Capital gain – Hledam http://hledam.biz/ Thu, 07 Oct 2021 13:06:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://hledam.biz/wp-content/uploads/2021/06/icon-2021-07-01T003219.761-150x150.png Capital gain – Hledam http://hledam.biz/ 32 32 EverGrow Coin Offers Easy Way To Earn Passive Crypto Income With Up To 130% Annual Return https://hledam.biz/evergrow-coin-offers-easy-way-to-earn-passive-crypto-income-with-up-to-130-annual-return/ https://hledam.biz/evergrow-coin-offers-easy-way-to-earn-passive-crypto-income-with-up-to-130-annual-return/#respond Thu, 07 Oct 2021 10:59:00 +0000 https://hledam.biz/evergrow-coin-offers-easy-way-to-earn-passive-crypto-income-with-up-to-130-annual-return/ ATLANTA, October 7, 2021 / PRNewswire / – Passive income is money generated by businesses in which an individual is not actively involved. For the most part, all a must do is invest money or digital assets in a particular crypto investment strategy or platform and watch it generate profits. The easiest way to earn […]]]>

ATLANTA, October 7, 2021 / PRNewswire / – Passive income is money generated by businesses in which an individual is not actively involved. For the most part, all a must do is invest money or digital assets in a particular crypto investment strategy or platform and watch it generate profits. The easiest way to earn passive income in crypto is to own EverGrow Coin. EverGrow Coin is a deflationary token designed to become scarce over time. All $ EGC holders will earn an 8% reward on every USD buy / sell transaction, which is automatically sent to their wallet by simply holding EverGrow Coin.

No one can deny that the crypto space has exploded in the past year, With success stories like Dogecoin, Safemoon, Shiba Inu and many more, providing retail investors with exponential returns and real opportunities to build life-changing wealth. Safemoon, another deflationary token similar to EverGrow Coin, started with a massive supply of $ 777 trillion and a very low market cap. At its peak, Safemoon MarketCap reached over $ 5 billion. Yes a had bought $ 1,000 value of Safemoon at launch, the $ 1,000 in investment would now be worth around $ 3.5 million.

EverGrow Coin Started its presale with an initial market cap of $ 125K and sold out in just 6 minutes. EverGrow Coin recently reached a market cap of $ 30 million in just 10 days. Excluding capital gains made on the holder’s initial investment of EGC $, if we mention Passive Crypto Income, EverGrow has already paid more than $ 700,000 BUSD as passive income in cryptocurrencies collectively to all its holders. It won’t be a stretch to assume that EverGrow is emerging as one of the biggest platforms offering a unique combination of cryptocurrency and DeFi solutions.

EverGrow Coin is a newly launched cryptocurrency and the first to generate passive crypto income in BUSD Stable Coin (1: 1 tied to USD) to maximize their passive income in cryptocurrency for now and in the future. Due to the low MarketCap, if a buyer manages to hold 1,000 billion EGC and EverGrow Coin Marketcap even reaches $ 500 million market capitalization in the future, holders could gain $ 4,547 per day or $ 1.66 million passive income per year based on average trading volume of 5% per day.

EverGrow Coin sets the new standard in DeFi Tokenomics with its innovative and revolutionary smart contracts. Smart contracts are simply programs stored on a blockchain that execute when predetermined conditions are met without the involvement of any middleman or waste of time. Based on the Binance Smart Chain (BSC) blockchain, every buy / sell transaction in EverGrow is taxed and used to fund crypto passive income and advanced mechanisms such as automatic redemption and burning of exchanges and adding money. liquidity on decentralized exchanges.

EverGrow uses its multi-redemption feature to combat the volatility of its currency. The buyback reduces the total supply of tokens by buying them directly from the exchanges and then removing them permanently from the market, which has a positive impact on the price of the tokens. The The redemption is funded by a strategic tax of 3% on each transaction, and the tokens collected in fees are converted to BNB and secured and kept safe in their contract. EverGrow Coin offers two separate BuyBack programs: Moonshot Buyback, which results in a large green candle on the chart. By comparison, the AutoBoost buyback system discourages early sellers with modest buybacks. Each transaction contributes 2% to PancakeSwap’s liquidity pool, it is automated and contributes to the establishment of a floor price (stability).

While 2% of each trade is sent to PancakeSwap for liquidity, PancakeSwap is a decentralized BSC-based exchange that solves DEX low liquidity issues through the concept of a liquidity pool. A liquidity pool always contains a pair of tokens, which a can exchange. The project’s Smart Contract deposits 3% of each buy / sell transaction as $ EverGrow and $ BNB into a cash pool.

With its unique NFT platform, The EverGrow ecosystem will develop several products in its ecosystem to increase the utility of EGC tokens and increase its transaction volume. EverGrow Coin is developing the world’s first decentralized NFT lending platform. Built on BSC, the platform will allow NFT owners to easily borrow against their NFTs as collateral at fair interest rates without selling them. This implies that instead of collecting digital dust on their NFTs, people are making money out of it. In addition, investors can buy and sell NFTs including those obtained through a liquidated collateral from the NFT lending platform on its BSC-based NFT marketplace. This creates a unique competitive market for buying NFTs at a price below their average market value. The marketplace also has a typing tool, allowing users to generate their own NFTs using images, videos, and other data.

