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La société Assistance Retraite exerce, depuis 25 ans, une activité exclusivement centrée dans le domaine des droits à la retraite des régimes obligatoires. Elle ne fournit  à ses clients que des prestations de service qu’elle réalise en toute indépendance car ne commercialisant aucun produit d’assurance ou produit financier. La société emploie 13 personnes et ses bureaux sont localisés à Nanterre en région parisienne. Elle commercialise ses services sous la marque Novelvy. Le tiers de sa clientèle de la société se compose d’expatriés. Deux types de mission sont réalisés pour eux : -       Une étude Bilan Retraite (reconstitution et vérification des droits acquis, projection dans le futur suivant différents scénarios définis au début de la mission) afin que leurs clients  puissent être informés précisément de leur situation leur permettant ainsi de prendre des décisions pour le futur en toute connaissance de cause (âge de liquidation des droits, rachat ou non de trimestres, cotisation ou non à la CFE et aux caisses complémentaires …). L’étude livrée est un véritable scanner de leur situation en matière de droits à la retraite et transforme une image qui était souvent floue pour eux en une image limpide qui répond à leurs questions. -       La prise en charge des opérations de liquidation de retraite lorsqu’ils ont décidé de leur date de liquidation des droits. La société s’occupe alors de l’ensemble des opérations avec les différents organismes de retraite jusqu’à l’émission des notifications définitives et jusqu’au premier versement de chaque organisme. Un livret retraite, document récapitulatif des retraites et des pensions de réversion associées, vient clore la mission. Assistance Retraite a des clients expatriés dans près de 25 pays. Ses représentants rencontrent certains de leurs clients lors de déplacements à l’étranger. D’autres rencontres ont  lieu lorsque les expatriés sont de passage à Paris. Dans de nombreux cas aussi, toutes Continue Reading

Offense and defense are key to your financial game plan On the road to the Super Bowl, offensive and defensive strategies are essential to winning the game. The same is true in your game plan for financial security. Whether you are calling plays in the National Football League or working to fund your most important personal goals, you need both strong offense and defense. Adapt strategies as the game changes Developing winning strategies and adapting them as changes dictate leads to success in both sports and in financial security. In your personal financial plan, a strong “defense” helps you manage risk, providing a back-up plan to protect against life events that can impact your long-term security. Your “offense” includes various strategies to accumulate wealth over your lifetime to ultimately meet your financial goals. Having both defensive and offensive strategies in place not only moves you forward on the path to financial security, it gives you the confidence to take advantage of opportunities that may arise along the way. By helping you explore your specific goals and future needs, your financial representative will develop a comprehensive financial plan that can be the basis for meeting your long-term goals. As your life changes dictate adjustments over time, you would adapt and incorporate the appropriate defensive and offensive strategies to suit your specific situation. Your defense, strategies that protect against risk, could include: Emergency fund – Covers at least six months of living expenses in an easily accessible cash fund Disability insurance – Helps protect your income by providing a benefit if you should become unable to work due to illness or injury Long-term care insurance – Helps protect retirement assets by covering potential costs of nursing home and assisted living care Permanent life insurance – Builds cash value over the long term, Continue Reading

by  Jay A. Scaramazzo, MBA,CIA,CISA,CRISC,CIFE,  GLOBAL Change Management Specialist/Lead Auditor,  United States http://internal-auditing.com/art.asp?n=311

