Podcasts about Tax avoidance

Dan Corder is joined by Michael Marchant, Head of Investigations at Open Secrets, to unpack one of South Africa’s most pressing economic debates: Should the country introduce a wealth tax on its richest individuals?See omnystudio.com/listener for privacy information.

In-Depth Analysis of Personal and Corporate Taxation Source: Session 2: In-Depth Analysis of Personal and Corporate Taxation" Main Themes: Understanding the fundamentals of both personal and corporate income taxation in the U.S. Differentiating between tax avoidance (legal) and tax evasion (illegal). Exploring practical case studies to illustrate the application of tax principles for individuals and corporations. Most Important Ideas and Facts: I. Personal Income Taxation Scope: Encompasses various income types (wages, interest, dividends, rental income, capital gains, etc.) Adjusted Gross Income (AGI): Starting point for calculating taxable income; impacts eligibility for deductions and credits. Capital Gains and Losses: Short-term gains taxed as ordinary income; long-term gains benefit from lower rates (0%, 15%, 20%). Losses can offset gains. Deductions: Standard deduction (fixed amount) or itemized deductions (specific expenses). Tax Credits: Directly reduce tax owed, more beneficial than deductions. Examples: EITC, Child Tax Credit, Education Credits. Progressive Tax System: Higher income earners pay higher tax rates based on a system of tax brackets. Key Quote: "Understanding marginal tax rates helps taxpayers plan effectively, as the rate paid on the next dollar of income differs depending on where that income falls within the bracket structure." II. Corporate Income Taxation Net Income: Taxable income for corporations, calculated as revenue minus allowable expenses. Corporate Tax Structure: Reported on Form 1120; various deductions available (COGS, wages, interest, depreciation). Double Taxation: Corporate profits taxed at the corporate level and again at the individual level when distributed as dividends. Deductions and Credits: R&D Credit, Qualified Business Income (QBI) Deduction, Depreciation, and Section 179 Expensing. Key Quote: "To mitigate double taxation, some corporations choose to retain earnings rather than distribute them, or they may elect to be treated as S corporations, which allow profits to flow through to shareholders without being taxed at the corporate level." III. Self-Employment and Small Business Taxation Self-Employment Tax: Covers Social Security and Medicare taxes for both the employee and employer portions. Small Business Deductions: Home Office Deduction, Business Vehicle Expenses, QBI Deduction, Health Insurance Deduction. Key Quote: "The QBI deduction is a significant tax benefit that effectively reduces the tax rate on business income, helping small businesses reinvest in growth and operations." IV. Tax Avoidance vs. Tax Evasion Tax Avoidance: Legal methods to reduce tax liability (e.g., utilizing deductions, credits, retirement contributions). Tax Evasion: Illegal methods to avoid paying taxes (e.g., underreporting income, inflating deductions). Key Quote: "Tax evasion is a criminal offense that can lead to severe penalties, including fines, interest, and imprisonment." V. Case Studies Corporate Tax Filing: ABC Manufacturing Inc. utilizes deductions and credits to reduce their corporate income tax liability. Personal Tax Filing: Jane, a freelancer, utilizes deductions specific to self-employed individuals, such as the home office deduction. Conclusion: This document summarizes the core elements of personal and corporate income taxation in the U.S. It emphasizes the importance of understanding income types, deductions, credits, and the differences between tax avoidance and tax evasion. The case studies illustrate how these concepts apply to real-world situations. The document provides a valuable foundation for individuals and businesses seeking to manage their tax obligations effectively and legally. --- Support this podcast: https://podcasters.spotify.com/pod/show/law-school/support

Every year, the world loses 311 billion dollars to tax avoidance by large corporations. Australia has taken steps to address this issue, and now we hope Norway will follow suit!Tax avoidance and the use of tax havens have never been higher. However, we still have no way of seeing whether individual companies are paying sufficient taxes in the countries where they operate economically. This makes it difficult to tackle the problem.Behind the somewhat technical term "country-by-country reporting" lies an idea that could fundamentally change the international tax system. By demanding greater transparency, we can pave the way for a better method of taxing large corporations. This is currently being worked on in Australia.In this episode of Pengeland, we are joined by Jason Ward, the chief analyst at the organization CICTAR. He has been a leading figure in the effort to promote greater transparency in corporate tax payments in Australia. We talk with him about tax avoidance as a global issue, the work that has been done in Australia, and how Norway can follow suitHosts: Jonas Veland and Kaja GuttormsgaardGuest: Jason WardAudio, video, and music: Kristoffer Lislegaard

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The best first irrevocable trust to create for estate tax avoidance. We do estate planning. We do probate. We do it well. If you are in Washington State and need help, you can get a free strategy session at the link in our bio. #estateplanning #probate #realestate #wealth #trusts #legacy #estatetaxes #lawyer #attorney #taxes #money