Simply put, NFTs turn digital artwork and other collectibles into unique, verifiable assets that are easy to trade on the blockchain. NFT’s sales volume reached $ 2.5 billion in the first six months of this year, compared to a total of $ 13.7 million in 2020. This rapid increase was driven by recent headlines involving the growing interest of celebrities and companies looking to take advantage of this cutting edge technology. From ‘Acker’, the world’s largest fine and rare wine auction house announcing its very first Burgundy NFTs, ‘Beeple’ selling its NFT digital art for $ 69 million, or the listing of the first NFT investment vehicle “traded on the stock exchange”, NFT Investments plc in London, 2021 will be forever remembered as the year of TVN.

The EverGrow Coin ecosystem will also launch its Content subscription platform which allows investors to enjoy content created by creators around the world simply by directly using their EGC $ tokens. The other is a Play-to-Earn gaming platform. Built on BSC, EverGrow’s gaming platform features multiple “heroes,” each with distinct strengths and weaknesses that players need to mix and match in an appropriate way. Players receive daily login incentives and earn NFTs as they play. These NFTs can be used both for integrated NFT markets and for trading with other players. Holding them implies that players will benefit from the growing economy of gaming assets.

EverGrow Unique staking pools are used to transfer some of its liquidity to its partner tokens by purchasing them during specific contractual interactions using a fantastic set of smart contracts. These tokens are then distributed among the members of the Pool. This idea provides long-term compound passive crypto income upon receipt, as staking the X token to earn the Y token makes economic and mathematical sense. Its dApp dashboard, with continuous upgrades and community participation, includes a swap exchange with a user-friendly design and allows users to see the rewards produced in real time. The ecosystem has unlimited potential, which is made possible by the staff, the ideal combination of brains and muscles, to make the experience unique for every investment.

The idea and the efforts behind this unique platform belong to a group of experienced individuals. Cryptocurrencies are increasingly accepted by the general public. The recent IPOs of companies like Coinbase Global Inc. and Argo Blockchain are pushing crypto further into the mainstream, and people are finally realizing the true potential of cryptocurrencies. With so many top notch services on board, EverGrow Coin is striving to become the next 100x token that appreciates and provides consistent passive returns.

EverGrow Coin has over 6,000 members in the Telegram and Discord community. It is this support and sentiment that will continue to take EverGrow to new, even higher heights.

Media contact details

Website: https://evergrowcoin.com/
Telegram: https://t.me/evergrowcoin
E-mail: [email protected]
Twitter: https://twitter.com/evergrowcoinEGC
Facebook: https://www.facebook.com/evergrowcoin/
Reddit:
https://www.reddit.com/r/evergrowcoin/

SOURCE EverGrow Coin



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Trusts, Estates and Rich Targeted by Reconciliation Bill https://hledam.biz/trusts-estates-and-rich-targeted-by-reconciliation-bill/ https://hledam.biz/trusts-estates-and-rich-targeted-by-reconciliation-bill/#respond Tue, 05 Oct 2021 22:33:37 +0000 https://hledam.biz/trusts-estates-and-rich-targeted-by-reconciliation-bill/ Related practices and jurisdictions Last month, the House Ways & Means Committee (the “Committee”) approved a bill (the “Legislation”) as part of Congress’ ongoing $ 3.5 trillion budget reconciliation process. The legislation includes important tax proposals that, if passed, will radically change the landscape of tax and estate planning for high-income and high-net-worth individuals. On […]]]>

Last month, the House Ways & Means Committee (the “Committee”) approved a bill (the “Legislation”) as part of Congress’ ongoing $ 3.5 trillion budget reconciliation process. The legislation includes important tax proposals that, if passed, will radically change the landscape of tax and estate planning for high-income and high-net-worth individuals.

On September 26, 2021, the House Budget Committee released House Report No. 117-130 (the “Report”). The purpose of this 501-page report is to explain the intent of the tax provisions contained in the 881-page legislation.

Below is an overview of tax proposals that are particularly relevant for estate planning purposes:

  1. Reduction of the tax exemption on gifts, inheritances and transfers by generation leap (“TPS”): The bill proposes to accelerate the reduction of the basic exclusion amount for gift, estate and GST taxes from $ 11.7 million to $ 5 million (subject to inflationary adjustments), which was to take place in 2026. These reductions would be effective for donations made, or people who died after December 31, 2021.

  2. Elimination of Grantor’s Trust Benefits: The bill also proposes to eliminate the estate planning benefits of transferor trusts, that is, trusts deemed to belong to the creator of the trust or to another person (each referred to as the “transferor”. ) for federal income tax purposes. The following rules would apply to trusts created from the date of enactment and to existing trusts to the extent that transfers are made to such trusts from the date of enactment.

    • Inclusion of property tax. Assets held by a grantor’s trust would be included in the grantor’s estate and subject to inheritance tax upon the grantor’s death.

    • Distributions as gifts. Distributions from a grantor’s trust during the grantor’s lifetime would generally be treated as taxable gifts.