Where does DI fit within the financial planning process? Financial planning begins and ends with income planning. Unless you first protect a wage earner’s income, there cannot be a financial plan! A financial plan is not a financial plan without involving disability insurance. Why is Group LTD inadequate? With Group LTD, you are just a tenant. You are not in control because you do not own the policy. It can be taken from you in an instant. Your employer may give it up. The insurer may decide to stop insuring the group. You are at their mercy. Additionally, Group LTD typically only covers your base salary, therefore bonuses, commissions, incentives, deferred compensation, stock options and pension contributions are generally not covered. In most claim scenarios, people are very disappointed with the inadequacy of Group LTD. How does DI differ from Long Term Care? Simple- DI pays you and LTC pays someone else who is providing the care service. How does DI differ from Life Insurance? When it comes to income replacement and asset conservation, there is no difference. The difference between the two types of insurance is you’re either above or below 6 feet of dirt. The main concept to think about is that the chances of becoming disabled are much greater than dying prematurely. How much DI should I have? You should have as much DI as possible. No less than 65% of your gross income is considered adequate. We have not met anyone on claim that has told us that their benefit is more than enough. Unfortunately, when you’re disabled, the truth is always the opposite. There is never enough money. This is why Supplemental Disability Insurance is often necessary to adequately protect a person’s income. by Ed Knox, CLU CLTC 3400 SW 27th Avenue Suite # 1502 Continue Reading

French Tax Changes 2011/2012 The amended Budget for 2011 has been adopted by the French Government and will be debated in Parliament in June-July. There was some recent discussion as to the possible abolition of Wealth Tax widely reported in the press. This will not happen, but changes have been proposed together with some amendments to Gift and Succession Tax as well as other taxes. Further changes may result from the Parliament debates so the following should be regarded as conditional. The “fiscal shield” The so-called Bouclier Fiscal limiting the total amount of your taxes to 50% of your income is to be abolished. (Please note that this only concerned French tax residents). Wealth Tax – Impôt de Solidarité sur la Fortune (ISF) The threshold at which liability for ISF arises will be increased from €800,000 to €1,300,000. The number of tax bands will be reduced from six to two – 0.25% if assessable wealth between €1.3m and €3m, and 0.50% if above this figure. However, ISF will now be levied on the full amount, not merely that part above the threshold. For those with wealth of less than €3m, there will no longer be a requirement to file a separate wealth tax return. It will be included in their French income tax return. It is anticipated that the ISF reforms will be effective retrospectively from January 2011. Gift and Succession Tax It has been possible to give away €159,325 to a child and €80,724 to a spouse tax free with a cumulation period of six years. This is to be extended to 10 years. The top two Gift and Succession Tax rates between parents and children and spouses/civil partners will be increased from 35% to 40% and from 40% to 45%. Capital Gains Tax There is to be an Continue Reading

Mexico: Is approaching the end of the year and is appropriate to review the fiscal requirements that must be met to making deductions for income tax (ISR). ACTUALLY PAID EXPENSE DEDUCTION Taxpayers wishing to deduct the expenses incurred as individual taxpayers, companies or cooperative societies engaged in trucking carriers land cargo or passengers, civil society (CS), civil associations (AC) and taxpayers who receive donations, Article 31 Fraction IX of the Income Tax Law, states that for appropriate deduction, the above expenses must be actually paid in the year in which it is intended deduce, for these purposes are “actually paid” when made ​​by any of the following ways: be paid in cash be paid by check By bank transfer be paid in goods (other than debt securities) When the creditor is satisfied by any form of extinction of obligations. In the case of payment by check is considered actually paid on the date that it has been charged in this case the deduction shall, whenever you enter the date entered in the supporting documentation (invoice or receipt) and the effective date of the check will not be charged been more than four months. Important is to consider the above in order to meet the requirements for appropriate deduction of the expenses mentioned above.

New French tax measure: One of the most severe austerity of the second was passed in the night of November 30, 2011 by the deputies. The reduced rate of VAT was increased, with exceptions, from 5.5% to 7% from 1 January 2012. A rate similar to that practiced in Germany, and who should go next year an additional 1.8 billion euros in state coffers. In order not to tax too heavily the sector of hotels and restaurants, MEPs on Wednesday night but deleted the 2% tax on stays in luxury hotels in more than 200 euros introduced in September.

