Search Results for 'Taxation in the United States'
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Property: 80 Drumaconn
Well, what a varied number of conversation items we have this week.
In the first half of 2012 alone there were 639 income tax defaulters named on the Revenue’s tax defaulters list. Taxback.com say that this should strike a chord with self-assessed taxpayers in Westmeath at a time of year when thousands of self-employed, non-PAYE employees and a growing number of PAYE employees are dreading filing their tax return with just 2 weeks until the October 31 tax return deadline. Taxback.com say that in keeping with other years they expect that a large number of those who are due to file a tax return simply will not do so and a further group will file but will fail to meet the deadline. The latest Global Entrepreneurship Monitor (GEM) Report 2011 shows that 2,200 people started a new business in Ireland every month in 2011 which means that the number of those required to file a tax return is also growing.
Although Budget 2012 may not have provided much in the way of future reliefs for taxpayers the good news is that people still have an opportunity to claim the tax refund due to them for prvious years. This is according to leading tax specialists www.taxback.com who say that there is still a long list of tax reliefs available to people that could result in savings of hundreds of euro but many of these go unclaimed every year either due to a lack of awareness or unfortunately the apathetic nature of some people.
The Department of Social Protection is currently receiving a very high level of enquiries in relation to requests for refunds of the health contribution. The Department would therefore like to clarify the position in relation to health contribution refunds.
Relevant contract tax is a withholding tax which applies to all those involved in construction, forestry, and meat processing operations. The legislation obliges the principal contractor to deduct 35 per cent tax from the amount payable to contractors/subcontractors engaged to carry out activities for which he/she does not hold a relevant payment card. In general, a principal contractor may include property developers, building companies, construction trades. Local authorities and public utilities companies established under statute are also deemed to be principal contractors. The principal contractor is also obliged to maintain records of all payments regardless of whether they have a relevant payment card on file for them.
The issue of inheritance and gift tax (CAT) is becoming more important to many people because of the reduction in the amount an individual can receive tax free. When an individual decides to transfer his/her assets to another person, either by gift or on their death, assets over a certain value will attract CAT. The current rate of tax is 25 per cent, there is speculation that it will increase in the upcoming budget. It is important that individuals plan the transfer of assets in a tax efficient manner, as many people may be forced to sell assets they have been gifted or left on an individual's death in an attempt to pay the CAT liability.
Now may be a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values and current tax reliefs.
On March 28 several staff members of IFAC accountants Kilkenny, along with Ben Fogarthy, met with several members of Kilkenny County Macra clubs from Freshford, Mullinavat, and Kilkenny.
New limits for the means testing of incomes for the assessment of social housing need came into force this week, it was announced by the Minister for Housing and Planning, Willie Penrose.