    • Taxation at the end of the transferor trust status. If the trust status of the transferor of the trust is terminated (i.e. the trust becomes a separate taxpayer from the deemed owner), the transferor would be deemed to have made a taxable donation of the assets of the trust.

    • Recognized gain on transfers to the grantor’s trust. Transfers between a grantor trust and its grantor would be subject to income tax regardless of when the grantor trust was created.

    Most tax advisers have previously inferred that the provisions of the Transferor Trusts Act would apply only to (i) transferor trusts created after the date of promulgation and (ii) to gifts made after the date of promulgation to individuals. pre-enactment assignor trusts. However, the report specifies that the legislation would apply to all post-enactment transfers between a settlor and a settlor trust, including settlor trusts created before the date of enactment. Therefore, a sale or exchange of assets after the effective date of the legislation between a pre-enactment grantor trust and its grantor would constitute an income tax realization event. Likewise, a gratuitous annuity payment made in kind with assets valued to the settlor after the date of entry into force of the legislation would constitute an income tax realization event. With respect to these grantor trust provisions, the report includes footnote 933, which states: “A technical correction may be required to reflect this intention”.

  3. No discount for non-commercial assets: Under the proposed legislation, the ability to claim valuation rebates when a taxpayer transfers certain business interests that own “non-business assets” would be eliminated. These non-commercial assets, such as cash, stocks, bonds and real estate (with the exception of certain active real estate trades and businesses), would be valued as if the transferor were transferring these assets directly to the transferee at their full market value. . This proposal would apply to all transfers made after the date of enactment.

  4. Tax increases for high income taxpayers. The proposals include a number of tax hikes for high-income taxpayers, which would take effect on January 1, 2022.

    • The top marginal tax rate would drop from 37% to 39.6% for individuals, trusts and estates.

    • The maximum tax rate for long-term capital gains would be reduced from 20% to 25%.

    • Trusts and estates with income over $ 100,000 would be subject to a 3% surtax based on their modified adjusted gross income (“AGI”). This 3% surtax would also apply to individual taxpayers, single or married, whose amended AGI exceeds $ 5 million. For married people filing separately, the 3% surtax would apply to amended IGAs greater than $ 2.5 million.

  5. Limitations of the Exclusion of Eligible Small Business Actions: Currently, taxpayers can exclude a specific percentage of the capital gain from income when selling qualified small business stocks (“QSBS”). The bill provides that taxpayers with an AGI of $ 400,000 or more and all trusts and estates would only be allowed to exclude 50% of the eligible gain. This provision would generally be in effect for sales made after September 13, 2021.

Several of the tax proposals described above would come into effect on the date of adoption. However, it is important to note that the above provisions are only legislative proposals. Pending legislation with all revisions must be approved by other House committees, the entire House of Representatives, and the Senate before it becomes law.

While it is impossible to predict with precision when or what version of the bill will become law, taxpayers should quickly seek advice from their lawyers and other trusted advisers on how to proceed in this uncertain environment.

© 2021 Winstead PC.Revue nationale de droit, volume XI, number 278


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these stocks may be cheaper than they look – and they’re barely expensive anyway https://hledam.biz/these-stocks-may-be-cheaper-than-they-look-and-theyre-barely-expensive-anyway/ https://hledam.biz/these-stocks-may-be-cheaper-than-they-look-and-theyre-barely-expensive-anyway/#respond Tue, 05 Oct 2021 04:00:00 +0000 https://hledam.biz/these-stocks-may-be-cheaper-than-they-look-and-theyre-barely-expensive-anyway/ Update: AG Barr Frustratingly enough, shares of soft drink maker AG Barr refuse to shine, even though first-half numbers last week showed marked improvement in sales and profits, as well as a return to the dividend list. We gratefully collect the 12p per share of ordinary and special dividends due October 29 and it should […]]]>

Update: AG Barr

Frustratingly enough, shares of soft drink maker AG Barr refuse to shine, even though first-half numbers last week showed marked improvement in sales and profits, as well as a return to the dividend list. We gratefully collect the 12p per share of ordinary and special dividends due October 29 and it should be worth keeping after that.

Carbon dioxide and transport capacity shortages, as well as pressure on input costs, are all legitimate concerns, but it may not be profitable to exaggerate the gloom. Management still expects operating margins to exceed last year’s levels and the company’s carefully cultivated brands such as Irn-Bru, Funkin and Rubicon could provide some pricing power. and therefore some protection against cost increases.

They helped the Scottish company get through the last carbon dioxide shortage three years ago, as well as the launch of the sugar tax that same year, after all. An expected price-to-earnings ratio just north of 20 may not seem overly cheap, but AG Barr’s track record of double-digit operating margins and returns on capital pleads for patience. It’s worth hanging on, despite the flat response to the interim.

Quaestor says: hold on

Symbol: SAC

Closing price: 530p

Russ Mold is Director of Investments at AJ Bell, the stockbroker

Read the Quaestor’s latest column on telegraph.co.uk every Sunday, Tuesday, Wednesday, Thursday and Friday from 5 a.m.

