tax compliance

Welcome to Episode 160 of The Numbers Game. In this episode, we delve into the world of tax fraud, exploring cases ranging from a $180 Million Tax Fraud to the TikTok GST Fraud. We look at the mechanisms of these scams, the failures of the Australian Tax Office in catching them, and the surprisingly low repercussions for tax fraud in Australia.

On this episode, we discuss:

• Unpacking the $180 Million Tax Fraud Case
• Detailed Explanation of the Fraud Mechanism
• Discussion on the ATO's Efforts and Failures
• How the System Fails to Catch Tax Fraud
• Conversation about a Client's 18-Year Tax Evasion Experience
• Discussion about the Lack of Repercussions for Tax Fraud in Australia
• Conversation about the TikTok GST Fraud
• Explaining the Mechanics of the TikTok GST Fraud
• Introduction to the Bank of Samoa Fraud

Check out the free resources from Inovayt here.

Send us an email: hello@thenumbersgamepodcast.com.au

The Numbers Game is brought to you by Future Advisory & Inovayt.

Hosts:

Nick Reilly

Jason Robinson

Martin Vidakovic

This podcast is produced by VIDPOD.

I'm thrilled to share with you the highlights of my recent podcast episode where I had an enlightening conversation with Matt, an expert in e-commerce and a fractional CFO. We delved into the world of e-commerce, discussing how to increase profits while reducing stress. Here are some key takeaways:

1. The Journey to Becoming a Fractional CFO: Matt shared his inspiring journey from being a CFO for a private equity group to becoming a fractional CFO for e-commerce businesses. His decision to prioritize family over long commutes is a testament to his values.
2. Financial Transformation: Matt's strategic decisions led to a significant improvement in his company's net income. His love for accounting and finance played a crucial role in this transformation.
3. The Power of Adaptation: Matt's success can be attributed to his ability to adapt his value proposition to meet customer needs. He also benefited from being an early player in the fractional CFO industry.
4. Common Business Mistakes: Matt shared some common mistakes businesses make, such as over-hiring and restocking slow-moving SKUs. His advice? Hire slowly and prune the bottom 10% of SKUs every quarter.
5. The Importance of Slow Growth: Matt emphasized the importance of slow and restrained growth. Scaling too fast can lead to problems like drop leads and mass churn.
6. Personal Insights: Matt revealed his passion for MMA, specifically Brazilian Jiu-Jitsu and kickboxing. He also shared his blue-collar background and his vision for the future.
7. The Challenges of Being a Fractional CFO: Matt discussed the challenges he faces as a fractional CFO for multiple businesses, including stabilizing lead generation and building a strong client success team.

I hope these insights spark your curiosity and inspire you to listen to the full podcast episode. Matt's journey and expertise offer valuable lessons for anyone involved in e-commerce or considering a career as a fractional CFO.

Next Steps

• Share your thoughts with a review - https://www.thedealscout.com/reviews/
• Let's connect on LinkedIn - https://www.linkedin.com/in/joshuabrucewilson/
• Subscribe and Watch on YouTube - https://www.youtube.com/channel/UCBQN_Y3nhDGClfMxCSBDjOg

In this podcast episode, we will discuss how to manage sales tax for your ecommerce business. Our featured guest on the show is Jared Smithson, General Manager at RJM Tax Exemption.

On the Show Today, You’ll Learn:

• How to avoid common tax pitfalls and ensure long-term financial success.
• How merchants can ensure tax compliance before selling in the US.
• How businesses can calculate and display taxes on their product detail pages.
• How Shopify helps e-commerce businesses calculate and manage sales taxes.
• Potential consequences of mishandling sales tax for your business.
• How businesses can rectify past sales tax compliance issues.
  
  

Links & Resources

Website: https://www.rjmtaxexemption.com/
LinkedIn: https://www.linkedin.com/company/rjmtax/
Instagram: https://www.instagram.com/rjmtaxexemption/
Facebook: https://www.facebook.com/rjmexpand/

Get access to more free resources by visiting the podcast episode page at
bit.ly/462NSE9


Episode Sponsor

StoreHero: The ultimate profit platform for ecommerce brands & agencies. Centralize your ecommerce, marketing & finance data for a crystal-clear view of unit economics, margins & profitability. Save 10+ hours weekly and gain insights into contribution margins. Equip your business with the tools for sustainability and profit. Log in to storehero.ai and start making informed decisions today!

For inquiries about becoming a guest or sponsoring the podcast, email claus@clauslauter.com.

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Did you know there’s a difference between work-from-home and remote work? While many use the terms interchangeably, there are important differences between the two when it comes to where your employees can work. Today’s guest is ready to help you understand these distinctions and navigate the complex tax implications of hiring remote and work-from-home employees. 

