Financial abuse within the tax system can manifest in a number of ways. For example, it can arise where one partner or another family member is saddled with tax liabilities for which they have no or limited control. This can lead to victims grappling with crushing debts and financial instability. The Inspector-General & Taxation Ombudsman (‘IGTO’) has launched a review focusing on identifying and managing financial abuse within the tax system. The aim is to enhance the ATO systems and processes to detect abuse, support victim-survivors better, and hold perpetrators accountable. ❓Are you working with clients that may be impacted by financial abuse within the tax system? The IGTO, Ruth Owen, seeks input from tax professionals and those with lived experience to shape this review. Contributions (including insights, data or case studies from your professional experience) are confidential and welcomed until 10 December 2024. More information can be found at the link below.
National Tax and Accountants' Association - NTAA’s Post
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The Inspector-General & Taxation Ombudsman has launched a review into financial abuse in the tax system. The terms of reference for the review include: - How the ATO identifies financial abuses within the tax or superannuation systems; - What the ATO can do to support victims or provide relief from debt, whilst holding perpetrators to account; - How far the ATO can go to minimise the impact of financial abuse within the tax system on other government services such as social security or child support. In my work I have seen, on multiple occasions, the tax system used to stifle, restrict and control clients, and there’s only so much we as advisers can do to offer remedies to the situations these clients often find themselves in. For example, having Services Australia garnish income tax account credits for Child Support, based on assessments manipulated by the perpetrating party, in circumstances where they have control over the level and tax treatment of their taxable income. The consultation period to provide feedback on the terms of reference closes on 10 December 2024. I urge any advisers in my network who have experienced this to have a read of the terms of reference linked below and to provide feedback. I’d also be interested in hearing your thoughts and experiences, how best can we support clients in this position? https://lnkd.in/gDJyP8br #IGTO #TaxationOmbudsman #Consultation #FinancialAbuse
Identification and management of financial abuse within the tax system - IGTO
https://www.igt.gov.au
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New Post: Headline: IRS Eases Penalty Policies for Late Foreign Gift and Bequest Forms (Oct. 29, 2024) - https://lnkd.in/e85sf_Mt The IRS has eliminated automatic penalties for late filing of Forms 3520 and 3520-A, responding to advocacy from the National Taxpayer Advocate and the AICPA. This policy allows taxpayers to present reasonable-cause statements before penalties are assessed, aiming to reduce financial burdens and encourage timely compliance among estate and tax professionals.
Headline: IRS Eases Penalty Policies for Late Foreign Gift and Bequest Forms (Oct. 29, 2024)
http://wealthstrategiesjournal.com
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I-T dept unveils new step to aid taxpayers Full Article Link >>> https://lnkd.in/gfTPSdDR NEW DELHI: The income tax department on Monday said it has rolled out a new functionality in the Annual Information Statement (AIS) through which taxpayers will be able to view the status of information confirmation process.AIS is populated based on the financial data received from multiple information sources and provides details of a large number […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews
I-T dept unveils new step to aid taxpayers
latestind.com
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Tax season for trusts is underway, running from July 1 to December 31, 2024. If you're a trustee, it's essential to prepare and submit your income tax returns during this period. Key considerations include: 1. Gathering all trust income and expense documents 2. Reviewing beneficiary distributions 3. Ensuring compliance with trust deed terms, and 4. Calculating capital gains or losses on trust assets. Don't risk penalties – start your trust tax preparation early. Need help with Trust tax returns? Call Counteractive today to discuss your requirements. https://buff.ly/3tYlRvZ #Accounting #Accountant #AccountingProfession #AccountingFirms #AccountingProfessional #Tax #FinancialPlan #BusinessPlan #Business #Counteractive
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Currently Not Collectible is a status assigned by the IRS to taxpayers who are unable to make payments on their tax debt due to financial hardship. Internal Revenue Service #irs #tax #taxreturns #accounts #irstax #audit
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Income tax reporting changes under the Modernisation of Trust Administration Systems (MTAS) came into effect on 1 July. Find out what this means for you if you're a trustee or a trust beneficiary: https://lnkd.in/gF-UH8s4 #TrustAdministration #TrustTaxReturn
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I help entrepreneurs and small business owners navigate the ever-changing tax framework with confidence so they can minimize tax risks, maximize profits, and achieve sustainable business growth.