In this episode, Queen guitarist and wildlife campaigner Brian May is under fire after calling for an end to badger culling in England.The complaints come head of a  BBC TV documentary in which Sir Brian argues that badgers are wrongly blamed for spreading bovine tuberculosis.We look at why British holidaymakers have been banned from bringing back feta cheese from Greece this summer.The move is part of a wider ban on UK imports of sheep and goat products  from Continental Europe, which is being ravaged by a ruminant disease. We've a harvest update and all the latest commodity prices – and find out why Clarkson's Farm means a boost for agricultural students.And we discover why a snail farm in a Liverpool office building is at the centre of allegations about tax avoidance.This special episode of the Farmers Weekly Podcast is co-hosted by Johann Tasker and Scottish farmer Sandy Kirkpatrick. To contact the Farmers Weekly Podcast, email podcast@fwi.co.uk. In the UK, you can also text the word FARM followed by your message to 88 44 0. 

This week, JoePat Roop focuses on the importance of building secure, sustainable, and stable income for retirement. He emphasizes the need for secure income that is not affected by market disruptions or geopolitical events. The conversation also highlights the impact of inflation and taxes on retirement income and the importance of incorporating inflation protection and tax avoidance strategies. JoePat mentions the one-page retirement income plan that helps assess current financial status and plan for a secure retirement. The conversation also touches on the emotional aspect of retirement planning and the need to take the emotions out of it. Lastly, the JoePat emphasizes the importance of having a tax strategy and mentions tax loss harvesting as a way to minimize taxes. For more information or to schedule a consultation call 704-946-7000 or visit www.belmont-capital.com See omnystudio.com/listener for privacy information.

Tax Loopholes & Laws All Property Investors Should Know?     Do you ever catch yourself thinking about the intricacies of tax laws and what exactly you should know? Lucky for you, today's episode is with a renowned tax attorney who's also the founder of Cadena Legal, Harry Dell! Harry highlights the potential implications of not properly managing tax obligations, especially in relation to property investments... Understanding tax laws for compliance is essential for all individuals, especially for property investors who are looking to minimise their tax obligations within the boundaries of the law. Tax laws can be complex and confusing, but having a basic understanding of the differences between tax minimisation, tax avoidance, and tax evasion can help individuals navigate the system effectively. So make sure you have surrounded yourself with highly skilled professionals you trust to help you better understand what your situation is in terms of taxes. It's important for individuals to understand that while tax minimisation is encouraged and legal, engaging in aggressive tax avoidance schemes or tax evasion can have serious consequences. Stay informed about tax laws and tune in to this episode today!

 Join the discussion on the IRS's scrutiny of sports team owners with insights from ProPublica's Robert Faturechi. Discover how billionaire owners utilize legal loopholes to avoid taxes and the challenges faced by the IRS in addressing these strategies. Gain valuable insights into the disconnect between team owners' messaging and public sentiment.

Air Date 5/1/2024 The past, present, and future of tackling the uselessness of extreme wealth by exposing and closing tax avoidance loopholes and pushing for a culture change to embrace the need for a more equal society. Be part of the show! Leave us a message or text at 202-999-3991 or email Jay@BestOfTheLeft.com Transcript BestOfTheLeft.com/Support (Members Get Bonus Clips and Shows + No Ads!) Join our Discord community! SHOW NOTES Ch. 1: What Happens When You Tax Billionaires at 90 Percent? - The Hartmann Report - Air Date 6-3-23 We did it before, and the result was the creation of the world's first and largest middle class and a level of peace and prosperity that held its own until Ronald Reagan took a meat-axe to it… Ch. 2: #TaxBillionaires w/ Robert Reich, Sen. Ron Wyden, Rep. Jamaal Bowman, and more - Americans for Tax Fairness - Air Date 4 -18-22 If you think school teachers shouldn't pay a higher tax rate than billionaires, join us to learn how you can join in on the fight to #TaxBillionaires! Ch. 3: Wealth Tax Part 1 - Pullback - Air Date 4-11-23 Should we be taxing Scrooge-McDuck wealth? Can we? We talk with friend of the pod Fariya Mohiuddin, a Senior Program Officer with the International Budget Partnership's Tax Equity Program, and our favourite tax justice researcher and activist. Ch. 4: No One Should Have More Than 10 Million Pounds | Ash Sarkar meets Ingrid Robeyns - Novara Media - Air Date 2-4-24 If you're serious about alleviating poverty, as most liberals claim to be, should there be a cap on how wealthy one person can be?   SEE FULL SHOW NOTES FINAL COMMENTS Ch. 12: Final comments on anger and irrationality in war and politics MUSIC (Blue Dot Sessions) SHOW IMAGE: Description: A protester holds a sign that says “Tax the Rich” Credit: “We have a right to the city. Tax the rich.” by dignidadrebelde, Flickr | License: CC BY 2.0 | Changes: Cropped   Produced by Jay! Tomlinson Visit us at BestOfTheLeft.com Contact me directly at Jay@BestOfTheLeft.com

In this episode, we sit down with Josh Holt from Steward Partners to break down essential tax strategies and investment advice for small business owners. We'll talk through complex tax laws and discuss the value of professional advice in protecting and growing your assets.Moreover, we delve into broader investment and financial planning, highlighting options like cash balance plans and Employee Stock Ownership Plans (ESOPs). We also cover recent updates in tax legislation that could impact your business. Join us to gain insights into securing your business's financial health.