Credit Score The video below explains what Credit Score is, and what influence it will have on your financial life in the U.S. In the United States, a credit score is a number based on a statistical analysis of a person’s credit files, that in theory represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score. There are different methods of calculating credit scores. FICO, the most widely known type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. All credit scores have to be subject to availability. The credit bureaus all have their own credit scores: Equifax’s ScorePower, Experian’s PLUS score, and TransUnion’s credit score, and each also sells the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models. Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance. Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores. Recently, many jobs are using pre-employment credit checks and the trend appears to have grown since 2000 within the United States.It is to be noted that credit checks used to determine hire eligibility differ from a standard credit check in that they do not include a credit score. Americans Continue Reading

Cost segregation is a highly beneficial and widely accepted tax planning strategy utilized by commercial real estate owners and tenants to accelerate depreciation deductions, defer tax, and improve cash flow. Once used only by big-4 type accounting firms and the nation’s largest real estate owners, this practice has become routine for commercial property owners of almost every size. A cost segregation study (CSS) is based on a detailed engineering analysis that is used to support the acceleration of depreciation deductions by identifying costs that can be allocated to shorter recovery periods; primarily 5, 7, and 15-year, as opposed to 27.5 (residential rental) or 39-year (commercial). A quality study provides the documentation needed to defer substantial tax payments and greatly improve cash flow. It is important to note that a cost segregation study does not create new deductions, but increases deductions in the early years of ownership. This front-loading of depreciation allows the taxpayer to take advantage of the time value of money. Property asset classification Analysis of capital expenditures is used to determine appropriate asset classifications. Cost segregation identifies building costs that would typically be depreciated over a 27.5 or 39-year period and reclassifies them to permit a shorter, accelerated method of depreciation for certain building costs. Costs for non-structural elements, such as wall covering, carpet, accent lighting, portions of the electrical system, and exterior site improvements such as sidewalks and landscaping, can often be depreciated over five, seven or 15 years, rather than over 27.5 or 39 years. Eligibility Real property eligible for cost segregation includes buildings that have been purchased, constructed, expanded or remodeled since 1987. A study is typically cost-effective for buildings purchased or remodeled at a cost greater than $200,000. A cost segregation study is most efficient for new buildings recently constructed, but it can also uncover Continue Reading

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En quittant le territoire français, les expatriés sont confrontés à une rupture avec les régimes français de sécurité sociale et donc une perte de leurs droits (assurance maladie, maternité, invalidité, accident du travail, retraite…). Pour vivre sereinement son expatriation aux Etats-Unis, il faut donc prendre toutes les précautions possibles, et choisir une protection sociale adaptée. La Caisse des Français à l’Etranger ou CFE couvre le risque maladie-maternité pour toutes les catégories d’assurés (salarié, travailleur non salarié, étudiant, retraité, personne sans activité professionnelle…). Les salariés, peuvent en plus, bénéficier d’une couverture invalidité, accident du travail et cotiser pour leur retraite Sécurité sociale (CNAV). Le montant des cotisations dépend des revenus, du statut, de l’âge et du nombre de risques souscrits. Vous pouvez télécharger le barème  de cotisations sur www.cfe.fr. À votre retour définitif en France, si vous reprenez une activité, la continuité de votre couverture sociale est assurée par votre nouvelle caisse d’affiliation. Sinon, selon votre situation personnelle, votre droit aux prestations d’assurance maladie auprès de la CFE peut être maintenu pendant 3 mois au maximum à compter du 1er jour de résidence en France. Passé ce délai, vous avez la possibilité de bénéficier de l’assurance maladie en France (CMU ou autre).

Serge Massat will be in Marseille for a conference about investing in the United States of America La CCIMP, les CCEF et Ubifrance organisent la 3ème édition du Tremplin Amérique du Nord Programme : 9h00 – 9h30 : accueil des entreprises (Paca et Languedoc-Roussillon) par la CCIMP, les CCEF, Ubifrance et les Missions Economiques. 9h30 – 12h00 : Présentation du marché nord-américain 12h00 – 12h30 : présentation du dispositif “Tremplin Amérique du Nord 2012″ 12h30 – 14h30 : cocktail déjeunatoire 14h30 – 18h00 : rendez-vous individuels avec les experts mentionnés ci-dessous. Experts présents Pour Ubifrance : Patrick Imbert : Directeur Ubifrance Canada Arnaud Leretour : Directeur Ubifrance Etats-Unis Pour les CCEF : Bruno Boucher : BB Inc / conseil logistique et vente Isabelle Estebe : Dassault Systemes / aéronautique Pascal Gicquel : Newmat / construction André Hemard : Pernod Ricard / agro alimentaire / vin et spiritueux Serge Massat : Massat Consulting Group /expertise comptable Lieu : Palais de la Bourse Participation gratuite. Inscription OBLIGATOIRE. Pour tout renseignement et pour obtenir un dossier d’inscription contacter: Anne-Isabelle Schleinitz Tél: 04 91 39 34 79 E-mail: anne-isabelle.schleinitz@ccimp.com

