Search Results for 'Income tax in the United States'

That time of the year has come around again for getting your tax affairs in order. There are various taxes that need to be filed and paid in the coming weeks. They include the following:

Q I own a company which owns a rented retail unit worth approx €500,000. I want to give this property to my son but I don’t want him to have to pay cash into the company for it. What are the tax implications of this?

Brian Thornton and Terri Treacy of KPMG, chartered accountants, highlight below some of the key points which emerged from the Minister’s speech in the Dáil.

Q I own a company which owns a rented retail unit worth approx €500,000. I want to give this property to my son but I don’t want him to have to pay cash into the company for it. What are the tax implications of this?

Q. I want to buy a property to lease back to my company. I need to borrow the purchase price. Is there a tax efficient way of doing this and what are the financial implications?

Q. I want to buy a property to lease back to my company. I need to borrow the purchase price. Is there a tax efficient way of doing this and what are the financial implications?

Q. I am running my own business and I am registered for VAT and prepare bi-monthly returns based on my invoices. I am currently experiencing some cashflow difficulties due to economic conditions, a friend recommended that I account for VAT on a cash receipts basis. What is this and how does this work?

Six Galway people made settlements totalling almost €750,000 between July and September of this year, according to the latest tax defaulters’ list released this week by the Revenue Commissioners.

The Fine Gael spokesperson on Community, Rural and Gaeltacht Affairs, Deputy Michael Ring has called for a review of the Artists’ Tax Exemption in light of the burden being carried by all other workers. Deputy Ring went on to say: “We are now in very difficult economic times, we can no longer expect exemption for artists, some of them making a lot of money. They should now pay their fair share to the economy like everybody else. I am calling on the Minister for Finance to immediately review this scheme and make a swift decision on this.”

Last week’s article looked at the sources of grant finance available to new and start-up enterprises. This week’s article will look at alternative sources of finance.