How a Tax Loophole Is Helping Silicon Valley Workers Save Millions

Thornson, managing director at the accounting firm Andersen Tax in San Francisco.Dayanov, an engineer who emigrated from Russia to work in Silicon Valley, said he had discovered the benefit not through his accountant but by playing around on TurboTax.

France Moves to Tax Tech Giants, Stoking Fight With White House

Business|France Moves to Tax Tech Giants, Stoking Fight With White HouseImage“France is a sovereign nation that decides its own tax rules,” said the finance minister, Bruno Le Maire.The measure, which the White House said could amount to an unfair trade practice, is likely to be signed into law by Mr.

If it moves, tax it. that's desperate, India

27 PM ISTANIA more important priority is for India to emulate China and seek inclusion of its local-currency bond market in global indexes.Having lost the fiscal plot, bureaucrats are trying to marshal resources by squeezing taxpayers, foreign investors, firms planning buybacks and even the central bank.

Americans slashed their charitable deductions by $54 billion after Trump’s tax overhaul


Personal finance reporter

New data on Americans’ tax returns adds to the growing body of evidence that charities are taking a hit as a result of Trump’s overhaul of the tax system — and it could be worse than some predicted.” The TCJA doubled the standard deduction — the amount taxpayers are allowed to subtract from their taxable income to reduce their tax bill.

Sitharaman electrifies EV market with tax breaks on EVs

According to an ETIG analysis, on a loan of Rs 10 lakh for an EV with a five-year tenure, the buyer will be paying an interest of Rs 1.The government has also urged the GST Council to reduce the tax rate on EVs to 5% from 12%, Sitharaman said.

Budget 2019: FM announces income tax rebate on interest of loan taken for EVs

In a bid to encourage mass adoption of electric vehicles, Finance Minister Nirmala Sitharaman Friday announced income tax rebates for consumers.Additionally, the government has also urged the GST Council to reduce tax on electric vehicles to 5% from the current 12%, Sitharaman said.

Budget may hike I-T exemption threshold, levy 40 per cent tax on income over Rs 10 cr: KPMG survey

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries.The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries.

A Message From the Billionaire’s Club: Tax Us

A letter being published online on Monday calls for “a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1 percent of Americans — on us.All are active in progressive research and political organizations, some of which are pointedly focused on the swelling gap between the richest Americans and everyone else.

I-T summons Naresh Goyal in tax evasion case

NEW DELHI: The income tax (IT) department recently summoned Jet Airways founder Naresh Goyal for questioning in an alleged tax evasion case, said people with knowledge of the matter.The investigation wing of the department had seized documents during searches at the airline’s Mumbai offices in September last year.

Tax Crime Enforcement Unit Relying More on Analytics to Spot Crime

Don Fort, chief of the IRS’s criminal investigations division, spoke Tuesday during The Wall Street Journal’s CFO Network Annual Meeting in Washington.Photo:

Denny Henry for The Wall Street Journal

Updated June 12, 2019 5:14 p.

Trump’s Tariffs Could Nullify Tax Cut, Clouding Economic Picture

”The Tax Foundation projected widespread benefits from the Trump tax cuts, with the largest gains, in dollar terms and as a share of income, concentrated among high earners.Accounting for both the tax cuts and the full range of tariffs, the Tax Foundation estimates, the lowest-earning fifth of American taxpayers would see an effective tax increase of 1.

Tax Evasion: Private equity funds take ‘double decker’ route to escape tax here

If caught on the wrong foot, private equity (PE) funds can face about 20% tax on long-term capital gains and higher tax of 30-40% on short-term capital gains, said industry experts.This is mainly done by foreign companies making strategic investments in India,” said Amit Singhania, partner in law firm Shardul Amarchand Mangaldas.

Trump to Give Arthur Laffer, Tax-Cut Champion, the Presidential Medal of Freedom

Business|Trump to Give Arthur Laffer, Tax-Cut Champion, the Presidential Medal of FreedomImageThe economist Arthur Laffer with Carly Fiorina, a former Hewlett-Packard chief executive.CreditCreditSaul Loeb/Agence France-Presse — Getty ImagesWASHINGTON — President Trump will award the Presidential Medal of Freedom, the nation’s highest civilian honor, to the economist Arthur Laffer, whose tax-cutting enthusiasm has shaped decades of Republican policymaking, including Mr.

Democrats’ Tax Cuts Target Middle Class More Than Trump’s, Study Says

Business|Democrats’ Tax Cuts Target Middle Class More Than Trump’s, Study SaysImageProposals by four Democratic senators, including Kamala Harris and two other presidential candidates, were analyzed by the Institute on Taxation and Economic Policy, a liberal think tank.”The Trump cuts delivered benefits for Americans at every income level, on average, in every state, according to previous work by the institute.

Meet the Fixers Pitting States Against Each Other to Win Tax Breaks for New Factories

There are about 500 site selectors active in the U.He also said Mr.

Why a Tax the U.S. Hasn’t Embraced Has Found Favor in Much of the World

A study found that an effort by the country’s tax authority to determine the extent of fraud in value-added tax collections confirmed the system’s self-enforcing nature.Yet tax revenue, which enables governments to provide public goods like roads and schools, is at least as important in poorer countries.

German Tax Investigation Widens Beyond Deutsche Bank

Business|German Tax Investigation Widens Beyond Deutsche BankThe authorities raided 11 offices on Wednesday as part of an investigation into the possible concealment of capital gains in offshore companies.“The investigations are not directed against Deutsche Bank,” it said in a statement.

Companies face queries over input tax credit claims

NEW DELHI: India Inc could face a tax landmine with authorities beginning to question input tax credit claimed by companies in lieu of Goods and Services Tax paid by their vendors.The issue has its origin in the provisions of the GST law that warrant a reversal of input tax credit claimed by a business if its vendor has not paid the tax for which credit is being claimed.

VC Daily: SoftBank’s Wag Still an Underdog | San Francisco’s IPO-Tax Debate Begins

This copy is for your personal, non-commercial use only.To order presentation-ready copies for distribution to your colleagues, clients or customers visit https://www.

Capital gains tax relief likely for investors exiting startups

The government is considering exempting investors from tax on capital gains accrued when they exit a startup, in a bid to attract more funds into the sector.“We want to recommend that they should be exempt from capital gains while exiting,” an official told ET, adding that DPIIT is yet to make this recommendation to the revenue department.