Les nouveautés concernant l’Impôt de Solidarité sur la Fortune ISF Attention la déclaration 2011 doit être déposée avant le 30 septembre Le grand changement pour 2011 est le relèvement du seuil d’entrée à 1,3 million d’euros de patrimoine net taxable (auparavant, seuil de 800,000 euros) Cette année il existe trois déclarations différentes au lieu d’une seule : -              Une forme abrégée pour les contribuables dont le patrimoine est compris entre 1,3 et 3 millions d’euros -              au-delà de 3 millions d’euros, la forme classique complète n° 2725 -              la forme simplifiée. La grande nouveauté aura lieu en 2012 car les contribuables de la première tranche pourront déclarer directement leur ISF sur leur déclaration d’impôt sur le revenu. La principale difficulté pour nos confrères expert-comptable repose dans la détermination des patrimoines imposables dans la première tranche de 1,3 à 3 millions d’euros.  Plus spécialement, les évaluations des immeubles, des valeurs mobilières et des droits sociaux sont toujours sujets à discussion. En ce qui concerne les biens immobiliers, il s’agit d’une évaluation qui tient compte bien entendu de l’évolution du marché immobilier, selon qu’il s’agisse d’habitation principale, d’immeuble occupé, loué, etc. Les mécanismes de plafonnement de l’ISF et de bouclier fiscal : La déclaration d’ISF 2011 est à combiner avec le plafonnement de l’ISF et le bouclier fiscal. Ces deux mécanismes ne seront supprimés qu’en 2012. Les contribuables ont donc encore la possibilité, en 2011, de plafonner leur ISF à 85% de leurs revenus. De même, le bouclier fiscal est encore valable cette année (assis sur les revenus de 2009 pour la déclaration 2011). A compter du 30 septembre 2011, le bouclier fiscal ne sera plus remboursable et ne pourra qu’être imputé sur l’ISF (à payer en juin 2012). Il existe aussi toujours la possibilité de réduire son ISF en cas d’investissement Continue Reading

  Austerity plan. The measure on the real estate capital gains passedAfter much discussion, government and majority agreed on the austerity plan on Tuesday with the key number of changes. MEPs voted in particular the night of Tuesday to Wednesday the measure on real estate gains.Discussions will continue on Wednesday in the Assembly. Modification for capital gains on second homes. The government concessions. He wanted to eliminate any exemption on the capital gain on sales of second homes.An option too “brutal”, say MEPs who brandished the threat of seizure of real estate. Finally, all sales for a second home owned for 30 years will be totally exempt. For others, the tax is progressive. In detail, there will be no exemption from the first five years of detention of property, then a 2% reduction on the gain between five and 15 years, 3% between 15 and 25 and finally 10% the last five years, what happens to a full exemption after 30 years. This measure will come into force in respect of acts signed on or after 1 February next and not the last 24août. In return … Three measures should be adopted to offset the shortfall of the relaxation on capital gains. The government wants to remove the Consolidated Global Profit. ” This tax benefit was created for French multinationals, allowing them to include in their taxable income in France any deficits in their foreign subsidiaries. This has the effect of lowering their taxes. Also new is the introduction of registration fees on transfers of shares of SCI (property investment companies) carried out abroad on real estate located in France, for a total of 100 million euros. Finally, the last position: doubling the share of costs and charges applied to capital gains on equity securities held for more than two Continue Reading

