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With the first tax season post-tax reform nearing completion in the U.S., Ongoing regulatory changes and persistent uncertainty mean that that importance will continue even outside of tax season, with challenges that even the most automated of accounting software solutions cannot always tackle. Tackling Tax.
Ellison-Taylor, chairman of the AICPA , recently noted that technology tops her list of the most important trends shaping 2017 because it will drive so many of the profession’s opportunities and challenges in the year ahead. Kimberley N. But how are accountants supposed to keep up with all of the technological trends ? Register here.)
Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code.
tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). Department of Treasury finalized rules that apply to SMBs on qualifying for a 20 percent tax deduction, with the National Federation of Independent Business (NFIB) applauding the initiative.
B2B eCommerce platform Moglix is simplifying the Goods and Services Tax (GST) process for manufacturers using its services as companies brace for new tax reforms to take effect in India next year. The company has offered the solution in beta phase to several businesses to support compliance in the tax filing and management process.
The Navajo Nation announced that it has settled its lawsuit against Wells Fargo & Co for $6.5 The Navajo Nation sued Wells Fargo in federal and tribal courts in 2017, claiming it targeted tribal members with “predatory sales tactics.”
China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45
It’s not my place to write about the pros and cons of the election campaigns, although I will say that the alienation of the elderly and those who are parents by the Conservative’s campaign – which included a dementia tax and the withdrawal of school lunches – were almost tombstones in theirs. There is no strong and stable government.
According to the National Retail Federation , as of last year parents entered August with about 45 percent of their back-to-school shopping done. In 2017, Americans spent $83.6 In 2017, Americans spent $83.6 How Tax Holidays Work.
Consumer tax solutions provider H&R Block is ramping up its position in the small business financial services market with the takeover of Wave. In 2017 Wave raised $24 million from investors at National Australia Bank, Royal Bank of Canada, Portag3 and Exhibition Capital, as well as existing backers.
Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Through a 70-question survey, TMF Group asked the accounting and tax professionals to assess their local regulatory climates. There are also an “extremely high number” of tax rules.
The National Retail Federation (NRF) revealed in October that holiday sales growth will be higher than the average increase of 3.9 Holiday sales in 2017 were $687.87 The news comes as holiday sales for U.S. retailers are expected to increase 4.8 percent this year. percent over the past five years. billion and $720.89 billion.
“I’m so inspired by the professionalism, integrity and commitment of our executive committee and board of directors as we work together to serve the needs of community bankers across the nation,” says Terry Jorde, ICBA senior executive vice president and chief of staff. ICBA president and CEO Rebeca Romero Rainey echoes this sentiment.
. “Because of that complexity, taxes are more complex – it’s a snowball effect. The way taxes are done in the construction industry is different than in other industries.” ” Indeed, the construction industry has dizzying tax rules that don’t apply to other verticals. .”
Although hiring slowed in September, small businesses continue to remain optimistic and have even reported some significant benefits resulting from late-2017’s tax reform. 54 percent of SMBs say the Tax Cuts and Jobs Act positively impacted their businesses , new research from the National Federation of Independent Businesses said.
A wide range of biometric solutions are being used to develop national identification systems around the world. The following Deep Dive examines the potential use cases for biometrics in national identification systems and the security pitfalls they could encounter. . A reported 3.6 Digitizing government services .
Small business owners have a lot on their plates today and, depending on who one asks, top concerns range from taxes to late invoice payments. Bank of America also found in a fall 2017 survey that nearly three-quarters of SMBs expect their 2017 year-end revenues to beat 2016’s figures.
eCommerce sales tax laws are having unintended consequences in the tobacco industry. These laws were meant to make online sellers face sales tax requirements similar to those for retailers with on-the-ground locations, putting both types of businesses on equal footing. in 2017 had a 52.75
GE released its Q4 2017 earnings data earlier this week, revealing a one-time $6.2 billion tax charge related to the nation’s recent tax reform. “There’s nothing here I’m overly concerned about.”. The Washington Post said the SEC had not yet commented on the investigation.
As Camporeale told Webster, Italian banks were among the first to adopt the SEPA instant credit transfer schemes, back in November 2017. The FIs, in turn, should consider making special offers for users and incentivizing low-value, high-frequency transactions — including cash back for consumers and tax rebates for merchants.
tax authority, HM Revenue & Customs (HMRC), conducted a week-long investigation into 50 estate agents suspected of trading without being registered. million over 2017 to 2018. According to Financial Times ( FT ), the U.K.
But the investment could change that distribution strategy, revealing that Amazon is stepping up its efforts in the Latin American nation. Tax and logistics in Brazil can be challenging due to the large size of the country. Currently, third parties ship their own goods sold on Amazon’s marketplace in Brazil. and B2w Cia Digital.
Strong cash flows in the nation’s small business population may also be a sign of a strong national economy, with analysts predicting a 4 percent increase in gross domestic product for Q2. Some economists say tax reform is also likely to boost the nation’s SMB population. percent, down from 10.5
Moreover, the national currency belongs to the people, and the state’s role is to regulate it to benefit the people. This is done by ensuring money is produced according to the strictest standards and avoiding manipulating it to the king’s benefit ( inflation tax ). Lesson from the Medieval French monetary experience.