Welcome to another episode of the Jake & Gino Podcast, where real estate investment meets real-life strategies. Join your hosts, Jake Stenziano and Gino Barbaro, as they dive deep into the world of taxes, entity structures, and strategies to fuel business growth and protect assetsF. In this episode, we're thrilled to have Preston Anderson from Anderson Tax, a seasoned CPA who brings a wealth of knowledge and insights on how entrepreneurs and business owners can significantly cut their tax bills. Preston shares his journey from a math-savvy high schooler to becoming a passionate tax professional, determined to help people save money and make informed decisions about their finances. In This Episode: Preston's Background: Discover how Preston's love for accounting and helping people save money shaped his career. Entity Structures: Learn about the critical role of entity structuring in saving taxes and mitigating risks, with real-life examples from Preston's experiences. Tax Saving Strategies: Preston shares some eye-opening strategies and mistakes to avoid, aiming to enlighten business owners on optimizing their tax situation. Real Estate Insights: Dive into the benefits of being a real estate professional, the impact of cost segregation, and the power of leveraging debt in real estate investments. Family and Taxes: Preston discusses how involving family in your business can lead to substantial tax savings, highlighting the importance of proper documentation and legal compliance. The Future of Taxation: Reflect on the philosophical and practical aspects of taxation, government policies, and how understanding the tax code can lead to wealth accumulation. Takeaway: Preston Anderson reminds us that the foundation of our country was built on a disdain for unfair taxation. His insights not only provide practical advice for today's investors and business owners but also inspire a deeper understanding of our financial system and how to navigate it successfully. Whether you're a seasoned entrepreneur, a real estate mogul, or someone just starting out, this episode is packed with valuable advice that could potentially save you thousands and help you make more informed decisions about your financial future. Connect with Preston Anderson: Visit Anderson Tax Website Email: preston@anderson.tax Remember, it's not just about making money; it's about making smart decisions that lead to a legacy of wealth and wisdom. Join Jake and Gino as they explore these strategies and more, always with a touch of humor and a focus on real-world applications. #JakeAndGinoPodcast #TaxStrategies #RealEstateInvesting #WealthBuilding #FinancialWisdom   Chapters 00:00 Introduction and Background 01:14 Passion for Saving Money 04:34 Importance of Entity Structure 07:20 Considerations for Entity Structure 10:29 Creating New Entities 13:44 Entity Structure for Real Estate 15:44 Estate Planning Mistakes 17:11 Tax Savings for Business Owners 19:11 Red Flags for the IRS 23:26 Corporate Transparency Act 25:47 Real Estate Professional Designation 32:03 Cost Segregation and Real Estate Professional 39:29 Real Estate Professional Status and Income Deductions 40:48 Utilizing a Real Estate Professional Spouse 41:17 Leveraging Debt in Real Estate 42:21 The Benefits of Debt in Real Estate 44:16 The Formula for Wealth: Debt, Real Estate Professional Designation, and Cost Segregation 47:28 The Long-Term Growth of Real Estate 49:03 Contacting Preston Anderson  50:28 The Boston Tea Party and Tax Avoidance 51:06 Closing Remarks

Monday March 4, 2024 Corporate Tax Avoidance Rampant by Russell Mokhiber

Ray Hadley finally confronted Paul Gallen on a number of matters. But perhaps more concerning than stolen lines, Ray examined the Australian Taxation Commissioner's warning over Gal's undeclared income earned via social media.See omnystudio.com/listener for privacy information.

With our eyes on this June's European elections, we hold the second debate in our series on countries or groups of EU countries. We look at three founding members of the European Economic Community in 1957, which became the European Union in 1993: Belgium, Luxembourg and the Netherlands, known as the Benelux states. They see themselves as frontrunners in European integration, having pioneered a customs union 80 years ago, which showed their neighbours the benefits of trading without tariffs. Benelux prime ministers hold yearly summits and there are numerous ministerial and parliamentary contacts. But while the three countries have given impetus to key EU issues, their record on tax and financial matters has been seen as mixed. We discuss this with three MEPs.

