Vietnam’s tax system is a significant determinant of its investment attractiveness. Recent reforms have been aimed at ensuring that tax incidence is lower, investment incentives are strong, and tax compliance is efficient. In order to comply with tax regulations in Vietnam, businesses are required to register for tax codes, which are used to identify tax […]
The last 31st of December 2020 the Colombia Government issued a modification of the Law 300 of 1996 through the tourism law 2068 of 2020, that has the principal purpose of promote sustainability implement mechanisms for the conservation, protection and use of tourist destinations and attractions, as well as strengthen the formalization and competitiveness of […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Savvas Papasavvas of SMPA Advisory Ltd. Savvas has joined IR as our exclusive Accounting Services Member in Cyprus. SMPadvisory|Global is an experienced accountancy practice based in Limassol, Cyprus. We’re a firm of chartered accountants and registered auditors supporting entrepreneurs and businesses to […]
On December 27, President Trump signed into law the COVID-19 relief bill that was passed by Congress on December 21, 2020. The legislation, the Consolidated Appropriations Act, 2021, extends weekly benefits for unemployed workers, and provides more than $300 billion in aid for small businesses. It also ensures tax deductibility for business expenses paid with […]
Part of the Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, authorizes another round of Paycheck Protection Program (PPP) loans for small businesses. This new round of PPP loans, being called “PPP2” by some, is similar to the first round of PPP loans that were authorized early in 2020, but there are […]
The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, specifies that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes previous IRS guidance which stated that these expenses could not be deducted. The Appropriations Act clarifies that “no deduction shall be denied, no tax attribute shall be reduced, and no […]
The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, directs the Department of the Treasury to deliver additional Economic Impact Payments (known more popularly as “stimulus payments”) to U.S. citizens and residents. These payments are generally $600 for singles and $1,200 for married couples filing a joint return. In addition, […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Michel de Amorim of Drummond Advisors. Michel has joined IR as our exclusive Accounting Services member in US – Massachusetts. Drummond Advisors provides international consulting services to Brazilian and American companies, with a focus in the areas of law, accounting, tax and business […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Bruno Drummond of Drummond Advisors. Bruno has joined IR as our exclusive Accounting Services member in US – Massachusetts. Drummond Advisors provides international consulting services to Brazilian and American companies, with a focus in the areas of law, accounting, tax and business development. […]
As we approach the end of the year, there’s still time to reduce the taxes you owe in 2020. Here are six ideas that can save money for many taxpayers. 1. Leverage pre-tax savings Be sure to take advantage of opportunities to set aside income on a pre-tax basis. Some examples of these opportunities include: […]
A common misconception in tax filing is that those who use the Standard Deduction instead of itemizing deductions have few additional benefits available to reduce their tax bill. This is often not the case. Should you take the standard deduction or itemize? Every taxpayer can take the Standard Deduction to reduce their income. However, if […]
In guidance issued in late November, the IRS confirmed that taxpayers that received a Paycheck Protection Program (PPP) loan and that paid eligible expenses with proceeds from that loan cannot deduct those expenses in the tax year in which the expenses were paid if, at the end of that tax year, the taxpayer reasonably expects […]