Tax Management Market to reach US $32 billion by 2025 – Global Insights on Key Trends, Growth …

The advent of blockchain technology is expected to boost the adoption of tax management software solutions. Email Print Friendly Share. October 22, …

Dallas, Texas, Oct. 22, 2020 (GLOBE NEWSWIRE) — The “Tax Management Market by Component (Software and Service), Tax type (Direct Tax and Indirect Tax), End Users (Individual and Commercial), Industry Vertical (BFSI, Retail, Manufacturing, Healthcare, IT & Telecom, Media & Entertainment, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America), Global Forecast, 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.

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The global tax management market size is anticipated to reach nearly USD 32 billion by 2025. In addition, it is expected to exhibit a CAGR of nearly 12% during the forecast period 2020-2025. Tax management refers to the management of funds and assets to pay taxes. The primary objective of tax management is to fulfill the provisions of income tax rules and regulations. Also, it comprises tax deduction at source, auditing of accounts, filing of tax returns in time, and others.

The existing and future tax management market developments are outlined to determine the attractiveness of the market. Key impacting factors highlight the tax management market opportunities during the forecast period. Factors such as the increasing number of transactions due to digitization across numerous industry verticals. Besides, complexities associated with the existing tax systems are also one of the major reasons driving the tax management market growth. However, the growing concern about the confidentiality of data is expected to hamper the market growth. Furthermore, the advent of blockchain technology is expected to offer major growth opportunities for the market in the forthcoming years.

Browse the full report with Table of Contents and List of Figures at https://www.adroitmarketresearch.com/industry-reports/tax-management-market

The report also highlights various characteristics of the global tax management industry by valuing the market through value chain analysis. In addition, the report comprises several qualitative features of the tax management industry that covers market drivers, restraints, as well as key industry opportunities. Additionally, the report offers a comprehensive valuation of the market rivalry along with company profiling of local as well as global vendors.

The tax management market has rigorous competition between the pre-established and new emerging market players. Also, the tax management industry players are aiming at potential markets to seize a competitive lead over the other industry players by forming acquiring new startups & other companies, agreements, forming collaboration and partnerships, mergers & acquisitions, and expanding their business presence.

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Based on the component segment, the market is divided into software and services. In 2019, the software segment gathered the highest market revenue and it is projected to remain dominant throughout the forecast period. The dominance of this segment is primarily attributed to the increasing preference for cloud-based software deployments. However, the services segment is projected to attain the highest growth during the forecast period.

The North America region is anticipated to gather the highest market share during the forecast period. The dominance of this region is primarily accredited to the increasing investment in new sports analytics technology. However, the Asia-Pacific region is expected to experience the highest growth during the forecast period 2020-2025. The market growth in this region is mainly attributed to the increasing number of sports leagues and the growing trend of digitalization in this region.

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The major players of the global tax management market are SAP, Wolters Kluwer, Vertex, Avalara, Intuit, Outright, H&R Block, ADP, Blucora, and Sovos. Moreover, the other potential players in the tax management market are Canopy Tax, DAVO Technologies, Defmacro Software, Sailotech, and TaxCloud. The recognized companies are coming up with innovative and new tax management software solutions. For instance, in November 2019, Avalara, a tax compliance automation software provider partnered with Open Systems, Inc., business management software Solution Company. With this partnership Open Systems, Inc., integrated with Avalara’s SouthWare ERP and ProcessPro solutions to provide a comprehensive view of an entire operation to their customers which would further allow them to make data-driven decisions.

Major Points from Table of Contents:

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Executive Summary

Chapter 4 Market Outlook

Chapter 5 Tax Management Market by Component

Chapter 6 Tax Management Market by Tax Type

Chapter 7 Tax Management Market by End Users

Chapter 8 Tax Management Market by Industry Vertical

Chapter 9 Tax Management Market By Region

Chapter 10 Competitive Landscape

Chapter 11 Company Profiles

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Bellevue council votes to increase sales tax to support affordable housing

Bellevue City Council has voted to increase sales tax by one-tenth of 1%, the revenues intended for affordable housing projects and services.

Bellevue City Council has voted to increase sales tax by one-tenth of 1%, the revenues intended for affordable housing projects and services.

The sales tax increase is a result of House Bill 1590, which allowed counties to impose a one-tenth of 1 cent sales tax with at least 60% of revenues needing to go toward affordable housing or homelessness-related services.

