News

2024 Year-End Planning Checklist for Dealers

As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end tasks. This guide outlines various potential tax-saving opportunities.

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Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement

As we approach the year-end deadline, we want to remind you of an important regulatory change. The Corporate Transparency Act (CTA) went into effect on January 1, 2024, requiring compliance from many businesses. The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires disclosing the beneficial ownership information (otherwise known as “BOI”) for certain entities regarding the people who own or control the company.

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Unlock significant tax breaks for your retirement funding

As you plan for your future, it’s important to take full advantage of the tax incentives available for retirement funding in South Africa. While individual tax breaks may be limited, the opportunities for retirement savings are substantial and designed to encourage you to invest in your future.

One of the primary advantages is the tax deductibility of contributions to pension, provident, and retirement annuity funds. For the 2023/24 tax year, you can claim a tax deduction of up to 27.5% of your taxable income or R350,000, whichever is higher.

Additionally, the funds grow tax-exempt during the accumulation phase, allowing your investments to flourish without the burden of capital gains tax, dividends tax, or income tax. This is a game-changer, significantly increasing your retirement benefits.

When it comes time to draw down your retirement savings, the government offers further relief. You can access a tax-free lump sum of up to R550,000. By strategically managing your withdrawals, you can optimise your tax liability, ensuring you keep more of your hard-earned savings.

Don’t miss out on these valuable tax benefits. Start maximizing your retirement contributions today and secure a more comfortable future!

For personalized advice, get in touch with us:

How Legal Documents Are Factored into Business Valuation Discounts

Business valuations are performed for a variety of reasons, including estate planning, shareholder buyouts, shareholder agreements, corporate strategic planning, and entity restructuring.

Often discounts for lack of control and marketability need to be considered to determine the value of a business. One of the most important sources of information for determining these discounts lies in a business’s legal documents. These documents can provide information regarding the rights, powers, and cash flows available to all the interests in that business.

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Emanuel Ellul Ltd / Andrew Ellul CPAs are pleased to present an update on the 2025 Malta Budget.

The 2025 Budget was presented by Finance Minister Clyde Caruana on 28th October 2024.

DBF Audit has succesfully hosted the GMNI 2024 International Conference in Paris, France during 19-22 of October 2024.

Many thanks to all at DBF Audit in Paris, France for hosting a successful GMNI 2024 International Conference during 19-22 of October 2024.

The conference was attended by 30 GMNI Member Companies from 27 Countries around the world.

A truly enjoyable event with motivational speakers and inspiring workshops.

Check also the relevant posts at GMNI's page in LinkedIn and Facebook.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• Corporate Tax Return Filed Late: Ability to get a Tax Refund
• Shareholder Purchasing Asset: Input Tax Credit (ITC)
• Psychotherapy and Counselling Therapy: GST/HST? 
• Shareholder Loan Account: Proper Bookkeeping 
• Withholding on Rent Paid to Non-Residents: Draft Legislation
• Employment Expenses: Salary to Spouse
• New Canada Disability Benefit: Proposed Regulations
• Trust Distributions: Violating Trust Terms 

Kristy McElroy, CPA, Partner, has over 20 years of experience in public accounting. Since joining MichaelSilver in 2019, she has aligned herself with the Firm by taking active leadership roles in various initiatives. Kristy is a leader in the Firm’s Tax Department serving business clients in multiple industries, including real estate, professional services, automobile dealerships, and private equity, and providing her expertise to high-net-worth individuals.

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Over the last 50 years, the Republic of Ireland has become one of the world’s most attractive destinations for foreign investment. Boasting a competitive corporate tax regime with seamless access to the European Union, Ireland has established itself as a hub for multinational corporations and entrepreneurs alike, offering a dynamic business environment that supports growth and innovation.

But doing business in a new country—navigating new laws, regulations and culture—can be difficult.

Merry Mullen’s comprehensive guide to “Doing Business in the Republic of Ireland” provides insights and explainers on Ireland’s tax structure, global connectivity, and skilled workforce, as well as a detailed overview of its business structures, tax obligations, and filing requirements.

