D&T Hosts Special Workshop on Goods and Services Tax
Deloitte & Touch will soon be hosting a workshop on Goods and Services Tax (GST). The GST collection accounts for almost one-fifth of the entire tax collection of the Inland Revenue Authority of Singapore (IRAS), which amounts to US$ 3.4 billion (This data is supported by the IRAS Annual Report for the financial year 2004-2005). Hence, the IRAS attaches a great deal of importance to GST and its registered collectors.
The said workshop is a one-day event and will be held on the 20th of July 2006 between 9:00 in the morning and 5:00 in the evening. It will be held at the Grand Plaza Parkroyal Hotel on 10 Coleman Street in Singapore.
GST has had a life of more than 10 years in Singapore but there are still some GST collectors who have to pay penalties to the IRAS for miscalculation of taxes in the form of less output tax or more input tax. The aforementioned IRAS Annual Report also shows that the GST and the amassed penalty amounts to S$ 117 million from 2,820 cases.
People who have been following the GST returns techniques assumed by other people prior to them will find this workshop extremely useful, as the techniques that they are adhering to may not be correct.
The sessions that this workshop will outline covers a vast area of the Goods and Services Tax system.
The first half of the workshop will concentrate on topics like the fundamentals of GST, comparison between goods and services, value of goods and services, time of supply in the form of goods and services and place of supply in the form of goods and services. The session will also deal with subsequent benefits through "blocked" input tax and "deemed" output tax, comparison between reimbursements and disbursements and several case studies, realistic instances and common difficulties.
The latter session will revolve around other topics relevant to GST. These topics will include the likes of valuation concerns and import of commodities, export documents and export of commodities, import of commodities for a person staying abroad, grants and sponsorships, issues of zero-rating and "international services" and the retrieval of input tax, obstacles, case studies and real models related to these areas. This session will also provide the updates and latest news regarding Goods and Services Tax. Through the efforts of Deloitte, Big Four firms will make an impact not only on the GST system in Singapore, but on the global tax scenario..
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
(ContentDesk) October 27, 2005 -- A featured presentation at the American Association of Debt Management Organizations (AADMO) Fall Conference will examine the denials and revocations of 501(c)(3) tax-exempt status to credit counseling agencies, the non-profit elements of state law, the development of for-profit agencies and the business models that will be required to stay in business. The future of tax-exempt status for credit counseling agencies is the most important issue facing the industry. Given the on-going wave of denials of 501(c)(3) tax-exempt status to credit counseling agencies by the IRS and the its recent announcement that it intends to revoke the status of 20 credit counseling agencies representing half the entire industry by revenue, this may be one of the most important presentations available for credit counseling, said Mark Guimond, Executive Director of the American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling...
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
Tax help > The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
Get Rich Slowly
Is it hard to get rich? If you're young, not really.Its fun to play with financial calculators and see what might happen.If you have just graduated from college and are about 22 years old and if you put $100 a month in an IRA that grows at 10% a year, you will have around $865,000 at age 65. 10% a year is about what you should expect if the money was placed in a no-load S&P 500 Index Fund.So for about $23 a week or $3.30 a day you will be close to being a millionaire.If you contribute the full $4000 a year allowed right now (rising to $5000 in 2008), you would have$2,600,000. For about $11.00 a day, you would have a small fortune.If you didn't want to take a chance with the stock market (after all, it goes down sometimes), you would still have over $600,000 if you could get a 5% return.If your grandmother leaves you $10,000 in her will and you invest it for the same 43 years at 10% without adding another cent, you'd still have over $600,000 if you placed it in a tax sheltered account.Time...
Get Rich Slowly
Tax help > Get Rich Slowly
Tips on How to Start Your IRS Disaster Tax Relief Claim Right Now; For Victims Who Can Go Home and For Those Who Cannot
(ContentDesk) October 4, 2005 -- For Disaster Victims Who can go Home:Don't Throw Out Your Damaged Items! When you're allowed back home, you will be sorely tempted to clean up and throw out all those hopelessly damaged items. Dont.Control yourself and plan ahead. Before you dump anything by the roadside, before you fill those garbage bags, take a whole lot of photographs. You don't need a video camera; you don't need anything fancy; one of those small, cheap, throwaway cameras will do just fine. Your only purpose is to make a visual record of the conditions ? exactly as you find them.You kitchen has mud on the floor? Click.The food is rotten in your refrigerator or freezer? Click.Your furniture is water logged and is filthy dirty? Click.Your clothes are in a heap of wet rags? Click.Ok,you get the point.
Take LOTS of pictures.Take pictures of your home from the outside -- all sides.Take pictures of your garden -- what there is left of it.Take pictures of the fallen trees, the damaged...
Tips on How to Start Your IRS Disaster Tax Relief Claim Right Now; For Victims Who Can Go Home and For Those Who Cannot
Tax help > Tips on How to Start Your IRS Disaster Tax Relief Claim Right Now; For Victims Who Can Go Home and For Those Who Cannot
Estate Planning for Financially Savvy Parents and Grandparents
College costs are escalating rapidly.
The parent or grandparent of a 3-year-old can expect that child's 4-year college education at a state school such as Florida State University to cost nearly $100,000 assuming only a 5% tuition inflation rate. Costs at an Ivy League university such as Yale are predicted to be nearly $350,000."Parents and grandparents have a variety of options in addition to the well publicized 529 plans that can fund a child's education," states Marc H. List, J.D., CPA, a shareholder at Goldstein Lewin & Co., Certified Public Accountants and Consultants.
"Depending upon the option selected, the funds placed in a particular account may provide tax-free accumulation.
In the case of certain properly structured insurance contracts, money may be borrowed for a variety of uses and the eventual death benefit collected with no tax effects.
One or more of these options can be used as an integral component of estate planning."An explanation...
Tax help > Estate Planning for Financially Savvy Parents and Grandparents
Roth IRA Withdrawals
Roth IRAs are individual saving schemes meant for people with taxable income who meet certain eligibility criteria. They are different from the traditional IRA, in that the contributions made to them are subject to tax deductions, but the earnings themselves are tax-free. This means that the Withdrawals are not subject to taxation. Also, you can have more than one Roth IRA account, but there is a limit to the amount of contributions that you can make in them. Your total contributions in all the accounts cannot exceed $4,000, or 100% of your adjusted gross income, whichever is less.
There are some rules and regulations involved with the Withdrawals of the earnings accrued from these savings.
First and foremost, if you have multiple Roth IRA accounts, you can withdraw money from any of the accounts. Yet the Withdrawals themselves have to be made in a certain order, regardless of the account you choose to withdraw from. The order to be followed is: first of all you have...
Roth IRA Withdrawals
Tax help > Roth IRA Withdrawals
Tax help
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