26 Jul 2013, 2:57pm
Income Tax Real Estate Tax Fraud
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Comments Off on Tax Avoidance Scheme By Prince Charles

Tax Avoidance Scheme By Prince Charles

Every wealthy person and successful companies are engaged in legitimate tax deduction all over the world. “Only little people pay tax”.

Supposed tax avoidance has been a hot topic in Britain and the U.K. government has gone after corporate giants such as Google, Amazon and Starbucks, alleging they have all found ways of not paying tax.

They recently focused their attention on the tax deduction strategy of Prince Charles.

According to reports Prince Charles has a complicated business holding comprised of agricultural, commercial and residential lands in U.K. under a holding company called Duchy of Cornwall. The assets of the holding company are valued at $1.2 billion and it does not pay any income tax to the U.K. government. more »

13 May 2013, 3:53pm
Canada Revenue Agency Income Tax
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Comments Off on Thousands of US Citizens Have Not Reported Their Canadian Income – IRS

Thousands of US Citizens Have Not Reported Their Canadian Income – IRS

US Internal Revenue Service (IRS) released statistics on the number of tax returns it received in 2010 from US citizens with foreign trusts. In all of Canada only 324 returns were filed that report ownership in a non-US trust, which likely means hundreds of thousands of US citizens residing in Canada had not filed the appropriate returns.  This is important for two reasons:
first, the steep penalties for not filing tax returns and
second, last week the US Government Accountability Office (GAO) issued a report that encouraged IRS to pursue those taxpayers who file late returns using a technique known as “quiet disclosure.” more »

6 May 2013, 4:32pm
Income Tax Tax Fraud
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Comments Off on Lauryn Hill Sent To Prison For Past Taxes

Lauryn Hill Sent To Prison For Past Taxes

Grammy-winning singer Lauryn Hill has been sentenced to prison for failing to pay past taxes of about a $1 million. These tax debt owed to the IRS from her earnings as a singer between 2005-2007.

This is another show off by the IRS to send a message to the public by prisoning famous celebrities, the pitfalls of failure to pay taxes. Previous high profile celebrity jailed by IRS, was Wesley Snipes. Demand of past due taxes has compelled many celebrities to file for personal bankruptcy.

Hill pleaded guilty last year to three counts of failing to file tax returns between 2005 and 2007. Her tax debt on the earnings between those years was about $1.8 million. Before the sentencing, her attorney had said Hill had paid more than $970,000 to satisfy the state and federal tax liabilities. But she still owes about $1 million to the Federal and State government. more »

21 Apr 2013, 9:05pm
Canada Revenue Agency Income Tax Real Estate Tax Fraud
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Comments Off on Canada Revenue Agency Wants to Tax Real Estate Investors 100%

Canada Revenue Agency Wants to Tax Real Estate Investors 100%

This could be scary news for Canada’s hot real estate market and real estate entrepreneurs. Canada Revenue Agency has launched a “Condo Project” to take a closer look at the income reporting of real estate investor in the condominium sector.

 Taxation on gain from real estate income in Canada is collected at a preferred rate. That is why any one with savings prefers to invest in real estate. Here is how the income from Real Estate is taxed in Canada.

 a). Profit from sale of a Principal residence is a tax free income; subject to you meet the criteria to claim that home as your principal residence.

 b). Profit from sale of a Rental Property or Investment Property is treated as Capital gain under the Income Tax Act. As it’s a Capital Gain, taxpayer pays tax on only 50% of the income reported on the sale of an investment property. For Example, when you sold your property, if you had a profit of $100.000, 50% of that profit is taxable. So, if you are at 46% tax bracket, your tax on the profit will be $23,000.  more »

2 Apr 2013, 10:06am
BC Province Canada Revenue Agency Income Tax
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Comments Off on Discount Coupon is Available on Facebook Now

Discount Coupon is Available on Facebook Now

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