Whether you’re establishing a new venture, or expanding an existing one, this guide helps equip you with the essential knowledge to succeed in Ireland.

Visit Merry Mullen or Download the Guide

New Rule Modifies Federal Statute’s Definitions of “Employee” and “Independent Contractor”

The employer/employee relationship can be quite complicated from a legal point of view, with employers having a range of obligations to their employees. Some of these obligations may vary based on laws in an employer’s state, county, or city, while others apply nationwide under federal law. Employers’ duties typically include paying a minimum wage and overtime compensation, maintaining minimum safety standards, and preventing workplace discrimination and harassment based on certain factors like race or disability. These obligations only apply to workers who meet the legal definition of “employee.” Workers not meeting this definition are known as “independent contractors.” The U.S. Department of Labor (DOL) issued a new rule in early 2024 that revises the definition of “employee” under some aspects of federal law. This could have a significant impact on employers.

Read on to learn more about the new rule and what it does.

Audexcol S.A.S. has succesfully hosted the latest GMNI South American Region meeting that took place in Cartagena, Colombia on 22 - 24 August 2024

Can businesses claim VAT on vehicles?

Understanding VAT on vehicles can be confusing, but knowing the rules can help you save money. Generally, businesses can’t claim VAT on most passenger vehicles. However, there are exceptions, such as for vehicles that carry more than 16 people or heavy-duty trucks.

There are also some areas where the rules might be less clear. For example, single-cab bakkies are typically eligible for VAT claims, but claims for additional features like canopies can be tricky. Similarly, while motorcycles are usually excluded from VAT claims, there may be some room for interpretation.

It’s important to stay informed about these nuances to avoid potential pitfalls. VAT regulations can change, and what’s allowed today might not be permitted in the future. Ensuring you understand and apply the current rules correctly can prevent issues with SARS and help optimise your VAT returns.

For assistance with VAT claims or any other tax-related questions, our team is here to help.

Need help with your taxes? Contact us

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• Real Estate: CRA Audit Activity
• Business Receipts: What is Sufficient?
• Crypto-Assets: Reviews and Audits
• Canada Pension Plan: Changes to Certain Benefits
• Canada Pension Plan: Timing of Starting Payments
• TFSA: Caution with Overcontributions
• Use Of Corporate Assets By Shareholder: Taxable Benefits?
• CEBA: Collection Process

Current Tax Reform in Brazil

The Tax Reform is expected to take place in four steps:

1. Amendment to the Brazilian Constitution (already completed in 2023)
2. Basic Tax Acts Complementary to the Federal Constitution – are being discussed in the Houses of Parliament
3. Ordinary Tax Acts – scheduled for 2025
4. IRS Regulations – scheduled for 2025 or 2026

Read Auditoria Confidor Technical Article

Three Common Business Valuation Methods

If you watch a television show like Dancing With The Stars or America’s Got Talent, it may seem that the judges’ scores are arbitrary. We may think a dazzling effort was made, but the performance receives low scores. How do these judges reach their results? What methods or factors do these judges consider?

In the world of business valuation, understanding the results of a valuation report can also be challenging. There are three general approaches to determining value: 1. income approach, 2. market approach, and 3. asset (or cost) approach. Each approach contains different methodologies based on varying factors. The valuation analyst's role is to determine which of these valuation methodologies to consider and apply to determine the conclusion of value.

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Finding the right software and applications for your business can be overwhelming.

It can be overwhelming to find the right software and applications for your business. Technology is changing quickly, and keeping up with the changes can be challenging while running a successful business. Here are a few software highlights for Summer 2024.

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As we approach the mid-point of the year it is a great time for a refresher on 1099 reporting requirements. See our useful tips to get on track for the 2024 1099 season now.

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Embrace Change, Boost Your Nest Egg

Strategic retirement planning can ensure you get the most out of your golden years. While traditional savings are important, there are innovative ways to maximise your financial future.

