The IRS has issued a warning to the public to be on the lookout for a surge of calls and e-mail phishing attempts related to the coronavirus pandemic and the one-time economic impact payment. The IRS says that scammers may do the following when trying to contact you: Emphasize the words stimulus check or stimulus […]
Several new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached.Here are three potential surprises you should be prepared for if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact […]
Immovable work, performed by a VAT payer for another VAT payer, should be invoiced under the reverse charge mechanism. In other words, the contractor does not charge the VAT due, but it is the customer which will account for the VAT due through its VAT return and will deduct it to the possible extent at […]
When a company files its tax return late or not at all, the law foresees in a minimal taxable profit on which taxes have to be paid. In case of recidivism these amounts are increased. A recent circular letter explains when we speak about recidivism. No or late tax return Up to tax year 2018, […]
One of the corona tax measures we should keep an eye on during the entire year is announced on 3 April. It concerns prepayments for companies. In order to protect your liquidity position during the months March until May/June, the advantage of the prepayments for the last two quarters was increased. Corporate tax rules Belgian […]
If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you receive is considered taxable income as […]
This week on the Front Line Podcast, we chat to Ross Nicholls from IR Global. Ross, who has worked at IR Global since 2010, is the company’s Business Development Director. We chat to Ross about communication and how this has changed over the years, and even more so in recent times due to the COVID-19 […]
With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let’s take a closer […]
On May the fourth, Pedro Corrales from the accounting firm Mora & Vazquez Asociados in Monterrey Mexico invited fellow IR Global member Dr. Ruben Flores from FGA Attorneys and advisors in San Antonio Texas USA to do a webinar on the subject: “Asset and fiscal Protection in the US” which was aimed at explaining the […]
As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions: All taxpayers that […]
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible […]
In response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17. The payments are based […]