Because King County Council did not vote for the sales tax increase by Sept. 30, a state-set deadline, the county lost exclusive rights to the tax increase and cities were able to use a council vote to collect the increase in sales tax for themselves. As a result, multiple cities fast-tracked votes to increase their sales tax and keep control of the revenues, before King County could vote to collect the revenues for itself.

Of the cities to enact their own sales tax increase, and therefore control 100% of the revenues for affordable housing generated within city limits, Bellevue has the largest tax revenue share so far with an estimated $8.9 million a year. Other cities include Renton, Issaquah, Kent, Covington and Snoqualmie.

Like other cities, Bellevue officials argued the vote gives the city more control on how the tax revenue is spent.

King County Executive Dow Constantine’s proposed budget includes the regional sales tax increase as a funding source to purchase housing for the chronically homeless throughout the county. Now the county will have less money for that plan at the discretion of Bellevue and other cities who are controlling their shares of the tax.

Bellevue has shared it’s affordable housing plans involve providing for a range of income housing like families, seniors on fixed incomes, and first time home buyers. The city is one of the least affordable in the Seattle area.

The new tax takes effect at the beginning of 2021.

In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@bellevuereporter.com.

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Vancouver Chartered Professional Accountants Discuss Tax Structure when Buying an …

Vancouver Chartered Professional Accountants Discuss Tax Structure … Vancouver, BC — (ReleaseWire) — 10/15/2020 — With the reopening of the BC … of fields—including restaurants, real estate, retail, and the service industry.

Different methods for acquiring a business can impact purchase cost and tax benefits

This press release was orginally distributed by ReleaseWire

Vancouver, BC — (ReleaseWire) — 10/15/2020 — With the reopening of the BC economy, business owners can finally pursue all the goals contemplated during the lockdown. For those wondering about the tax and legal considerations of acquiring a business, the Vancouver chartered professional accountants at Mew + Company have recently published an article on this subject. For more, go to https://www.mewco.ca/blog/tax-structure-when-buying-an-incorporated-business/

After a quiet and somewhat painful summer in BC, the economy is slowly chugging along. As business owners begin to put plans that were on-hold into action, it’s advisable to consider the tax ramifications, particularly if plans include business acquisition.

For owners acquiring new businesses, there are two ways this is done: buying the shares of the company or buying the desired assets of the company.

Share Purchase

A share purchase is simply when the buyer buys the shares of the corporation from the current shareholder. From a tax perspective, share purchase is relatively straightforward for both parties. The presale assets, liabilities, and all relevant tax values of the company are inherited by the new shareholder.

If the company continues in the same line of business, the non-capital losses carry forward and can be used to offset future operating gains under the new ownership. Due to the relative simplicity of a share purchase, professional fees could be lower. The downside of a share purchase is the legal responsibility for future tax reassessments, past environmental pollution, or any other non-tax legal claims also pass onto the new shareholder.

The most significant benefit of a share purchase transaction is for the vendor. The lifetime capital gains exemption of $ 866,912 can be used to reduce the taxable capital gain. Understanding this sizeable tax benefit to the vendor on a share purchase will impact the negotiated price.

Asset Purchase

The other way to acquire a business is to buy strategic assets, which could be almost all the assets of the business. This method requires that assets being acquired be valued based on the current negotiated price with any excess of the purchase price over the fair market value of tangible assets allocated to goodwill. Hence, the buyer gets to record the acquired assets at the price paid, getting the benefits of capital cost allowance on the higher “bumped up” asset values in the future.

For the vendor, the sale of assets creates more accounting and legal work. The sale of the assets is by the company, not the shareholder. Hence, the company reports the gains and losses. Then there is also personal tax consequence from the distribution of the company’s retained earnings as dividends.

The bottom line is the sale of assets is not the preferred choice for the vendor, so the buyer should expect to pay more.

As a firm of chartered professional accountants in Vancouver, the team at Mew + Company can assist in many purchase negotiations. Besides quantifying tax savings, an advisor can perform the required due diligence, providing the purchaser with greater security and peace of mind. More importantly, an accountant can advise on how to allocate the purchase for optimal business tax planning.

Anyone looking for personal or corporate tax planning services is encouraged to contact Mew & Company Professional Chartered Accountants in Vancouver at 604-688-9198.

