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Archive for the ‘Banking Glossary’ Category

Department helps to develop local IT skills

Posted by Levi Dynon On Jan - 31 - 2019

The Information Systems Division (ISD) of the Department of Economic Development is seeking two trainee IT (Information Technology) staff as part of its commitment to developing increased IT skills on the Island.

The Minister for Economic Development John Shimmin MHK said:

“The Isle of Man has a world-class Information and Communication Technology (ICT) infrastructure and related businesses including e-gaming and software development which offer substantial growth opportunities.”

“One of the key challenges the sector faces is in recruiting skilled staff. Several businesses are struggling to find sufficient skilled IT staff; this is the case across Europe.

Tags: Skills

Age Partnership publish ‘best buy’ annuity rate at 6.28%

Posted by Levi Dynon On Jan - 27 - 2019

Age Partnership could help you get a better annuity rate compared to other providers in the market.

The Financial Times and Daily Mail have recently released their ‘Best Buy’ rate for an annuity quote.*

Based on a 65 year old man, The Financial Times has published an annuity rate at 5.84%. The

Offshore Account Holders Beware. More Swiss Bank Account Information to Be Turned Over to the IRS

Posted by Levi Dynon On Jan - 19 - 2019

In a move which should send shivers through the spines of delinquent FBAR (Foreign Bank Account Report) filers the Swiss Federal Supreme Court has granted the IRS’ request for the names of U.S persons holding “secret” Swiss bank accounts. The IRS had originally submitted a so-called group request in September 2011, but an account holder brought an appeal to the Swiss Federal Administrative Court which held that the group request was too vague and amounted to a fishing expedition. The IRS amended its group request, and the Federal Administrative Court ruled the amended request was allowable under the provisions of 1996 Convention between the United States and Switzerland for the Avoidance of Double Taxation with Respect to Taxes on Income (the “Treaty”).

Under the Treaty, the Swiss will supply information if the IRS can show a suspicion of “fraud or the like.” Since Swiss and U.S.

The Federal Tax Gap

Posted by Levi Dynon On Jan - 11 - 2019

The IRS collects 96 percent of the government’s total receipts, approximately $2.7 trillion in FY 2008. The vast majority of those revenues come from taxpayers who voluntarily report and pay the taxes that they owe. The IRS has estimated the overall voluntary compliance rate to be approximately 84 percent. Despite the voluntary compliance rate and vigorous enforcement by the IRS, a significant amount of revenue remains unreported and unpaid. In 2005, the IRS estimated this gross tax gap to be approximately $345 billion. After subtracting revenue obtained through enforcement actions and other late payments, the IRS estimated the net tax gap to be approximately $290 billion. T

Tags: Tax, Tax Gap

Are You Destine To Be An Entrepreneur Or Not (Infographic)

Posted by Levi Dynon On Jan - 3 - 2019

Do you have aspirations of being the next Warren Buffet or Donald Trump in the business world or would you rather just hang onto your day job?  In todays article I have a simple but informing infographic that walks you through the process of deciding whether being the big entrepreneur is really meant for you.

I can tell you that Ive always been a born entrepreneur in that I hate when someone has their thumb on me telling me how to do everything.  After following infographic I found I was a number 1, a natural entrepreneur.  If you dont know what that means yet just read the infographic below and youll see what I mean.

As far as being an entrepreneur I can understand why I like it so much.  My father was a business owner for his entire life and I got to see first hand how much freedom and leeway he had with his time.  He