Search Results for 'Income tax in the United States'

Last week, Revenue posted letters to 150,000 people about their tax compliance, including those who are claiming widow’s and widower’s pensions. Over the weekend, there was much comment and criticism in the media about the way Revenue has handled the situation. Accepting Revenue has taken a scattergun approach to the potential non-payment of income tax by pensioners, it is important that people understand how a tax liability might arise and that they have the information to hand to ensure they are compliant in 2012.

Budget 2012 is unique in that the proposed expenditure cuts were announced a day ahead of the tax changes and also many of its provisions were well flagged ahead of Budget Day. The financial adjustment was set at €3.8bn with €2.2bn coming from expenditure cuts and €1.6bn coming from increased taxation. Despite all the advance leaks and speculation the Minister managed to keep a number of the changes secret until the Budget Speech especially in the area of incentives to business and measures to kick start the property market.

One of the most anticipated Budgets of recent times was presented by Minister Noonan this week. Although, many of the measures announced had been expected, there were a few surprises.

Abolishing the Universal Social Charge for 330,000 of the most vulnerable low-paid workers marks the reversal of a “crude mechanism that hit all workers regardless of low income”.

Over recent weeks, there has been much speculation on the provisions to be announced in Budget 2012. The anticipation was heightened by the “State of the Nation” address by An Taoiseach Enda Kenny on Sunday night. In an unprecedented move, Minister Howlin and Minister Noonan shared the burden and spread their respective speeches over two days. Some of the main features introduced in the 2012 Budget are set out below:

Two of Westmeath’s most famous musicians, Foster and Allen, are to appeal a High Court judgement handed down this week (November 22) after the unsuccessfully defended demands from the Revenue Commissioners totalling €6.33 million, despite the judge sympathising with the duo over their being defrauded by disgraced accountant Patrick Russell.

A warning has been issued to the owners of Kilkenny’s 3,100 buy-to-let properties that landlords need to file a tax return before October 31 - just 10 days time.

Two Galway businessmen made tax settlements in the first quarter of this year, the latest list of tax defaulters published by the Revenue Commissioners reveal.

Budget 2011 is unique as the framework and some of the planned changes were detailed in the Four Year Plan which was published two weeks ago. The financial adjustment was set at €6b with €4b coming from expenditure cuts and €2b coming from increased taxation. The precise details of the tax changes had to remain until the Budget was published but given the size of the financial adjustment all sectors of society had much to fear when the Minister stood up in the Dail to introduce his budget.

The country is insolvent with a deficit of €20bn and national debt of in excess of €300bn. We must find massive savings in current spending leading to a reduction in the deficit and thus a reduction in borrowing. Increasing taxes will have some albeit a limited benefit as they generate diminishing return in line with the increases levied. So we must close the gap elsewhere.