Tax Evasion is illegal (ask Al Capone, Willie Nelson, or Wesley Snipes). Tax Avoidance, however, is HIGHLY encouraged, and we have an entire tax code to substantiate that. In order to help you with your Tax Avoidance goals, we are going to lay out 5 areas where you can legally hide money from the government from the easiest/most accessible options to the more difficult/lesser known options. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Wei Cui shares his journey since graduating from Harvard. He describes it as a 30-year journey, with three phases: first decade, where he continued attending school in the United States, second decade, where he practiced law in New York City and Beijing, and last decade, living in Vancouver teaching at the Law School of the University of British Columbia. This period was the favorite stretch of his life, partly because of having them as part of his life and partly because it was nice to live in a beautiful part of the world and pursue scholarship at a major research university. Wei's life in Vancouver is different from earlier stretches in his career, especially from the years spent in China. He moved to Canada after spending seven and a half years working in China. The journey has been interesting from the perspective of Canada, as it allows him to think about these different parts of his life in the US and in China from the perspective of Canada. Cui's journey began when he was in Harbor College on a student visa in the United States. After deciding to stay in the US, he found a terminal master's program in philosophy at Tufts. He continued to study philosophy in Ph.d programs, then went to law school, where he became interested in China and the idea of law being applicable to China. He eventually graduated from Yale Law School in 2002, worked in New York City for three years, and moved to China in 2006.  Working As an Attorney in China  Wei worked in China for seven and a half years. He took up an academic position at China's largest law school in Beijing, but the university was disorganized and he had a light teaching load. He took up legal practice part-time at a local Chinese law firm. In 2008, he worked at the China Investment Corporation (CIC), which invested in Blackstone and Morgan Stanley shares. In 2009, he was secunded to CIC and started setting up a tax practice in house. He also worked in consulting with the Chinese government, working extensively on tax policy projects. He left CIC in 2010, but by that point, he decided to focus more on academia. Wei's third decade in China involved working with the Chinese government on tax policy projects. He was sought out for tax law and tax policy advice for seven years until 2013. In his third, Wei focused on research and teaching, focusing on the challenges of pursuing a career outside of China and in North America. He believes that focusing on academic work and pursuing a career outside of China helped him achieve his goals. He also talks about his current teaching role at the University of British Columbia and as an author.  Divergent Economic Development Wei discusses various examples of social science scholarship, including the divergence in economic development paths and the study of ancient economic geography. He also discusses the field of philosophy, particularly the study of philosophy of mind and the foundation of self consciousness. The field of evolutionary psychology, specifically the study of cultural evolution, has gained significant attention. Wei's scholarship was broad, focusing on tax law and policy, with a focus on the US and Canada. He mentions that his book on international taxation is driven by US tax policy, with Canada playing a secondary role. China, however, has made no significant contribution to international tax policy. Wei argues that the US is an outlier in terms of its tax system, with a tax revenue to GDP ratio of 27% compared to other OECD countries. This is a significant difference from countries like France and Germany, where the tax to GDP ratio is 40%. He also discusses the unique structure of the US tax system, which is radically different from what most listeners are used to. The US has a relatively low tax rate, especially for the middle class, which is referred to as "middle-class" in the Biden and Obama administrations. In conclusion, Wei Cui's research on tax law and policy highlights the importance of understanding the unique structures and systems of advanced economies. US Tax Revenue Redistribution vs. OECD Countries and China The US does more effective redistribution of tax revenue than other OECD countries, such as France and Germany, which collect their revenue through pensions and payroll taxes. However, the US spends a greater portion of its GDP, distributing to the bottom 50% of the income distribution than these other countries. The US does not have a value-added tax, but rather low rate state sales taxes, which could potentially collect more revenue through a value-added tax. The US is also unusually reliant on personal income tax in collecting revenue, making it easier to afford less complicated tax laws. The US tax law is complicated, with the IRS being thinly staffed and heavily reliant on taxpayers and return preparers for tax compliance. The rule of law is crucial in this system, as it dictates how people should pay taxes and is followed by private parties. In contrast, China invests little in writing tax law and has many tax administrators providing taxpayer services. In China, there is a lot of individual discretion in tax administration, with each tax administrator responsible for different taxpayers and facing revenue targets. This leads to a more predictable and predictable tax collection process. Tax farming is another analogy used to describe the approach in Rome, where private societies auction off the right to collect taxes to private societies, collecting as much money as they want.  Tax Compliance and Tax Avoidance across Countries Wei discusses the differences between societies that do not rely on a legal system and those that do. He talks about tax compliance and tax avoidance across countries. In advanced economies, cash collection mostly operates through business firms, which collect corporate income tax, sales tax, VAT, wage payments, interest payments, and creditors. As a result, individual behavior in terms of tax compliance does not matter as a first cut. There is quite a bit of commonality between countries and their modern tax systems, with richer countries having more big business firms to collect taxes for the government. However, there are variations in tax compliance and evasion across countries. For example, in Greece, most taxes are collected by business firms, while in the US, compliance rates for self-employed individuals are substantially lower than those employed by firms. This highlights the need for scholarship to advance and better educate the public about tax collection and evasion. From a tax law perspective, the biggest differences in China and the US are not in tax law but more in their systems of redistribution. Public finance systems define what these countries are like, making them more worthy of discussion.  Influential Courses and Professors at Harvard Wei discusses his experiences in college and his connection to liberal political philosophy. He took a John Rawls' course Theory of Justice and other philosophy courses, which he believes continue to resonate with him personally and professionally. Wei's liberal philosophy was heavily influenced by his American experience in the 1990s, which he associates with American ideology. However, he finds it sobering that people do not subscribe to these philosophies and that academics and others who subscribe to them do not make much effort to persuade others of their correctness. Wei's first irreversible awakening was the US invasion of Iraq, which he found morally wrong. He believes that what he learned from professors like John Rawls is partly what is creating a sense of discomfort and reflection about the world 25 years later. In summary, Wei Cui's experiences in college and his journey to China, the US, China, and Canada have shaped his views on morality and politics. Timestamps: 05:32 Personal background, education, and career path 10:48 Legal career, academic research, and international tax law 18:51 Academic research in various fields 23:33 China's tax system and its differences from other countries 30:02 Tax complexity and compliance in the US and China 35:06 Taxation, compliance, and avoidance across countries 41:53 Taxation, state capacity, and social safety nets in China and the US 48:18 Philosophy, politics, and personal growth Links: Website: https://allard.ubc.ca/about-us/our-people/wei-cui CONTACT: LinkedIn:https://www.linkedin.com/in/wei-cui-462a3a5/    