Deanna Baumgardner, owner of Employers Advantage, provides insight into how to handle compliance with tax laws for employers that hire off-site workers. Do you follow tax laws of your location or where the employee is located? What if they take their computer with them on a trip to Europe? What laws are you bound to then? Join us in this compelling conversation that will help keep your business out of hot water.  

About Your Host

DCA Virtual Business Support President, Denise Cagan, has been working with small businesses for over 20 years. She has served on the boards of professional organizations such as Business Leaders of Charlotte (BLOC) and the National Association of Women Business Owners Charlotte (NAWBO). Denise is also a graduate of the Goldman Sachs 10,000 Small Business Program, which is a program for small businesses that links learning to action for growth-oriented entrepreneurs.

Recognized as a facilitator, problem solver, and builder, Denise enjoys speaking to business groups about social media for small businesses and motivating remote and work-from-home (WFH) teams. She holds a Bachelor of Science in Quality Systems Management from James Madison University. With extensive experience in outsourcing solutions that provide administrative, creative, marketing, and website support, she is able to help other small businesses grow and thrive.

Connect with Denise

DCA Virtual Business Support website.

View and listen to Podcasts with Denise Cagan.

LinkedIn

Expert guests David Gannaway and Frank Weigand join IMS Client Success Advisor and podcast host Adam Bloomberg to discuss how the latest trends in digital asset regulation, cryptocurrency litigation, and tax compliance are shaping US financial markets. They will also cover recent SEC developments with Binance and Coinbase.

Visit our website for more of the IMS Insights Podcast.

IMS has delivered strategic litigation consulting and expert witness services to leading global law firms and Fortune 500 companies for more than 30 years, in more than 43,000 cases. IMS consultants become an extension of your legal team from pre-suit investigation services to discovery and then on to arbitration and trial. Learn more at expertservices.com.

In our last episode, we talked with our partners from Avalara about the basics of sales tax compliance and why it's crucial for businesses. We're taking it a step further in today's episode and sharing a story from one of our ZoneBilling customers, Nichole Peterson from Chatmeter.

Nichole shares her company's journey to becoming and staying compliant with ever-changing sales tax regulations. From identifying the need for process efficiencies to finding a solution that worked for them, she gives a clear picture of the struggles and triumphs along the way. Plus, we also explore the idea of a world without worrying about sales tax. Hmm, is it a dream or a reality? Let’s find out together!

P.S. Be sure to catch the final episode in this 3-part series on sales tax complexity and compliance, which will air on February 17. In this episode, you'll hear about what it is like to have seamless tax compliance and how technology can simplify the entire process. It's gonna be a good one. Stay tuned!

Let’s face it — nobody likes doing taxes. And staying on top of changing codes, rates, and regulations can be a time-consuming endeavor for companies. Avalara is a tax compliance automation platform that’s making tax solutions easier for businesses all around the world. Avalara’s EVP of Engineering and CTO Danny Fields joins us to discuss the wide scale of innovation required to deliver fast and accurate tax computations globally, and why companies still using manual methods should make the switch to automation now.

Tune in to learn:

• What is Avalara and what does it do? (01:09)
• How Avalara keeps track of constant changes in the tax code (10:45)
• What it was like moving Avalara toward automation (16:39)
• Why some companies are slow to adopt tax automation (27:03)

IT Visionaries is brought to you by Salesforce. With Salesforce’s low-code app dev tools, you can be more efficient, more productive and save money by reducing development time by up to 90%. Get Salesforce’s Low-Code Playbook and increase time to value for your team and your customers. Download the free playbook today.

Mission.org is a media studio producing content for world-class clients. Learn more at mission.org.

Are you feeling overwhelmed by the tax and accounting side of running a business? If you’re not a CPA, taxes can be scary - but they don’t have to be! Let’s simplify some basic accounting & tax tips to look out for when you start your business.

In this episode, I interview Wendy Barlin, a CPA and Tax Strategist who helps entrepreneurs save money on their taxes and get their businesses organized. She shares how she got started in business, the biggest mistakes she sees entrepreneurs making with their taxes, and what she personally does to strategically reduce her taxes.

Wendy also walks you through the steps on what you should do if you get audited by the IRS and the resources you can use to stay compliant and organized throughout the year. So if you are ready to learn how to take advantage of deductions, save money on taxes, and set yourself up for financial success, this episode is for you!

