tax - Blog - Global Risk Community2024-03-29T10:16:52Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/taxIt's Tax Time: Play it Safe or Lose Your Identityhttps://globalriskcommunity.com/profiles/blogs/it-s-tax-time-play-it-safe-or-lose-your-identity2020-03-12T12:57:52.000Z2020-03-12T12:57:52.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>Once again, tax time has rolled around, and though you technically have until April 15<sup>th</sup>, it’s always best to file a bit earlier…especially if you want to avoid setting yourself up for ID theft.</p><p><strong>How Could Filing Taxes Compromise Your Identity?</strong></p><p><img src="https://activerain-store.s3.amazonaws.com/image_store/uploads/agents/robertsiciliano/files/003.jpg" alt="" width="306" height="200" align="right" /></p><p>Here’s how you could become a victim of ID theft just by filing your taxes: the first method is that a thief uses your Social Security number to file taxes, and then they steal your refund. The second method that they use is they take your Social Security number, get a job while using your Social Security number, and then their employer reports that income to the IRS. When that happens, the IRS gets your return, flags it as suspicious, and you could get a big tax bill in the process.</p><p>Of course, in either case, you could face some big problems. You could, for instance, be unable to file your own tax return or collect your refund…at least for a while until the IRS sorts it out. You also might find that the thief has used your Social Security number to get credit cards, loans, or other cash that will wreck your credit.</p><p><strong>How do Thieves Get Your Information?</strong></p><p>The big question here is this: how do the ID thieves get your Social Security number in the first place? Generally, they do it by hacking. For instance, do you remember the Equifax hack from 2017? Millions of people were affected, and you, too, could have been involved in that. It’s possible that thieves could get your Social Security info from hacks just like this one.</p><p><strong>What to Do if You are a Victim</strong></p><p>If you learn that you are a victim of tax ID theft, there are some things that you can do.</p><ul><li>Fill out Letter 5071C – This is a form that the IRS sends if it feels like your tax return is suspicious.</li><li>Fill out Form 14039 – This form alerts the IRS that you believe you are a victim or potential victim of tax ID or regular ID theft.</li><li>Get an Identity Protection PIN – This is a number that the IRS can give you to confirm your identity on any future returns.</li><li>Report to the Federal Trade Commission – You should also file a report at IdentityTheft.gov to alert the FTC of the situation.</li><li>Contact your state’s tax office – Also, make sure to contact the tax office in your state. It might have other recommendations for you.</li></ul><p>If you have tried to e-file and get a rejection, you should still file a paper return via mail. Also, call the IRS Identity Protection Unit for help. An agent can get you started on taking care of the issue and make sure your taxes are filed appropriately.</p><p>ROBERT SICILIANO CSP, is a #1 Best Selling Amazon author, CEO of<span> </span><a href="https://creditparent.com/" target="_blank">CreditParent.com</a>, the architect of the<span> </span><a href="https://protectnowllc.com/" target="_blank">CSI Protection</a><span> </span>certification; a Cyber Social and Identity Protection<span> </span><a href="https://safr.me/actnow/" target="_blank">security awareness training</a><span> </span>program.</p></div>12 Important Points to note about Succession Certificatehttps://globalriskcommunity.com/profiles/blogs/12-important-points-to-note-about-succession-certificate2019-05-01T06:13:53.000Z2019-05-01T06:13:53.000ZJatin Kapoorhttps://globalriskcommunity.com/members/JatinKapoor<div><p><strong><span>1) What is Succession Certificate?</span></strong></p><p><span>A Succession Certificate establishes who the legal heirs are and the authenticity of the successor. It is a Certificate given to the successor of a deceased person who dies without leaving a will. The list of debts, securities, and assets of the deceased is mentioned. It indicates the relation of the petitioner with the deceased. Along with providing details of other surviving legal heirs and that the deceased died intestate. And the information about the time, date and place of death of the deceased. It means that the certificate holder has authority over the deceased person’s assets of the deceased. The assets may include Insurance, Mutual Funds, Pension (in<strong> <a href="https://www.legalraasta.com/provident-fund-epf-registration/">Employees Provident Fund</a></strong> or otherwise), Retirement Benefits or any other service benefits. In other words, it helps the grantee or the receiver, to recover the debts due to the deceased person.</span></p><p><span>In the absence of a will, this is the primary certificate through which the heirs can stake a claim to the assets of a deceased relative.</span></p><p><span>Moreover, it protects the payer that the debt released by him has gone to a certified person.</span></p><p><span>The successor would receive assets as well as inherit any debts/loans to be paid, as per the Indian Succession Act, 1925. The governing Sections are 380, 381 & 382.</span></p><p></p><p><strong><span>2) Intestate</span></strong></p><p><span>The Legal Term, for when a person has died, without making a legally valid will. Intestate may be the entire assets or some particular ones only. In other words, intestacy is either total or partial.</span></p><p><span>Total intestacy is when the deceased has not named any beneficiary to any of his property. In other words, the will wasn't made or doesn't exist.</span></p><p><span>Partial intestacy is where the deceased effectively disposes of some of the beneficial interest in his property by will. But not all.</span></p><p><span>Key Elements:</span></p><ol><li><span>If the deceased has left <strong>no will.</strong> He has died intestate in respect of the whole of his property.</span></li><li><span>When the deceased has left a will appointing someone as his executor. However, the will doesn't contain any other provision. Then it is understood that he has died intestate in respect of the <strong>distribution</strong> of his property.</span></li><li><span>If the deceased has bequeathed his whole property for an <strong>illegitimate or illegal purpose.</strong> In such a case, legally, he has died intestate.</span></li><li><span>When a will is <strong>partially incapable of being operative</strong>. For example, he has bequeathed Rs. 1000 to A and Rs. 1000 to the eldest son of B. Made no other bequest. And has died leaving the sum of Rs. 2000.00 and no other property. B dies before the deceased without ever having a son. Then he has died intestate in respect of the distribution of Rs.1000.</span></li></ol><p></p><p><strong><span>3) Which Authority issues Succession Certificate?</span></strong></p><p><span>Indian Succession Act, 1925 governs the procedure and has laid down the mandatory requirements for Succession Certificate.</span></p><p><span>A succession certificate is issued by a district judge. The relevant judge is from the court that has jurisdiction in the district where the deceased person ordinarily resided. Where no such place is available, the jurisdiction within which any property belonging to the deceased may be found.</span></p><p></p><p><strong><span>4) Particulars required when applying for Succession Certificate?</span></strong></p><p><span>The legal heirs of the deceased must file an affidavit petitioning their claim to the property. The petition is to be made to the District Judge or in High Court. It needs to be signed and verified by the applicant. It must include the following details:</span></p><ul><li><span>A copy of the <strong>death certificate</strong> has to be produced,</span></li><li><span>The <strong>time of death</strong> must be mentioned on the death certificate,</span></li><li><span>The <strong>ordinary residence of the deceased</strong> before death. Or if no such address is available, then the details of his property that falls within the jurisdiction where the petition has been filed,</span></li><li><span>Address, Name & other details of the <strong>legal heir</strong>, family or other near relatives, as per the Act,</span></li><li><strong>NOC</strong> <span>or No Objection Certificate (from legal heirs other than the petitioner)</span></li><li><span>Any legal heir who wishes to relinquish his right to the estate, he must declare so in an <strong>affidavit.</strong></span></li><li><span>Name, Address, and occupation of the <strong>petitioners</strong>,</span></li><li><span>Copies of their <strong>Ration Cards or Passports,</strong></span></li><li><span>The <strong>right of the petitioner</strong> has to be mentioned,</span></li><li><span>The <strong>debts and securities</strong> for which the certificate is being applied for,</span></li><li><span>A <strong>declaration</strong> to be made for the absence of any reason to invalidate the grant of the certificate,</span></li></ul><p></p><p><strong><span>5</span></strong><strong><span>) Court's Grant of Succession Certificate</span></strong></p><p><span>The procedure after the petition has been submitted to the district judge of the high court:</span></p><p><strong><span>Step 1:</span></strong><span> The petition is submitted along with <strong>court fees.</strong> The Court Fees Act, 1870, prescribes a specific percentage of the value of the estate. This is to be paid in the form of judicial stamp papers. This fee varies from State to State, in India.</span></p><p><strong><span>Step 2:</span></strong><span> The Judge will <strong>inspect</strong> the application. And make it public by issuing a <strong>notice</strong> in the national newspapers. And send a notice to all the respondents. The notice calls for objections, if any, to issue a succession certificate. It generally provides a period of 45 days to protest, with necessary documentary proofs. After 45 days are over, he will fix a date for the hearing.</span></p><p><strong><span>Step 3:</span></strong><span> At the date of the hearing, the judge will <strong>decide</strong> if the applicant is within his right to apply. If satisfied, he shall grant the certificate. The certificate would <strong>specify the debts and securities</strong> set forth in the application. It will mention the <strong>powers granted</strong> to receive interest/dividend or to negotiate/transfer/both.</span></p><p><strong><span>Step 4:</span></strong><span> The Judge may also require the applicant to sign an <strong>Indemnity Bond</strong> to secure the entitled persons. This Bond may also require a <strong>Surety or some other security</strong>. That'll ensure no possible loss arises out of the use or misuse of such certificate.</span></p><p></p><p><strong><span>6) The validity of the Certificate</span></strong></p><p><span>The succession certificate is valid throughout India. For a resident of a foreign country, a certificate may be granted. Provided it has been approved by an Indian representative, accredited to that State (as appointed by the government). of such foreign country. And it must be stamped in accordance with the Court Fees Act 1870 to have the same effect in India.</span></p><p></p><p><strong><span>7) Who can Apply?</span></strong></p><p><span>An adult person of sound mind and having an interest in the estate of the deceased can apply. The interest may be in the form of a relative of the deceased, a person having a beneficial interest in the debt of the security etc.</span></p><p><span>The applicant cannot be a minor. However, the succession certificate can be granted to a minor through a guardian.</span></p><p><span>Sometimes, it gets difficult and time-taking to establish a relationship for those claiming to be legal heirs. In such cases, a succession certificate can be granted to establish a relationship. The rights of the grantee towards debts/investments are valid even before the legal heir to the property of the deceased is established.</span></p><p><strong><span>8) What if more than one application has been filed?</span></strong></p><p><span>When more than one application has been filed, the judge will decide whom to issue the certificate. He will take into consideration, the interests presented by the applicants. The reasons provided and the supportive documents would be considered.