The Foreign Investment in U.S. Real Property Tax Act (hereafter referred to as "FIRPTA") was created by Congress to tax certain capital gains of Non-Resident Aliens.  The analysis that follows is not intended to be all inclusive, rather it is meant as a simplified explanation of the tax rules a Non-Resident Alien will be subject to when selling a US Real Property Interest. To determine if the transaction is subject to FIRPTA we ask: Is the sale being made by a non-resident alien? Is the property at issue considered a US Real Property Interest (USRPI)? If the answers to 1 & 2 above are “YES” the next question is à Does the seller have a US identification number? If it is determined that the transaction is subject to FIRPTA it is then necessary to determine the amount of withholding necessary for the underlying transaction and ultimately the type of return the taxpayer is required to file.  This is an important fact.  FIRPTA dictates, among other things, the withholding rules which generally calculate the anticipated amount of tax due for the transaction.  However, the ultimate amount of tax due is determined on the return required to be filed by the taxpayer for the year the transaction occurs. Is The Property Being Sold as a US Real Property Interest? A US Real Property Interest (USRPI) is: Land and un-severed natural products on the land such as growing crops, timber, mines, wells or natural deposits. Improvements on land, including buildings; other permanent structures; their structural components and related equipment, furniture and fixtures. Personal property associated with the use of real property, such as equipment used in farming, mining, forestry or construction, or property used in lodging facilities or rented office space, unless the personal property is: Disposed of more than one year before Continue Reading

Reforming the Foreign Investment in Real Property Tax Act (FIRPTA) will spur billions of foreign investment in U.S. real estate debt and equity markets, help stabilize troubled domestic lending markets, create jobs and lead to economic growth, according to Real Estate Roundtable President and CEO Jeffrey DeBoer, who testified today on the specifics of FIRPTA reform before the House Ways and Means Subcommittee on Select Revenue Measures. “FIRPTA is a discriminatory tax. It only applies to foreign investors in U.S. real property. The 35 percent FIRPTA tax, combined with state and local taxes, and frequently with the ‘branch profits tax’, results in a foreign investor paying a tax as high as 54 percent on any capital gain. In addition, the administrative burdens, and the costs associated with structuring investments in U.S. real estate with foreigners, is significant. No other asset class faces this tax. Foreign investors generally are not subject to U.S. taxes on capital gains from the sale of U.S. stocks and securities. Nor are they taxed on interest income from bank deposits and debt obligations that produce portfolio interest,” DeBoer said. Three reforms that can be accomplished in the short term, according to DeBoer, include: • The existing small shareholder exception for foreign investments in publicly traded Real Estate Investment Trusts (REITs) should be raised from current law’s 5 percent to 10 percent. This change would allow a foreign investor owning 10 percent or less of a publicly traded REIT to sell shares without triggering FIRPTA. • IRS Notice 2007-55 should be withdrawn. The notice applies FIRPTA to liquidating distributions received by foreign investors from private, domestically-controlled REITs. Withdrawing this notice, which does not require legislation, would have significant positive benefits in smaller markets where capital investment is most needed. • The Treasury Department and the IRS should provide guidelines for foreign investors regarding when Continue Reading

Massat Consulting Group – Miami Court House Tower 44 West Flagler Street – Suite 1100 Miami, FL 33130 Tel : (1) 305 600 4405 Fax : (1) 305 514 0098 Partner and Manager: Serge J Massat President CPA , Expert Comptable – Aline Darmouni Expert Comptable , FCCA   View Massat Consulting Group Miami in a larger map

