoked Ownwell’s A+ rating in February. It is advised to make sure you have a homestead exemption on your primary residence and not fall for deceptive practices during the property tax season.

How Does the TCJA Sunset Affect Business Taxation Going Forward | JD Supra

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How Does the TCJA Sunset Affect Business Taxation Going Forward | JD Supra

– The Tax Cuts and Jobs Act (TCJA) has important segments scheduled to expire on December 31, 2025.
– The US corporate tax rate was reduced from 35% to 21% and is not scheduled to sunset.
– The Qualified Business Income (QBI) Deduction of 20% for passthrough entities is scheduled to end in 2025.
– Bonus depreciation deductions are scheduled to decrease over the years and eventually sunset.
– The TCJA repealed the Alternative Minimum Tax (AMT) for corporations.
– It is important to consult a tax attorney for domestic and international tax planning for corporate entities post-2025.
– The Corporate Transparency Act requires small corporate entities to disclose ownership interests.
– Congressional decisions on QBI deductions and AMT may be impacted by reporting requirements under the Corporate Transparency Act.

India’s direct tax collections surge 17.7% in FY24 to ₹19.58 tn

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India’s direct tax collections surge 17.7% in FY24 to ₹19.58 tn

The Central government has collected ₹19.58 trillion in direct tax revenue in FY24 after adjusting for refunds, showing a 17.7% growth annually.

South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department | JD Supra

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South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department | JD Supra

Fact: Under a new bill signed into law on March 11, 2024, the South Carolina Department of Revenue will have to satisfy additional standards before it may force affiliated corporate taxpayers to file a unitary combined return.

Taxes should not wag the tail of the investment dog, but that’s what Trudeau wants

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Taxes should not wag the tail of the investment dog, but that's what Trudeau wants

The Canadian federal budget includes a proposal to increase the capital gains inclusion rate to 66.7% from 50% for dispositions effective after June 24, 2024.

TurboTax Maker Puts a Pink Spin on Exploitative Financial Products

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TurboTax Maker Puts a Pink Spin on Exploitative Financial Products

Intuit, the maker of TurboTax, recently launched a campaign branding itself as a feminist company.

As collection soars, govt must focus on widening the tax net

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As collection soars, govt must focus on widening the tax net

Direct tax revenues rose by 18 percent in 2023-24, while goods and services tax collections crossed Rs 20 lakh crore for the first time with a 12 percent growth. The government has been successful in plugging loopholes in the tax system, but needs to widen the tax net to bring more people under it. Personal income tax collection grew by 25 percent, exceeding corporate tax collections in absolute terms. The government should strive for higher collection through both personal income taxes and corporate taxes in the long run. Technology and measures like TCS and TDS have helped bring more people under the tax net, but efforts should not be overzealous.

India income tax collection up 17.7pc in 2023-24 to nearly $235bn

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India income tax collection up 17.7pc in 2023-24 to nearly $235bn

Fact: India’s income tax collection increased by 17.7% in the 2023-24 financial year, reaching nearly 5 billion.

Income Tax Department’s Net Direct Tax Collections Exceeds Estimates Hits Rs 19.58 Lakh Crore, Surging 17.70 pc YOY – Check Details

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Income Tax Department's Net Direct Tax Collections Exceeds Estimates Hits Rs 19.58 Lakh Crore, Surging 17.70 pc YOY - Check Details

The Income Tax Department’s net direct tax collections for the fiscal year ending in March 2024 exceeded estimates, reaching Rs 19.58 lakh crore, a 17.7% increase year-on-year.

Workers living in fear of being deported

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Workers living in fear of being deported

Fact: A young Bangladesian man who was recently deported from Cyprus had good English and basic Greek skills and had been gainfully employed for years.