</span></p><p></p><p><strong><span>9) What if some Debts/Securities were left out?</span></strong></p><p><span>As per Section 376, the succession certificate can be extended for any debt or security not originally specified. If such extension/amendment is ordered, it shall have the same effect as the original certificate. The District Judge would extend, on an application by the holder/grantee and not of any other person.</span></p><p></p><p><strong><span>10) Difference between Succession and Legal Heir Certificates</span></strong></p><p><span>A Succession Certificate is necessary, but may not be always sufficient, to release the assets of the deceased.</span></p><p></p><p><strong><span><a href="https://images.yourstory.com/cs/1/b3c27080-ab5e-11e8-8691-f70342131e20/table1555743758263.png?fm=png&auto=format" target="_blank"><img src="https://images.yourstory.com/cs/1/b3c27080-ab5e-11e8-8691-f70342131e20/table1555743758263.png?fm=png&auto=format&profile=RESIZE_710x" class="align-full" alt="table1555743758263.png?fm=png&auto=format&profile=RESIZE_710x" /></a></span></strong></p><p></p><p><strong><span>11) Laws Governing various Religions</span></strong></p><p><span>Under the Indian legal system, the property is divided amongst the heirs, as per the religion of the deceased. The laws of the Religion will be applicable in case of Intestate Death. Otherwise, a valid will supersedes the succession rights as per religion.</span></p><p><strong><span>Hindu Law:</span></strong></p><p><span>For Hindus (including Buddhists, Jains, and Sikhs) the Hindu Succession Act, 1956, and Hindu Succession (Amendment) Act, 2005 are applicable.</span></p><p><span>If a <strong>Male Hindu</strong> dies intestate:</span></p><ol><li><span>His property goes to <strong>Class I</strong> heirs. They include Son, daughter, widow, mother of the deceased. Son, daughter, and widow of a predeceased son, if any. Son and daughter of a predeceased daughter, if any. Children and widow of predeceased son of a predeceased son, if any.</span></li><li><span>If there is no Class I heir, it will go to <strong>Class II</strong> heirs. It includes father, brother, sister, brother's son and sister's son, among others.</span></li><li><span>When there's no Class II heir either, then the property will go to <strong>Agnates.</strong> Those relatives of the deceased that may be related by blood or adoption. The lineage must be wholly through <strong>males.</strong></span></li><li><span>And in case the Agnates are absent too, then to <strong>Cognates. </strong>Distant relatives, by blood or adoption, and <strong>not wholly through male lineage.</strong></span></li><li><span>If any Cognate doesn't exist, the assets go to the <strong>government. </strong></span></li></ol><p><span>When a <strong>Hindu female</strong> dies intestate, her property would devolve as below:</span></p><ol><li><span>First, to <strong>husband, sons, and daughters</strong> (including children of predeceased son or daughter). Divided in <strong>equal</strong> measures.</span></li><li><span>Second, to <strong>husband's heirs</strong>.</span></li><li><span>If the husband doesn't have any heir, then to <strong>mother and father</strong> of the deceased female.</span></li><li><span>When the parents have expired, then to <strong>heirs of the father</strong>.</span></li><li><span>If none of the above exists, to <strong>heirs of the mother.</strong></span></li></ol><p><span>Many cases occur when a Hindu Female has <strong>inherited property from her parents</strong>. In that case, if she has no children, the property shall devolve upon the <strong>heirs of her father</strong>. The term children here include children of any predeceased son or daughter. However, if a property is <strong>inherited from in-laws,</strong> it shall go to the <strong>in-laws’ heirs</strong>. In case of absence of children or grandchildren.</span></p><p><strong><span>Hindu Undivided Family or HUF</span></strong></p><p><span>The property of a Hindu Joint Family devolves by survivorship. If the Karta dies, the property devolves upon the <strong>surviving members up to four generations</strong>. Here the property will not devolve according to the Hindu Succession Act, regardless of the fact that the heirs are Hindu.</span></p><p><span>But a <strong>Class I relative</strong> may make a claim on a share of the property. In such a case, the property would devolve upon the claimant as per the Hindu Succession Act.</span></p><p><strong><span>Muslims (covered by Shariat)</span></strong></p><p><span>As per the Muslim law in India (Shariat), the father is the absolute owner of the property. The property is inherited by the heirs on the death of the father. So a father can alienate the property as an absolute owner and deprive the heirs of inheritance. But he cannot dispose of more than one-third of his assets without the consent of his heirs.</span></p><p><span>The property is considered <strong>after the payment of funeral expenses and debts.</strong></span></p><p><span>The remaining property is the legal right of his heirs after his death.</span></p><p><span>The <strong>Qazi (judge ruling</strong> according to Islamic religious law) considers the burial expenses. Makes a list of the assets of the deceased that need to be distributed among wife and children.</span></p><p><span>Muslim law recognizes two types of heirs- <strong>Sharers and Residuaries.</strong> Sharers are entitled to a certain share in the deceased's property. Residuaries take up the left-over share in the property.</span></p><p><span>Moreover, agricultural land has been kept outside the Shariat Act, 1937. Hence, the succession to it continues to be governed by Local Tenancy Law.</span></p><p><span>Besides, when the marriage of the deceased was solemnized under the Special Marriage Act, 1954. Then the rules of Muslim personal law cease to apply, towards the succession.</span></p><p><strong><span>Christians (covered by the Indian Succession Act)</span></strong></p><p><span>Any property, insofar as he is an Indian Christian, shall devolve as per the rules contained in Chapter II of the Act.</span></p><ol><li><span>One-third of the property goes to the wife. And the rest will be divided among children (including grandchildren of predeceased son or daughter). To be divided in equal measures.</span></li><li><span>If there is no wife or has expired, the property will be divided, equally, among the children.</span></li><li><span>When there are no children, the property is shared equally between the wife and the husband’s relatives.</span></li><li><span>If the relatives stated above do not wish to claim, the assets will devolve upon the parents of the deceased.</span></li></ol><p><strong><span>Parsis (covered under the Indian Succession Act)</span></strong></p><ol><li><span>Half of the property goes to the wife. And the rest to be divided among children (including grandchildren of predeceased son or daughter). In equal measure.</span></li><li><span>If there is no wife or has expired, the property will be distributed, equally, among the children.</span></li><li><span>When there are no children, the property will go to the parents of the deceased.</span></li></ol><p></p><p><strong><span>12) A few more points about the Certificate</span></strong></p><p><span>The essential purpose of this certificate has been to provide protection to all parties paying debts. When these payments have been made in good faith. The grantee also has powers to receive any interest/dividend on the securities and negotiate or transfer them. Thus any payments made to and by the grantee on behalf of the deceased person are legally valid.</span></p><p><span>The Grantee has the right to:</span></p><ol><li><strong>Claim the moveable assets</strong> <span>of the deceased person.</span></li><li><span>This certificate is <strong>not applicable</strong> to inherit the <strong>immovable assets. </strong>For immovable properties, you need letters of administration from the court.</span></li><li><strong>Represent the deceased</strong> <span>in collecting any payment towards debts and/or securities due.</span></li><li><strong>Inherit the liabilities</strong> <span>of the deceased person, as well.</span></li><li><span>It can be granted even if there is a <strong>nomination</strong> in the deposits, investments, insurance, etc.</span></li><li><span>Further, it <strong>doesn't necessarily make</strong> the certificate holder, <strong>a legal heir</strong> or the owner of these assets. There is a separate procedure of law to determine the legal heir(s).</span></li><li><span>Above point means that the grantee is authorized to act only as a <strong>trustee to the legal heirs</strong>.</span></li><li><span>A Legal Heir certificate <strong>doesn't substitute</strong> the Succession Certificate.</span></li><li><span>It can be <strong>revoked/canceled</strong> under certain situations. These may be fraud, defective proceedings, etc. Thereafter, the certificate becomes useless.</span></li><li><span>The court, even if there is more than one heir, will only issue <strong>a single succession certificate</strong>.</span></li></ol><p><span> </span></p><p><span>The Succession Certificate affirms that there has been no will. And denotes the legal heirs of the deceased. The beneficiary will, additionally, carry with him the full responsibility and liability of honoring any debt or security attached to that particular property.</span></p><p><span>Sometimes, the bank only asks for it in case another legal heir is contesting the nominees claim. On the other hand, if the matter goes to the court, it will be necessary. It isn’t the aptest document in case of properties. For this, a letter of administration would be required. A letter of administration is an explicit document granting a person the authority to administer the property of the deceased. The procedure to get this document is the same as the procedure for getting the succession certificate.</span></p><p><span> </span></p><p><em>The article has been written by Reema, in the capacity of a content writer with LegalRaasta. India's top portal for professional help related to legal, finance and business such as<strong> <a href="https://www.legalraasta.com/income-tax-return/">ITR filing</a></strong>, Company Registration, GST registration, etc.</em></p></div>Business Relationship under Indian Domestic Tax Lawshttps://globalriskcommunity.com/profiles/blogs/business-relationship-under-indian-domestic-tax-laws2019-01-11T12:22:59.000Z2019-01-11T12:22:59.000ZJatin Kapoorhttps://globalriskcommunity.com/members/JatinKapoor<div><p>The Indian household charge laws have expressed that every one of the salaries produced or emerging in India, paying little heed to it being straightforwardly or by implication earned, through or from any business association in India will be esteemed to gather or emerge in India itself. In more straightforward terms, any pay acquired from a business by Non-Residents of India is assessable in India if the said individual has a business association in the nation. This article discusses the Business Connection under Indian Domestic Tax Laws and the fundamentals data identified with the equivalent.</p><p><strong>Overview</strong></p><p>The extent of business association under the Indian local duty laws was like those arrangements under the Dependent Agent Permanent Establishment (DAPE) in Article 5(5) of the Double Taxation Avoidance Agreement (DTAA) that is gone into by India with different nations. Under the said terms, if an individual following up for a Non-Resident is routinely approved to finish up contracts for the Non-Resident. At that point, such a specialist would comprise a lasting foundation in the source nation.</p><p>Be that as it may, under different cases, with the expectation of staying away from a perpetual foundation under Article 5(5) of the DTAA, the individual following up in the interest of the Non-Resident arranges an agreement however does not close the assertion. Subsequently, a survey was led by the Organization for Economic Co-task and Development (OECD) under the Base Erosion and Profit Shifting (BEPS) to rethink the meaning of a Permanent Establishment so as to keep the shirking of duty installments by evading the current Permanent Establishment definition as indicated by commissionaire game plans or discontinuity of business exercises.