Facebook Has Been Receiving Users’ Financial Info From Tax Preparers

Illustration by Gabriel Hongsdusit for The Markup

Major tax filing services such as H&R Block, TaxAct, and TaxSlayer have been quietly transmitting sensitive financial information to Facebook when Americans file their taxes online, The Markup has learned. The data, sent through widely used code called the Meta Pixel, includes not only information like names and email addresses but often even more detailed information, including data on users’ income, filing status, refund amounts, and dependents’ college scholarship amounts.

The information sent to Facebook can be used by the company to power its advertising algorithms and is gathered regardless of whether the person using the tax filing service has an account on Facebook or other platforms operated by its owner Meta.  Each year, the Internal Revenue Service processes about 150 million individual returns filed electronically, and some of the most widely used e-filing services employ the pixel, The Markup found.

When users sign up to file their taxes with the popular service TaxAct, for example, they’re asked to provide personal information to calculate their returns, including how much money they make and their investments. A pixel on TaxAct’s website then sent some of that data to Facebook, including users’ filing status, their adjusted gross income, and the amount of their refund, according to a review by The Markup. Income was rounded to the nearest thousand and refunds to the nearest hundred.

The pixel also sent the names of dependents in an obfuscated — but generally reversible — format. TaxAct, which says it has about 3 million “consumer and professional users” also uses Google’s analytics tool on its website, and The Markup found similar financial data, but not names, being sent to Google through its tool. TaxAct wasn’t the only tax filing service using the Meta Pixel.

Tax preparation giant H&R Block, which also offers an online filing option that attracts millions of customers per year, embedded a pixel on its site that gathered information on filers’ health savings account usage and dependents’ college tuition grants and expenses. TaxSlayer, another widely used filing service, sent personal information to Facebook as part of the social media company’s “advanced matching” system, which gathers information on web visitors in an attempt to link them to Facebook accounts.

The information gathered through the pixel on TaxSlayer’s site included phone numbers, the name of the user filling out the form, and the names of any dependents added to the return. As with TaxAct, specific demographic information about a user was obfuscated but still usable for Facebook to link a user to an existing profile. TaxSlayer has said it completed 10 million federal and state tax returns last year.

The Markup also found the pixel code on a tax preparation site operated by a financial advice and software company called Ramsey Solutions, which uses a version of TaxSlayer’s service. That pixel gathered even more personal data from a tax return summary page, including information on income and refund amounts. This information was not sent immediately upon visiting the page but only when visitors clicked drop-down headings to see more details of their report.

Even Intuit, the company that runs America’s dominant online filing software, employed the pixel. Intuit’s TurboTax, however, did not send financial information to Meta but, rather, usernames and the last time a device signed in. The company kept the pixel entirely off pages beyond sign-in.

“We take the privacy of our customers’ data very seriously,” Nicole Coburn, a spokesperson for TaxAct, said in an email. “TaxAct, at all times, endeavors to comply with all IRS regulations.” Angela Davied, a spokesperson for H&R Block, said the company “regularly evaluate[s] our practices as part of our ongoing commitment to privacy, and will review the information.”

Megan McConnell, a spokesperson for Ramsey Solutions, said in an email that the company “implemented the Meta Pixel to deliver a more personalized customer experience.”

“We did NOT know and were never notified that personal tax information was being collected by Facebook from the Pixel,” the statement said. “As soon as we found out, we immediately informed TaxSlayer to deactivate the Pixel from Ramsey SmartTax.”f

After The Markup contacted TaxSlayer, spokesperson Molly Richardson said in an email that the company had removed the pixel to evaluate its use. “Our customers’ privacy is of utmost importance, and we take concerns about our customers’ information very seriously,” she said, adding that Ramsey Solutions “decided to remove the pixel” as well.

Rick Heineman, a spokesperson for Intuit, said the company’s pixel “does not track, gather, or share information that users enter in TurboTax while filing their taxes,” although Intuit “may share some non-tax-return information, such as username, with marketing partners to deliver a better customer experience,” like not showing Intuit ads on Facebook to people who have accounts already. The company said it’s in compliance with regulations but has modified the pixel to no longer send usernames.

