A contract undertaken by a self-employed individual, distinguishing it from a contract of employment. Understanding the distinction is crucial for tax purposes.
Depreciable Life refers to the period over which the cost of an asset is spread for tax purposes, or the estimated useful life of an asset for appraisal purposes.
A detailed explanation and exploration of the term 'Duty,' including its application in taxation, fiduciary obligations, and additional contexts.
KPMG is one of the Big Four international professional services networks, providing audit, tax, and advisory services across over 150 countries.
A Notice of Deficiency is a formal notice issued by the Internal Revenue Service (IRS) to a taxpayer, outlining the amount of additional tax owed and a summary of how the deficiency was calculated. This notice must be sent to the taxpayer's last known address to be legally valid.
An in-depth explanation of Personal Interest Expense, how it differs from business interest expenses, examples, FAQs, related terms, and additional resources.
An international network of professional services firms recognized as one of the Big Four, alongside Deloitte, Ernst & Young, and KPMG. PwC offers assurance, tax, deals, and consulting services globally.
PricewaterhouseCoopers (PwC) is one of the world's largest professional services networks, offering auditing, assurance, tax, consulting, and advisory services.
Understanding the concept of self supply in the context of Value Added Tax (VAT) when dealing with commercial buildings used for exempt purposes.
Stamp Duty is a tax collected for stamping legal documents, primarily related to the transfer of shares, securities, and land. It is calculated based on the consideration given, with a specific rate that may be rounded up to the nearest multiple of a designated currency unit.
The Year of Assessment (YA) is the calendar year in which income for the preceding year, referred to as the 'basis year,' is assessed for tax purposes. It is a crucial concept in understanding the tax cycle and filing deadlines.