This week the Tax Factor is presented by Partners Rob Goodley and Matt Crawford.   While the ‘one to many' letters sent by HMRC can seem speculative, Rob and Matt warn that they should not be ignored. They then look at a Court of Appeal case that HMRC have lost three times, but HMRC believes is a point of principal on tax avoidance – will they go for a fourth appeal and, if not, what does this mean for their approach?   Finally, they look forward to ‘Silly Season', the period before the Budget, when rumours, speculation and gossip abound about what may, or may not be in the Autumn Statement.See omnystudio.com/listener for privacy information.

Rob is a guest on the Strike it Big Podcast in this episode. Listen in as Rob talks about his personal wealth, his current focus as well as his thoughts on taxes. He also talks about what you should spend money on, particularly in regard to investments. Rob Reveals: His net-worth How he deals with stalkers Why £20 million net-worth is enough for anyone Why he never compares himself to others What he spends his money on Why property is still the best investment strategy Also featured Why there shouldn't be guilt attached to money The pros and cons of being a billionaire How to manage your wealth BEST MOMENTS "I can't stand to see it when rich people won't spend money” “Cash in the bank is the worst place to leave your money” “I don't mind paying my taxes I just don't think they're fair” “We take all that money and dump it into property” VALUABLE RESOURCES https://robmoore.com/ bit.ly/Robsupporter   https://robmoore.com/podbooks  rob.team ABOUT THE HOST Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK's No.1 business podcast “The Disruptive Entrepreneur” “If you don't risk anything, you risk everything”   CONTACT METHOD Rob's official website: https://robmoore.com/  Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn: https://uk.linkedin.com/in/robmoore1979   See omnystudio.com/listener for privacy information.disruptive, disruptors, entreprenuer, business, social media, marketing, money, growth, scale, scale up, risk, property: http://www.robmoore.comThis show was brought to you by Progressive Media

There is a world of difference between legally reducing your tax bill by taking advantage of provisions in the tax code, and illegally evading paying taxes that you rightfully owe. With illegal evasion costing the government over $1 trillion a year, it's time to replace the income tax with a system that is much harder to evade. It's time to enact the FAIRtax.

Investors are trying to avoid paying taxes to the detriment of overall returns. Tom and Don discuss tax strategies that might make sense. Plus, it turns out those GICs or guaranteed income accounts aren't actually "guaranteed." A listener asks: Is there any reason to be concerned about Vanguard funds reorganization plans? Learn more about your ad choices. Visit megaphone.fm/adchoices

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Discover how "The Laundromat" movie exposes the dark underbelly of shell companies and fueled this episode about tax evasion vs avoidance. Learn about the Panama Papers leak of 2016 and what celebrities you know that have gone to jail for tax evasion.