“This is appalling”

Mandi Matlock, a Harvard Law School lecturer focused on tax law, said The Markup’s findings showed taxpayers “providing some of the most sensitive information that they own, and it’s being exploited.”

“This is appalling,” she said. “It truly is.”

On Monday, after TaxAct was contacted by The Markup for comment, the company’s site no longer sent financial details like income and refund amount to Meta but continued to send the names of dependents. The site also continued to send financial information to Google Analytics. Also as of Monday, TaxSlayer and Ramsey Solutions had removed the pixel from their tax filing sites and TurboTax had stopped sending usernames through the pixel at sign-in. H&R Block’s site was continuing to send information on health savings accounts and college tuition grants.

How the Meta Pixel tracks users

Meta makes the pixel code freely available to anyone who wants it, allowing businesses to embed the code on their sites as they wish.

Using the code helps both Facebook and the businesses. When a customer comes to a business’s website, the pixel might record which items the customer browsed, say, a T-shirt, for example. The business can then target its ads on Facebook to people who looked at that shirt, allowing the business to find an audience that may already be interested in its products.

Meta wins financially, too. The company says it can use the data it gleans from tools like the pixel to power its algorithms, providing it insight into the habits of users across the internet. The strategy has been successful for Facebook. In 2018, the company told Congress that there were more than 2 million pixels across the web — a massive data-harvesting operation most internet users never see.

“The practice is ubiquitous,” said Jon Callas, director of public interest technology at the Electronic Frontier Foundation, who said he was left in “shock but not surprise” at The Markup’s findings.

Some of the sensitive data collection analyzed by The Markup appears linked to default behaviors of the Meta Pixel, while some appears to arise from customizations made by the tax filing services, someone acting on their behalf, or other software installed on the site.

For example, Meta Pixel collected health savings account and college expense information from H&R Block’s site because the information appeared in webpage titles and the standard configuration of the Meta Pixel automatically collects the title of a page the user is viewing, along with the web address of the page and other data. It was able to collect income information from Ramsey Solutions because the information appeared in a summary that expanded when clicked. The summary was detected by the pixel as a button, and in its default configuration, the pixel collects text from inside a clicked button.

The pixels embedded by TaxSlayer and TaxAct used a feature called “automatic advanced matching.” That feature scans forms looking for fields it thinks contain personally identifiable information, like a phone number, first name, last name, or email address, and then sends detected information to Meta. On TaxSlayer’s site, this feature collected phone numbers and the names of filers and their dependents. On TaxAct, it collected the names of dependents.

The data collected by the matching feature is sent in an obfuscated form known as a hash, which Meta states is used in order to “help protect user privacy.” But the company can generally determine the pre-obfuscated version of the data. In fact, Meta explicitly uses the hashed information to link other pixel data to Facebook and Instagram profiles.

This pixel feature was turned off by default when The Markup set up a test pixel attached to a business account but could be turned on by clicking a toggle during setup.

When TaxAct sent dollar amounts like adjusted gross income to Meta, they were transmitted as parameters to a “custom event,” which are sent only if the pixel is configured beyond the default by a website operator or another application the website operator adds to their site. TaxAct did not respond to questions about whether and why it configured the pixel in this manner.

Once a tax return was filled out on Taxact.com, information including an individual’s adjusted gross income, federal refund amount, and number of dependents was sent to Meta via the Meta Pixel. Data in the screenshots is not real user data. Image: Taxact.com and The Markup

There are limits to the types of data Meta says it will collect through the pixel. The company says it doesn’t want sensitive information sent to it, including financial data, and that it uses automated filtering to block potentially sensitive data. Its help center states that it prohibits sending information including bank account or credit card numbers or “information about an individual’s financial account or status.”

Still, one specific type of prohibited data — income — was exactly what two tax sites sent to Facebook, The Markup found. Data sent to Facebook by TaxAct suggests it was also previously sending a parameter labeled “student_loan_interest,” which is now being filtered by the pixel before being sent.

Meta says it doesn’t want to receive sensitive financial data

From January to July of this year, The Markup tracked websites’ use of the pixel as part of the Pixel Hunt, a partnership with Mozilla Rally. For the project, participating users installed a browser extension that provided The Markup with a copy of all data shared with Meta via the pixel.