Read the Quaestor investment rules before following our advice.


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Smart giving using retirement assets https://hledam.biz/smart-giving-using-retirement-assets/ https://hledam.biz/smart-giving-using-retirement-assets/#respond Mon, 04 Oct 2021 08:30:06 +0000 https://hledam.biz/smart-giving-using-retirement-assets/ The potential for higher tax rates, coupled with markets close to or at record highs, is keeping investors and their advisers on the alert. As investors save to cover future expenses, their advisers help assess opportunities for wealth transfer. A tailored strategy can incorporate gifts to individuals and charities as part of a lifetime or […]]]>

The potential for higher tax rates, coupled with markets close to or at record highs, is keeping investors and their advisers on the alert. As investors save to cover future expenses, their advisers help assess opportunities for wealth transfer. A tailored strategy can incorporate gifts to individuals and charities as part of a lifetime or legacy plan.

Even those saving for retirement can take advantage of lower tax rates and guard against potential tax changes on the horizon.

There is no shortage of charitable solutions available, evaluating a plan for assets intended for spending as well as charity is beneficial. Identifying suitable alternatives to achieve both goals while managing taxes can be difficult. An effective strategy will take into account the tax characteristics of currently taxable and tax-deferred accounts and combine solutions to deliver potential tax savings and other benefits.

Planning of taxable assets

Long-term investors in today’s markets may find themselves holding securities that have appreciated significantly. Effective management of the tax consequences of these assets requires an understanding of the potential taxes on capital gains when selling or transferring valued assets. If you transferred highly valued shares to a loved one during your lifetime, the beneficiary could generally defer the cost base of the valued securities and only recognize the gain when the securities are sold. If the beneficiary is an adult child or another person in a low tax bracket, a donation of valued securities that you have held for more than one year from the date of purchase may allow the beneficiary to be taxed at a lower rate of capital gains.

For example, if an investor who would be taxed at a rate of 20% of capital gains transfers the valued asset to a child in a tax bracket where his or her capital gains are taxed at a rate of 0% or 15% , the family can benefit from a tax cut. . Beneficiaries in states with lower or no state capital gains rates (such as Florida or Texas) may also end up paying less tax.

Passing on valued assets after death can provide even better tax savings for your family. Those who do not make lifetime transfers to individuals, or who have no reason to sell valued assets for diversification purposes or to adjust their asset allocation – provided they are willing to accept investment risk – may consider owning these valued securities. On death, the assets allow the beneficiaries to receive an increase in costs. The mark-up allows the beneficiary to reset the cost base of an asset valued to the fair market value established on the death of the account holder.

Conversely, any asset held at a loss is preferable if it is sold during the lifetime of the account holder, as it can be used to offset the gains of any valued asset also sold during the lifetime of an account holder. account holder (and his or her spouse if held as a joint account). If held until death, assets held at a loss could cause the base to drop, meaning the new owner would take the asset with a new lower base – which is undesirable when trying limit the tax on capital gains.

Another way to limit the capital gains tax is to consider a charitable donation. If valued securities are donated to a charity, they can then be sold by the charity without the donor having to pay capital gains tax. Make a charitable donation of securities at low cost, or when the cost is difficult to assess (such as shares acquired under a dividend reinvestment program in shares), or when a cost basis is not available, can save time, cost and tax. The beneficiary can be an operating charity, a donor advised fund, or a private foundation.

Planning of tax-deferred assets

Unlike portfolios of taxable assets, retirement assets, such as traditional IRAs, 401 (k), and other qualified retirement plan assets, are generally subject to ordinary income tax when distributed ( with the exception of after-tax contributions). Unlike assets held in taxable accounts, lifetime transfers to individuals in lower tax brackets are not possible, and pension assets will not receive a base cost markup on death. There are a few ways to get around or delay taxes.

Normally, IRAs cannot be transferred without tax liability when transferred to a charity during the lifetime. However, a Qualified Charitable Distribution (QCD) allows tax-free transfers of IRA assets to a public charity during the account holder’s lifetime. When planning distributions over their years of life, those who are 70 and a half or older and also want to make charitable donations can use a traditional IRA to take advantage of the QCD (also known as the IRA rollover of charity) to donate IRA funds to charities and, if applicable, also meet their required minimum annual distributions.

QCDs are direct payments to public charities that allow owners of traditional IRA accounts (and owners of legacy IRA accounts and some SEP and SIMPLE plans – but not other owners of retirement plan accounts) to ‘Make a direct transfer to a public charity without having to be taxed on distributions of up to $ 100,000 per year. Amount distributed to charity is also eligible for the required annual minimum distribution now in effect at age 72 (as required by SECURE). Note, QCDs are always available to taxpayers from age 70 and a half, regardless of the start date of the RMD, but the tax benefits of a QCD are limited if a taxpayer makes contributions to their IRA.

Finally, for those whose charitable giving plans include funds advised by donors and charitable foundations, there are a few things to keep in mind. While some tax-deferred assets, such as IRAs and other pension plan assets, cannot be donated to a donor advised fund or tax-exempt private foundations for life, these entities may be referred to as as beneficiaries of a retirement plan upon death. In fact, using non-Roth retirement funds as a source of charitable bequests is a tax-efficient estate planning strategy.

Conclusion

When investors examine both the use of taxable assets and pension plans to achieve their goals, they can begin to identify favorable solutions for managing their taxes. The importance of knowing how to position individual assets now and in the future will enable them to make better decisions for taxable and tax-deferred assets to improve results.

The views expressed in this article are those of the author alone and not those of BNY Mellon or any of its subsidiaries or affiliates. The information discussed in this document may not be applicable or appropriate to every investor and should only be used after consultation with professionals who have considered your specific situation.

This material is provided for illustrative / educational purposes only. This material is not intended to constitute legal, tax, investment or financial advice. Every effort has been made to ensure that the material presented here is accurate at the time of publication. However, this document is not intended to be a full and exhaustive explanation of the law in any area or of all available tax, investment or financial options. The information presented in this document may not be applicable or appropriate to each investor and should only be used after consultation with professionals who have considered your specific situation.

Senior Wealth Management Strategist, BNY Mellon Wealth Management

As a Senior Wealth Management Strategist at BNY Mellon Wealth Management, Kathleen Stewart works closely with high net worth families and their advisors to provide comprehensive wealth planning services. Kathleen focuses on the complex financial and estate planning issues impacting wealthy families, key business leaders and business owners.


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The new CG tax will be detrimental to local investments https://hledam.biz/the-new-cg-tax-will-be-detrimental-to-local-investments/ https://hledam.biz/the-new-cg-tax-will-be-detrimental-to-local-investments/#respond Sun, 03 Oct 2021 12:10:26 +0000 https://hledam.biz/the-new-cg-tax-will-be-detrimental-to-local-investments/ Tan wi ming KUCHING: The introduction of a capital gains tax (CG) on stock exchanges / investments would worsen the performance of the local stock market, comments the Sarawak Remisier association, and could lead to capital flight. This was in response to a government proposal to study and put in place the implementation of a […]]]>

Tan wi ming

KUCHING: The introduction of a capital gains tax (CG) on stock exchanges / investments would worsen the performance of the local stock market, comments the Sarawak Remisier association, and could lead to capital flight.

This was in response to a government proposal to study and put in place the implementation of a higher single tax rate to be imposed on businesses that generated extraordinary profits during the Covid-19 pandemic.

According to Chairman Tan Wi Ming, this is because Bursa Malaysia has been one of the worst performing markets and its foreign stake is at its lowest, as reported in August 2021.

“Imposing a capital gains tax on trade / investment in stocks would worsen the situation and lead to capital flight not only from foreign funds, but also from local funds / retailers,” Tan told the Borneo Post.

“Other Southeast Asian markets such as Singapore, Indonesia and Thailand do not impose capital gains tax on stock exchanges. Online trading allows investors to trade most of the stock markets from anywhere in the world and Bursa has definitely lost local investors who are starting to trade in larger exchanges such as HK and the United States.

Recently, the Securities Commission launched a five-year Capital Market Master Plan (CMP3) which serves as a strategic framework for the growth of Malaysia’s capital market. Imposing a new tax such as the capital gains tax on stock exchanges would definitely put a damper on CMP3, Tan said.

“Will the proposed capital gains tax be similar to the Real Estate Gains Tax (RPGT) model?” If this is the case, traders would be less tempted to trade frequently, which would result in a much lower trading volume, ”added Tan.

“The current stamp duty on stock exchanges has allowed the government to collect more as the volume of trade has increased. A six percent service tax is also imposed on brokerage.

“There is also the issue of the complexity of imposing capital gains tax on stock exchanges. Is there a proper study or understanding of trading activities before proposing a capital gains tax on equity trading? “

Tan went on to explain that one of the reasons for the increase in trading activity at Bursa Malaysia was due to the low commissions in addition to the ease of trading online using computers or mobile apps.

“A trader can make a few trades per day or over a short period of time and not all trades will be profitable. The government will collect revenue in the form of stamp duties and taxes on services, whether it is profit or loss.

“By imposing a capital gains tax, will the trader be able to deduct his losing trades from profitable trades?” Generally, the more frequently a person trades, the more likely they are to lose in the long run, ”Tan explained.

“Some people think the trader can easily make a few thousand ringgits a day and should pay capital gains tax. Anyone who can use a smart phone to trade online is as easy as ABC and very little capital is required to start trading.

“If profits could be made so easily from trading, there wouldn’t be so many people in financial difficulty going from the white flag in search of financial aid.

“Taxing capital gains on the stock market would not only reduce government revenue, but rob the capital market of much-needed fund. “








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Kansas Farmers Concerned About Biden Administration’s Proposed Tax Changes | national news https://hledam.biz/kansas-farmers-concerned-about-biden-administrations-proposed-tax-changes-national-news/ https://hledam.biz/kansas-farmers-concerned-about-biden-administrations-proposed-tax-changes-national-news/#respond Sat, 02 Oct 2021 13:32:00 +0000 https://hledam.biz/kansas-farmers-concerned-about-biden-administrations-proposed-tax-changes-national-news/ (The Center Square) – The Biden administration’s proposal to repeal the reinforced base and force recognition and taxation of capital gains on death is troubling to many Kansas farmers. “If the strengthened base is removed and the forced recognition of gain on death is implemented, along with a lower inheritance tax exemption, agricultural assets such […]]]>

(The Center Square) – The Biden administration’s proposal to repeal the reinforced base and force recognition and taxation of capital gains on death is troubling to many Kansas farmers.