About Mew + Company Chartered Professional Accountants

Mew + Company Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP

Mew + Company Chartered Professional Accountants

604 688 9198

Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/vancouver-chartered-professional-accountants-discuss-tax-structure-when-buying-an-incorporated-business-1310271.htm

Morgan Stanley Gains in Q3 Figures

Morgan Stanley (NYSE: MS) reported net revenues of $11.7 billion for the third quarter ended September 30, 2020 compared with $10.0 billion a year …

More earnings news emanated from the American banking sector Thursday.

Morgan Stanley (NYSE: MS) reported net revenues of $11.7 billion for the third quarter ended September 30, 2020 compared with $10.0 billion a year ago. Net income applicable to Morgan Stanley was $2.7 billion, or $1.66 per diluted share, compared with net income of $2.2 billion, or $1.27 per diluted share, for the same period a year ago.

The banking giant says the current quarter included intermittent net discrete tax benefits of $113 million which had an impact of $0.07 per diluted share.

Said CEO James P. Gorman, “We delivered strong quarterly earnings as markets remained active through the summer months, and our balanced business model continued to deliver consistent, high returns. The completion of the E*TRADE acquisition, the subsequent ratings upgrade from Moody’s, and the recently announced acquisition of Eaton Vance significantly strengthen our Firm and position us well for future growth.”

Institutional Securities net revenues reflect strong performance across all businesses with higher results in sales and trading and strength in equity underwriting.

Wealth Management delivered pre-tax income of $1.1 billion with a reported pre-tax margin of 24.0% (or 25.3% excluding the impact of a regulatory charge in the third quarter).

Results reflect strong fee-based flows and significant increases in bank lending and deposits.

Investment Management net revenues increased by 38% driven by record asset management fees and AUM.

MS shares picked up 30 cents to begin Thursday trading at $50.95

Pandemic-Driven Declines in Tourism Take Toll on Many States’ Revenues

Hawaii’s economy thrives on tourism and all the dollars spent at hotels, restaurants, and attractions throughout the state. So when the COVID-19 …

Hawaii’s economy thrives on tourism and all the dollars spent at hotels, restaurants, and attractions throughout the state. So when the COVID-19 pandemic forced business closures and grounded air travel in March, the islands sustained a major economic blow. Leisure and hospitality workers suffered massive layoffs, and the latest data covering August shows that state employment in the industry remained less than half of what it had been in February.

Nationally, leisure and hospitality jobs have endured by far the largest losses of any major industry. A review of U.S. Department of Labor jobs data for August, however, shows vast differences in how the industry has held up across states. Seven had incurred sharp reductions of a third or more from February’s pre-pandemic employment totals. A few others, meanwhile, had largely recovered from an initial wave of layoffs and were down less than 10%. For areas that lean heavily on tourism and hospitality, how the industry recovers matters not only for regional economies, but also for the vital tax dollars generated to fund state and local government budgets.

Leisure and hospitality employment dropped by more than 7.5 million jobs nationwide immediately following the business closures and travel restrictions issued in March. About half of the lost jobs, including temporary layoffs, have since been recovered in the industry, defined to include restaurants, drinking establishments, lodging, attractions, and related venues. Still, September job estimates remained down about 23% from February, three times the private sector’s total rate of decline.

The industry supports at least some jobs everywhere, but the resulting revenues are especially critical for tourism-dependent states. Leisure and hospitality workers accounted for a quarter of Nevada’s and nearly 20% of Hawaii’s labor force last year, for example.

The hit to Hawaii’s budget has been severe: The state’s latest revenue forecast shows an estimated 19.6% general fund tax revenue loss this year on top of a 9.7% decline in fiscal year 2020 from pre-pandemic projections. In fact, when estimated revenues for both years are compared to fiscal 2019, the cumulative decline in percentage terms is greater than any other nonenergy state, according to a Pew analysis of revenue forecasts.

No major source of tax revenue has gone unscathed. The most recent Hawaii Department of Taxation data shows that taxes on transient accommodations and rental vehicles had nearly vanished as of June, and excise taxes assessed on businesses were down about 16% over the year. Although these revenue streams sustained especially sharp declines, income taxes and other sources weren’t spared, either.