The Markup initially discovered sensitive information was shared by the tax preparers through data shared by Pixel Hunt participants. The Markup then signed up for accounts on the companies’ web applications and used the “Network” section of Chrome DevTools, a tool built into Google’s Chrome browser, to replicate and confirm the data.

Earlier this year, with the help of Pixel Hunt participants, The Markup found sensitive data sent to Facebook on the Education Department’s federal student aid application website, crisis pregnancy websites, and the websites of prominent hospitals.

Meta collects so much data that even the company itself sometimes may be unaware of where it ends up. Earlier this year, Vice reported on a leaked Facebook document written by Facebook privacy engineers who said the company did not “have an adequate level of control and explainability over how our systems use data,” making it difficult to promise it wouldn’t use certain data for certain purposes.

At the time, a company spokesperson told Vice that Facebook has “extensive processes and controls to manage data and comply with privacy regulations.”

In response to The Markup’s questions about the tax websites’ use of the pixel, Dale Hogan, a spokesperson for Meta, pointed to the company’s rules on sensitive financial information.

“Advertisers should not send sensitive information about people through our Business Tools,” Hogan wrote in an emailed statement. “Doing so is against our policies and we educate advertisers on properly setting up Business tools to prevent this from occurring. Our system is designed to filter out potentially sensitive data it is able to detect.”

Google spokesperson Jackie Berté said in an email that the company “has strict policies against advertising to people based on sensitive information” and that Google Analytics data “is obfuscated, meaning it is not tied back to an individual and our policies prohibit customers from sending us data that could be used to identify a user.”

The IRS closely regulates tax data

Nina Olson, the executive director of the nonprofit Center for Taxpayer Rights, was the national taxpayer advocate at the Internal Revenue Service between 2001 and 2019, a position in the agency meant to represent the interests of taxpayers.

As part of her role at the IRS, she contributed to the development of regulations that govern disclosures of tax information. Olson said the IRS regulations controlling the way private tax filing services can use data are intentionally “very strong.”

Under the regulations she helped develop, tax preparers — including e-filing companies — can use the information they receive from taxpayers only for limited purposes; for anything beyond immediately facilitating filing, the preparer has to get signed consent from the user that explains the recipient and the precise information being disclosed.

The government goes so far as to prescribe even the font size of requests for disclosure, saying it must be “the same size as, or larger than, the normal or standard body text used by the website or software package.”

Penalties for disclosing data without consent can be steep

The penalties for disclosing data without consent are potentially steep: fines and even jail time are possible, although Olson said she wasn’t aware of any criminal cases that have been pursued.

The Markup reviewed the tax preparation websites for disclosures that specifically mentioned Meta or Facebook but did not find them. Instead, some companies included relatively broad disclosure agreements.

TaxAct, for example, requested users approve sending their tax information to its sister company, TaxSmart Research LLC, so it could “develop, offer, and provide products and services” for users. It also stated, “TaxSmart Research LLC may use service providers and business partners to accomplish these tasks.” H&R Block, meanwhile, included nearly the same disclosure request so “H&R Block Personalized Services, LLC” could provide products of its own. Those sites provided the user with the option to decline to share tax information, although data was shared with Facebook regardless of which option users chose, according to The Markup’s tests.

Any disclosure from a tax preparer must provide the exact purpose and recipient to be in compliance, Olson said. “Do they have a list saying they’re going to disclose the refund amounts, and your children, and your whatever to Facebook?” she said. If not, they may be in violation of regulations.

The IRS declined to comment or answer questions about whether any of the sites sharing tax information were in violation of tax law.

No way out for taxpayers

American taxpayers have few options but to turn to private companies to file their returns.

Unlike other countries, the United States has a heavily privatized system for filing taxes, one that often requires the use of third-party tax preparers. In other countries, the government handles the calculations and taxpayers simply approve the numbers. But after a successful lobbying push from private companies, tax preparers in the US effectively act as middlemen between taxpayers and the government.

Tax preparation is now big business: market researchers have estimated that it’s a more than $11 billion industry in the United States.

A free preparation and filing option exists, but it’s limited to people making $73,000 or less and can be difficult to use. Companies offer their tax software at no charge through an agreement with the IRS but have been criticized for not making the option easily available.

Using the pixel, The Markup found that the IRS even effectively directs taxpayers attempting to file for free to some of the companies. A handful of tax preparation services — including TaxAct and TaxSlayer — are part of the agreement, known as the Free File Alliance. TurboTax and H&R Block have been part of the program in the past.

Harvard’s Matlock said The Markup’s findings showed the almost inevitable consequences of relying on for-profit companies to handle a government requirement. It’s a process that provides users little choice but to hand over their data to Facebook if they want to comply with the law, she said.

“It’s frustrating because taxpayers have been pushed into the arms of these private, for-profit companies simply to comply with their tax filing obligations,” she said. “We have no choice, really, in the matter.”

By Simon Fondrie-Teitler, Angie Waller Colin Lecher

Source: Facebook has been receiving users’ financial info from tax preparers – The Verge

.

Related contents:

Tax Filing Websites Might Have Given Facebook Your Financial Information: Report The Daily Caller

Facebook Under Scrutiny for Receiving Tax E-Filers’ Personal Financial Information (Report)

Tax preparation services have been sending ‘sensitive financial information‘ to Facebook: Report Just The News

03:40 Tue, 22 Nov
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The Weird and Wacky Things You Can Claim On Your Tax Return

Image Credit: The New York Public Library on Unsplash

This is the second in a three-part series on tax filing that looks at how business owners can maximize their tax savings. Here’s the first part.

It’s nearly the end of the tax year, and that can only mean one thing; it’s almost time to lodge your tax return.

Sure, it can be a stressful and time-consuming chore to get all your receipts together, even more so if you then choose to lodge your return yourself rather than using an accountant. Still, the chances are at the end of it, you’ll get a nice refund cheque back from the ATO to spend on your next holiday or to pay down your debt.

The key to maximising that refund is to make sure you claim all the deductions you’re entitled to. Most of those will relate to things you’ve purchased as part of your job or business. The general rule is that if a purchase is made to enable you to earn income or to operate your business, you can claim a deduction. Some of those deductions will be obvious, but some could be just a bit unusual….

Can you seriously claim a tax deduction for your pet pooch? Well, probably not. But there are circumstances where a deductible dog could be a real possibility.  If your business uses a guard dog to keep your premises secure, a dog is indeed deductible. It’s regarded as a capital asset of the business, and you can claim an immediate deduction for the whole cost using the very generous temporary full expensing tax break. Obviously, it needs to be a dog suitable for the purpose; a poodle is unlikely to cut it. The same logic applies to dogs on a farm, such as a sheepdog.

If you’re a professional performer (actor, musician, dancer, magician, circus performer, etc), there are all manner of strange deductions which you might look at claiming. Mime lessons? Absolutely. The cost of ceremonial swords? Certainly, if you’re a professional sword swallower. Acting classes, dance classes, musical instruments, magic tricks….if you make a living on stage or screen, a whole world of odd and interesting claims opens up to you.

Most offices these days have an array of pretty pictures dotted about the place, often in customer focussed spaces like reception areas and meeting rooms. Using the temporary full expensing tax break, you could be looking at an immediate tax deduction for your business for that fine canvas you’ve had your eye on. Just make sure it really is used in your business.

If the ATO finds out that the picture you claimed was in your office reception area is really hanging in your lounge room at home, your business will lose the deduction and end up paying more tax plus some interest and penalties! Again, provided they are used in a business context (perhaps as part of a communal recreation room in a factory or office), they should be deductible. If you just plan to put them in your own rumpus room at home, however, forget it!

It’s well established that you can claim a deduction for the tools you use in your trade. But depending on what your trade is, your tools could be very different to the hammers, spanners and drills usually claimed. If you work in the adult industry, you could be looking at a deduction for sex toys, lube, and “accessories”. You can only claim the business use element of course; if you use them in your personal activities, forget the tax deduction.