LLC vs C Corporation vs S Corporation Entities Characteristics LLC Limited Liability Company C Corporation S Corporation Ownership Rules Unlimited number of members allowed Unlimited number of shareholders; no limit on stock classes Up to 100 shareholders; only one class of stock allowed Personal Liability of the Owners Generally no personal liability of the members Generally no personal liability of the shareholders Generally no personal liability of the shareholders Tax Treatment The entity is not taxed (unless chosen to be taxed); profits and losses are passed through to the members Corporation taxed on its earnings at a corporate level and shareholders are taxed on any distributed dividends With the filing of IRS Form 2553, a C Corporation becomes a S Corporation, where the profits and losses are passed through to the shareholders Key Documents Needed for Formation Articles of Organization / Certificate of Formation; Operating Agreement Articles of Incorporation; Bylaws; Organizational Board Resolutions; Stock Certificates; Stock Ledger Articles of Incorporation; Bylaws; Organizational Board Resolutions; Stock Certificates; Stock Ledger; IRS & State S Corporation election Management of the Business The Operating Agreement sets forth how the business is to be managed; a Member (owner) or Manager can be designated to manage the business Board of Directors has overall management responsibility; Officers have day-to-day responsibility Board of Directors has overall management responsibility; Officers have day-to-day responsibility Capital Contributions The members typically contribute money or services to the LLC and receive an interest in profits and losses Shareholders typically purchase stock in the corporation, either common or preferred Shareholders typically purchase stock in the corporation, but only one class of stock is allowed At MCG we will advise you on the best course of action in order to create the most taxe and business efficient company    

Serge Massat in the Media: US Election

The UK has one of the highest tax burdens for both low and high earners of any major economy, reveals new research by UHY, the international accounting and consultancy network.  The UK is ranked 7th out of 19 countries according to how much tax it takes from high and low earners’ wages. The tables (below) rank countries from highest tax burden first to the lowest tax burden last.  UHY studied tax data in 19 key countries across its international network, including members of the G8 as well as key emerging economies. Each country was asked to calculate the ‘take home pay’ for low and high income workers taking into account personal taxes and social security contributions. The calculations are based on a single, unmarried taxpayer with no children.  The UK was ranked 7th out of 19 for taxes on low earners and 7th out of 19 for taxes on high earners. Low earners were defined as workers earning USD$25,000 per annum while high earners were defined as workers earning USD$200,000 per annum.  Only Mexico, Estonia, Italy, France, India and Germany take more in tax and social security than the UK from an employee earning USD$25,000. For a person earning USD$200,000 again only six countries – France, Israel, Germany, Ireland, the Netherlands and Italy – take more in tax and social security contributions than the UK.  Mark Giddens, Private Client Partner of UHY Hacker Young in the UK, member of UHY comments: “The Government is now facing a difficult dilemma. Achieving a more sustainable fiscal position will be difficult without raising taxes, but higher taxes are likely to hinder economic growth.”  “The 50% tax rate on people earning more than £150,000 a year, combined with increases in National Insurance, has undoubtedly made the UK less attractive to high earners. Many of Continue Reading

Most people are familiar with tax withholding, which most commonly takes place when an employer deducts and withholds income and other taxes from an employee’s wages. However, many taxpayers are unaware that the IRS also requires payors to withhold income tax from certain reportable payments, such as interest and dividends, when a payee’s taxpayer identification number (TIN) is missing or incorrect. This is known as "backup withholding." Backup Withholding in General A payor must deduct, withhold, and pay over to the IRS a backup withholding tax on any reportable payments that are not otherwise subject to withholding if: the payee fails to furnish a TIN to the payor in the manner required; the IRS or a broker notifies the payor that the TIN provided by the payee is incorrect; the IRS notifies the payor that the payee failed to report or underreported the prior year’s interest or dividends; or the payee fails to certify on Form W-9, Request for Taxpayer Identification Number and Certification, that he or she is not subject to withholding for previous underreporting of interest or dividend payments. The backup withholding rate is equal to the fourth lowest income tax rate under the income tax rate brackets for unmarried individuals, which is currently 28 percent. Only reportable payments are subject to backup withholding. Backup withholding is not required if the payee is a tax-exempt, governmental, or international organization. Similarly, payments of interest made to foreign persons are generally not subject to information reporting; therefore, these payees are not subject to backup withholding. Additionally, a payor is not required to backup withhold on reportable payments for which there is documentary evidence, under the rules on interest payments, that the payee is a foreign person, unless the payor has actual knowledge that the payee is a U.S. person. Furthermore, Continue Reading

