Karobar Pakistan’s Post

The Finance Bill 2024 now grants the Federal Board of Revenue (FBR) Commissioner the authority to demand wealth statements and details of foreign assets from anyone. Amendments also broaden the scope to include individuals or entities ceasing business operations. These new tax laws aim to enhance tax compliance and accountability. Section 126A, introduced by the Tax Laws (Amendment) Act 2024, clarifies valuation for tax matters and extends the transfer date for pending cases from June 16 to September 16, 2024, due to a high case volume. This comes a week after the tax machinery decided to form two Anomaly Committees to address errors and anomalies in the Finance Bill 2024. #FinanceBill2024 #FBR #WealthStatements #TaxCompliance #TaxLaw #TaxAmendments #ForeignAssets #BusinessRegulation #Section126A #TaxAccountability #CxOnews #CxOGlobalForum

🚨 Urgent Alert for Business Owners! 🚨 Critical tax deadlines are right around the corner! S-Corp and partnership returns on extension are due by September 15th, and Q3 Estimated Tax Payments are due the very next day on September 16th! ⏰ Don't wait until it’s too late. SJH-CPA is here to ensure your taxes are filed accurately and on time. Avoid last-minute stress and stay compliant—act now! Click here: https://lnkd.in/ehS9eTpr #TaxDeadlines #SCorp #Partnership #EstimatedTaxes #StayCompliant #SJHCPA

In this Bloomberg Tax article, I discuss #IRS efforts to enforce more #TransferPricing penalties and its impact on taxpayers. Feel free to reach out if you’d like to continue the conversation or learn how Crowe can help your organization understand its transfer pricing obligations. 

Fascinating article by Erin Slowey and Erin Schilling Bloomberg Tax on the new IRS enforcement initiative against partnerships, including a push against so-called "basis shifting" transactions. Delighted to be quoted in the article: "'What Treasury is trying to do is essentially write a new section of the statute that Congress didn’t enact,' said Rob Kovacev of Miller & Chevalier, adding there are legitimate reasons for partnerships with related parties to want to distribute property or relinquish its partnership interest that isn’t for tax-avoidance purposes." #tax #partnership #passthrough #irs #taxcontroversy #taxlaw

Tax News in Brief: Updates You Need to Know 💼 📜 HMRC campaigns: Claims for CGT reliefs under review. 📉 Negligible value shares list: Updated to Nov 2024. 📅 Mark your calendar: Spring fiscal forecast—26 March 2025. 🌍 CFE’s 2024 tax policy report: International developments unveiled. Stay ahead in the world of tax and finance! 💡 #taxnews #taxupdate #taxalert #taxinformation #taxcompliance #taxplanning #taxadvice #taxexpert #taxprofessional #hmrc #leadingaccountants #UKFinance #AccountantsinLondon #UnitedKingdom #uk

📢 Federal Tax Authority (FTA) Decision No. 5 of 2024 – Refund of Fees for Private Clarifications! 🔍 What's it About? The FTA will refund fees for private clarification requests if they decide not to issue the clarification, effective from 1 August 2024. 💡 Key Points: Full/Partial Refund based on whether clarification is issued for one or multiple taxes. Applies to cases like duplicate requests, withdrawals within two days, or ongoing tax audits. 💡 Pro Insight: Always check the eligibility criteria before applying to avoid unnecessary costs! 🔗 Need clarification or tax advice? Feel free to connect! #TaxCompliance #FTA #PrivateClarifications #TaxRefunds #ExpertAdvice Let me know if you need any more adjustments or additional posts!

Exciting developments are emerging from the 2024 ATO Findings Report, hinting at a more refined approach to tax reviews. Although the full commentary on the new differentiated approach isn’t included, the shift towards a ‘lighter touch’ review for medium and high assurance taxpayers is becoming apparent. For businesses, this means there’s a strong incentive to maintain or achieve a medium to high assurance rating. Addressing the ATO's recommendations from previous reviews and enhancing tax governance are key steps in this direction. If you're looking to understand the impact of these changes on your business, read our latest Tax Alert and let’s set up a discussion. #TaxCompliance #ATOFindingReport #LighterTouchReview https://bit.ly/4i6UBn9

Ensuring trust tax compliance can be complex, but following these essential tips will help keep your trust compliant and avoid penalties: First, maintain detailed financial records and prepare annual statements. Second, submit income and provisional tax returns on time to avoid penalties. Third, report all income and gains accurately, and fourth, keep a Beneficial Ownership Register. Lastly, consult with tax professionals to manage complex laws. Let us help you with all your trust tax compliance requirements. https://bit.ly/3KVbTnJ #TrustTax #TaxCompliance #TaxConsulting #SARS

Whether the attorney or the title company is doing the closing, they are going to impose or to withhold up to 15% of the sales price of the property, this is known as FIRPTA (Foreign Investment in Real Property Tax Act). It is not a tax, but it is a withholding that I send to the IRS. And you have to apply for a tax ID personally and pay the taxes for the capital gains tax on the property and receive the refund that is part of the process of the taxes that you have to file. You have to apply for a tax ID, and then you have to claim the refund after paying the taxes with the objective of complying or fulfilling the requirement form the IRS there are also other steps. Contact us to learn more. We are only an e-mail or text message away: 📩 fa@fascpaconsultants.com or 📞 us at (786) 462 7899. #TaxTips #FIRPTA #BusinessManagement #USA #FL #TaxSeason #IRSDebt