If you’re an exotic dancer, you could even consider a deduction for fake breasts; whilst we’re not aware of anybody making such a claim in Australia, it’s been successfully done in the USA, and there’s no reason in principle why it couldn’t be done under our law. Expect an awkward conversation with the ATO if you try it though. The key to claiming any tax deduction is to keep records such as invoices, receipts and bank statements.

If you are claiming something unusual, expect to be challenged by the ATO but if the way you earn your assessable income is aligned with the items you’ve claimed a deduction for, you should be OK, no matter how strange it is. And one final piece of advice; if in doubt about what you can claim, talk to a tax adviser at H&R Block, who’ll be able to give you specific guidance on your situation.

By: Mark Chapman

Source: The weird and wacky things you can claim on your tax return

Critics by eFile

See various ways to save money as well as how to save on taxes. Keep more of your money! Then, prepare your current year return on eFile.com and see how well your tax planning and saving went during the year – eFileIT.

Read below for various real-life scenarios to claim a tax break you may not have thought of.

  • Pets: There are some notable expenses you may be able to deduct relating to pets or animals:
  • Moving Expenses: If you lost your job and are relocating to start a new job, these moving expenses are tax deductible if you are an active duty military member or if you are an employee who has reimbursed expenses dated before January 1, 2019 and did not claim them on a prior tax return. The expense of moving your cat, dog, bird, or other pet from your old to new home is treated the same as moving your other personal properties.
  • Guard dog: If you have a dog that watched over your business location, pet care costs may be deductible as business expenses.
  • Pest control: A cat or other animal that keeps your business free of pests may come with deductible pet care expenses.
  • Foster or shelter volunteering: fostering animals may be eligible for charitable contributions and volunteer mileage is generally tax deductible.
  • Farming: the IRS may allow you to depreciate your farm animals as they age if they are used for breeding. The IRS once allowed a Louisiana farmer to depreciate the costs for his ostrich.
  • Service animal: expenses for a service animal may be deductible as medical expenses.
  • Cat Food Expenses: Under certain conditions, the cost of cat food might be considered a legitimate deductible expense. A junkyard owner bought cat food to attract local stray cats in order to drive away mice and rats. He claimed it as a business expense and it was approved by the IRS. The average house cat will likely not qualify because the cat would need to perform some task associated with the upkeep of a business.
  • Parenting, Lifestyle, Home:
  • Clarinet Lessons: A parent was able to deduct the expenses for clarinet lessons for her child because she claimed it corrected her child’s overbite. This was based on a 1962 case where an orthodontist argued that playing the clarinet helps correct a child’s overbite, thus allowing it to be claimed as a medical expense.
  • Babysitter Expenses: A mother claimed her babysitter expenses as a deduction because she was performing charitable deeds while she was away from her child. This would mean that you pay somebody to look after your child while you perform volunteer work for a charity. In this case, the tax court rejected and overruled an IRS revenue ruling when, despite not having the money go directly to a charity, a parent used the baby sitter expense as a charitable contribution while volunteering for a charity.
  • Leftover Wedding or Party Items: donated leftover decorations, food, flowers, or attire can be donated and may be deductible.