Plan your leave: Unused vacation days can help you save! Consider timing your retirement with the new tax year for a potentially lower payout tax rate. Alternatively, take your leave as time off after retirement, extending your full-pay period.

Plan for pre-retirement: Switching to a fixed income in retirement is easier if you've already adjusted your spending habits. Take a proactive approach by evaluating your expenses, especially in healthcare (prioritise healthy habits), transportation (consider fuel-efficient options), and entertainment (enjoy hosting gatherings at home). These adjustments ease the transition to your new financial reality and set you up for a sustainable, enjoyable retirement.

Phase into retirement: Instead of a sharp cut-off, consider a gradual transition with a reduced work schedule, like a 2-day workweek. You'll receive a partial income stream while smoothly transitioning out, and your employer can benefit from your knowledge transfer. Plus, you can keep contributing to your pension and potentially extend your employer's contributions to your health insurance.

Don't wait - take control of your future! Ready to discuss your retirement plan?
 

Contact Us Today

Midyear tax planning enables individuals and businesses to proactively manage their tax obligations, identify potential savings, and make informed decisions for the remainder of the year. In this article, we will discuss key considerations and actionable tips for effective 2024 midyear tax planning.

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It is a common question among business owners: “Why should I invest the time and go through the trouble of performing a business valuation if I am not currently considering selling my business?” Even if your intent right now is to maintain ownership and operation of the business, having an accurate gauge of your company’s value provides a multitude of valuable information that can enable you to make intelligent decisions about important issues.

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Quinn Harris brings over 15 years of experience in high-level tax advisory and compliance roles within leading accounting firms. Throughout his career, Quinn has been pivotal in directing tax strategy and compliance, spearheading initiatives to integrate tax advisory services with corporate goals.

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MichaelSilver is pleased to announce that Niko Eppolito, CPA, (Audit Senior) has joined its growing team of licensed Certified Valuation Analysts (CVA).

Read Press Release

In the dynamic and fast-paced world of business, maintaining accurate and organized financial records is paramount. Whether you are a small startup or an established company, the importance of having your accounting/bookkeeping in order cannot be overstated.

In this article, we will delve into the top five reasons why maintaining well-organized accounting is vital for the success of your business.

Our comprehensive CAS solutions are tailored to meet the unique needs of businesses big and small. Here's how our services can benefit you:

• Efficient Accounting Practices
• Real-Time Financial Visibility
• Tailored Solutions for Every Business
• Dedicated Support

Contact us today to schedule a consultation with our CAS team to learn more about our solutions and how we can help you achieve your financial goals.

Learn more about these services here.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• Capital Gains Inclusion Rate: Proposed Increase 
• GST/HST Returns: Mandatory Electronic Filing 
• Short-Term Rentals: Denial of Expenses 
• Short-Term Rentals: Sale of Property – GST/HST Issues 
• Director Liability: De Facto Director 
• Motor Vehicle Allowances: Carpooling 
• Unnamed Persons Requirement: Another CRA Compliance Tool 
• Online Reviews: Employees Must Disclose their Connection to the Business 
• Non-Profit Organization: Maintaining its Status 

As Merry Mullen starts its 80^th year we are delighted to announce the appointment of Aisling Yates as partner.

Some members will have met Aisling already at the GMNE meeting in Copenhagen. She is also scheduled to join the meeting in Malta in July.

Aisling joins Declan Merry and Pat Hoyne who joined the firm some 25 and 20 years ago respectively. They originally joined Brian Merry, and other than through a brief merger, they have been the sole partners with the firm since 2011. So, some years later we are delighted to admit a new partner after a period of robust growth and with an eye to the future.

Aisling is a specialist audit partner having over 14 years of professional experience in audit and advisory services. She joined Merry Mullen in 2021 having previously worked with BDO as audit director. She presently leads the audit and accountancy team, and has, in a short space of time, played a crucial role in transforming the team in a post covid environment. With her pragmatic/client-centric approach she has gained the respect of clients and colleagues alike.

