Finance Secretary TV Somanathan TV Somanathan is one of the key persons behind drafting the budget. In an interaction with Shweta Punj of Moneycontrol, the finance secretary shared the thoughts that went into drawing up the document, and nuancing between the known unknowns and unknown unknowns. Edited excerpts: Q: The economy has faced several global headwinds yet managed to stay steady. What were your priorities as you were drafting this budget? What were the three key things that you wanted to ensure? There were three key priorities. One, to act as a driver of growth at a time when global growth is slowing down, but when India is poised to recover its growth rate to its potential. That was one of the objectives, which you see reflected in a big increase in capital investment and in several other parts of the budget, which are essentially to propel growth. The second major concern was that in doing that, we wanted to be sure that we were fiscally prudent. In our … [Read more...] about It is a challenging number, the reduction to 4.5, but it is feasible. It’s difficult, but feasible
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HART: Classified Documents Here, There, Everywhere!
My gun collection has grown large. With my sixth grandkid on the way, I wanted to buy another safe to lock away weapons and valuables. Then, when Joe Biden said we need not worry about the security of his classified documents, it occurred to me: I have a perfectly good two-car garage, too. Thanks for the security tip, Joe! When asked by a reporter who inadvertently practiced vigilant journalism about his cache of classified documents, Joe Biden said, “There is no there there.” This was a prickish, Democrat politician way to say, “Do not cover this story; I am totally guilty.” It turns out documents were there, there, there and just about everywhere. Mike Pence just upped the ante on the classified documents gambit. He said he also had such top-secret documents in his home. This prompted our ever-vigilant federal government to ask all ex-presidents, “Hey guys, any of you cats have any of dem classified documents?” We will see what Obama and Dubya say, but Jimmy Carter … [Read more...] about HART: Classified Documents Here, There, Everywhere!
As More Freelancers Work Across Borders, Expect More Emphasis On Worker Classification And Tax Collection
Share to Twitter Share to Linkedin It’s not surprising that compliance with worker classification laws is a bigger deal in the freelance revolution. Why? Well, three factors drive this development. First, the globalization of work, and the impact of new work and collaboration technologies that make it possible to work from anywhere. As readers may know, 51 countries now have active and ongoing programs inviting “digital nomads” to sojourn in their country. The second driver: countries need tax dollars, and proper classification is essential to tax collection. For example, Argentina annually exports almost 5 billion dollars in tech expertise through the work of over 200,000 freelancers living in Argentina but “gigging” for US companies. Third, advances in technology are beginning to make available new solutions offering indemnification quickly and more cost effectively, and gives companies more visibility over their freelancers and a better experience for … [Read more...] about As More Freelancers Work Across Borders, Expect More Emphasis On Worker Classification And Tax Collection
Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements
Share to Twitter Share to Linkedin More projects than ever before across the entertainment industry landscape utilized cryptocurrency to develop unique infrastructures to fund productions and create new revenue streams with varying results. With some companies making a profit through these methods the Internal Revenue Service (IRS) has released first-of-its-kind reporting requirements for those who have dealt in crypto over the last tax year. For this reporting period the terminology for reporting cryptocurrency on income tax forms has also been revamped, with it previously being known as “virtual currencies” it is now referred to as “digital assets”. One 1040 income tax form iterates, “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” The IRS’ subsequent checklist regarding … [Read more...] about Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements