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Posts tagged as “tax”

Tax Season – Procedures – Automatic IRS Reporting

IRS 2021 – Procedures 1-7 nº 5: Automatic “IRS” Reporting The Portuguese Tax Authority (“AT”) is making available Automatic “IRS” Reporting to millions of taxpayers in Portugal. The change is part of “Simplex”, a programme designed to reduce bureaucracy at all levels of government. The move has similarities to “PAYE”…

Capital Gains Tax on property – Options

Many owners of Offshore Companies, both black and white listed, reach a point where, for any number of reasons, they wish to sell up. Yet most are uncertain of the Capital Gains Tax consequences of such a sale, particularly since there are a number of different ways to structure the transaction. While individual proceedings sometimes present unique circumstances, the following example should prove illustrative of most sales. Respective costs and savings ought to be proportional in most cases.

US taxpayers automatically qualify for filing postponement

Taxation of US citizens

The US government imposes income tax on US persons based on their worldwide income, not residency. The following are considered to be US persons for tax purposes:

  •           A citizen born in the United States or outside with at least one parent who is a US citizen;
  •           A naturalized citizen;
  •           A resident of the United States for tax purposes if they meet either the green card test or the substantial presence test for the calendar year;
  •           Any other person who is not a foreign person.

Tax Season is here! – IRS 2020 Procedures 6

Filing Status Single, widowed and divorced taxpayers submit an individual return. Couples should also file an individual declaration but may elect to report jointly. Separated couples who are not divorced should each file singly. This is usually advisable since both spouses are responsible for meeting all fiscal obligations under a…

EU Blacklist: addressing external fiscal challenges

The list of non-cooperative jurisdictions for tax purposes is a tool to tackle:                Tax fraud or evasion;                Illegal non-payment or underpayment of obligations;                Use of legal means to minimise tax liabilities and money laundering;                Concealment of origins of illegally obtained money. The EU blacklists countries that…

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