We look forward to Aisling playing a pivotal role in the strategic direction of the firm, building on our existing strong foundations, to contribute greatly to our firm’s future success and continued growth.

Aisling is not the only new senior member of the team. Richard Marshall joined the firm as Tax Director in 2023. Richard joined from Crowe, and was also with BDO for some years. He has augmented his tax team with the appointment of Ciaran Devitt as tax manager who joins from KPMG. And on the audit side, Komal Karamchandani has joined as an audit assistant manager from Kreston Reeves in the UK, augmenting Aislings audit team.

We have also had the pleasure of working with Graeme Bursack over the last six months, who has assisted with recruitment (he sourced Richard Marshall for us), and also with mentoring staff and partners, and refining Merry Mullens systems and strategy.  

We can help you select or transition to a cloud-based accounting system for your business. Moving to a cloud-based accounting system offers numerous benefits:

• Get prompt support for accounting issues, including tricky entries, with our access to your account.
• Easily share financial data with all authorized users.
• Real-time review of your financial data for effective planning.
• Access your accounting information anytime, anywhere
• Automatic data backup reduces the necessity for extensive data storage
• Stay up-to-date with the latest features and software updates automatically.

We are certified advisors for QuickBooks, Xero, and other applications. Reach out to us today for expert guidance.

Learn more about these services here.

MichaelSilver Celebrates its 80th Anniversary!

MichaelSilver is pleased to announce the celebration of its 80th anniversary, marking eight decades of dedicated service to our clients and the community: Read Press Release

Enjoy MichaelSilver's commemorative video highlighting the preceding 80 years: Play Video

Our mergers and acquisitions team possesses extensive expertise in facilitating business acquisitions, expansions, and sales.

Range of services includes:

• Identifying and evaluating potential merger and acquisition targets.
• Structuring purchase or sale agreements to maximize tax advantages and benefits.
• Providing guidance on preparing your business for sale.
• Assisting in negotiations to secure the highest return on investment.

We're dedicated to helping you achieve your desired future state. Reach out to us today to start the journey.

Learn more about these services here.

This month's update contains information on:

• Simplified eTIMS Solutions for Informal Sector and Small Businesses 
• Service of Objection Notices 
• Tax Amnesty | Over Kshs. 200 billion in Tax Penalties Waived 
• Update on Simplified VAT Return Filing 
• Measure Twice, Cut Once |An Investing Approach

We Provide Business Valuations for a Wide Range of Purposes.
Those include:

• Estate and Gift Strategies
• Litigation Including Shareholder Disputes, Damages, and Divorce
• Mergers and Acquisitions
• Succession Planning
• Buy/Sell Agreements
• Strategic Planning
• SBA Lending
• Business Financing
• Goodwill Impairment
• Insurance Claims

Our team of fully accredited valuation analysts is equipped with the expertise to deliver the insights you need.

Learn more about these services here.
 

Understanding the Approaching Changes to Estate and Gift Tax Exclusions

The lifetime estate and gift tax basic exclusions are set to undergo a significant reduction after 2025, a repercussion of the approaching sunset of the temporary provisions introduced by the Tax Cuts and Jobs Act (TCJA).

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This month's update contains information on:

• Fringe Benefit Tax and Deemed Interest Rate 
• Simplification of the VAT Return Filing 
• The National Social Security Fund (NSSF) 
• Monthly Rental Income (MRI) 
• Advance Tax 
• Understanding the Social Health Insurance Fund (SHIF) 
• Understanding the Time Value of Money 
• Why Does Time Value of Money Matter? 

Illinois imposes an estate tax for residents and nonresidents. Find out more.

