Corporation tax when you sell business assets

Share to Twitter Share to Linkedin The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with the tax laws. The revised version of section 6050I requires taxpayers engaged in a trade or business to file an information return when they receive $10,000 or more in digital assets in one transaction or two or more related transactions in the course of that trade or business. The information required is the name, address, and tax identification number of the person from whom the assets were received; the amount of the assets; and the date and nature of the transaction. The provision was originally designed for cash transactions. The brief push for … [Read more...] about Tax Information Reporting On Digital Assets Steps Into The Spotlight

- A + A KUALA LUMPUR (June 28): CC International Bhd made a debut on the LEAP Market of Bursa Malaysia Securities Bhd on Tuesday (June 28), opening at 27 sen per share, a premium of one sen over its 26 sen reference price. At the opening bell, a volume of 10,000 shares were traded. The group’s listing was the 16th on Bursa and the third on the LEAP Market in 2022. The group said that RM6 million, a majority of its total gross proceeds of RM10.06 million raised, will be used to fund the group’s business growth and expansion through mergers and acquisitions, joint ventures, strategic partnerships and collaborations with other professional service providers that provide similar or complementary services. Another RM1 million will be utilised for investment in software and hardware for its new branch offices as well as additional information technology personnel to support the group. Meanwhile, the remaining RM2.06 million and RM1 million will be allocated to fund CC … [Read more...] about Multidisciplinary business services CC International debuts on LEAP Market at 27 sen

Naveen Kulkarni of Axis Securities The sense on the Street is that India's banking shares could be a big mover over the next 12 months, as all the positives start getting priced in. In conversation with Moneycontrol, Naveen Kulkarni, Chief Investment Officer at Axis Securities also believes that the picture for Indian IT sector 'remains quite complex' at this juncture. He advices investors to be selective, and also to wait for another quarter to understand the changing trends here. Here's the full interaction. Do you think the new-age tech companies will delay their IPO plans, especially after already-listed new-age companies were hit quite badly in the recent turmoil and corrected more than others? The market has changed for technology companies after the significant correction seen on the Nasdaq. As central bankers around the world try to manage the liquidity - which is fuelling global inflation - the cost of funds will continue to rise. This will have the most … [Read more...] about Daily Voice | FII selling may now abate, banks ripe for up move over 12 months

Share to Twitter Share to Linkedin As cryptoassets enter a new crypto winter, the temptation is to relegate cryptoassets (and blockchain) to the backburner, and that would be a disservice to the accounting profession as well as the investors seeking to allocate capital to this fast growing asset class. While cryptoassets have moved far beyond simply discussing bitcoin price volatility, Certified Public Accountants (CPAs) would be forgiven for remaining focused on the implications of said volatility. Given the dramatic drawdowns in prices across the crypto sector, the implosion of several prominent crypto banking protocols and increasingly negative sentiment, allocating even more time to crypto might seem like an odd choice. That said, even during the current crypto winter, the pace and prevalence of crypto adoption continues to accelerate almost unimpeded. With the number of individuals using cryptoassets numbering in the hundreds of millions, with a billion … [Read more...] about What CPAs Should Think About During This Crypto Winter

KUALA LUMPUR: MyNews Holdings Bhd posted a net loss of RM10.22mil in the second quarter ended April 30, against a net loss of RM10.32mil in the same period last year. The convenience retail chain operator’s revenue for the quarter rose 35.7% to RM141.1mil from RM103.94mil achieved in the same quarter a year prior. The improved revenue was contributed by the growth in the number of outlets and increase in footfall upon relaxation of the full lockdown by the government. Its number of outlets increased to 556 from 519 in the second quarter. Mynews, in the notes accompanying its financial results, said was an increase in administration expenses from RM7.81mil to RM8.97mil. “This was attributed to the continual addition of new talents, and cost of marketing materials to promote the new retail brands, new products and the 66 new CU stores launched over the most recent two quarters,” it said. In addition, selling and distribution expenses increased from RM20.76mil to … [Read more...] about Mynews posts net loss of RM10.22mil in 2Q22

