Information Commissioner's Office’s Post

Newly released IRS proposed regulations clarify when US taxpayers are required to report large foreign gifts (Form 3520 for gifts over $100,000) and transactions with foreign trusts (Form 3520-A). Receiving gifts is great, paying penalties for failing to file required forms, not so much.

Dear Gallant Taxpayers, Did-You-Know the consequences of involving yourself in Trade Mis-Invoicing? To steer clear of the vice, kindly acquaint yourself with this summary of fines/penalties and avoid being investigated! #TaxFraudAlertUG | #StopTaxFraudUG

Simplified guide cancellation of fines and exemption of financial penalties.

Takeaways from today's sitting. 1. Money laundering is a big problem, even for countries with the strictest laws. 2. The topic of taxation is always painful, but also always necessary. At the Parliament, we are impartial. We do not take sides

Transparency is key when it comes to dealing with SARS. Hiding information only leads to more complications and stress. Let's face tax matters head-on, ensuring full compliance and honesty in all dealings. Remember, SARS is there to assist and work with you, not against you. #TaxTransparency #SARSHonesty #ComplianceMatters #TaxCompliance #TransparentTaxation #FullDisclosure #BusinessIntegrity #TaxMatters #FinancialResponsibility #TrustSARS

SARS has introduced new requirements for trusts and public benefit organisations in terms of third-party data reporting. Previously, certain entities such as banks, financial institutions, and medical schemes were required to submit third-party returns containing information about a taxpayer's interest, dividends, or capital gains. However, the recent changes now include trusts, specifically requiring them to submit third-party data on an annual basis using the IT3(t) process. To ensure you meet the new requirements, contact us: https://lnkd.in/d3EJpuRP #RVN #Trusts #Compliance #Tax

In Case You Missed It! The landscape of SARS' compliance strategies underwent substantial transformations in 2023, encompassing shifts in processes such as the Approval of International Transfer (AIT) and the issuance of Handover to 3rd Party Debt Collector Notices. Listen to the Head of Strategic Engagement and Compliance, Jashwin Baijoo on Radio 702 and #CapeTalk, as he explores the repercussions of SARS' revised approach on taxpayers falling outside tax compliance norms. Gain valuable insights on SARS’ war on non-compliance by listening to the recorded interview now! https://bit.ly/484ZYNY #SARS #TaxCompliance #AIT #DebtCollection #TaxConsultingSA

SARS has announced system enhancements to improve the efficiency and effectiveness of resolving Trust tax disputes. As of 7 May 2024, Trusts can now submit disputes through eFiling or by visiting a SARS branch. This new process accommodates submissions for Requests for Reasons, Requests for Remission, Notices of Objection, and Notices of Appeal. The new fully guided process will assist taxpayers in capturing the RFR or dispute. However, it's important to note that Trusts that submitted any of the processes mentioned above before 20 April 2024 should still conclude their dispute through the manual process. Source SARS website. #SARS #taxdisputes #Trusts #disputeresolution

Are you aware of the risks associated with tax schemes promising hefty refunds for Indian-Americans in the US? Learn about the consequences of tax fraud convictions and how they can affect individuals financially and legally. Let's stay informed and vigilant to protect our financial well-being. For more tax-related queries, reach out to Pretaxo at sowjanya@pretaxo.com #TaxFraud #FinancialAwareness #LegalConsequences #Pretaxo

Don't register a company if you are not going to operate it. Rather reserve the name of your company and it cost just R50 to reserve the name of your company for a period of 6 months. Take this advice to avoid ending up owing CIPC and SARS their annual returns as well as penalty fees. There are some people who owe SARS thousands of rands because they registered their businesses years ago and never operate them or submitted their tax returns.