Taxation in the United Kingdom

AICPA Addresses Taxpayers’ Top Questions About the Child Tax Credit

Retrieved on: 
Thursday, July 22, 2021
Professional services, White House, Federal Government, Public policy, Government, Finance, Consulting, Banking, Accounting, Tax, Taxation in the United States, Tax credits, Revenue services, Child tax credit, Taxation in the United Kingdom, Internal Revenue Service, Affordable Care Act tax provisions, Income tax in the United States

Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:

Key Points: 
  • Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:
    The age of qualifying children was raised from 16 to 17.
  • The tax credit amount has increased for certain taxpayers.
  • Taxpayers should also understand that these changes are temporary and only apply to the 2021 tax year, and the decision to have the child tax credit payments received in advance will affect a taxpayers refund or amount due when that return is filed.
  • Taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children, using the IRSs child tax credit and update portal .

Investors With Concentrated Stock Positions Face Heightened Risks From A Potential Rise in Capital Gains Tax Rates

Retrieved on: 
Tuesday, July 20, 2021
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Corporate finance, Taxation in the United Kingdom, Capital gains tax, Taxation in China, Taxation in Poland, Taxation in the Czech Republic, Capital gain, James O'Shaughnessy, Stock

According to OShaughnessy Asset Management, LLC (OSAM), a leading quantitative asset management firm and developer of Custom Indexing platform Canvas, investors with concentrated stock positions face heightened risks from the political uncertainty over a rise in capital gains tax rates.

Key Points: 
  • According to OShaughnessy Asset Management, LLC (OSAM), a leading quantitative asset management firm and developer of Custom Indexing platform Canvas, investors with concentrated stock positions face heightened risks from the political uncertainty over a rise in capital gains tax rates.
  • View the full release here: https://www.businesswire.com/news/home/20210720005477/en/
    The chart (Concentrated Stock Work Down) represents a real-life example of a Canvas client portfolio.
  • Through active tax management (% of position sold each day labeled on the curve) the position was reduced to 14% in eight months with zero net capital gains.
  • Far less appreciated is the significant impact that capital gains taxes can have when undertaking such a momentous transition.

Global Partners Announces Cash Distributions on Series A and B Preferred Units

Retrieved on: 
Monday, July 19, 2021
Trucking, Retail, Convenience store, Logistics, Supply chain management, Oil, Gas, Transport, Energy, Convenience store, Income tax in the United States, Taxation in the United Kingdom, Taxation in Australia

The Board also declared a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnerships Series B preferred units for the period from May 15, 2021 through August 14, 2021.

Key Points: 
  • The Board also declared a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnerships Series B preferred units for the period from May 15, 2021 through August 14, 2021.
  • This distribution will be payable on August 16, 2021 to holders of record as of the opening of business on August 2, 2021.
  • Accordingly, GLPs distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
  • With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the regions largest independent owners, suppliers and operators of gasoline stations and convenience stores.

Canadian General Investments, Limited Declares Dividend on Common Shares

Retrieved on: 
Thursday, July 15, 2021
Taxation in Australia, Economy, Tax, Dividends, Corporate finance, Shareholders, Taxation in the United Kingdom, Corporate taxation, Income tax in Australia, Dividend tax, Dividend imputation

TORONTO, July 15, 2021 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited(TSX: CGI) (TSX: CGI.PR.D) (LSE: CGI) (CGI or the Company) has declared a quarterly dividend of $0.22 per share payable on September 15, 2021 to common shareholders of record at the close of business on August 31, 2021 (the Dividend).

Key Points: 
  • TORONTO, July 15, 2021 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited(TSX: CGI) (TSX: CGI.PR.D) (LSE: CGI) (CGI or the Company) has declared a quarterly dividend of $0.22 per share payable on September 15, 2021 to common shareholders of record at the close of business on August 31, 2021 (the Dividend).
  • The Dividend is a capital gains dividend for purposes of the Income Tax Act (Canada).
  • Since CGI qualifies as an investment corporation for Canadian income tax purposes, the payment of capital gains dividends allows the Company to recover taxes paid, or payable, on realized capital gains.
  • Non-residents of Canada will not be subject to Canadian withholding tax on the Dividend.

Anticipating a Major Opportunity to Advance Financial Security, Commonwealth Scales Tax Credit Access Initiative For Low- and Moderate-Income Families of Color

Retrieved on: 
Wednesday, July 14, 2021
Banking, Professional services, White House, Federal Government, Philanthropy, State, Local, Labor, Fund Raising, Congressional News, Views, Foundation, Public policy, Government, Finance, Taxation in the United States, Tax, Tax credits, Taxation in the United Kingdom, Child tax credit, Internal Revenue Service

The fundamental changes to the tax code included in the American Rescue Plan Act of 2021 (ARPA) present a monumental opportunity to advance the financial security of financially vulnerable American families.

Key Points: 
  • The fundamental changes to the tax code included in the American Rescue Plan Act of 2021 (ARPA) present a monumental opportunity to advance the financial security of financially vulnerable American families.
  • On July 15, 2021, the IRS will begin monthly payments of the advance child tax credit, continuing through December 2021.
  • Commonwealths first rapid reaction campaign with partners Neighborhood Trust Financial Partners and SaverLife clearly communicated the changes in the tax credits to the most vulnerable families.
  • Commonwealth is a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships to change systems.