  • Family Wages Deduction: if you run a family business, wages you pay your kids may be deductible as business expenses.
  • Legitimate Business Expenses:
  • Cost of Body Oil: For one bodybuilder, it worked. He claimed a deduction for the cost of body oil that he used in competitions. The IRS didn’t seem to have any problem with this as it was a legitimate business expense.
  • Cost of Breast Implants: In 1994, one erotic dancer’s attempt to get more tips led her to undergo breast augmentation surgery. She then proceeded to deduct the expense from her taxes. A tax court judge ruled in favor of the dancer, stating that the implants were a stage prop, and thus a legitimate work expense that can be deducted.
  • Lawn Care Expenses: These expenses might be deductible, but your house will have to be your workplace and the state of your lawn would have to have relevance to the performance of your business. In one situation, a sole proprietor successfully deducted lawn care expenses as business expenses because he met his clients in his home office.
  • Private Airplane Expenses: A couple owned and rented out a condo that was a 7 hour drive away from their primary residence. To save time and money, they bought a private airplane and were able to deduct airplane expenses, like fuel and depreciation for business use, for the property management trips to their condo. However, it turned out that the expenses increased the overall loss on the rental condo.
  • Business Trips: Any business trip viewed as “ordinary and necessary” to the course of doing business by the IRS is eligible for a travel expense deduction. In one case, the owner of a dairy took a trip to Africa to conduct research on wild animals, and successfully claimed it as a business expense because it was relevant to his business.
  • Whaling Boat Repairs: Whaling boats need repairs and, since 2004, captains of whaling boats can deduct up to $10,000 for repairs, equipment purchases, and other expenses associated with the business. However, starting a whaling business to claim a deduction is not a smart move. Whaling is banned by the United States government and only certain Native American tribes are allowed to engage in it.
  • Medical Expenses:
  • Swimming Pool Costs: If you have a medical condition that would improve with a swimming pool exercise regimen, your swimming pool expenses might qualify as a deductible medical expense. This happened in the case of an arthritis patient who was prescribed to swim regularly in order to treat his condition. He installed a swimming pool on his property and deducted the expenses from his taxes. After some investigation, the IRS approved the deduction, but if the pool were used for recreational purposes, it wouldn’t have been approved.
  • Sex-Change Operation Expenses: A man who was diagnosed with gender-identity disorder (he felt he was a woman trapped in a male body) wanted to deduct almost $22,000 in out-of-pocket medical expenses for various surgeries—including hormone therapy, sexual-reassignment surgeries, and breast augmentation—in order to become a woman. The tax court decided that the hormone therapy and the sex-change operation in the amount of $14,500 was a qualified medical tax deduction. However, the expenses for the breast augmentation was not; it was deemed nondeductible cosmetic surgery by the court.
  • Medical Expenses to Quit Smoking: You might qualify to deduct expenses for smoking cessation programs, nicotine patches, stop-smoking aides, and other programs geared towards stopping smoking.
  • Costs for Getting in Shape: Weight-loss expenses may be deductible if a doctor signs off on it and claims that your life might be in danger if you don’t start exercising and lose weight. The cost for remedies that help you drop a few pounds, improve your heart rate, or reduce your cholesterol might all be deductible.