Did you know that state taxes can be minimized through controlling activities? Find out more.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• New Trust Reporting: Unexpected Exposure
• Automobile Deduction and Benefit Rates: 2024 Limits Released
• T-Slips: Filing and Distribution Issues
• Personal Services Business: CRA Education Initiative
• Working From Home Expenses: Employment Expenses
• Canada Dental Care Plan (CDCP): New Income-Tested Benefit
• Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested

This month's update contains information on:

• Tax (Donations & Charitable Organizations Exemption) Rules, 2023.
• KRA Pledges to Support Taxpayers to Comply with Electronic Tax Invoicing Requirement.
• Tax Assessments.
• Key Amendments in IAS and IFR.
• Tax Due Dates.

This month's update contains information on:

• Closure of the Voluntary Tax Disclosure Program (VTDP).
• On Boarding of Non-VAT Taxpayers on eTIMS.
• Tax Payment through PayBill Number 222222.
• Simplification of the VAT Return Filing Process.
• Common Tax Mistakes Small Businesses Make.
• Tax Due Dates.

We are delighted to announce that Oriental Star Consulting (Shanghai) Co. Ltd. has joined our Asia Pacific region.  [Read more]

As 2024 draws near, it is an excellent time to review your tax planning strategies.  This guide from MichaelSilver in Chicago outlines various potential tax-saving opportunities.

As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end taks.  Find our more here.

The UK's Chancellor of the Exchequer, Jeremy Hunt, opened his Autumn Statement on 22 November by announcing that he was introducing 110 measures to help grow the British economy.  He did not detail all but his message was clear:  stimulating growth was a priority.  He set out five focus areas:  reducing debt, cutting tax and rwarding hard work, backing British business, building domestic and sustainable energy, and delivering world-class education.  Further details can be found in this summary provided by Goodman Jones in London.

This month's update contains information on:

• Fringe benefit tax and deemed interest rate.
• A step-by-step guide on Amnesty Implementation on iTax.
• iTax enhancements and resolved system defects.
• On-boarding of non-VAT taxpayers on eTIMS.
• The National Health Insurance Fund regulations, 2023.
• Key questions for audit committees overseeing sustainability.

Expanding your business overseas is an exciting venture, but it comes with a set of administrative and legal responsibilities.  If your company is considering entering the United Kingdom market, one critical aspect you need to understand is National Insurance (NI).  NI is a social security system in the UK that provides various benefits to residents.  This article from Amit Sharma at Goodman Jones in London, will guide overseas companies on what they need to know about NI in the UK.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• CEBA repayment deadline extended:  some issues
• Enhanced GST residential rental rebate:  increased incentives
• Enhanced first-year CCA:  phase-out after 31 December 2023
• Surcharge to accept payment via credit card:  GST/HST?
• Businesses purchasing from non-residents:  GST/HST?
• Mandatory disclosure rules:  inceased CRA disclosures
• Revival of a corporation:  tax collection
• Employment insurance:  misconduct

Malta's Budget for the year 2024 was announced by Finance Minister, Clyde Caruana, in Parliament on 30 October.  A report on that Budget, provided by Emanuel Ellul Limited in Malta, can be viewed here.

With effect from our recently held International Conference in Toronto, Nandan Bendarkar of MBK Auditing in Dubai, has become our International Chairman, a post he will hold for the next two years.  [Read More].

Reporting requirements for employee benefit plans are changing, effective for plan years beginning on or after 1 January 2023.  [Find out more]

Click here for highlights from Ireland's Budget 2024, announced by Minister Michael McGrath on 10 October 2023.

Information provided by Merry Mullen in Dublin.

Subject to a commencement order, with effect from 1 January next year, employers in Ireland will be required to notify the Revenue of certain payments (known as "reportable benefits") made to employees and directors.  [Find out more]

We are delighted to welcome LLC Balans-Inform-Audit in Tashkent to our Asia Pacific region.  [Read More]

This month's Newsletter features information on:

• Affordable housing levy.
• Tax amnesty on interest and penalties for periods up to 31 December 2022
• Issues to consider for Kenya on the road to the launch of a carbon tax.
• An introduction to IFRS sustainability disclosure standards.
• Time management.

GMNI is pleased to welcome SGA-Taxwize in Mumbai to its Asia Pacific region.