Episode 34:  In this episode, Timalyn discusses the seemingly controversial topic of tax evasion vs. tax avoidance.  These terms have very different meanings, although some people mistakenly use them interchangeably.  She'll explain the terms and how to help you understand whether you're attempting to do something illegal, or extremely (legally) beneficial. Tax avoidance is a legal strategy used to minimize your tax liability.  The bulk of today's episode will explore tax evasion.  She will discuss the underground economy and why you need to stop participating in it.  You could go to prison and be required to deal with your back tax issues.  Tax Avoidance You can think of tax avoidance as legal steps you can take to reduce your tax liability and to maximize your after-tax income.  Timalyn begins with the step of investing in a tax planner to help you with a strategy to minimize your taxes.  This is classified as tax avoidance and it's perfectly legal.  Timalyn lists some common tax avoidance tactics: ●      Claiming your home office deduction as a business owner ●      Itemizing your mortgage interest as a home owner ●      Itemizing charitable contributions  Common but Illegal Tactics that Are Considered Tax Evasion ●      Paying someone in cash so they don't have to report taxable income ●      Receiving cash payment and not reporting the taxable income ●      Paying a babysitter in cash, but not issuing a 1099 if required ●      Requesting to be paid in cash so you "don't have to report it" Remember, the IRS wants you to report anytime money is exchanged for goods or services.  We have a voluntary compliance system.  The IRS relies on you to perform your civic duty. Now, this may seem controversial to some (or many), but remember, Timalyn's goal is to fill the tax literacy gap one taxpayer at a time.  She's offering this advice to help you to better understand taxes and to help you to stay out of trouble with the IRS. Timalyn provides a tremendous amount of free information on her podcast and on her  YouTube Channel.  If you'd like personal advice, based on your specific situation, you can book a paid consultation with her.  The Underground Economy Surprisingly, many of us are probably participating in the underground economy without thinking, or realizing, we're doing it.  Consider these everyday activities: ●      Selling or buying something at a garage sale ●      Paying cash or accepting cash for tutoring ●      Paying cash or accepting cash for raking leaves or shoveling snow The IRS knows these activities happen, but they can't really track it.  However, some people purposefully take advantage of the activities to avoid paying taxes.  If the IRS proves that you have engaged in tax evasion, they will assess penalties in addition to the back taxes owed. Tax Evasion This is defined as the failure to report income or the deliberate underpayment of taxes.  If you are a W2 employee, taxes are normally deducted from your paycheck, based on your W-4 .  If you deliberately complete your W-4 without having any taxes withheld, it's considered tax evasion.  If you are a traveling nurse who will make 6-figures or more in a tax year, you should definitely make sure you are not going “exempt” on your W-4.  It's deliberately underpaying your taxes. If the IRS pursues and proves you are committing tax evasion, you will be forced to pay your back taxes and penalties.  However, Timalyn explains that you can also face up to 5 years in prison.  Is it really worth the risk?  Timalyn reminds us that Al Capone was ultimately convicted of tax evasion, because they were having problems convicting him on other charges.  He was sentenced to more than 5 years because they were able to add additional charges.  Martha Stewart and Willie Nelson were both penalized for crimes related to tax evasion.  Actors Nicolas Cage and Wesley Snipes also ran into legal problems involving taxes.  Timalyn also provides the example of a North Carolina man sentenced to a 36-month prison sentence for tax evasion.  He didn't file individual tax returns for 20 years.  He fraudulently filed W-4s that falsely claimed he was exempt from federal and state income tax withholdings.  You May Not Be Required to File Federal a Tax Return There are some circumstances in which you may not be required to file a federal return.  Some of these include: ●      You only receive social security income and no other sources of income ●      Your earned income is lower than the standard deduction and you have no other sources of income By the way, if you failed to file a federal tax return you were required to submit, you may have forfeited your right to any refund that may have been payable to you, based on the length of time that has elapsed. Remember, if your tax returns are late by 5 months or longer, you could be assessed a Failure to File penalty of up to 25% of the tax liability.  Under specific circumstances, you may be eligible for Reasonable Cause Penalty Abatement, which erases the penalty.  If you have unfiled tax returns and you know you owe taxes, you'll be assessed with the Failure to Pay Penalty.  You need to seek out an experienced, qualified tax professional to help you with your situation.  In Episode 33, Timalyn explains Tax Representation and how it can help you.    The bottom line is that it's time for you to be proactive in resolving your tax debt issues.  As Timalyn mentioned early in this episode, she encourages you to review the free information she's provided on YouTube and in the previous episodes of this podcast.  If you're ready to talk about your options, book an appointment with Timalyn.  There's link in the below paragraphs.  The IRS is serious about tax debt.  Timalyn Bowens is serious about helping you to resolve it. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 34, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact. Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

In this episode, we'll dive into the Augusta Rule, which allows you to rent out your vacation property for up to two weeks without paying taxes on the rental income. Learn how to take advantage of this rule to boost your earnings while enjoying your own vacation home. Tune in now to take your financial journey to new heights! Episode Highlights: What is Tax Deferral vs Tax Avoidance? How does the Augusta Rule work? How to rent out a Vacation Property! LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #savings #wealth

When the Trump tax cuts go away at the end of 2025, will everyone's taxes increase? In this episode of

JL Collins of JLCollinsNH.com talks about taking advantage of Mr. Bear. Episode 2354: Taking Advantage of Mr. Bear by JL Collins on Tax Avoidance Investment Strategies Mr. Collins is a senior executive with extensive P&L experience and a proven track record of growing revenue and profitability, integrating acquisitions, launching new products, developing and implementing business plans, creating powerful marketing strategies, building strong customer relationships and building effective teams. He is experienced in a broad range of markets including technology, automotive, investments, design engineering, electronics manufacturing, construction, horticulture and energy. Mr. Collins is also an accomplished consultant, author and speaker. He is retired, but continues to write on his blog. The original post is located here: https://jlcollinsnh.com/2020/03/09/taking-advantage-of-mr-bear/  Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