</p><p><strong>Amendments</strong></p><p>The inception made incorporates the BEPS Move Plan 7 that purchased forward changes to the Article 5(5) that right now expresses that a specialist would not just incorporate an individual who routinely finishes up an agreement in the interest of a Non-Resident, yet additionally an individual who as a rule assumes a key job prompting the finish of assertions. The suggestions under BEPS Action Plan 7 has been incorporated into Article 12 of the Multilateral Convention to Implement Tax Treaty Related Measure (MLI), to which India is a signatory as well. Therefore, these arrangements will change India's individual DTAAs secured by MLI consequently. This would expand the extension than the arrangements included by the Indian household impose laws.</p><p>As indicated by the Indian Government, the extent of business association has been extended as characterized under the Indian residential expense laws reliable with Permanent Establishment Rule as revised by the BEPS Action Plan 7 and MLI by presenting the idea of operator routinely assuming the huge job prompting the determination of an agreement. In this specific situation, the agreements are:</p><ul><li>For the sake of the Non-Resident;</li><li>For the exchange of the possession, or for conceding the privilege to utilize a property claimed by the Non-Resident or for which the Non-Resident has a privilege to utilize;</li><li>Or then again for the arrangement of administrations by that Non-Resident.</li></ul><p> </p><p>The corrections in the duty laws of India will adjust the equivalent to the arrangement of the DTAA as altered by the MLI to make the necessities of the DTAA compelling. Despite the fact that, it ought to be noticed that since the current meaning of the PE under the DTAAs is smaller than the previously mentioned changed definition under the Indian duty laws, in this manner, the arrangements of DTAAs being undeniably more gainful than the Indian local expense laws would keep on applying to a Non-Resident till the MLI laws come into power.</p><p><strong>Significant Economic Presence</strong></p><p>With impact from April 01, 2018, the Government of India has extended the extent of Business Connection to incorporate Significant Economic Presence. Under this specific circumstance, Significant Economic Presence later will mean:</p><ul><li>Any exchange concerning any products, administrations or property did by a non-occupant in India including the arrangement of download of information or programming in India if the total of installments emerging from such transaction(s) amid the earlier year surpasses the sum as recommended; or</li><li>Constant and deliberate requesting of its business exercises of taking part in cooperation with digitized clients as determined, in India through advanced methods.</li></ul><p>The BEPS Action Plan 1 on tending to the expense difficulties of the advanced economy suggested adjusting the current meaning of Permanent Establishment to give that:</p><ul><li>An undertaking occupied with completely de-emerged advanced exercises would comprise a PE on the off chance that it kept up a critical computerized nearness in another nation's economy;</li><li>Virtual PE would be comprised when an endeavor keeps up its site on a server of another undertaking situated in a purview and brings out its business through that site.</li></ul><p>The BEPS Action Plan 1 likewise suggested that nations may present the accompanying shields in their residential laws to counteract BEPS:</p><ul><li>Another nexus rule dependent on the idea of a critical financial nearness.</li><li>Retaining the duty on particular sorts of computerized exchanges.</li><li>A balance collect</li></ul><p>Prior the Indian residential assessment laws accommodated a physical nearness based nexus rule for tax collection of business pay of the Non-Resident in India-regional nexus. Developing plans of action, for example, a digitized business, which does not require a physical nearness of itself or some other specialist in India, were not secured by the household charge laws in India.</p><p><strong>Applicability</strong></p><p>The changes referenced above will apply to every online ad, online quests, cloud administrations and other advanced items to guarantee that the benefits acquired by these organizations credit to the clients in India and are saddled in India itself. This could bring enormous firms, for example, Google, Facebook, Amazon and Netflix and application designers, for example, Uber Inc. with colossal shopper bases in the nation into the assessment net.</p><p>The changes return at the of equalization require at the rate of 6 percent forced from the First of July, 2016, on web based promoting installments to remote substances not owning a Permanent Establishment in India. In like manner, organizations that move products carefully or execute computerized benefits in India with or without an assessable nearness in India may fall inside the fields of this alteration.</p><p>The income based factor and use-based factor approach proposed by the Finance Bill to decide nexus dependent on the idea of critical financial nearness is in accordance with the Action Plan 1. In any case, the rules on this respect recommending the conditions and as far as possible are yet to be issued.</p><p><span>This article has been contributed by Gaurav Rawat who is a content writer with LegalRaasta. LegalRaasta is an online portal that assists companies and startups with </span><a href="https://legalraasta.com/trademark-registration/">Trademark Registration</a><span>, </span><a href="https://www.legalraasta.com/private-limited-company-registration/">Company registration</a><span>, </span><a href="https://www.legalraasta.com/nbfc-registration/">NBFC Registration</a><span>, </span><a href="https://www.legalraasta.com/gst-return/">GST Return</a><span>, </span><a href="https://www.legalraasta.com/iso-registration/">ISO Certification</a><span>, and </span><a href="https://www.legalraasta.com/income-tax-return/">ITR filing</a></p></div>How To Leverage The Changing Tax Landscape?https://globalriskcommunity.com/profiles/blogs/changing-tax-landscape2018-05-03T07:00:00.000Z2018-05-03T07:00:00.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><p><span style="font-size:12pt;">A Message From Our partner:</span></p>
<p><span style="font-size:12pt;"><a href="https://www.blueprintoneworld.com/white-papers/leverage-tax-landscape/?utm_source=globalriskconsult&utm_medium=emailrental&utm_content=whitepaper&utm_campaign=globalriskconsult" target="_blank"><img width="150" src="https://d2q0qd5iz04n9u.cloudfront.net/_ssl/proxy.php/http/storage.ning.com/topology/rest/1.0/file/get/2234242276?profile=RESIZE_180x180" alt="2234242276?profile=RESIZE_180x180" /></a> </span><br /> <span style="font-size:12pt;"><br /> The 2017 tax law reform has opened up unprecedented opportunities for corporations to focus on core business functions and increase profitability. Though most organizations will increase value for their shareholders with minimal effort, they could largely benefit from taking the chance to create transformative organizational change.<br /> <br /> However, in order to best leverage the advantages of the tax law, corporations will first need to ensure that the data input into analysis and assessment is accurate and consult their legal and tax teams to position themselves proactively.<br /> <br /> Download this white paper to learn the best tactics and principles for building a relevant and realistic restructuring plan for your corporation.</span></p>
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<p><span style="font-size:12pt;"><a href="https://www.blueprintoneworld.com/white-papers/leverage-tax-landscape/?utm_source=globalriskconsult&utm_medium=emailrental&utm_content=whitepaper&utm_campaign=globalriskconsult" target="_blank">Learn More</a></span></p></div>Tax Identity Theft jumps on Payroll Scamshttps://globalriskcommunity.com/profiles/blogs/tax-identity-theft-jumps-on-payroll-scams2016-06-25T14:40:47.000Z2016-06-25T14:40:47.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>Do you work for a corporation, especially in the U.S.? You may be at risk for tax return fraud.</p><p><img src="http://activerain.com/image_store/uploads/agents/robertsiciliano/files/9D.jpg" alt="" width="300" height="250" align="right" /></p><p>ADP is a payroll provider. Hackers were able to acquire tax information of employees of U.S. Bank from ADP. Now, this doesn’t mean that ADP was directly hacked into. Instead, what happened, it seems, their authentication system was flawed and ADP failed to implement a protection strategy for the personal data to keep it safe from prying eyes.</p><p>The crooks registered ADP accounts by using the stolen data of the bank employees. These accounts allowed the crooks to get additional W-2 information—enough to commit tax return fraud. In other words, looks like a W-2 gateway was created to file fraudulent tax returns.</p><p>If it happened to U.S. Bank and ADP, it can happen many places else.</p><p>ADP says that the breach did not originate from their computer network, but where exactly it <em>did</em> come from is not clear at this point, as there are multiple possibilities including the hacking into of a third party service.</p><p>The hackers also used a unique company issued URL. This URL is needed to register an ADP account. It is not known at this point in time if the U.S. Bank URL required credentials to gain access to or not, but since this data breach, U.S. Bank has withdrawn plans to further post the URL online. U.S. Bank has also removed their publicly accessible W-2 form from cyberspace.</p><p>Despite the data breach, there were only minimal effects to employees and customers of ADP and U.S. Bank. But the minimal adverse outcome is no reason to let your guard down. Next time, the institutions may not be so lucky.</p><p>Solution: Fill out the IRS Identity Theft Affidavit ASAP. Here: <a style="color:#bb0000;" href="https://www.irs.gov/pub/irs-pdf/f14039.pdf">https://www.irs.gov/pub/irs-pdf/f14039.pdf</a></p><p>Robert Siciliano is an identity theft expert to <a style="color:#bb0000;" href="http://bestidtheftcompanys.com/companies">BestIDTheftCompanys.com</a> discussing <a style="color:#bb0000;" href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>.</p></div>Why You should file your Tax Return Yesterdayhttps://globalriskcommunity.com/profiles/blogs/why-you-should-file-your-tax-return-yesterday2016-04-26T14:08:38.000Z2016-04-26T14:08:38.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>Someone else might file your taxes if you don’t get to it. And they won’t be doing it as a favor; they’ll be doing it to steal your identity.</p><p><img src="http://activerain.com/image_store/uploads/agents/robertsiciliano/files/9D.jpg" alt="" width="300" height="250" align="right" /></p><p><strong>Here’s how it works:</strong></p><ul><li>Cyber thieves send fraudulent e-mails to a business’s employees.</li><li>The e-mails are designed to look like they came from the big wigs at the company.</li><li>As a result, the targeted employees are tricked into revealing sensitive data about the company’s employees.</li><li>The crooks end up with all this valuable data—enough to file phony tax returns.</li><li>This ploy, called spear phishing, has already occurred to major companies.</li></ul><p>Recently, the Mansueto Ventures company was hit by a spear phishing attack that singled out the employee payroll data. The hacker/s got ahold of the following employee information: Social Security number, name, address and income.</p><p>Employees have been notified, but how many of those employees have not yet filed their income tax returns? Of those, how many will be victims of identity theft because a hacker filed a tax return in their name as a result of obtaining the payroll data?</p><p>Again, get to your tax preparer ASAP, or if you normally file the return yourself, what are you waiting for?</p><p>Seagate is another company that got spear phished. The W-2 forms of its employees got into the hands of the thief or thieves. Apparently, the data of several thousand employees was stolen.