Archive | Articles

USA – Financial Planning – $100,000 income: No big deal anymore

ARTICLE BY:  Bankrate – United States (June 2012) (please click this link to go to the article) One hundred thousand dollars. Since the 1980s, the magical “six-figure” salary has been a benchmark for financial success. Not too long ago, that income often meant two nice cars in the garage of a large house, fun family […]

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RSA – Business Management – SARS set to put squeeze on building contractors

ARTICLE BY:  Business Report – South Africa (June 28 2012) (please click this link to go to the article) The SA Revenue Service (Sars) plans to crack down on the construction sector, which had a whopping R4.7 billion in outstanding tax debt in the 2010/11fiscal year and has been identified as the least tax compliant […]

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USA – Federal Taxes – Foreign Account Tax Compliance Act (FATCA)

ARTICLE BY:  Internal Revenue Service – United States (June 12 2012) (please click this link to go to the article) The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that […]

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USA – Federal Taxes – IRS and Treasury Propose New FATCA Rules

ARTICLE BY: Accounting Today  – Washington, D.C. February 8 2012 (please click this link to go to the article) The Internal Revenue Service and the Treasury Department have released an eagerly anticipated set of proposed regulations for implementing the Foreign Account Tax Compliance Act. The law, known as FATCA, was included as part of the […]

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Financial Reporting: IASB and FASB publish revised proposal for revenue recognition

ARTICLE BY: IFRS Foundation Press Release – November 14 2011 The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue […]

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International Tax: Jurisdictions move towards full tax transparency

Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports. Reports on Andorra, Anguilla, Antigua and Barbuda, Austria, Bahrain, the Virgin Islands (British), Curaçao, Liechtenstein, Luxembourg, Saint Kitts and Nevis and the Turks […]

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Promotion of access to information Act No 2 of 2000 [PAIA] – Private Body s51 MANUAL

Although the Act has been in force since March 9 2001 its prominence has become more widely applicable now that an exemption granted to certain private bodies, relevant to the s51 manual, as explained below, will expire at December 31 2011. The head of a private body is the person responsible to ensure that the […]

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USA – Federal Taxation – Published Articles on Schedule M-3 by IRS/Treasury Authors

NEWSLETTER BY: Internal Revenue Service – August 22 2011 The opinions expressed in the published articles below are those of the authors and do not necessarily represent positions of the U.S. Department of the Treasury or the Internal Revenue Service. The articles are copyrighted by the publishers, reprinted here by permission, may be downloaded, and […]

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USA – Federal Taxation – IRS Shows Continued Progress on International Tax Evasion

NEWSLETTER BY: Internal Revenue Service – September 15 2011 WASHINGTON — The Internal Revenue Service continues to make strong progress in combating international tax evasion, with new details announced today showing the recently completed offshore program pushed the total number of voluntary disclosures up to 30,000 since 2009. In all, 12,000 new applications came in […]

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Provisional Taxpayers – Whose hot and whose not!

This article is focused on the criteria for the filing of the provisional returns rather than how the returns must be submitted or the tax calculated. Previous newsletters have covered this ground. Certain criteria regarding the exclusions and exemptions, as below may change in future years and therefore for this reason this article must be […]

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