JL Collins of JLCollinsNH.com talks about taking advantage of Mr. Bear. Episode 2354: Taking Advantage of Mr. Bear by JL Collins on Tax Avoidance Investment Strategies Mr. Collins is a senior executive with extensive P&L experience and a proven track record of growing revenue and profitability, integrating acquisitions, launching new products, developing and implementing business plans, creating powerful marketing strategies, building strong customer relationships and building effective teams. He is experienced in a broad range of markets including technology, automotive, investments, design engineering, electronics manufacturing, construction, horticulture and energy. Mr. Collins is also an accomplished consultant, author and speaker. He is retired, but continues to write on his blog. The original post is located here: https://jlcollinsnh.com/2020/03/09/taking-advantage-of-mr-bear/  Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

JL Collins of JLCollinsNH.com talks about taking advantage of Mr. Bear. Episode 2354: Taking Advantage of Mr. Bear by JL Collins on Tax Avoidance Investment Strategies Mr. Collins is a senior executive with extensive P&L experience and a proven track record of growing revenue and profitability, integrating acquisitions, launching new products, developing and implementing business plans, creating powerful marketing strategies, building strong customer relationships and building effective teams. He is experienced in a broad range of markets including technology, automotive, investments, design engineering, electronics manufacturing, construction, horticulture and energy. Mr. Collins is also an accomplished consultant, author and speaker. He is retired, but continues to write on his blog. The original post is located here: https://jlcollinsnh.com/2020/03/09/taking-advantage-of-mr-bear/  Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Inland Revenue have changed their guidance on avoiding 'over-taxing', amid criticism about promoting tax avoidance. The tax department published a fact sheet explaining the Government's plan to increase the trustee tax rate from 33 to 39 percent to align with the top income tax rates.  NZ Herald Wellington business editor Jenee Tibshraeny says the IRD publishing these changes is an admission that laws around trusts are inherently complicated. LISTEN ABOVESee omnystudio.com/listener for privacy information.

President Biden has faced remarkable challenges in his first two years in office, from the overturning of the national right to abortion and the management of the U.S.'s COVID response, to the invasion of Ukraine. The staff writers Susan B. Glasser, Jane Mayer, and Evan Osnos gather for their weekly conversation to look at what the Biden White House has accomplished in the past two years, and what the forty-sixth President can hope to achieve before 2024. Plus, the roundtable talks about the political implications of “The Getty Family's Trust Issues,” Osnos's latest article which explores how the ultra-wealthy avoid paying taxes. 

In November, Ireland took in almost as much corporation tax as it did in the entire year of 2015. Many paint this as a success story where everyone is a winner. But it's not as simple as that. Bizarrely much of our success is built on the type of creative accounting that means Ireland is the single largest export market for U.S. software, while we don't actually manufacture most of it. Rejoining us on the podcast to discuss how it all works is economics lecturer and author of Tax Haven Ireland, Brian O'Boyle. We look at tech and pharma and the price paid by citizens elsewhere for Ireland's hugely successful on-shoring of Intellectual Property. We also look at what it means for those within those industries and the tax servicing industry versus the rest of the country. Sounds a bit heavy? It's not. Brian breaks it down. A great listen. Please join us at patreon.com/tortoiseshack - we need your help

Scott and Jeff chat with Daniel Hemel about the House Ways and Means Committee "Report on the Internal Revenue Service's Mandatory Audit Program" that reveals substantial information about former President Trump's tax returns. Additional information was revealed in a report by the Joint Committee on Taxation.

MONDAY KETCHUP: COVID is BACK in China, Mpox's late rebranding, CEO illness disclosure, TikTok ban, gray hair bans, Carnival's Bored Board Bit, and tax avoidance wins

Meet Tom Alston, Founder & CEO of Aero & Marine Tax Professionals, and an expert in California sales tax involving airplanes, vehicles or vessels. He and his team help clients legally avoid sales & use tax from the state of California.  Tom is also a Grant Cardone licensee, business and personal coach and a retired high school baseball coach.  Mark and Tom have a wide ranging conversation that covers everything from formative experiences in Tom's life to philosophies on winning, to sales and use tax avoidance strategies and more.  Tune in!

Scott and Jeff discuss a program called Tax Inspectors Without Borders with Rusudan Kemularia, Head of Tax Inspectors Without Borders. The program is part of the OECD and is connected with the OECD's BEPS as part of an effort to help provide developing countries with the tools necessary to enforce tax laws in the complex international tax arena.

Tax evasion is the failure to pay or a deliberate underpayment of taxes. Tax avoidance is an action taken to lessen tax liability and maximize after-tax income. We'll be discussing ways to avoid taxes legally and give some tax-efficient investing tips. Our experts also take your other personal finance questions. The Senate passed Inflation reeducation Act of 2022 allocates approximately 124 billion dollars for IRS tax enforcement. https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdfThe IRS's website: https://www.irs.gov has a “get answers to your tax questions” area where you can find authoritative tax information. The IRS encourages taxpayers to create an I D me account from https://www.irs.gov/ so they have access to their tax information. It is a multistep process that uses facial recognition and authentication to prove that you are you.Questions:W9Capital gains in MSTimber salesREITsTax on Municipal bondsVacation home expenses Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

In this special episode, we compile several recordings that we have made over the past year related to the proposed alternative minimum tax on financial accounting earnings. The recordings are very much related to two op-ed articles Scott published in the Wall Street Journal, found here:Don't Let Warren Politicize Accounting - WSJElizabeth Warren's War on Accounting - WSJJeff has also written on the topic, including this letter to congress and an accompanying WSJ article that goes along with it:Letter to CongressAccounting Experts Ask Congress to Change Proposal on Minimum Corporate Tax - WSJThis episode is longer than usual, but we believe the information is worth consuming.