</p><p>All it takes is one employee to get suckered into clicking the wrong e-mail. It’s possible for these e-mails to really, truly look like they came from a major decision maker from inside the company. A skilled hacker will carefully construct an e-mail that mimics company e-mail, complete with logo and company colors, and even the full name of the person he’s pretending to be. The e-mail may even address its recipient by name.</p><p>How does the thief get this information? It may all begin with the information he finds on a LinkedIn profile. Other bits and pieces may have been gathered off of Facebook or an online article about the person he’s impersonating, right down to that person’s nickname, making the fake e-mail look even more authentic, signing off with that person’s odd nickname.</p><p>Have you filed your tax return yet?</p><p>Robert Siciliano is an identity theft expert to <a style="color:#bb0000;" href="http://bestidtheftcompanys.com/companies">BestIDTheftCompanys.com</a> discussing <a style="color:#bb0000;" href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>.</p></div>Tax Havens Explained With Mapshttps://globalriskcommunity.com/profiles/blogs/tax-havens-explained-with-maps2016-04-19T17:43:05.000Z2016-04-19T17:43:05.000ZEnrique Raul Suarezhttps://globalriskcommunity.com/members/EnriqueRaulSuarez<div><p></p><p></p><p><a href="{{#staticFileLink}}8028247074,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8028247074,original{{/staticFileLink}}" width="525" alt="8028247074?profile=original" /></a></p><p align="center"><span class="font-size-4"><b>Tax Havens • Explained With Maps</b></span></p><p align="center"></p><p align="center"><span class="font-size-4">Apr 19, 2016</span></p><p align="center"></p><p align="center"><span class="font-size-4"><b>Source:</b></span></p><p align="center"><span class="font-size-3"><a href="http://explainedwithmaps.com/tax-havens/">http://explainedwithmaps.com/tax-havens/</a></span></p><p align="center"></p><p>Tax havens play an important role in the globalization of capital markets but also threaten their stability and structure. What are the properties of tax havens? When began tax evasion? What do fiscal paradises offer? How profit private persons, companies and the organized crime from tax havens?</p><p>There are many names for the same areas: offshore havens, fiscal paradises or tax havens. In a first list from the year 2000 existed 52 areas and countries, which comply with the definition of tax havens. 33 of them were part of the United Nations, within them Russia. According to this was every sixth of the 193 UN member states considered as a fiscal paradise. And from 19 dependent areas belonged 10 to the United Kingdom.</p><p></p><p><a href="{{#staticFileLink}}8028247280,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247280,original{{/staticFileLink}}" alt="8028247280?profile=original" /></a></p><p>Determined was this number by three international organizations: the Organization for Economic Co-operation and Development (OECD), the Financial Action Task Force on Money Laundering (FATF) and the Financial Stability Board (FSB). The composition of the list is imprecise and fluctuates. So determines the Independent Organization “Tax Justice Network” another number, because the organizations use different criteria to define tax havens.</p><p></p><p><a href="{{#staticFileLink}}8028247095,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247095,original{{/staticFileLink}}" alt="8028247095?profile=original" /></a></p><p></p><p><b>What are the properties of tax havens?</b></p><ul><li>Unrestricted capital flows between countries.</li><li>Strict or absolute bank secrecy.</li><li>Fast and unbureaucratic formation of new enterprises.</li><li>Tax exemptions for foreign companies and persons.</li></ul><p>But it’s not so easy to become a tax haven. A tax haven needs great economic and political stability, and should not have the reputation to enable money laundering.</p><p></p><p><a href="{{#staticFileLink}}8028247490,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247490,original{{/staticFileLink}}" alt="8028247490?profile=original" /></a></p><p>Tax havens also need the support of the big financial centers like New York, London, Frankfurt, Shanghai and Tokyo, which frequently function as connection between the regulated financial markets and deregulated markets.</p><p></p><p><a href="{{#staticFileLink}}8028247666,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247666,original{{/staticFileLink}}" alt="8028247666?profile=original" /></a></p><p><b> When began tax evasion?</b></p><p>This method isn’t new. People tried to avoid fiscal and trade rules for a long time. But this trend accelerated after the Second World War when many colonies became independent. Because many of the colonies were only transit areas for trade purposes and weren’t used for production or cultivation. So were some of the Caribbean Islands only used for the Atlantic Triangular Trade.</p><p></p><p><a href="{{#staticFileLink}}8028247861,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247861,original{{/staticFileLink}}" alt="8028247861?profile=original" /></a></p><p>After the colonies became independent stopped their former mother countries their financial and political support. Many of the newly formed countries could choose then between tourism and financial business. Most of them chose both.</p><p>Tax havens are particularly attractive because they offer a large field of financial products and banking services, which attracts private persons, companies, and organized crime.</p><p><b>What do tax havens offer?</b></p><p>Firstly <b>private persons</b> can choose tax havens as their main residence, then they don’t have to pay legacy tax and only small taxes on capital.</p><p>This may be morally wrong, but legal by avoiding laws. Equally to the number of millionaires continues the number of tax avoiders to increase.</p><p></p><p><a href="{{#staticFileLink}}8028247687,original{{/staticFileLink}}"><img width="750" class="align-center" src="{{#staticFileLink}}8028247687,original{{/staticFileLink}}" alt="8028247687?profile=original" /></a></p><p></p><p>From 4.7 million people with an income higher than a million dollar in the year 1996, increased the number to 12 million people in the year 2013.</p><p>Secondly use <b>large companies</b> the same benefits. So have the 50 biggest companies in Europe subsidiary companies in fiscal paradises in Europe and the rest of the world. They can decrease their tax by moving profits to their subsidiary companies in low tax countries.</p><p></p><p>Thirdly attract tax havens the <b>organized crime</b>, which invest their money from illegal activities in offshore havens.</p><p>The circle of money laundering looks like this:</p><ul><li>Money of the Colombian Drug Trade moves to bank accounts at Caribbean tax havens.</li><li>From there gets the money to the legal, financial system, for instance to Europe.</li><li>In Europe circulates the money between different countries and bank accounts.</li><li>And finally it gets back to Colombia, invested by European companies, which are controlled by the Colombian drug cartels.</li></ul><p>As you can see is the method of money laundering well known, but the real amount of laundered money is hard to ascertain.</p><p></p><p>I have posted this article originally on:</p><p></p><p><a href="https://www.linkedin.com/pulse/tax-havens-explained-maps-enrique-suarez?trk=prof-post">https://www.linkedin.com/pulse/tax-havens-explained-maps-enrique-suarez?trk=prof-post</a></p><p></p><p> </p></div>How to protect against Tax Identity Thefthttps://globalriskcommunity.com/profiles/blogs/how-to-protect-against-tax-identity-theft2016-02-16T13:55:39.000Z2016-02-16T13:55:39.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>What are you doing to prevent tax identity theft? Do you <em>even know</em> what steps to take? You’d better, because this crime has tripled since 2010, says the FTC.</p><p><img src="http://activerain.com/image_store/uploads/agents/robertsiciliano/files/RISK.jpg" alt="" width="320" height="213" align="right" /></p><p>A report on foxbusiness.com describes tax identity theft as the act of stealing someone’s personal information, then the crook files a phony tax return in the victim’s name to get a refund. The victim will never see it in their mailbox. And that’s only the beginning of the victim’s problems.</p><p>First, your complaint that you didn’t get your check will fall on deaf ears; the IRS will think they already sent you the check. Remember, the thief posed as YOU. You then must:</p><ul><li>File a form explaining you’re a victim of tax ID theft.</li><li>Provide proof that the SSN is yours.</li><li>Your complaint will be reviewed, delaying your refund for months.</li><li>But the game’s not over. The thief didn’t report the income you made on the side teaching group fitness classes. You’re now being charged by the IRS with a tax deficiency.</li><li>The snowball just keeps getting bigger: The thief may have enough information on you to open credit cards in your name and suck dry your bank account.</li></ul><p><strong>How to Protect Yourself</strong></p><ul><li>Guard your personal information. Never give out your Social Security number (job application, yes; sweepstakes contest, no; to someone over the phone, no).</li><li>Memorize your SSN and keep your SSN card in a locked place at home.</li><li>Buy a shredder and make a habit of shredding all personal and financial documents.</li><li>If you do your taxes yourself, your computer should have encryption software. Never use public (non-secure) Wi-Fi for any tax related transactions; cyber thieves could “see” your data transmissions.</li><li>When it’s time to mail in the return…do it inside the post office, never at a public mailbox or even your home mailbox.</li><li>If you can’t do your taxes, get them done by a reputable outfit. You may want to go with someone who’s done the taxes for years for one of your family members or close friends.</li></ul><p>Robert Siciliano is an identity theft expert to <a style="color:#bb0000;" href="http://thebestcompanys.com/antivirus/">TheBestCompanys.com</a> discussing <a style="color:#bb0000;" href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>.</p></div>Ireland: the Tax Haven that Dare Not Speak Its Namehttps://globalriskcommunity.com/profiles/blogs/ireland-the-tax-haven-that-dare-not-speak-its-name2016-01-18T23:37:11.000Z2016-01-18T23:37:11.000ZEnrique Raul Suarezhttps://globalriskcommunity.com/members/EnriqueRaulSuarez<div><p></p><p></p><p><a href="{{#staticFileLink}}8028240262,original{{/staticFileLink}}"><img width="300" class="align-center" src="{{#staticFileLink}}8028240262,original{{/staticFileLink}}" alt="8028240262?profile=original" /></a></p><h2 class="center" style="text-align:center;"><strong>Ireland: the Tax Haven that Dare Not Speak Its Name</strong></h2><p class="center" style="text-align:center;"> </p><p class="center" style="text-align:center;"><span class="font-size-3">Source: </span></p><p class="center" style="text-align:center;"></p><p class="center" style="text-align:center;"><span class="font-size-3"><strong>Cillian Doyle</strong></span></p><p class="center" style="text-align:center;"></p><p class="center" style="text-align:center;"><span class="font-size-3">CounterPunch 12 January 2016</span></p><p></p><p style="text-align:center;"><em>We’re not a tax haven, we have never been involved in any kind of tax malpractice</em></p><p style="text-align:center;"></p><p style="text-align:center;">– <strong>Michael Noonan, Irish Minister for Finance 5th October 2015</strong></p><p style="text-align:center;"></p><p style="text-align:left;">You can read the entire article in the following link:</p><p style="text-align:left;"></p><p style="text-align:left;"><a href="https://www.linkedin.com/pulse/ireland-tax-haven-dare-speak-its-name-enrique-suarez?trk=mp-reader-card" target="_blank">Ireland</a></p></div>marcus evans to host the FATCA and Global Tax Compliance Forum for a 4th Yearhttps://globalriskcommunity.com/profiles/blogs/marcus-evans-to-host-the-fatca-and-global-tax-compliance-forum2015-08-31T21:00:00.000Z2015-08-31T21:00:00.000Zmarcus evans N.A. Conferenceshttps://globalriskcommunity.com/members/marcusevansNAConferences<div><p><i>This annual conference provides global tax compliance experts with insight on adopting an internationally accepted standard of tax transparency and compliance.