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2011. June 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 28-31. June 8 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 1-3. June 10 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 4-7. Employees who work for tips. Employees who received $20 or more in tips during May must report them to their employer using Form 4070. June 15 Individuals. U.S. citizens or resident aliens living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 for 2010; or file for a four month extension on Form 4868. Individuals. Second installment of estimate income tax in 2011 is due; make payments with Form 1040-ES. Corporations. Second installment of estimate income tax in 2011 is due; use worksheet, Form 1120-W. Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 8-10. Monthly depositors. Monthly depositors must deposit employment taxes for payments in May. June 17 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 11-14. June 22 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 15-17. June 24 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 18-21. June 29 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 22-24. June 30 Investors. Form TD F 90-22.1 (FBAR) is due from owners of accounts containing over $10,000 of financial assets, including cash, in a foreign jurisdiction during 2010.

Two methods Taxpayers can calculate the amount of a deductible vehicle expense using one of two methods: Standard mileage rate Actual expense method Under the standard mileage rate, taxpayers calculate the amount of the allowable deduction by multiplying all business miles driven during the year by the standard mileage rate. One of the chief attractions of the standard mileage rate is its ease of use. Taxpayers do not have to substantiate expense amounts; however, they must substantiate business purpose and other items. There are also limitations on use of the business standard mileage rate. The standard mileage rate for 2011 for business use of a car (van, pickup or panel truck) is 51 cents-per-mile. The IRS calculates the standard mileage rate on an annual study of the fixed and variable costs of operating an automobile. The IRS set the standard mileage rate for 2011 in late 2010 when gasoline prices were lower than today. It is a flat amount, whether or not your vehicle is fuel efficient, operates on premium grade fuel, is brand new or ten years old, or is subject to high repair bills. During past spikes in gasoline prices, the IRS has made a mid-year change to the standard mileage rate for business use of a vehicle. In 2008, the IRS increased the business standard mileage rate from 50.5 cents-per-mile to 58.5 cents-per-mile for last six months of 2008 because of high gasoline prices. The IRS made a similar mid-year adjustment in 2005 when it increased the business standard mileage rate after Hurricane Katrina. At this time, it is unclear if the IRS will make a similar mid-year adjustment in 2011. IRS officials generally have declined to make any predictions. If the IRS does make a mid-year change, it will likely do so in late June, so Continue Reading

State Coaxes Investors With Numbers 15 June 2011 By Irina Filatova Transparency and investor interest will increase for domestic companies reporting consolidated earnings after they are required to implement international accounting standards next year, Finance Minister Alexei Kudrin said Tuesday at a Presidium meeting chaired by Prime Minister Vladimir Putin. Companies with consolidated accounts will switch to International Financial Reporting Standards by Jan. 1 and will be able to report their 2012 financial results according to the new rules, Kudrin said. "In case we complete this procedure by the end of this year, all the companies with consolidated accounts will report their results for 2012 according to the IFRS," Kudrin said. "That means all consolidated groups will compulsorily use these standards in 2013 for the first time to report their results for 2012." Other firms, including public companies and small and medium-sized businesses, will have to follow suit shortly afterward, switching to international accounting standards "during the transition period," he said. A law on consolidated financial accounting, passed last year, stipulates the switch to the international accounting standards. In April, the government signed an agreement with the IFRS Foundation, allowing it to use these standards locally. Under the agreement, the government obtained the copyright for the Russian translation of the IFRS requirements, enabling the use of the international standards in all Russian-speaking countries. Putin said that adopting such standards was "an important step in developing our financial system, increasing its transparency." Analysts agreed the switch was a positive step that would increase the attractiveness of Russian companies. "It is a positive step for the investment climate to mandate the use of accounting standards that are recognized and understood across the globe," said Andrew Cranston, senior partner at KPMG in Russia and the former Soviet Union. "Many large companies have already been using IFRS for a number of years to enable them to access international financing, therefore there is already a very strong body of experience in Russia in using these standards," he said in e-mailed comments. "For those that have not used IFRS before, there is quite a steep learning curve." Adopting international standards in such a short period could prove challenging for some companies, said Galina Ryltsova, Continue Reading