“If the strengthened base is removed and the forced recognition of gain on death is implemented, along with a lower inheritance tax exemption, agricultural assets such as land and equipment should be liquidated for pay the tax bill, ”Aaron Popelka, Kansas Livestock Association vice president of legal and government affairs, told The Center Square. “These adverse tax events would impact all small businesses, not just agriculture. However, agriculture tends to be rich in assets, but poor in cash, and the effects of such policy changes would be devastating. “

Farmers are concerned about the fiscal reconciliation fiscal proposal, as it could significantly disrupt the transition of family farms to the next generation.

The grossed-up basis is the process by which heirs receive a fair market value adjustment for the assets inherited at the time of the deceased’s death. If the base was not adjusted to fair market value, the heirs would receive the descendant’s base, which is usually the price at which the deceased bought the asset, minus any adjustment such as depreciation.

Popelka said the purpose of capital gains tax is to tax an actual sale transaction when a seller receives income from the sale of an asset. Transfers on death are not sales and no cash income is received.

“For farming families, this means the next generation will have to find money from other sources to pay capital gains tax on the unrealized gain from the transfer,” Popelka said. “In many cases, this means that the farmland and equipment needed to keep the business going would have to be sold. If the tax bill is large enough, it could lead to the entire sale of the farm or a sufficiently large reduction in the size of some operators. forced to find other jobs.

Popelka said it’s also important to remember that farmland is often bought and held for long periods of time and, as a result, will develop a big difference between core value and fair market value upon death.

“As a result, it’s very easy to trigger the highest tax bracket on the transfer of even a small piece of land,” Popelka said. “This means the policy would impact small farms as well as large farms, dispelling the myth that it is simply a way to tax the rich.”

Double taxation by removing the exemption from inheritance tax is also a current concern. Popelka said the inheritance tax imposes the full value of a deceased’s estate after the exemption threshold is applied. This means that it would apply a tax rate of 40% both on the basis of assets which were already subject to income tax and on the capital appreciation of the asset which was also subject to capital gains. values ​​should repeal the increased base with forced recognition of the gain becomes law.


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Defusion of 2016: Now the Income Tax Department is imposing a capital gains tax claim on Grasim of Rs 8,334 crore https://hledam.biz/defusion-of-2016-now-the-income-tax-department-is-imposing-a-capital-gains-tax-claim-on-grasim-of-rs-8334-crore/ https://hledam.biz/defusion-of-2016-now-the-income-tax-department-is-imposing-a-capital-gains-tax-claim-on-grasim-of-rs-8334-crore/#respond Fri, 01 Oct 2021 22:00:00 +0000 https://hledam.biz/defusion-of-2016-now-the-income-tax-department-is-imposing-a-capital-gains-tax-claim-on-grasim-of-rs-8334-crore/ The new tax claim relates to the 2018-2019 tax year and includes interest but no penalty. The Income Tax Department has raised a capital gains tax claim of Rs 8,334 crore on Grasim Industries, the flagship company of the Aditya Birla group, in connection with the sale of shares in the group company Aditya Birla […]]]>
The new tax claim relates to the 2018-2019 tax year and includes interest but no penalty.

The Income Tax Department has raised a capital gains tax claim of Rs 8,334 crore on Grasim Industries, the flagship company of the Aditya Birla group, in connection with the sale of shares in the group company Aditya Birla Capital (ABCL) in connection with the 2016 demerger of group companies.

In March 2019, the company received a Dividend Distribution Tax (DDT) claim of Rs 5,872 crore related to the same corporate restructuring deal and obtained a stay order from the Bombay High Court.

The new tax claim relates to the 2018-2019 tax year and includes interest but no penalty.

Informing the ESB of the new tax demand, Grasim Industries said “the company will take appropriate action against said order which it deems to be contrary to the spirit of tax laws”.

The restructuring followed the merger of Aditya Birla Nuvo with Grasim. After the merger, Aditya Birla Nuvo’s financial services business was split into ABCL. The Ahmedabad National Company Law Court approved the split in 2017.

“We refer to our previous communications dated March 16, 2019 and March 25, 2019 informing the stock exchange (s) of the dividend distribution tax request imposed on the company by the Assistant Income Tax Commissioner ( DCIT) and the subsequent stay granted by the Honorable Court in the case, pending the decision of the Hon’ble Tribunal, ”Grasim said in the ESB case.

“As a corollary to the previous ordinance, the scholar DCIT also imposed a capital gains tax on the value of the shares, without considering that the shares were issued to shareholders in accordance with the plan of arrangement and that no consideration has not been received by the Company, which could be subject to tax, ”he said.