</i></p><p><i> </i></p><p><b>New York City, NY – July 29, 2015</b> <i>–</i> <b>marcus evans</b>, the world’s largest event management group, will host the <b>4th FATCA and Global Tax Compliance Forum</b> on November 4-6, 2015 in New York City. This year's conference will allow for the exchange of valuable insights and strategies to implement new systems to manage reporting demands, create structured reporting frameworks, and anticipate the developments of the Common Reporting Standard in the multinational tax compliance arena.</p><p> </p><p><b>Previous attendees include:</b></p><p>US Internal Revenue Service, Goldman Sachs, Deutsche Bank, BNY Mellon - Corporate Tax, M&T Bank, Quontic Bank, Fidelity Investments, LLC, The Hartford Financial Services Group, Barclays Capital, UBS Investment Bank, The Guardian Life Insurance Company of America, and many others</p><p> </p><p><b>Building Off of Past Years’ Success, the 4th Annual Conference will enable you to:</b></p><ul><li><b>Streamline</b> compliance initiatives by transitioning from a bilateral to multilateral tax cooperation</li><li><b>Leverage</b> international channels of communications to provide an up-to-date commentary on any changes in regulations</li><li><b>Improve</b> system interoperability to reduce reporting errors</li><li><b>Adopt</b> and maintain different reporting schemas, along with their validation rules, to remain up to date with global frameworks</li><li><b>Overcome</b> legal impediments and reduce burdens for Cayman Islands-based financial institutions (FIs) through an intergovernmental approach to FATCA implementation</li></ul><p> </p><p><b>Featuring Case Studies from Leading Professionals, including:</b></p><p>Kevin V. Sullivan, Director - Head of U.S. Information Withholding & Reporting, FATCA and QI Advisory, <b>BNP Paribas S.A.</b></p><p>Méhul Thakkar, Vice President, Corporate Tax, <strong>BNY Mellon</strong></p><p>Nicole M. DeSantis, Senior Vice President/Associate General Counsel, <b>Rabobank, N.A.</b></p><p>Dana Flynn, Group Tax Director, Tax Counsel, <b>UBS AG</b></p><p> </p><p><b>For more information on this conference or to get a complete list of speakers, sessions or past attendees, visit the conference</b> <a href="http://www.marcusevans-conferences-northamerican.com/marcusevans-conferences-event-details.asp?EventID=22353&SectorID=37&utm_source=GRC&utm_medium=PR&utm_campaign=22353_GRC_PR#.VeTBaPlViko" target="_blank">website</a><b>, or email Nicolette Fiordirosa, Marketing & PR Coordinator at</b> <a href="mailto:nicolettef@marcusevansch.com"><b>nicolettef@marcusevansch.com</b></a></p><p> </p><p>About marcus evans</p><p> </p><p><i>marcus evans conferences annually produce over 2,000 high quality events designed to provide key strategic business information, best practice and networking opportunities for senior industry decision-makers. Our global reach is utilized to attract over 30,000 speakers annually, ensuring niche focused subject matter presented directly by practitioners and a diversity of information to assist our clients in adopting best practice in all business disciplines.</i></p></div>Options - Qualified And Unqualified Callshttps://globalriskcommunity.com/profiles/blogs/options-qualified-and-unqualified-calls2015-08-16T13:46:33.000Z2015-08-16T13:46:33.000ZMichael C. Thomsetthttps://globalriskcommunity.com/members/MichaelCThomsett<div><div class="instablog_main_content_header"></div><p>The federal tax rules concerning options are among the most complex sections of the tax code. This has led to many misunderstandings. For example, many traders have heard that some covered calls are "unqualified." What does this mean?</p><p>It means that in some situations, a trader who has opened such a position will not be able to report gains as long-term gains if and when the call is exercised and the underlying called away. This applies only if you have held the underlying for less than one year when you open an unqualified call. When you open this position, the count to that one-year holding period is tolled. So it is possible that your stock could be called away after a one-year holding period, but treated as short-term.</p><p>For example, you have owned 100 shares of stock for nine months and you have a seven-point paper profit. You sell an unqualified covered call and get a big premium, with a strike equal to your original basis seven points lower than current value. Four months later, that call is exercised. Your stock is called away. Although you held the stock for 13 months, the assigned stock is treated as short-term; the count toward the one-year long-term holding period stopped at nine months when you sold the unqualified covered call.</p><p>Some traders believe that when a call is defined as "unqualified," that means they are not allowed to open the position. This is not true.</p><p>In general, a deep ITM call is going to be qualified; but not always. The definition of what constitutes an unqualified covered call relies on two factors: the underlying's prior day closing price; and the time remaining until expiration. The following table shows how different underlying prices and time to expiration define "unqualified" covered calls:</p><p></p><table class="designed_table" border="1" cellspacing="1" width="480"><tbody><tr><td><p>prior day's Stock closing price</p></td><td><p>time until expiration</p></td><td><p>strike price limits</p></td></tr><tr><td>$25 or below</td><td>over 30 days</td><td>one strike under close of the prior trading day (however, no call can be qualified if the strike is lower than 85% of stock price</td></tr><tr><td>$25.01 - $60</td><td>over 30 days</td><td>one strike under close of the prior trading day</td></tr><tr><td>$60.01 - $150</td><td>31-90 days</td><td>one strike under close of the prior trading day</td></tr><tr><td>$60.01 - $150</td><td>over 90 days</td><td>two strikes under close of the prior trading day (but no more than 10 points ITM)</td></tr><tr><td>above $150</td><td>31-90 days</td><td>one strike under close of the prior trading day</td></tr><tr><td>above $150</td><td>over 90 days</td><td>two strikes under close of the prior trading day</td></tr></tbody></table><p></p><p>For example, a stock is at $28.08. The July 28 call was worth 1.48 and was qualified; but the July 27, which closed at 2.02, was an unqualified covered call. It was more than one strike below the close, and expires over 30 days from the closing date.</p><p>Another example: a stock closed at $605.23. The September 595 closed at 47.30 and was qualified. But the September 590 closed at 50.30 and was unqualified. The dividing line was strike increment plus the expiration over 90 days.</p><p>Although this restriction requires careful tax planning to avoid an unpleasant surprise, there is also a strategic consideration to this problem. If you have an exceptionally large carryover loss -- as many traders do -- you will not be affected by this rule. Because you are restricted to a maximum deduction of $3,000 per year, an unqualified covered call may create short-term profits, but the large carryover loss shelters those profits from tax. This enables you to use up the carryover more rapidly.</p><p>This oddity in the tax law originally was intended to prevent options traders from timing multi-leg strategies to defer taxes to the following year. Traders could sell deep ITM calls in December, for example, to effectively take profits on stock above original basis. In this case, the premium on the covered call would not be taxed until the following year when it was closed, rolled, or exercised. This is desirable compared to the alternative of selling stock and paying taxes on the profit. However, the rules have made options tax planning very complex. Traders need to check with their tax adviser to ensure that they understand these rules.</p><p>To discover more about the rules for taxing options, download the free report at <b><a href="http://sixfigureinvesting.com/2011/02/tax-information-from-the-cboe/" target="_blank">Taxation of options</a></b>. But remember, for complex situations, you also may need to consult with your tax advisor.</p><p><i>Michael Thomsett blogs at the CBOE Options Hub and several other sites. He is author of 11 options books and has been trading options for 35 years.</i> <b><a href="http://thomsettpublishing.weebly.com" target="_blank"><i>Thomsett Publishing Website</i></a></b></p><p>He also writes extensively on the topic of candlestick charting.You can discover the world of effective chart reading with <u>Profitable Trading Strategies Using Candlestick Charting.</u> This is a comprehensive and complete course on the nature of candlestick charting, offered exclusively by the Global Risk Management Community. By the conclusion of this course, you should be able to locate actionable candlestick signals, better understand what is likely to occur next, and combine candlesticks with other technical signals to forecast price movement. To find out more, go to <strong><a href="http://globalriskacademy.com/courses/investment-strategies-using-candelstick-charting" target="_blank">Using Candlestick Charting</a></strong></p></div>Reports say Russians hacked IRS Identitieshttps://globalriskcommunity.com/profiles/blogs/reports-say-russians-hacked-irs-identities2015-07-22T18:54:36.000Z2015-07-22T18:54:36.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>CNN recently reported that the data breach of the IRS, which occurred between this past February and May, originated from Russia. The crooks were able to steal tax returns from over 100,000 people. The thieves filed a total of $50 million in tax refunds, having obtained personal data to get ahold of the data.</p><p><img src="http://activerain.com/image_store/uploads/agents/robertsiciliano/files/11D.jpg" alt="" align="right" height="243" width="320" /></p><p>In other words, this crime wasn’t a hacking job. The Russians didn’t hack into the IRS’s network through some “back door” or social engineering scheme. They actually entered through the front door, using the personal data they had obtained.</p><p>Just how the breach came about is not yet known. The IRS’s Criminal Investigation Unit, plus the Treasury Inspector General for Tax Administration, are trying to figure it all out. The FBI is also involved.</p><p>Americans have no reason to feel secure about the protection of their tax data. For years, there have been security concerns by the leaders, and this latest Russian incident has fueled the flames.</p><p>Orrin Hatch, the Republican Senate Finance Committee Chairman, has stated: “When the federal government fails to protect private and confidential taxpayer information, Congress must act.” This is not the first time that the Russians have caused a data breach for the U.S. government.</p><p>As for this latest incident, the Russian thieves had originally tried to get into the tax records of 200,000 people, but were only 50 percent successful—resulting in the breach of those 100,000 Americans.</p><p>However, the IRS intends on contacting every one of those 200,000 people about the attempt. This is because third parties may have these people’s Social Security numbers, among other personal data.</p><p>And what is the consolation for the 100,000 people whose tax records were obtained? The IRS said they will get free credit monitoring.</p><p>Robert Siciliano is an identity theft expert to <a href="http://thebestcompanys.com/antivirus/">TheBestCompanys.com</a> discussing <a href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>.</p></div>Tax Return Basics: What You must know!https://globalriskcommunity.com/profiles/blogs/tax-return-basics-what-you-must-know2015-05-16T13:33:52.000Z2015-05-16T13:33:52.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p><strong>Tax ID Theft</strong></p><p><img src="http://activerain.trulia.com/image_store/uploads/agents/robertsiciliano/files/1S.jpg" alt="" align="right" height="215" width="360" /></p><p>Three things in life are guaranteed: death, taxes and tax-related identity theft. <a href="http://krebsonsecurity.com/2015/03/sign-up-at-irs-gov-before-crooks-do-it-for-you/">Michael Kasper</a> would agree. Someone registered Kasper’s IRS.gov account, requested the document for his 2013 tax return, then filed a 2014 tax return.</p><p>The crook used a middleman—an innocent woman who answered his Craigslist ad for a moneymaking opportunity. He sent the money to her bank account, then she wired it to Nigeria, not knowing she was helping the crook.