The state’s revenue losses aren’t surprising given the absence of tourists. The first week of October, the number of passengers flying to Hawaii was still down more than 90% from a year ago. Hotels and resorts have sustained severe losses as fewer travelers are checking in. Some remain open, albeit with limited capacity, but others have shut down entirely. In March, Governor David Ige (D) issued a mandatory 14-day quarantine for all arriving travelers that remains in effect. On Oct. 15, the state will implement a new pre-travel testing program that can exempt those testing negative for COVID-19 from the quarantine. Policymakers hope that could lead some tourists to opt not to cancel their plans.

Nevada also experienced a dramatic tourism slowdown. Like Hawaii, the state relies heavily on the industry to fund its budget: The hotel and casino industry generates about 38% of general fund revenue, according to figures published by the Nevada Resort Association.

In March, Governor Steve Sisolak (D) ordered nonessential businesses to close, shuttering casinos and cutting off a key revenue stream. Gaming revenues essentially disappeared as sales tax collections, which typically make up more than half of the state’s tax revenue, also plummeted. Casinos later reopened with restrictions in early June. Unlike Hawaii, Nevada has since recovered about two-thirds of the leisure and hospitality jobs it lost between February and April.

Still, the state’s gaming revenue remained down 22% over the year in August. More broadly, recent sales tax collections were down 18% in May and 4% in June.

Florida similarly expects to face sharper revenue reductions than most states, but its forecast shows smaller losses than Hawaii or Nevada’s projections. Sales taxes, which account for the bulk of the state’s revenues, are estimated to dip just 2% over the year in fiscal 2021.

The state’s economy is a long way from recovering, however, as leisure and hospitality employment remained 21% below February totals as of August. The pandemic canceled many spring break plans. Walt Disney World, which recently announced massive layoffs, and other major tourist destinations remained closed for months. In all, the number of visitors in the second quarter was down a staggering 61% from a year ago, according to Florida’s tourism bureau.

Tourism-Dependent States Project Significant Pandemic-Related Revenue Losses

The three most reliant on leisure and hospitality jobs expect major declines from prior forecasts

StateLeisure and hospitality share of total employment (2019)FY 2020 estimated revenue change from pre-COVID forecastFY 2021 estimated revenue change from pre-COVID forecast
Nevada25.1%-8.3%-18.2%
Hawaii19.3%-9.7%-19.6%
Florida14.0%-5.7%-10.0%

Source: Nevada Governor’s Finance Office, Budget Division representing FY 2020 actual totals and FY 2021 estimates as of July; Hawaii Council on Revenues forecasts published March 11 and Sept. 9; Florida Revenue Estimating Conference estimates published Jan. 15 and Aug. 14.

In sharp contrast, some areas of the country rely little on the industry for tax revenue. Leisure and hospitality employees last year made up the smallest shares of the workforce in Iowa and Nebraska, two states projecting among the least disruption to their budgets from the pandemic, according to a Pew review of state revenue forecasts. Nebraska Economic Forecasting Advisory Board members said the state’s economy was holding up better than elsewhere, in part because it relies less on hospitality services.

Hawaii (-53%), New York (-42%), and Vermont (-42%) have sustained the largest percentage losses in leisure and hospitality jobs from pre-pandemic totals in February, while industry employment is down only 6% in Indiana and Mississippi. But these jobs are more important to some states’ economies than others. The losses are most critical to Hawaii’s economy, where the sector accounts for nearly 1 in 5 jobs. The industry accounts for between 9% and 12% of total employment in nearly all other states.

Of course, many factors dictate states’ revenue losses. Government-mandated closures because of the coronavirus have shuttered many businesses. Other industries, such as energy and oil production, are also struggling. States’ varying tax structures further explain why some are projecting larger losses as certain revenue streams tend to be more volatile, particularly during a recession.

Going forward, how well the leisure and hospitality sector rebounds carries major implications for state budgets. So far, industry job growth has followed uneven trajectories across states. California, Hawaii, and New Mexico all posted flat numbers or slight industry job losses in recent months despite leisure and hospitality employment remaining down more than a quarter from February. Other states have experienced stronger recoveries. Some segments of the industry, too, face larger deficits. About 40% of U.S. hotel jobs (excluding casinos) and half of performing arts and sports positions have been eliminated temporarily or permanently since February, compared with 19% for restaurants and other eateries.

In the coming months, much of the industry’s fateand that of several states’ budgetswill depend largely on the course of the pandemic.