The DCIT valued the shares issued by the resulting company (ABCL) at Rs 24,037 crore as consideration for the sale for the transfer of the business, and added capital gains of Rs 22,772 crore to the income of the company as part of the review assessment for YY 2018-19 and adopted the draft assessment order on September 30, 2021.

The tax authorities had, in the previous ordinance, held that the value of the shares allocated by ABCL to the shareholders of Grasim Industries, in consideration for the sale and acquisition of the company split by ABCL, was equivalent to a dividend, within the meaning of of the Income Tax Act.

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Tips for Small Businesses to Prepare for New Tax Proposals https://hledam.biz/tips-for-small-businesses-to-prepare-for-new-tax-proposals/ https://hledam.biz/tips-for-small-businesses-to-prepare-for-new-tax-proposals/#respond Fri, 01 Oct 2021 16:50:32 +0000 https://hledam.biz/tips-for-small-businesses-to-prepare-for-new-tax-proposals/ The House Ways and Means Committee recently released new tax proposals with a variety of provisions that impact small businesses. While there have been a few estate planning or real estate investing wins over the original proposals, business owners are getting the short end of the stick with potential increases in their tax bills. How […]]]>

The House Ways and Means Committee recently released new tax proposals with a variety of provisions that impact small businesses. While there have been a few estate planning or real estate investing wins over the original proposals, business owners are getting the short end of the stick with potential increases in their tax bills. How can small businesses prepare for these potential changes?


READ ALSO: Here’s why experts see bright economic outlook for Arizona


What is on offer?

Tom Wheelwright is CPA and CEO of WealthAbility.

Let’s take a look at what changes are proposed. As it stands, when an investment in a partnership goes awry, it is considered an ordinary loss and an ordinary loss can offset any type of income. The new provision would change that to a capital loss that has an impact. Unlike ordinary losses, capital losses can only offset capital gains. Additionally, if you are a successful business owner with more than $ 400,000 in income, you may see a reduction in your earning exclusion when you sell. The proposal would reduce the earnings exclusion in section 1202 from 100% to 50%. This is not the only limitation on the horizon. The popular 20% deduction for flow-through entities, the QBID Qualifying Business Income Deduction, would be capped at $ 500,000. Currently, there are no limits on the QBID other than the limits on industries eligible for this deduction. Finally, net investment income tax would apply to passed on business income over $ 500,000 that is exempt under current tax legislation. This adds another 3.8% tax to the income tax increases.

How to prepare for big changes

Will the Tax Proposals pass as they are now? It is possible that they will change slightly, however, what remains the same is the ability to proactively plan for these major tax changes. Any smart business owner will take the time to meet with their tax advisor and lawyers to make sure they are updating their tax strategy appropriately. trimester. Tax planning is complicated and can take months to be done effectively, so the sooner you start, the better.

What strategies can be implemented?

President Biden has long said that those earning less than $ 400,000 in income will not see a tax increase, so business owners should approach their planning to reduce their taxable income to $ 400,000 or more. less. There are various ways to do this legally, including bonus depreciation on real estate and other business investments, oil and gas investments, and adding solar panels to your buildings. A well-trained tax advisor will be able to share the best methods based on your current income and business.

Remember that the tax law is a series of incentives for business owners and investors. While the new proposal may create new challenges, there are many legal tax strategies that can reduce and eliminate your taxes when implemented correctly. Now is the time to start revamping your strategy and preparing for potential tax changes.

Tom Wheelwright is CPA, CEO of WealthCapacity®, bestselling author of Tax-Free Wealth (Rich Dad Advisors Series), speaker, entrepreneur and host of 2 popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show.


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The American Right’s Response to Biden’s Vaccine Mandate – The Threefold Advocate https://hledam.biz/the-american-rights-response-to-bidens-vaccine-mandate-the-threefold-advocate/ https://hledam.biz/the-american-rights-response-to-bidens-vaccine-mandate-the-threefold-advocate/#respond Thu, 30 Sep 2021 14:00:00 +0000 https://hledam.biz/the-american-rights-response-to-bidens-vaccine-mandate-the-threefold-advocate/ When I entered my last year of high school, my parents saw fit to give me a Facebook account. Granted, they had told me to get started on social media long before 2019, but I didn’t see why that would matter to me. All of my friends were on Instagram, and I didn’t really care […]]]>

When I entered my last year of high school, my parents saw fit to give me a Facebook account. Granted, they had told me to get started on social media long before 2019, but I didn’t see why that would matter to me. All of my friends were on Instagram, and I didn’t really care to check out my first cousins, twice distant. However, getting a Facebook account has been of tremendous benefit to me. If I ever feel down, I can always count on the vigor of my extremely Christian and conservative loved ones to cheer me up. And a few weeks ago, my eyes feasted on paragraph after paragraph of categorical messages regarding Biden’s federal vaccine mandate.

On September 9, 2021, the Biden administration released a six-part COVID-19 initiative plan regarding requirements for American workers. Typically, the approach included additional testing, economic recovery, safe schools opening, etc. However, the most alarming part for many conservatives was, like the White House announcement that the Occupational Safety and Health Administration (OSHA) will develop a rule requiring all employers with 100 or more to requiring employees to be vaccinated or take negative COVID-19 tests weekly. Responses I saw on Facebook included outrage, concerns about Biden’s power, comments about the dangers of vaccines, and even some comparing the vaccine’s mandate to the Weimar Republic in Germany. My usual source of laughter had turned into a slight indignation.