These people saved money by claiming deductions and taking advantage of tax breaks. Now, here are some more practical ways to save money on your taxes.

Strange Tax Breaks from Across the U.S. and Around the World

Find state specific tax breaks below as well as other stories from the United Sates and countries with their own tax codes.

  • States: many states have their own tax code which are often full of bizarre tax deductions and other rules.
  • In Wisconsin, cloth diapers are not subject to sales tax, but disposable diapers are.
  • In Texas, cowboy boots are exempt from the sales tax, but hiking boots are not.
  • In Ohio, a corpse in a mortuary gets makeup applied on it without getting taxed, but a living person is taxed for the makeup that gets applied in a beauty salon.
  • In South Carolina, one can get a $50 deduction if they donate a dead deer to the poor.
  • In Maryland, oyster farmers get a tax break, but those who farm other types of shellfish don’t.
  • Hawaii gives a $3,000 tax deduction to those who grow state-approved trees.
  • People who were persecuted by the Ottoman Empire between 1915 and 1923 were exempt from taxes in California (learn more about the history of taxes in United States).
  • A business owner bought a racehorse and claimed it as a business expense. No, he was not in the horse-racing business; he claimed that he needed to entertain his clients and that a racehorse would do just that. The economic stimulus package allowed for a tax deduction as large as $25,000 to be claimed for buying a racehorse, but the deal expired without creating many new purchases.
  • In one case, the use of a yacht was deducted as a business expense because the owner tried to impress his customers and encourage them to do business. Maintenance and cleaning of the yacht, however, was not allowed to be deducted because the IRS code prohibits it.
  • One man who owned several properties hired his girlfriend to manage them. She looked for furniture for the houses, made sure the proper repairs were made, and managed his home. He was able to deduct $2,500 of the $9,000 he paid her as a business expense.
  • A dentist submitted fraudulent insurance claims. When the fraud was discovered, she was ordered to pay the money back as well as serve some time in jail. However, she was able to deduct her repayment to the insurance company as a business expense. That is because the repayment was done to compensate for a loss sustained by the insurance company and therefore was not considered a fine.
  • A man was arrested for drunk driving after he wrecked his car; he had waited to sober up—but obviously not for long enough. His insurance company refused to compensate him for the wrecked car because he broke the law. The driver, however, was able to deduct the cost of his car as a casualty loss because he acted reasonably. If he hadn’t waited to sober up, then it would have been gross negligence and thus nondeductible.
  • In 1981, a drug dealer from the Minneapolis area was caught in possession of large amounts of cocaine, amphetamines, and marijuana. He was arrested and later audited; the tax audit found that he owed $17,000 in taxes. The drug dealer argued that he should be able to deduct a significant amount of the back taxes as business costs incurred by running his business from his home. He was successful in getting a deduction, but still went to jail for drug possession.
  • A man working for a graphic design agency bought a pair of skis from Yamaha Snowmobiles, a company for which he was making a catalog. He used the company discount and then successfully deducted the skis as a business research expense.
  • A hair stylist successfully deducted the entire cost of her wardrobe that she wore while working with her clients as a business expense.
  • Across the world: various countries abide by their own tax code which has certain odd rules.
  • In Germany, one can deduct bribes. While the deduction is seldom used, it does exist as part of the tax code. All one has to do to report it is disclose their name and the name of the official that they bribed.
  • The United Kingdom gives tax breaks to video game companies that create “culturally British” games. The criteria for being culturally British is not very clear; the game must score a minimum of 16 out of 31 points on a test that has been designed to measure the cultural content and contribution of the game.
  • In the Netherlands, those who study and practice witchcraft can claim a tax break given out by the government. It has existed for quite some time, but in 2005 it gained the attention of the public after a judge upheld the tax break in court.
  • During the 2010 FIFA World Cup in South Africa, stadiums and businesses in the immediate area surrounding them were exempt from the value added tax as well as the income tax from profits. This allowed FIFA to keep more of the money for itself. Critics did not care for this measure, however, as it deprived the government of South Africa of tax revenue associated with the World Cup matches.
  • In Italy, almost a third of all men over 30 still live at home. To encourage them to move out, the government issued a 1,000 euro tax break to those who rent their homes. However, the problem is considered to be tied to the difficult job market in Italy that prevents young men from obtaining jobs that will support their independent lifestyles. Critics say it’s unlikely that the tax break will encourage many young Italian men to move out on their own.

Related contents:

How much will tax cuts save me? Has this economic strategy worked elsewhere? Will interest rates ever return to level… Sky News

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Private Equity Is A Business Subject To The New Book Minimum Tax. Treasury Should Say So

When the Senate added a new corporate minimum tax to the Inflation Reduction Act (IRA), it almost added a clarification that private equity is a business that would be subject to the new tax. But two key Senators blocked the clarification.

Now, as Treasury writes regulations to accompany the new law, it must decide whether private equity is a business. The legal answer is easy: Yes, private equity is a business. But the policy answer is harder: Does Treasury want to potentially apply the minimum tax to thousands of smaller companies that are owned by private equity?

But Treasury also has a solution: It can require private equity firms to consolidate the many smaller companies in their portfolios into one tax return, and collect the new tax from their owners, the private equity funds.

Starting next year, the corporate minimum tax will apply to any corporation with more than $1 billion of book earnings that are reported on financial statements. The new tax also will apply to affiliated corporations with book earnings that aggregate to more than $1 billion. A corporate holding company typically owns these businesses and files a single, consolidated tax return on their behalf.

But partnerships such as private equity funds also own and operate sprawling groups of corporations that combined may have book earnings in excess of $1 billion. And partnerships, unlike corporations, do not file consolidated tax returns. So, the open question is whether Treasury will treat the many corporations a private equity firm owns as affiliated—and subject to the corporate minimum tax. And that question turns on whether a fund is a business or merely a passive investor.

While private equity funds treat themselves as passive investors, Congress tried to explicitly clarify the definition of business to ensure their companies were subject to the new tax. However, Senators Krysten Sinema (D-AZ) and John Thune (R-SD) blocked the effort, leaving current law in place.