Scott and Jeff discuss "carried interest" with Vic Fleischer, Professor of Law at UC Irvine. Carried interest is a special type of income that is taxed at favored capital gains tax rates, and is often associated with high earning individuals who manage private equity partnerships. One prominent example of someone who had significant income from carried interest was former presidential candidate Mitt Romney. 

When you think about corporate secrecy, nefarious shell companies and conspiratorial tax dodging, the state of Delaware probably doesn't come to mind. We often think of exotic places like Panama or Bermuda, but the research of University of Chicago Adjunct Professor Hal Weitzman shows how it's all happening right here in the United States. In his new book, What's The Matter With Delaware?, Weitzman goes down the complex Delaware rabbit hole to discover how this tiny U.S. state became the incorporation capital of the world—uncovering everything from criminal conspiracies to wealthy tax avoidance to political dark money.

In this episode we tackle the thorny issue of tax avoidance, aggressive tax avoidance and tax evasion. We also take a closer look at one of the schemes which falls somewhere on that spectrum: mini-umbrella companies.Support the show

Scott, Jeff, and Paul Kiel discuss the series of articles published by ProPublica based on a massive leak of private tax return data on the wealthiest individuals in the United States. The series of articles can be found here: https://www.propublica.org/series/the-secret-irs-files.We ask about privacy, transparency, tone, influence, leaked data, and more.

Entrepreneur Founders, Angel Investors, and VCs all want to maximize their Return on Investment, their realized gain, when it looks like there is potential for an IPO with the company. It is hard to predict which startups will navigate the treacherous journey from start to finish of an IPO when the race isn't a sprint, it can have many twists and turns and obstacles to over come, to reach the pinnacle of an IPO rather than acquisition or merger. Many of the ways to avoid taxes on capital gains and even 'phantom earnings' need to be dealt with at the start of the incentive or in the early days of the company starting up, not in the final stretch to an IPO. Host Karen Rands is joined by Aaron Rubin, JD, CPA, CFP, partner with Werba Rubin Papier Wealth Management, LLC and author of "Financial Adulting", a guide for young professionals navigate tax, investing and estate planning. Aaron works with pre-IPO executives and early employees at late-state tech companies to help them minimize their tax liability and keep more of their equity compensation. He is known in tech circles from Austin to Silicon Valley as the PreIPO 'Stock Option Whisperer'. www.wrpwealth.com What you will learn: * Worse, yet easiest IPO tax mistake to avoid * Alternative Mininum Tax laws changes * Benefit of "Qualified Small Business Stock" * Pre-Purchase 83B Early Election Option to avoid GIANT Tax Bill on IPO Stock Gain Karen Rands, is the leader of the Compassionate Capitalist Movement™ and author of the best selling financial investment primer: Inside Secrets to Angel Investing.  She is an authority on creating wealth through investing and building successful businesses that can scale and exit rich. Visit http://Kugarand.com to learn how to hire her firm to identify the red flags of deal before you invest or try to raise capital. watch: https://youtu.be/1jmEaVhwAEw

Today's guest is Jaspreet Singh, otherwise known as the Minority Mindset. Singh is an attorney, investor, and CEO of both Market Briefs and Market Insider. Although he didn't receive any formal financial education - he is on a mission to make financial education fun and accessible. His brand has helped countless people get out of debt, start investing, and create a plan towards building wealth.In this episode, you will learn:The difference between Tax Avoidance and Tax EvasionThe biggest lies we're told about money growing upWhy it's important to question the status quoHow to manage debtThe pros and cons of investing in real estateFor more, go to lewishowes.com/1257How To Prepare For Financial Freedom In A Changing Economy - EP 1254Overcome Your Beliefs Around Money w/ Grant Cardone - EP 1229Make These Smart Money Moves w/ Gino Wickman - EP 1225See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Scott and Jeff discuss tax justice with Amy Hanauer, Executive Director of Citizens for Tax Justice and its sister organization, ITEP (Institute on Taxation and Economic Policy). We ask Amy what a fair tax system would look like. We discuss problems with the current tax system. We touch on methods the government uses to redistribute income, like the earned income tax credit and the child tax credit. We briefly discuss corporate taxes, and Amy shares her view that corporations do not pay enough taxes. 

In this episode we take a look at how Amazon is able to legally get away with avoiding paying billions in taxes, and how they refuse to funnel the money they saved back into the workforce they've made it off of. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com See omnystudio.com/listener for privacy information.