As an expert in cross-cultural studies and psychology, I have little or no comment on the current policies of Biden and his lawmakers. However, my curiosity lies in the source of the outrage of the Right. Of course, there is the debate over the effectiveness of vaccines, but there almost seems to be something deeper. The comparison with the Weimar Republic seemed to indicate a concern greater than medical soundness. No, I would say that the fear of the vaccine mandate has a lot to do with Americans’ deep-seated fear of government control, stemming from the modern days of the Cold War.

The American right has a long history of anti-communism, stemming both from the Bolshevik revolution in Russia and from the aftermath of World War II. Rooted in American consciousness are ideas about democracy, freedom, and exceptionalism, as a result of a government formed by individuals standing up against a tyrannical monarchy. In addition, the American elite, those who control the means of production and therefore the conscience of the American media, have the power to exert whatever efforts they deem necessary to protect their gain. Thus, the concept of a government system seeking to distribute both rights and capital gains was frightening to both groups, encouraging public fear of the rise of communism in Russia and in the poorest regions of the world. .

This anti-Communist propaganda has manifested itself in several unnecessarily exaggerated forms. The most famous of these was McCarthyism, a Republican campaign against Communism led by Senator Joseph McCarthy from 1950 to 1954, in which many were accused of being spies on American soil. However, McCarthyism is also famous for its many victims of blackmail and dismissal, many of whom were innocent. This campaign tended to pursue activists rallying to social change and civil rights on the basis of “communism”, delaying civil progress in its wake. But who cared about the details, as long as our precious freedoms were protected?

The leaders of the current Republican Party came from this tradition of eccentric anti-communism, as their youth were characterized by the coal-fueled elites of the fiery politics of the Cold War. Regardless of its true nature, anything reminiscent of Communist politics, primarily regarding increased levels of government involvement, must certainly be anti-American and threatening to our precious freedom. So a mandate to vaccinate federal employees is surely a sign of communism, which we must rally against to protect America, even if it is in the interest of public health. At least so my great-aunt and my mother-in-law frequenting Facebook would attest to it.


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Will cryptocurrency gains be taxed in India? What the law says? https://hledam.biz/will-cryptocurrency-gains-be-taxed-in-india-what-the-law-says/ https://hledam.biz/will-cryptocurrency-gains-be-taxed-in-india-what-the-law-says/#respond Thu, 30 Sep 2021 01:11:54 +0000 https://hledam.biz/will-cryptocurrency-gains-be-taxed-in-india-what-the-law-says/ The government plans to compartmentalize virtual currencies and their taxation according to their use The rapid rise of cryptocurrency in India has opened up several business and income opportunities for a number of people. Some people want to build wealth quickly by directly exchanging popular and sometimes high-yielding coins, while others are creating ways to […]]]>

The government plans to compartmentalize virtual currencies and their taxation according to their use

The rapid rise of cryptocurrency in India has opened up several business and income opportunities for a number of people. Some people want to build wealth quickly by directly exchanging popular and sometimes high-yielding coins, while others are creating ways to accept them as payments at restaurants and online stores. There are also some who may have earned cryptocurrency through mining. However, there is some confusion as to how the government can tax such income or how an individual or institution should report it. The authorities’ decision to first ban and then allow trading in virtual coins has only added to the confusion.

In 2018, the Reserve Bank of India banned banks and other financial institutions from facilitating cryptocurrency transactions like Bitcoin, Ethereum, Dogecoin, and others. Later, in early 2020, the Supreme Court overturned the order, allowing the exchange of these virtual coins. Yet, they have not yet received legal tender status in India. The RBI said it was working on its own cryptocurrency and would proceed with caution, keeping in mind the disruption this new form of currency could cause to the existing financial order.

Despite all of this, you will have to pay taxes on this income. The confusion is whether to report them as capital gains or some other source.

The government plans to compartmentalize virtual currencies and their tax according to their use, whether for investments, payments or public services.

The government has already made it mandatory for companies dealing with virtual currencies to disclose profits or losses incurred on transactions. He also asked them to disclose the amount of cryptocurrency they hold on their balance sheets. But that has yet to get tax laws to govern their transactions. Yet income tax laws have always sought to tax income received regardless of how it was received.

So there are mainly four scenarios of income from cryptocurrency.

1. Mining

Mined cryptocurrencies are self-generated assets. The subsequent sale of these bitcoins would generally result in capital gains.

2. Transferred in exchange for real currency

The appreciation in the value of the cryptocurrency held as an investment can be classified as a long-term gain or a short-term gain depending on how long the asset is held.

3. Income from trading activity

Income from trading crypto coins would constitute business income and therefore profit can be taxed as applicable tax brackets.

4. Received when selling goods and services

These cryptocurrency gains can be treated on an equal footing with receiving money. Thus, the beneficiary would be taxed on the basis of profits or gains from a business or profession.


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