The founder of an investment firm seeking to counter “woke capitalism” weighed in on Facebook employees complaining about the company’s policy allegedly prohibiting discussion on abortion during a Fox News appearance Sunday. “If people are consistent about keeping politics out of the workplace, I’m a fan of that,” Vivek Ramaswamy, founder of Strive Asset Management, said on “Fox and Friends Sunday.” “That would fit the bill very well if COO Sheryl Sandberg had not made a one-sided statement on Facebook’s own platform about this heated political issue.” An engineer at Facebook posted Saturday on LinkedIn that the company had prohibited discussions regarding the Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, which found there was no constitutional right to abortion, despite the fact that Sandberg had made a public Facebook post condemning the Supreme Court’s overturning of Roe v. Wade Friday. “The Supreme Court’s ruling jeopardizes the health and the … [Read more...] about Founder Of Anti-Woke Investment Firm Sounds Off On Facebook Over Abortion Hypocrisy

- A + A (June 27): The wipeout in Bitcoin may have run its course, a range of technical indicators suggest. Momentum measures and insights from options bets signal ebbing selling pressure and a possible trading range of US$20,000 to US$25,000 — though the usual caveats apply about the mercurial nature of cryptocurrencies. The largest digital token has slumped about 70% from a November record and was little changed at US$21,343 as of 8:38 a.m. Monday in London. It slid below US$18,000 earlier this month, before retaking the closely watched US$20,000 level. Tightening monetary policy, withering speculative ardor and collapsing digital-asset projects have spurred a broad crypto rout in 2022. But the mood in global markets is turning less dour on tentative hopes that the price pressures driving interest-rate hikes may be cresting. The lessons of Bitcoin’s past swoons suggest it’s in the vicinity of its bear-market low, according to Glassnode. This “bear market is now … [Read more...] about Bruised bitcoin due relief after crypto wipeout, charts show

- A + A (June 27): Chinese stocks extended gains into a fifth week, bringing them close to a bull market, as investors turned increasingly upbeat amid eased pandemic curbs in Shanghai. Tech shares also rallied in Hong Kong to the highest in nearly four months. The recent rebound in Chinese equities, which started in April while stocks elsewhere were still selling off, is gaining momentum thanks to an improving economic outlook as well as persistent monetary and fiscal stimulus. President Xi Jinping's planned visit to Hong Kong is boosting stocks that would benefit from easing pandemic restrictions such as Macau casinos. The benchmark CSI 300 Index gained 1.1%, adding 4% in three sessions, led by consumer shares, as Shanghai's leader declared victory in defending the financial hub against Covid-19 and will this week allow residents to dine in restaurants in some areas deemed lower risk. Drinks maker Eastroc Beverage Group Co and food supplier Yihai Kerry … [Read more...] about China stocks approach bull market as investors catch up on gains

Share to Twitter Share to Linkedin Eyewear mogul Leonardo del Vecchio—whose firm owns Ray-Ban, Sunglass Hut and more—died at age 87, with a fortune worth an estimated $25.5 billion and six children from three different relationships. The death of Italy’s second-richest man, Leonardo Del Vecchio , means that his estimated $25.5 billion fortune will now be divided among his heirs. The 87-year-old eyewear mogul leaves behind his second wife, Nicoletta Zampillo, and six children from three different relationships, ranging in age from 18 to 65. All seven are now likely to become billionaires, inheriting Del Vecchio’s Luxembourg-based holding company Delfin and its billions of dollars in assets. One of Italy’s most famous entrepreneurs with a rags-to-riches tale of success, the factory apprentice-turned-eyewear mogul lived in Monaco and held his vast fortune—including ownership of Sunglass Hut, Ray-Ban and Oakley—through Luxembourg-based Delfin. After a … [Read more...] about Here’s How Many Billions The Heirs Of Italy’s Second Richest Man–Who Died Monday–Stand To Inherit

Have an idea for a new product? Early on, spend some time determining what your strategy for bringing it to market will be. Is venturing required, or can you license it instead Personally, after venturing uniquely shaped guitar picks geared towards fans and licensing many of my ideas , I'd choose the latter every time. That's because running a small business, even an ultimately successful one, stressed me out. Who wants to worry about cash flow? I much preferred the freedom to keep creating that licensing affords. Primarily because you can get to market faster, licensing to a large company is also one of the best ways of protecting yourself. These are among the many benefits of licensing . If this is the route you choose, it's understandable, then, that you might be asking yourself how to get the highest royalty rate possible. Royalty rates differ across industries. Knowing what's typical can be extremely helpful when negotiating, so get familiar with the … [Read more...] about How to Get a Higher Royalty Rate For Your Invention