Join us as we discuss:

(1) How the world of accounting is changing post covid

(2) Why entrepreneurs should care about their taxes and finances

(3) What tax deductions and write-offs are available for entrepreneurs

(4) How to accurately document expenses and track income

(5) Tax audits and how to prepare for them

(6) The biggest tax myths when it comes to entrepreneurship

(7) How your business structure affects your tax bill

(8) The best bookkeeping and accounting software for entrepreneurs

(9) Wendy's top resources she recommends to help you with your tax planning

(10) Wendy’s advice for anyone who wants to start their own business but is feeling intimidated by the financial side of things


Sponsors

Extra Credit
This episode is sponsored by Credit.com. Need to get a handle on your credit? Extra Credit can help you build your credit history and improve your credit score by reporting things like your rent and utility payments. See where your credit really stands and sign up for extra credit today at credit.com/lindsayhanson. You can cancel anytime, and the first seven days are free!

Basecamp
This episode is sponsored by Basecamp. Basecamp is a project management and team communication app used by thousands of companies to help you stay organized, stay in touch, and get things done more efficiently. It's an all-in-one toolkit for remote work, with message boards to dos calendars, document sharing, group chats, and more. Go to basecamp.com/lindsay and sign up today for a free 30-day trial!


Resources
Connect with Wendy
Website: http://wendybarlin.com
Instagram: https://www.instagram.com/wendybarlincpa
LinkedIn: https://www.linkedin.com/in/aboutprofitconsultant

Profit First: https://mikemichalowicz.com/profit-first

Want more tips to help you launch & grow your online business? C

For more biz tips, BTS moments, and pissing off corporate bros, follow me on social media @lindsaymhanson! Instagram | TikTok

Want more tips to help you launch & grow your online business? Click here to join the FREE Quit Your Job, Sis Facebook Community!

Need a coach or social media manager to help you launch & grow your online biz? Work with me!

In the penultimate episode, Natalie is joined by Paul Joyce, a partner in Mazars’ Mergers and Acquisitions team. They discuss employee-owned trusts as an alternative route to succession. Trusts come in many different structures that can be incredibly flexible and tax-efficient, but ultimately whether they are appropriate or not often depends on specific business objectives. An Employee Owned Trust provides a structure to purchase a controlling interest in a company at market value without any capital gains tax. As well as the obvious tax advantages, it provides a framework resulting in less disruption, greater confidentiality, and more opportunities for the existing employees and family members to acquire ownership and control. 

Guest

Paul Joyce 

Mazars Family Business Services

Exploring Family Business Podcast Episodes

Family Business Survey 2020

How understanding your funding options can re-shape your succession plan

Private debt is an asset class that has fared strongly against the backdrop of the current global crisis. On 15 April 2021, IQ-EQ hosted an exciting virtual debate on the topic of ‘Debt is dead. Long live debt!’ between experts Richard Vague and Gabriel de Alba, moderated by IQ-EQ’s Group Head of Funds, Justin Partington.

Richard Vague is the Chairman of the Governor’s Woods Foundation and author of The Next Economic Disaster. He has previously been co-founder, chairman and CEO of Energy Plus and the co-founder and CEO of First USA and Juniper Financial. 

Gabriel de Alba is an international investor who has recapitalised, restructured and built businesses across the US, Europe, Canada and emerging markets.

The debate addressed six core statements relating to private debt:

1.     Private debt seems to thrive in crisis only. Agree or disagree?

2.     Private debt is a safe investment in a changing environment. Agree or disagree?

3.     Is this the right time for debt, and how best to execute a debt strategy?

4.     ESG will ensure further transparency in private debt as per other asset classes. For or against?

5.     Covenant-lite loans are often referred to as the scourge of corporate lending. Agree or disagree?

6.     Debt is dead. Long live debt! Agree or disagree?

If you’d prefer to read a recap of the key debate highlights, please click here.

IQ-EQ is thrilled to share a recording of the third webinar within our global series that aims to shed light on the reality and practical issues of economic substance in all key investment hubs. In this session, we focus on the Isle of Man. 

IQ-EQ’s Group Investment Structuring Leader, Pascal Rapallino, kicks off the event by providing a brief overview of the series. He is joined by two expert panellists: Robert Rotherham, Partner at KPMG, and Craig Brown, Managing Director of IQ-EQ Isle of Man.

Robert Rotherham presents the latest updates affecting economic substance in the Isle of Man, while Craig Brown elaborates on the best practices to ensure economic substance compliance.

In this episode, IQ-EQ’s Head of Funds for Jersey, Malcolm Macleod, sits down with Grant Thornton’s Jessica Patel and Ogier’s Sophie Reguengo to discuss the merits of Jersey as a jurisdiction for real estate structuring.

Jessica Patel is a partner in Grant Thornton’s Real Estate & Construction team, based in London. She has significant expertise structuring UK and international property transactions with extensive knowledge advising clients on tax across the property investment and development lifecycle. Jessica works with a number of funds and REITs and leads M&A real estate transactions including due diligence and SPA advice for corporate acquisitions.