U.S Dividend Reclassification Report 2021: Access Highest Quality Distribution Data, Detailing Specific Income Classifications Critical for Federal Income Tax Reporting Purposes - ResearchAndMarkets.com

Retrieved on: 
Friday, July 2, 2021
Professional services, Finance, Tax, Economy, Taxation in Australia, Government, International taxation, Shareholders, Dividends, Income tax in the United States, Taxation in the United Kingdom, Income tax, Tax withholding, Dividend tax

The "U.S Dividend Reclassification" database has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "U.S Dividend Reclassification" database has been added to ResearchAndMarkets.com's offering.
  • Access highest quality distribution data, detailing specific income classifications critical for federal income tax reporting purposes.
  • The files also contain the specific income classifications needed for accurate and timely income tax reporting for each dividend payable on the security.
  • NRA Exempt Income Dividend - Amount per share, exempted from additional withholding taxes on dividend/interest income, applicable to foreign entities (individuals, partnerships, corporations, estates, and trusts) from sources within the U.S., such as mutual funds.

Families can easily estimate their advance child tax credit payments with H&R Block’s online calculator

Retrieved on: 
Tuesday, June 29, 2021
Tax, Taxation in the United States, Tax credits, Taxation in the United Kingdom, Tax forms, Child tax credit, Calculator, Tax return, Internal Revenue Service, IRS tax forms

Now people can better understand how much money they might receive and the impact of the changes to their tax return next year, with the help of H&R Blocks new online calculator.

Key Points: 
  • Now people can better understand how much money they might receive and the impact of the changes to their tax return next year, with the help of H&R Blocks new online calculator.
  • The H&R Block child tax credit calculator at hrblock.com/CTC will help families estimate what to expect simply by inputting their filing status, 2020 income, and the number and ages of their children.
  • The calculator reflects the amount families can expect in monthly payments, July to December, and an estimate of the credit amount they may receive when they file their taxes next year.
  • There are also answers to common questions such as where the advance payments will be deposited, how to update information with the IRS, and the online child tax credit calculator .

IBFD enhances online International Taxation training programme

Retrieved on: 
Friday, June 25, 2021
Taxation in the United Kingdom, Tax avoidance, International taxation, Tax advisor, Tax, Economy, Professional certification in finance, Magazines, Corporate tax avoidance, Advanced Diploma in International Taxation

We have introduced new features to our 6-month online Advanced Professional Certificate in International Taxation (APCIT) training programme to improve the learning experience for tax professionals, who will go on to obtain recognition as experts in international taxation.

Key Points: 
  • We have introduced new features to our 6-month online Advanced Professional Certificate in International Taxation (APCIT) training programme to improve the learning experience for tax professionals, who will go on to obtain recognition as experts in international taxation.
  • You will receive our certificate of acknowledgement, recognized by the international tax community
    The APCIT programme provides a comprehensive and practical understanding of international taxation, specifically in the areas of tax treaties, transfer pricing and international tax planning.
  • Additionally, the APCIT programme explores the most recent international taxation developments on the part of the OECD, the UN and the European Union affecting the daily work of in-house tax professionals and tax advisers.
  • Participants who complete the programme will receive not only a professional qualification recognizing their expertise in the field of international taxation from IBFD, the worlds foremost authority on cross-border taxation, but also up to 40 continuing professional education (CPE) credits.

BM Technologies, Inc. (BMTX) Announces Eight New Partnerships with Colleges and Universities Across the U.S.

Retrieved on: 
Thursday, June 24, 2021
Disbursement, Taxation in the United Kingdom

BankMobile Disbursements is a technology solution that processes and disburses student financial aid credit balances on behalf of college and university administrations.

Key Points: 
  • BankMobile Disbursements is a technology solution that processes and disburses student financial aid credit balances on behalf of college and university administrations.
  • We are delighted to announce these new partnerships today, stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX).
  • Students at these schools now have access to our financially-empowering and easy-to-use disbursement and banking products.
  • BankMobile Disbursements serves approximately 725 colleges and universities, covering one in every three college students in the U.S.

Texas Company Offers Flexible and Customized Property Tax Loans

Retrieved on: 
Wednesday, June 23, 2021
Economy, Money, Loans, Government, Property tax, Tax, Taxation in the United States, Taxation in Singapore, Taxation in the United Kingdom, Property tax in the United States, Mortgage loan

While property taxes vary by county, on average, Texas property tax rates are more than 50 percent higher than the national average.

Key Points: 
  • While property taxes vary by county, on average, Texas property tax rates are more than 50 percent higher than the national average.
  • The company offers residential property tax loans, which provide a low-interest rate that remains fixed for the duration of the loan.
  • Once a homeowner qualifies for the loan and signs the necessary documents, Texas Property Tax Loan Pros will immediately pay the entire amount of property tax due.
  • Anyone who is behind in their property tax payments or fears that they will not be able to make this year's payment should consider a residential property tax loan.