</p><p>Kasper’s account got busted into when the crook guessed some information about him, maybe stuff he got off of social media. Go to <a href="http://www.irs.gov/Individuals/Get-Transcript">IRS.gov</a> to secure your account to make it nearly unhackable.</p><p><strong>Get Your Tax Transcripts</strong></p><p>You can request information via online about your tax returns and transactions for a given year. If you’re not registered yet, you’ll need your Social Security number and instant access to your e-mail account. The step after that is to answer private questions to confirm your identity. Otherwise just log in with your password and user ID.</p><p>To receive the information by snail mail, you’ll need your SSN or individual tax ID number, address from your latest tax return, plus birthdate.</p><p><strong>Suspiciously Filed Returns</strong></p><p>The IRS has been contacting people who are associated with suspiciously filed returns, requesting that they confirm their identity. This is the result of criminals using TurboTax to process returns. The IRS will always make such a request with snail mail, never a phone call, text or e-mail.</p><p>If you get in the mail a Letter 5071C from the IRS, there’s only two ways to confirm you are you: 1) Visit idverifty.irs.gov and answer some questions, or call the 800 number on the letter itself.</p><p>For this verification process, you should have on hand your previous year tax return, the current one, and any supporting paperwork like Forms 1099 and W-2. You’ll then need to verify you filed the suspect return.</p><p>And remember, if you’re on this list and the IRS wants to contact you, it will be by snail mail. Anything else is a scam.</p><p>Robert Siciliano is an identity theft expert to <a href="http://bestidtheftcompanys.com/companies">BestIDTheftCompanys.com</a> discussing <a href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>.</p></div>How to identify Tax Scamshttps://globalriskcommunity.com/profiles/blogs/how-to-identify-tax-scams2015-04-14T13:47:00.000Z2015-04-14T13:47:00.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>The IRS isn’t your biggest enemy during tax season. It’s the criminals who pretend to be IRS reps and then con people out of their money. They contact potential victims chiefly through phone calls and text messages.</p><p><img src="http://activerain.trulia.com/image_store/uploads/agents/robertsiciliano/files/9D.jpg" alt="" align="right" height="300" width="360" /></p><p>Typically, the message is threatening in tone and/or content, informing the target they’ll be arrested if they don’t immediately send the IRS owed money. The threat may also be deportation or a driver’s license suspension (that last one is really silly, but people actually do fall for these cons).</p><p>The money must be wire transferred or sent via a pre-paid card—and this is one of the tip-offs it’s a scam: Why wouldn’t the IRS accept a personal check like they normally do? The wire transfer or pre-paid card guarantees the crook will never be tracked.</p><p><strong>Identifying tax scams is easy! It’s a scam if the scammy “IRS”:</strong></p><ul><li>Requests a credit card number over the phone or email</li><li>Requests a wire transfer or pre-paid card over the phone or email</li><li>The initial communication about owed money is NOT through snail mail.</li></ul><p><strong>The aforementioned three points should be enough for you to identify a scam, but to make identification even easier, here’s more:</strong></p><ul><li>There’s background noise to make you think it’s a busy call center.</li><li>The caller gives you his “badge number” to sound more official.</li><li>The caller identifies himself with a common name (i.e., Michael Harris).</li><li>The phone call coincides with an e-mail (to make things appear more official).</li><li>The caller hangs up when you say, “I actually work for the IRS myself.”</li></ul><p><strong>Scammers’ tricks that can fool you:</strong></p><ul><li>The caller ID appears it’s the IRS calling. Caller ID can be easily “spoofed”.</li><li>You get another call from supposedly the DMV or police department, and the caller ID shows this. (Now think about this for a moment: With all the really bad guys out there making trouble, don’t you think the police have better things to do than call people up about back taxes?)</li><li>The caller may know the last four digits of your Social Security number.</li></ul><p>Don’t argue with the caller. Simply hang up (or if you want to have fun, tell them you yourself are with the IRS and listen to how fast they hang up). If you really <em>do</em> owe taxes, call the real IRS and work with an authentic employee to pay what you owe.</p><p>Robert Siciliano is an identity theft expert to <a href="http://bestidtheftcompanys.com/companies">BestIDTheftCompanys.com</a> discussing <a href="http://www.youtube.com/watch?v=p_ikx0_erfU">identity theft prevention</a>. <a href="http://robertsiciliano.com/blog/2010/01/01/disclosures-term-conditions/">Disclosures</a>.</p></div>Watch Out for Tax Scams!https://globalriskcommunity.com/profiles/blogs/watch-out-for-tax-scams2015-04-02T13:52:24.000Z2015-04-02T13:52:24.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>Spring is here (at least in some parts of the world in the northern hemisphere)! The bees are buzzing, the flowers are blooming, and the accountants are working late because for those in the U.S., it’s tax season! Scammers love tax season—there is a lot of money moving around as people pay taxes and receive tax refunds. And they have developed many ways to take advantage of that and steal your hard-earned money.</p><p><img src="http://activerain.trulia.com/image_store/uploads/agents/robertsiciliano/files/14D_new.jpg" alt="" align="right" height="233" width="350" /></p><p>The Internal Revenue Service (IRS) maintains a list of the scams that they call the <a href="http://www.irs.gov/uac/Newsroom/IRS-Completes-the-Dirty-Dozen-Tax-Scams-for-2015">Dirty Dozen</a> and have published this again for 2015. It’s a good idea for all of us to familiarize ourselves with these. Here’s the top three.</p><ul><li><strong>Phone scams.</strong> Your phone rings—it’s the IRS stating that you owe money and you must pay it NOW! It can be disconcerting but, never fear, this is a scam. Keep in mind that if you do owe the IRS, they will first contact with you via snail mail before calling. This is the number one scam that criminals are using during tax season so don’t answer your phone (just kidding…just be aware of this).</li><li><a href="https://blogs.mcafee.com/consumer/phishing"><strong>Phishing</strong></a> Hackers imitate the IRS and send an email that asks you to update your e-file immediately. The link then directs you to a bogus website. If you enter your information, the hacker collects any information you enter on the site. Remember, the IRS generally does not send emails, text messages or social media posts to request personal or financial information. If you receive any unsolicited communication that appears to be from the IRS, report it to <a href="mailto:phishing@irs.gov">phishing@irs.gov</a>.</li><li><strong>Identity Theft.</strong> If a cybercriminal gets access to your Social Security number (SSN), they can pose as you and file a tax return under your name, but have the refund sent to them. When you file your tax return, you’ll get a notice from the IRS stating that more than one tax return was filed for you. If you think you are a victim of identity theft or have been in the past, make sure to contact the IRS as they can issue you an identity theft PIN that will be used in addition to your SSN. Make sure to protect your SSN and do not share it unless absolutely necessary.</li></ul><p>Stolen tax returns and tax scams have been growing consistently, leaving many identity theft victims struggling to recoup their lost refunds and identities. To help you, here are some tips to protect yourself this tax season.</p><ul><li><strong>Protect your data.</strong>Store sensitive documents in a fire-proof safe. If you plan to receive documents with sensitive information like your financial information in the mail, make sure you have a mail box with a lock.</li><li><strong>Shred non-essential paperwork.</strong>Check with your accountant to determine what you need and what you don’t. Use a cross-cut shredder to destroy unneeded documents.</li><li><strong>File early.</strong>The earlier you file, the more quickly you thwart any criminal’s attempt to file on your behalf and collect your refund.</li><li><strong>Be cautious when clicking.</strong> Don’t click on any links or email attachments from emails that appear to be from the IRS. Be suspicious of strange emails and websites instead of clicking on links navigate to IRS.gov on your browser directly</li><li><strong>Protect your devices. </strong>Install comprehensive software like <a href="http://home.mcafee.com/root/campaign.aspx?cid=132126">McAfee LiveSafe™</a> service that protects all your PCs, Macs, smartphones and tablets and make sure to keep it updated.</li></ul><p>Here’s a great video from the IRS about tax scams and additional information on <a href="http://www.irs.gov/uac/Report-Phishing">how to report IRS phishing scams</a>.</p><p><iframe width="500" height="281" src="https://www.youtube.com/embed/0y5z0kWgBcM?wmode=opaque" frameborder="0"></iframe></p><p>Hope you have a safe tax season!</p><p><a href="http://robertsiciliano.com/"><em>Robert Siciliano</em></a><em> is an Online Safety Expert to </em><a href="http://blogs.mcafee.com/author/robert-siciliano"><em>Intel Security</em></a><em>. He is the author of </em><a href="http://www.amazon.com/Things-Wish-Before-Identity-Stolen/dp/1941308996/ref=as_sl_pc_qf_sp_asin_til?tag=httprobertc02-20&linkCode=w00&linkId=JAZ7MOSJYUIXZMJ3&creativeASIN=1941308996"><em>99 Things You Wish You Knew Before Your Mobile was Hacked!</em></a><em> </em><a href="http://robertsiciliano.com/blog/2010/01/01/disclosures-term-conditions/"><em>Disclosures</em></a><em>.</em></p></div>Don't be scammed into paying Back Taxeshttps://globalriskcommunity.com/profiles/blogs/don-t-be-scammed-into-paying-back-taxes2015-03-31T14:27:35.000Z2015-03-31T14:27:35.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>It’s easy to scam someone who did something wrong by telling them they need to fix their mistake. This is why thousands of people get scammed into paying back taxes to the IRS—the IRS has nothing to do with these scams, of course, but the predators prey on peoples’ fear of Uncle Sam. It all begins with the fraudster making a phone call, pretending to be an IRS employee.</p><p><img src="http://activerain.trulia.com/image_store/uploads/agents/robertsiciliano/files/9D.jpg" alt="" align="right" height="292" width="350" /></p><p>They have other tricks up their sleeve too, such as making the caller ID show a number that appears to be coming from the IRS and identifying themselves with phony IRS badge numbers. They’ll even leave urgent messages if they get voicemail.</p><p>Preying on emotions, the crook gets vulnerable people to give up private information right then and there—enough information for the crook to commit some kind of identity theft crime. When many people hear “IRS,” they get scared. Scammers have ripped off millions of dollars as a result.</p><p>The IRS won’t give you a phone call if you’re delinquent in your tax payment. They’ll snail mail you an official notice instead. In fact, the IRS, despite its negative stereotype, won’t use scare tactics or threatening verbiage. Anyone on the phone who does this is pond scum; hang up immediately.</p><p>The IRS also won’t ever just up and e-mail you about back taxes. If you see “IRS” in a subject line, do not open it. Instead, forward it to <a href="mailto:phishing@irs.gov">phishing@irs.gov</a> and delete it.</p><p>If you want to have a little fun with these thieves, then if you ever get a call from someone claiming to be from the IRS, nonchalantly tell them that you yourself work for the IRS. See what happens.</p><p>A woman in Denver, Rachel Fitzsimmons, received calls from the “IRS” telling her they were filing a lawsuit against her. The message was a robotic-sounding female voice that left a call-back number. At first she was unnerved, but then after doing some research, recognized this as a scam. She called back the number, let the man talk a little with the threat, then told him she worked for the IRS (she doesn’t). He immediately hung up. Busted!