Sophie, meanwhile, is a partner in Ogier’s Investment Funds team in Jersey and the firm’s multi-disciplinary Private Equity team. She is a highly experienced investment funds and regulatory lawyer with over 15 years in the funds industry, focused primarily on private equity and real estate structures. She advises private and public funds in relation to fund formation and raising capital, regulation, fund finance, acquisitions and sales, restructuring and winding-up.

Together, they share valuable insight into why Jersey remains a jurisdiction of choice for real estate structuring as well as the most popular Jersey structures and the types of asset/investor using them. They also discuss the recent UK tax changes and wider tax considerations relating to Jersey, before sharing what they see as the hottest topics for real estate in 2021.

In this episode, IQ-EQ’s Jimmy Leong chats to Teo Wee Hwee, Tax Partner and Head of Real Estate & Asset Management at KPMG in Singapore. Together they discuss the taxation of carried interest, a hot topic for GPs and key factor in determining the attractiveness of a location for alternative investment managers. 

Asian investment hubs understand the importance of this aspect; for instance, Singapore offers a special rate on fund managers’ performance fees and Hong Kong has recently issued a proposal to provide a tax concession for carried interest distributed in respect of private equity transactions. 

Wee Hwee has practised tax for over 23 years and has extensive experience in structuring single country and multi-jurisdictional funds with an Asian focus. He has expertise in fund formations and is familiar with fund platforms in Singapore, Luxembourg, Cayman Islands and Labuan among others, as well as tax efficient divestment planning opportunities for funds with multiple exit strategies. He is also an expert in structuring carried interest from both a corporate and personal tax perspective.

Matt Line is the Special Agent in Charge of the Charlotte Field Office at the Internal Revenue Service-Criminal Investigation.  He is responsible for the day to day operations of the criminal investigations in NC, SC, and TN.  He oversees approximately 100 special agents and professional support staff.

https://www.irs.gov/compliance/criminal-investigation

In this episode, we discuss:

1. The role of IRS criminal investigation in tax compliance
2. The criteria of a good criminal investigation
3. What are the best characteristics of a criminal investigator.
4. The various specialized duties available to IRS special agents
5. The typical day of an IRS special agent

IQ-EQ is pleased to share a recording of the second webinar in our new global series that aims to shed light on the reality and practical issues of economic substance in all key investment hubs. 

For this second session, which focused on Switzerland, we were joined by two expert panellists: Olivier Cavadini, Partner at Charles Russell Speechlys SA, and Janet Palmiero, Associate Director at IQ-EQ Switzerland. Serge Richard, Managing Director of IQ-EQ Switzerland, moderated the panel and Q&A session.

During the webinar, Olivier Cavadini provided an overview of the substance requirements in Switzerland, while Janet Palmiero shared her insights and best practice case studies to help companies ensure their local entities achieve compliance.

IQ-EQ’s Kevin O’Connell chats to Beth Houghton, Partner and Head of Impact, and Stephanie Wall, ESG Director, at UK investment firm Palatine Private Equity. Together, they discuss how the Covid-19 pandemic has accelerated the growth of ESG-focused funds and how the private equity industry can embrace this opportunity for change. 

In addition, Beth and Stephanie share the key criteria Palatine looks for when acquiring portfolio companies and discuss how they believe the private equity market will look one year from now.

Beth joined Palatine in 2007 after having previously spent 10 years as a management consultant. She holds an MBA with distinction from Manchester Business School. Beth leads Palatine’s Impact fund, and has recently been named in Real Deals’ Future 40 Diversity and Inclusion Leaders list.

Stephanie joined Palatine in 2018 from an environmental consultancy and has 10 years’ experience in the responsible investing space. 

Palatine is a UK-based, mid-market private equity firm with an unrivalled reputation for balancing sustainability and ESG with market-leading returns. Its main focus is on ensuring that ESG contributes directly to the long-term success and sustainability of its portfolio companies.

Here we are pleased to share a recording of our recent webinar in partnership KPMG Singapore, which examined Singapore as a leading jurisdiction for funds. 

Hosted by IQ-EQ Singapore’s Sukanya Lal, the December 2020 session took the form of a panel discussion followed by a live Q&A session. Joining Sukanya on the panel were:

·       Anulekha Samant, Tax Partner - Asset Management, KPMG Singapore

·       Kalpesh Desai, Partner - Deal Advisory, M&A Tax and Private Equity Tax, KPMG India

·       Nandini Navale, Director - Asset Management, KPMG Singapore

Throughout the insightful session, our expert panellists discussed the trends in onshore platforms in Singapore as well as some of the key commercial, tax and legal considerations for investors. 

The discussion covered the reasons behind Singapore’s increasing popularity as a funds domicile, the various fund regimes now available in the jurisdiction including an update on the new Singapore VCC vehicle and its use across various fund strategies, fund management licensing requirements in Singapore, and more.