🚨A common misconception is that "fail-to-file" penalties are the primary concern for late filers. However, "fail-to-pay" penalties can be equally damaging to your financial well-being. Key points to understand: ✨"Fail-to-file" penalties: A substantial fine accrues for each month your return is overdue. ✨"Fail-to-pay" penalties: Your unpaid tax balance grows daily as interest and penalties are added. Ignoring either issue can lead to escalating IRS collection actions, potentially impacting your assets and future income. ➡️Proactive Solutions for Late Filers ✨Seeking professional assistance is crucial. A qualified tax professional can help you: 📌Assess your situation and calculate potential penalties. 📌File overdue returns, initiating the process of limiting additional fines. 📌Explore IRS payment options, such as installment agreements or potential compromises. 📌 Advocate on your behalf, streamlining communication with the IRS. Taking action now is the key to minimizing financial consequences and regaining control of your tax situation. ☎️ If you need assistance addressing late filing and tax debt, please reach out for a confidential consultation. #LateFiler #IRSPenalties #TaxDebt #TaxProfessional #FinancialPlanning
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Many self-employed individuals, like social media influencer Shannon, faced financial hardship due to COVID-19. The Families First Coronavirus Response Act introduced the Self-Employed Tax Credit (SETC) to provide relief. But navigating the complexities of claiming it can be overwhelming. Our case study explores how Occams Advisory helped Shannon claim the maximum SETC benefit. We can help you too! ✨ In our blog, you'll learn: 1) How the SETC can benefit you as a self-employed professional 2) The importance of consulting a tax professional to maximize your tax relief 3) How Occams Advisory can streamline the SETC claim process Contact us today for a free consultation and see if you qualify! ➡️ https://lnkd.in/d2tQNUf5 #SelfEmployedTaxCredit #TaxRelief #OccamsAdvisory #FinancialPlanning #CovidRelief
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A new report from The Treasury Inspector General for Tax Administration (TIGTA) expresses concern about the IRS’s ability to review and investigate digital asset transactions. The IRS recently released final digital asset regulations (in accordance with the Infrastructure and Jobs Act). TIGTA praises the tax agency’s increase in criminal enforcement using data analytic tools. However, it remains worried that the IRS doesn’t have an adequate “line of site” on amounts taxpayers report. Among TIGTA’s recommendations is that the IRS make a compliance plan with data from the new Form 1099-DA. The IRS largely agrees with this recommendation. Read the report: https://bit.ly/4f6Jnxu
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Seeking relief from IRS penalties can be complex, but administrative waivers offer a viable solution for taxpayers facing unjust penalties. By understanding the eligibility criteria, benefits, and application process, you can take proactive steps to alleviate financial strain and restore peace of mind. Let The Gamblin Group be your guide through the administrative waiver process. Our experienced tax professionals are here to provide expert guidance and support every step of the way. Contact us today to schedule a consultation and explore your options for relief. Don't let IRS errors or penalties stand in the way of your financial well-being. Trust The Gamblin Group to help you secure the relief you deserve. Go to this link https://bit.ly/48QtAPh for Tax Preparation Questionnaire Ready to crush your tax game? Call @thegamblingroup at (855) 825-0465 right away, or book an appointment on our website at www.thegamblingroup.com. #TaxFiling #DeadlineAlert #TheGamblinGroup #IRSReady #taxresolutionexperts #taxdebtsolutions #taxresolutionmadeeasy #taxresolutionhelp #taxresolutionexpert #fairtaxresolution #taxresolutiontips #taxresolutionadvice #taxresolutionplan #taxseason #business #loan #money #blackfemaleentrepreneurs #taxresolution #taxdebtrelief #taxproblemsolved #taxhelp #backtaxes #taxattorney #taxprofessional #taxconsultant
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