</p><p>Robert Siciliano personal and home security specialist to <a href="http://besthomesecuritycompanys.com/">BestHomeSecurityCompanys.com</a> discussing <a href="http://www.youtube.com/watch?v=v0nD6i-NqV0">burglar proofing your home</a> on Fox Boston. <a href="http://robertsiciliano.com/blog/2010/01/01/disclosures-term-conditions/">Disclosures</a>.</p></div>10 Skeevy Scams to watchhttps://globalriskcommunity.com/profiles/blogs/10-skeevy-scams-to-watch2015-02-19T14:46:17.000Z2015-02-19T14:46:17.000ZRobert Sicilianohttps://globalriskcommunity.com/members/RobertSiciliano<div><p>You may think you’re not dumb enough to fall for scams, but consider that someone you care deeply about is naïve enough to be conned. Besides, some scams are so clever that even those who think they’re scam-proof have actually been taken for a ride.</p><p><img src="http://activerain.trulia.com/image_store/uploads/agents/robertsiciliano/files/RISK.jpg" alt="" align="right" height="233" width="350" /></p><p>Sometimes fraudsters pose as an authority figure. Some claim you won a prize, while others claim you’re in trouble. Some even claim they’re a family member (needing money) and have figured out a way to convince you of this.</p><p>Some scams are done via e-mail, while others involve a phone call or snail mail. One common ploy is for the crook to pose as a rep from the electric company and threaten to shut off your electricity unless you pay a delinquent bill. Of course, the payment must be in the form of a reloadable debit card. People will actually give these cards to the “rep,” without calling the company to confirm the situation.</p><p>A big tip-off to a scam is that you’re told you won a prize or have been hired for employment—but must send money to get the prize or be trained for the employment.</p><p>Some scams are so very obvious, but still, people get taken, like those ridiculous e-mails claiming you inherited a windfall from some deceased prince named Gharbakhaji Naoombuule. But people actually fall for these, not considering that this same e-mail was sent to 10,000 others.</p><p><strong>Top 10 Scams of 2014</strong></p><ul><li><strong>Caller ID spoofing.</strong> Has your phone ever rung and you saw your phone number and name in the caller ID screen? How can your own phone be calling you? It’s a scam. Ignore it. If you pick up you’ll hear an offer for lower credit card rates. You’ll be told to press 1 to opt out—but you should not even be on that long to hear this option; you should have hung up the second you heard the credit card offer. Anyways, pressing 1 indicates your number is legitimate; it’s then sold to scammers. Caller ID spoofing is also perfect for scammers posing as the police, government agency, corporations etc all with the intention to get you to part with your money.</li><li><strong>Mystery shopping.</strong> Though mystery shopping is a legitimate enterprise, scammers take advantage of this and mail out checks (phony) before the “shopping” is done. A legitimate company will never do this. They also get victims to give up credit card data to pay for getting a job!</li><li><strong>Calls about unpaid taxes.</strong> Always hang up, regardless of threatening nature to pay up or else. The IRS always uses snail mail to notify people of unpaid taxes.</li><li><strong>Puppy scam.</strong> You find a website offering purebred puppies at very low prices or even for free, but you’re told you must pay for shipping or transfer fees (wire transfer) to get your puppy. The money is gone and you never get your puppy.</li><li><strong>Timeshare.</strong> You get a call from someone claiming to have found buyers for your timeshare. You receive a contract, but are told you must pay funds to cover some fees. The contract is phony.</li><li><strong>Tech support.</strong> Someone calls you claiming your computer needs servicing. They’ll fix it after you give them your credit card information. Legitimate geeks don’t call people; you must call them.</li><li><strong>Postcard survey.</strong> Out of the blue you’re told you’ve won a gift card, or, just take a brief survey to get one. Go along with this and soon you’ll be asked to provide your credit card number. Don’t bother. You’ll get no gift card while the crook gets your credit card information.</li><li><strong>Sweepstakes.</strong> A notice says you’ve won a big fat prize. To claim it, just pay some fees. Yeah, right. Never pay fees to collect a prize!</li><li><strong>Grants.</strong> You’re told you’re eligible for a grant or have been awarded one, but must first pay processing fees. Federal grants don’t require fees.</li><li><strong>Subscription renewal notice.</strong> The notice says you can renew for a lower rate. Check to see if the notice was sent by the publication itself or some third party (the crook).</li></ul><p>Robert Siciliano is an identity theft expert to <a href="http://bestidtheftcompanys.com/companies" target="_blank">BestIDTheftCompanys.com</a> discussing <a href="http://www.youtube.com/watch?v=p_ikx0_erfU" target="_blank">identity theft prevention</a>.</p></div>File an FBAR or Find Yourself Behind Barshttps://globalriskcommunity.com/profiles/blogs/file-an-fbar-or-find-yourself-behind-bars2014-04-28T12:00:48.000Z2014-04-28T12:00:48.000ZJames McCallumhttps://globalriskcommunity.com/members/JamesMcCallum<div><div class="separator" style="clear:both;text-align:center;"><a href="http://1.bp.blogspot.com/-NJs3WoO30VE/UzGXLstEUDI/AAAAAAAAEv0/kOWO1hx87hU/s1600/fbar+screen.png" style="clear:left;float:left;margin-bottom:1em;margin-right:1em;"><img border="0" src="http://1.bp.blogspot.com/-NJs3WoO30VE/UzGXLstEUDI/AAAAAAAAEv0/kOWO1hx87hU/s1600/fbar+screen.png" height="320" width="192" alt="fbar+screen.png" /></a></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">A few years ago the IRS offered a tax amnesty program for US citizens who failed to declare assets held in foreign bank accounts. This came on the heels of a highly publicized legal action against UBS. The IRS forced the Swiss based bank to turn over the account information of US citizens. The IRS was clamping down on tax evaders, exploiting the protection of Switzerland's bank secrecy laws to hide income and assets. The IRS was looking to determine if FBARs had been filed by the banks American clients.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Individuals and corporations with assets greater then $10,000 held in foreign bank accounts must file a Foreign Bank Account Report (FBAR) with the IRS or face potential legal action.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">UBS counted 52,000 US citizens as private banking clients. It would be safe to assume that most of those accounts had balances greater then the $10,000 declaration threshold. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Any US investor participating in a foreign based fund partnership or investment vehicle must also file an FBAR. High Net Worth (HNW) investors and their tax advisers should conduct due diligence on private bankers and asset managers to confirm that FBARs and appropriate declarations and forms have been filed by investment partnerships and their administrators. HNW tax advisers should contact the chief compliance officer at the fund to request an attestation letter stating that the fund is in full compliance with foreign bank reporting requirements.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Bernie Madoff and Sir Allen Stanford may look good in orange prison jumpsuits but that doesn't mean it will look good on you. Don't become a slave to fashion. Get compliant. Check with your tax adviser to make sure FBARs are filed.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Get compliant and file an FBAR with Sum2's AML SAR Filing BSA Reporting App. The app is used by financial institutions, compliance professionals and industry service providers to comply with Anti-Money Laundering (AML) best practice provisions and regulations. Protect your clients and your business from money laundering risk with this critical compliance application.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Since 2002, Sum2's AML compliance products have helped investment managers, broker dealers, MSB's, banks and credit unions comply with the AML provisions of The Patriot Act, BSA Reporting and OECD best practices. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Get AML aware. Download AML SAR Filing / BSA Reporting App on Google Play</span>.</div><div style="text-align:justify;"></div><div><div><table cellspacing="0" class="tr-caption-container" style="margin-left:auto;margin-right:auto;"><tbody><tr><td style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar" style="clear:left;margin-bottom:1em;margin-left:auto;margin-right:auto;"><img alt="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar" border="0" src="http://3.bp.blogspot.com/-oCAoKr1I4wc/UzGcNIWr9fI/AAAAAAAAEwE/Cuc3k10zEPU/s1600/aml+sar+app+cover+100.png" /></a></td></tr><tr><td class="tr-caption" style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar">Get AML Aware</a></td></tr></tbody></table><div><span style="font-family:Arial, Helvetica, sans-serif;text-align:justify;">Risk: AML, FBAR, legal, compliance, tax, reputation, criminal prosecution, IRS, OECD, Patriot Act, MSB, private banking, hedge funds, CPA, UBS, Credit Unions, SAR filing, BSA Reporting</span></div><div><br /><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div></div></div></div></div>Anatomy of a Tax Audithttps://globalriskcommunity.com/profiles/blogs/anatomy-of-a-tax-audit2014-03-22T01:00:00.000Z2014-03-22T01:00:00.000ZJames McCallumhttps://globalriskcommunity.com/members/JamesMcCallum<div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Its that time of year again. April 15th looms ever larger as small businesses scramble to meet the IRS tax filing deadline. For many small businesses, tax filing is handled by a trusted accountant or business adviser. That tends to take the trauma out of this annual exercise in pain. But even with the help of a tax professional the angst of the season is always a pressing concern. </span></div><div class="separator" style="clear:both;text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div class="separator" style="clear:both;text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">The enclosed infographic published by oBizMedia, displays some startling data about audit risk and its cost to small businesses. For example in 2011 over 50,000 small businesses were audited by the IRS. The IRS recovered over $30 billion in taxes as a result of auditing business returns. A considerable sum of money that small businesses once counted as profits now paid to the tax man. That can turn a good year of business into a not so good year. </span></div><div class="separator" style="clear:both;text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div class="separator" style="clear:both;text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Its only natural that during times of economic adversity all business owners want to keep as much as they can. During these times some business owners may be a bit more aggressive in its tax strategy to minimize tax liability. It's a risk that unfortunately can come back to haunt SME's with additional tax liabilities, fines, penalties and costly litigation.</span></div><div class="separator" style="clear:both;text-align:justify;"></div><div class="separator" style="clear:both;text-align:justify;"></div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:center;"><a href="http://3.bp.blogspot.com/-bCqD93SuPG8/Uy-xdnR9LGI/AAAAAAAAEvU/iGU-xBZEaQc/s1600/infographic+audit+4.png" style="margin-left:1em;margin-right:1em;"><img border="0" src="http://3.bp.blogspot.com/-bCqD93SuPG8/Uy-xdnR9LGI/AAAAAAAAEvU/iGU-xBZEaQc/s1600/infographic+audit+4.png" alt="infographic+audit+4.png" /></a></div><div class="separator" style="clear:both;text-align:left;"></div><div class="separator" style="clear:both;text-align:left;"></div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:center;"></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">As the tax filing deadline approaches it is important to keep in mind the various audit risk factors certain deductions raise with the IRS. In the past the agency has published guidelines agents utilize to risk profile tax returns. Claiming these deductions heightens the risk of an audit by the IRS. It is a critical that SMEs are aware of these audit risk factors and incorporate this intelligence into its tax filing strategies. </span></div><div style="text-align:justify;"></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Sum2 developed the IRS Audit Risk Program (IARP) to provide SME’s an audit risk assessment tool to keep the taxman away from the door. IARP outlines tax code focus areas where caution should be exercised when filing tax returns. Business owners can rest a bit more easy that audit risk is being effectively managed. Get Tax Audit Aware with IARP.