Through an inquiry in 2017, the European Commission discovered that two-third of retailers use software tools to monitor prices from their competitors. The proposal is set to be published next month and then must be approved by the European Parliament and by national governments, said Reuters.
The National Sample Survey Office conducted a survey between 2017 and 2018, sampling 113,823 urban and rural households. National Asset Monetising Pipeline launched to monitor asset monetisation process. National Rail Plan created to bring a future-ready Railway system by 2030. The findings indicate that a whopping 85.9
A bit of a commerce chill settled on consumer-spending patterns in the later days of 2017 and early 2018, but it seems customers have found their appetites again for cars, appliances and furniture. After looking sluggish in the first few months of the year, U.S. Auto sales were looking particularly heathy, with a 2 percent bounce in March.
This past week, in a survey conducted by Morning Consult and Politico via a national tracking poll, questions posed to more than 1,990 registered voters found that 52 percent said regulation of larger tech firms should be either a “top priority” or an “important, but lower priority” on the Hill. Taxes And Other Matters.
federal debt has reached $22 trillion for the first time in the nation’s history, reports revealed on Wednesday (Feb. 13), raising new concerns over government spending and the economy’s ability to make up for tax cuts. Analysts noted that corporate treasurers had been taking advantage of lower rates.
A new report from The National Cybersecurity Society (NCSS) published this week warns that business identity theft is an emerging threat for entrepreneurs and executives. Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. with more than 16,800 victims recorded in 2016.
Analysis from Bloomberg BNA in its “ 2017 Outlook — International Payroll ” report released just before the new year suggests data protection has become a paramount concern for payroll managers. a new payroll tax, the Apprenticeship Levy, will come into effect in April. There are risks associated with this trend, however. In the U.K.,
The National Consumer Assistance Plan (NCAP) is a comprehensive series of initiatives intended to evaluate the accuracy of credit reports, the process of dealing with credit information, and consumer transparency. All credit scores that utilize CRA data will be impacted, including but not limited to FICO® Scores.
Users can even receive an instant tax refund at four major airports in the country. trillion in mobile payments as of 2017, and that figure is expected to have nearly doubled to $6.31 Alipay launched in Israel just last month, making it the first nation in the Middle East to support the payment method. trillion by 2020.
Corporate relocations and expansions—influenced by factors like affordability, low corporate tax rates, no personal income tax and a rich talent pool—have contributed to a momentum that isn’t likely to subside soon. Houston suffered damage from Hurricane Harvey in 2017. The Houston metro took the 10th spot with a 20.3%
In other news, The Danish Tax Agency (known as the Skattestyrelsen in the Danish language) has received the go ahead in order to access the data of traders in digital currency exchanges, Coindesk reported. million between 2015 and 2017 through the Finnish bitcoin exchange. dollars, The Telegraph reported.
This week, our Tech Center Roundup heads to Belarus to see how the nation has become one of the largest and most established places in Europe for information technology outsourcing. The nation is known for its well-educated population and low labor costs. million people.
Despite the concern – and a corresponding 9 percent drop in Walmart’s stock price that shaved some $29 billion from its market cap – CEO Doug McMillon told analysts he remains confident that 2018 digital sales performance will be in parity to its 2017 performance. Walmart reported earnings of $1.33 Beyond the Numbers.
Though it is only mid-July, the back-to-school preparations in retail are already underway – and the National Retail Federation (NRF) has released its 2018 predictions. On the whole, 2018 is expected to generate slightly less revenue than the 2017 season, according to the annual NRF and Prosper Insights & Analytics survey.
Long a bitcoin- friendly nation (bitcoin is VAT tax-free in Switzerland, for example), Switzerland’s FINMA has also solidified plans to clarify the legal treatment of cryptocurrencies and blockchain technology — sort of.
Other than obvious payments, like corporate taxes, corporate rent, we’re seeing them use the solution to pay all of their key vendors and suppliers,” Buchanan said. percent from 2017 volume. One is the breadth of expense categories. Anything that’s part of their financial supply chain.
It also ignored the reality that between 2017 and 2019, analysts reported that roughly 23,144 physical stores had closed. Reports of “zombie malls” were making headlines back in 2017. So far in 2020, analysts report that more than 12,000 physical retail establishments have closed permanently. The downward trend continues.
In all, retail return losses total between $9 billion and $15 billion per year, according to a 2017 survey by the National Retail Federation. The crime cuts into state sales tax revenue, too, with Tennessee losing more than $14 million each year to return fraud.
In Kentucky, a proposal that dates back to 2017 would allow betting on college and professional sports, but prohibit wagering involving high school athletics. The state reportedly would impose a $250,000 licensing fee on betting providers, along with a 3 percent tax. percent state tax on sports wagers. Integrity Fees.
percent in the second month of 2017, while only four of the 13 major retail categories included in the department’s numbers saw growth during the month of February. While sales were up a reported 0.4 percent in January and later adjusted to a growth of 0.6 percent — well over Bloomberg’s median analyst forecast of 0.1 percent).
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