</span><br /> <span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div><table cellspacing="0" class="tr-caption-container" style="margin-left:auto;margin-right:auto;text-align:center;"><tbody><tr><td style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.wIARPIRSAuditRiskProgram"><img border="0" src="https://images-blogger-opensocial.googleusercontent.com/gadgets/proxy?url=http%3A%2F%2F2.bp.blogspot.com%2F-gU-6lf4m0v8%2FUyiOyv_r6zI%2FAAAAAAAAEsE%2FrrHxBo46VYI%2Fs1600%2FIARP%2BLogo%2B72%2Bx%2B32.png&container=blogger&gadget=a&rewriteMime=image%2F*" style="margin-left:auto;margin-right:auto;" alt="proxy?url=http%3A%2F%2F2.bp.blogspot.com%2F-gU-6lf4m0v8%2FUyiOyv_r6zI%2FAAAAAAAAEsE%2FrrHxBo46VYI%2Fs1600%2FIARP%2BLogo%2B72%2Bx%2B32.png&container=blogger&gadget=a&rewriteMime=image%2F*" /></a></td></tr><tr><td class="tr-caption" style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.wIARPIRSAuditRiskProgram">Get Tax Aware</a><u> </u><br /> <span style="font-family:Arial, Helvetica, sans-serif;text-align:justify;"><br /></span> <span style="font-family:Arial, Helvetica, sans-serif;text-align:justify;">risk: tax code, tax audit, regulatory compliance, accounting, legal,</span></td></tr></tbody></table><div style="text-align:justify;"></div><div style="text-align:justify;"><div style="text-align:left;"><span style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">*Be sure to consult with your tax adviser for guidance on tax strategy and audit sensitivities specific to your business</span></span></div></div></div><div class="separator" style="clear:both;text-align:left;"></div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:center;"></div><div class="separator" style="clear:both;text-align:center;"></div><p></p></div>Deductions and Tax Audit Riskhttps://globalriskcommunity.com/profiles/blogs/deductions-and-tax-audit-risk2014-03-19T00:30:00.000Z2014-03-19T00:30:00.000ZJames McCallumhttps://globalriskcommunity.com/members/JamesMcCallum<div><div class="separator" style="clear:both;text-align:center;"><a href="http://4.bp.blogspot.com/-y5Ldq4Cqk7c/UyiPUmUBkMI/AAAAAAAAEsM/keRUswEx4yA/s1600/irs_logo+bw.jpg" style="clear:left;float:left;margin-bottom:1em;margin-right:1em;"><img border="0" src="http://4.bp.blogspot.com/-y5Ldq4Cqk7c/UyiPUmUBkMI/AAAAAAAAEsM/keRUswEx4yA/s1600/irs_logo+bw.jpg" height="260" width="320" alt="irs_logo+bw.jpg" /></a></div><p></p><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">The filing deadline for filing taxes is fast approaching. Small Mid-Size Business Enterprises (SME) need to be aware of all the deductions afforded to them by the tax code. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Our friends from Balboa Capital sent us this reminder about the Section 179 Tax Deduction...</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">...There have been a lot of questions surrounding the <a href="http://solutions1.balboacapital.com/911ONM1590000Qm001MC100">Section 179 deduction</a> for 2014*</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">…According to the IRS, the Section 179 tax deduction limit as of January 1st 2014 is $25,000. This is a sharp drop from last year's limit, but it still presents you with an opportunity to deduct a certain amount of your equipment, technology and software purchases when it comes time to do your business taxes. This means you can buy or lease up to $25,000 worth of equipment and deduct its cost in 2014, providing you place it into service this year. You may also elect to use Section 179 with more than one piece of equipment, as long as the total deduction amount does not exceed $25,000…” </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">For a small business owner this is a significant tax savings. Think of what $25,000 can do for a small business owner? It is a significant capital contribution to the business. Effectively deployed it has the potential of funding a new business initiative (new software application, marketing program, delivery vehicle) or it can just as well cover a personal expense (think tuition payment for the kid in college) and this timely advice is well received. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">As the tax filing deadline approaches it is important to keep in mind the various audit risk factors certain deductions raise with the IRS. In the past the agency has published guidelines agents utilize to risk profile tax returns. Claiming these deductions heightens the risk of an audit by the IRS. It is a critical that SMEs are aware of these audit risk factors and incorporate this intelligence into its risk management program. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Sum2 developed the IRS Audit Risk Program (IARP) to provide SME’s an audit risk road map to mitigate audit risk factors. IARP outlines focus areas of heightened agency scrutiny targeting specific issues that are reported on tax filings. IARP users gain the confidence and surety that audit risk factors are being effectively managed. Get Tax Audit Aware with IARP.</span><br /> <span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div><div class="separator" style="clear:both;text-align:center;"><a href="http://2.bp.blogspot.com/-gU-6lf4m0v8/UyiOyv_r6zI/AAAAAAAAEsE/rrHxBo46VYI/s1600/IARP+Logo+72+x+32.png" style="margin-left:1em;margin-right:1em;"><span style="font-family:Arial, Helvetica, sans-serif;"><img border="0" src="https://images-blogger-opensocial.googleusercontent.com/gadgets/proxy?url=http%3A%2F%2F2.bp.blogspot.com%2F-gU-6lf4m0v8%2FUyiOyv_r6zI%2FAAAAAAAAEsE%2FrrHxBo46VYI%2Fs1600%2FIARP%2BLogo%2B72%2Bx%2B32.png&container=blogger&gadget=a&rewriteMime=image%2F*" alt="proxy?url=http%3A%2F%2F2.bp.blogspot.com%2F-gU-6lf4m0v8%2FUyiOyv_r6zI%2FAAAAAAAAEsE%2FrrHxBo46VYI%2Fs1600%2FIARP%2BLogo%2B72%2Bx%2B32.png&container=blogger&gadget=a&rewriteMime=image%2F*" /></span></a></div><div style="text-align:justify;"></div><div style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.wIARPIRSAuditRiskProgram&hl=en"><span style="font-family:Arial, Helvetica, sans-serif;">Get Tax Aware</span></a></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">*Be sure to consult with your tax adviser for information on the Section 179 eligibility requirements that affect your business…</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"> </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">risk: tax code, tax audit, regulatory compliance, accounting, legal, Section 179</span></div></div></div>Building a Global Tax Strategyhttps://globalriskcommunity.com/profiles/blogs/building-a-global-tax-strategy2012-09-04T16:44:15.000Z2012-09-04T16:44:15.000ZJennifer Keljikhttps://globalriskcommunity.com/members/JenniferKeljik<div><p>Melton L. Spivak, a speaker at the <b>marcus evans</b> <a href="http://www.taxofficerssummit.com/MeltonLSpivakInterview"><b>Tax Officers Summit XIV 2012</b></a>, stresses the importance of having an international network of contacts to help construct a global tax strategy.</p><p> </p><p>Interview with: Melton L. Spivak, Vice President of Property Tax, JPMorgan Chase & Co.</p><p><b> </b></p><p><a href="http://www.taxofficerssummit.com/DanielBerman">Tax Officers</a> must continuously build an education around the changes in <u><a href="http://www.taxofficerssummit.com/ColeMills">tax laws</a></u> and procedures, says Melton L. Spivak, Vice President of Property Tax, JPMorgan Chase & Co. Developing a matrix system that is relative to the company and looking out for tax exemptions, are how property <u><a href="http://www.taxofficerssummit.com/LarryMartin">tax</a>es</u> can be better managed and money saved, he adds.</p><p> </p><p>A speaker at the <b>marcus evans</b> <a href="http://www.taxofficerssummit.com/MeltonLSpivakInterview"><b>Tax Officers Summit XIV 2012</b></a>, in Las Vegas, Nevada, November 8-10, Spivak talks about the process for administrating property tax being completely decentralized and how that is why organizations fail to recognize property tax.</p><p> </p><p><b>What strategies should tax professionals follow to manage property tax and save money?</b></p><p> </p><p>Professionals must stay current on changes in tax laws and procedures. They should centralize all tax notices, compliance forms and tax bills, and make sure that these bills are the right ones. Opportunities for tax exemptions, abatements and rebates should be chased.</p><p> </p><p>Corporate professionals have to develop their own matrix systems relative to their company. Companies that lease a lot of properties should make sure that tax escalations are audited. Maintaining a good relationship with tax authorities is also an essential part of the strategy.</p><p> </p><p><b>How can global tax directors prepare for the future in these economic circumstances?</b></p><p> </p><p>An international network of contacts must be built to fit the needs of the corporation. These resources can then be utilized to foster a global tax strategy. Successful planning requires insight of political and tax issues. Most importantly, tax professionals must never compromise their integrity.</p><p> </p><p>External connections can lead tax professionals to information that is internally unavailable, and with this knowledge they can gather advice on how to do a better job.</p><p> </p><p><b>Why do organizations fail to recognize property tax?</b></p><p> </p><p>The administration, payment and approval of property tax is typically decentralized. As a result, no methodical way of determining where the tax opportunities are can be calculated.</p><p> </p><p><b>What advice could you give on property rates?</b></p><p><b> </b></p><p>Corporate property tax managers should be preparing for the 2015 Revaluation of the UK property tax/rates system. These costs will be better handled by engaging with a carefully selected rating surveyor who will review and propose an adjustment plan, or negotiate the rateable values for corporations with significant exposure to property rates.</p><p> </p><p><b>How can tax executives efficiently benefit from tax credits?</b></p><p> </p><p>Depending on the amount of money involved and the complexity of the credits, staff must be trained to handle the tax credit process. Tax consultants or attorneys can also be retained to maximize the available benefits.</p><p> </p><p><b>What are some of the technology issues that they will have to face in the future?</b></p><p> </p><p>Government tax authorities will have to employ sophisticated technologies to gather, analyze, validate and process information to determine tax liabilities. Global corporations will need to have the right software to deal with growing informational demands, and find ways of saving and recovering income from incorrect tax bills. Training will be necessary to keep them ahead of the curve.</p><p><b> </b></p><p><b>Contact</b>: Jennifer Keljik, marketing manager, <b>marcus evans</b>, Summits Division</p><p> </p><p>Tel: 312.540.3000 x6592</p><p>Email: <b><a href="mailto:summits-na@marcusevans.com">summits-na@marcusevans.com</a> </b></p><p> </p><p><b>About the Tax Officers Summit XIV 2012</b></p><p> </p><p>This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 8-10, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on corporate tax management, global property tax management, marketing the tax department, transfer pricing, and identifying mitigating transfer pricing risks.</p><p> </p><p>The <b>Finance Network – marcus evans Summits</b> group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.</p><p> </p><p>Please note that the Summit is a closed business event and the number of participants strictly limited.</p><p> </p><p><b>About marcus evans Summits</b></p><p><b> </b></p><p><b>marcus evans</b> Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please contact <a href="mailto:summits-na@marcusevans.com">summits-na@marcusevans.com</a></p></div>