But the proposed clarification was unnecessary, since current law establishes that private equity is a business. Private equity funds acquire, develop, and eventually sell the businesses they own. The funds’ operations fit the common definition of a business: They are continuous, regular, and substantial. And their large fees and immense profits reflect the size of their undertakings.

A few years ago, the 1st Circuit Court of Appeals explicitly rejected the funds’ position. It quoted an earlier ruling by the 7th Circuit that: “it seems highly unlikely that a formal for-profit business organization would not qualify as a trade or business under the Groetzinger test [which is the applicable Supreme Court precedent].” For private equity, the 1st Circuit echoed the view that “[i]t is one thing to manage one’s investments in businesses. It is another to manage the businesses in which one invests.”

Given that case law, it’s simply not credible to contend that private equity funds are not businesses.

But, by taking the position they are merely passive investors, private equity funds, their investors, and the companies they own, gain a wide range of tax advantages. Exempting the funds and their companies from the minimum tax would add another. As Lee Sheppard, a leading tax analyst observed, private equity “groups could be competing with publicly traded corporate groups. Private equity funds already have tax advantages as business owners; they don’t need a new one.”

Treasury can, and should, clarify that private equity is a business that is subject to the minimum tax. By doing so, Treasury could treat a private equity fund’s group of portfolio companies like a holding corporation’s group of companies for purposes of the tax.

But subjecting a sprawling group of corporations to the tax could raise administrative and practical challenges. Poorly designed, a tax meant to apply to 150 corporations could hit, potentially, thousands.

However, Congress granted Treasury authority to create a “simplified method” to determine the scope of the new tax. Treasury can address the administrative problems by permitting private equity funds to consolidate their portfolio companies into one—and pay the resulting tax. That election would respect both law and policy. And, if a fund prefers to allow its corporations to be subject to the minimum tax separately, it still could do so.

I am a Senior Fellow in the Urban-Brookings Tax Policy Center. I research, speak, and write on a range of federal income tax issues, with a focus on business taxes.

Source: Private Equity Is A Business Subject To The New Book Minimum Tax. Treasury Should Say So

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Critics by Jeff Bilsky & Verenda Graham

The federal income tax rules that apply to private equity funds and investors have been the subject of much debate, mainly due to the perception by some members of Congress and the public that the rules include tax benefits that unfairly favor the wealthy.

Although President Biden’s campaign and Green Book agendas and recent House and Senate tax proposals included targeted changes that would have generally increased taxes on private equity investors, not all such proposed changes are included in the version of the Build Back Better Act (H.R. 5376) passed by the House on November 19, 2021 or the proposed updated text of H.R. 5376 released by the Senate Finance Committee on December 11.

As discussed below, H.R. 5376 would, if enacted, still make certain changes to the taxation of private equity. The current bill would also impose a 5% or 8% surtax on wealthy individuals – including wealthy fund investors (i.e., a 5% surtax on individual incomes over $10 million and an additional 3% surtax on incomes over $25 million).   

As of the time of writing, H.R. 5376 is stalled in the Senate and the fate of the bill is uncertain. Private equity funds and fund investors should continue to monitor the proposed legislation – in particular, as it relates to the following tax considerations:

Taxation of Carried Interests

Managers of investment funds are typically compensated via allocations of gain upon the disposition of underlying investment property. Under current law, these “carried interest” allocations are generally taxed as capital gains at favorable capital gains rates (currently, at a top rate of 20% as opposed to 37% for non-capital gain compensation income).

The Tax Cuts and Jobs Act (TCJA) extended the holding period for long-term capital gain treatment of carried interest allocations from one year to three years beginning in 2018. Recent proposals in both the House and Senate have sought to either further extend the holding period requirement for long-term capital gain treatment from three to five years or effectively tax all carried interest allocations as ordinary income, except in the case of taxpayers with taxable income below $400,000.

These and other proposals to end the perceived carried interest “loophole,” however, are currently not included in H.R. 5376 as passed by the House or in the updates proposed by the Senate Finance Committee. Funds and investors should continue to monitor H.R. 5376 and other proposed legislation as bills make their way through Congress.

Dispositions of Qualified Small Business Stock

Internal Revenue Code Section 1202 currently permits a qualified taxpayer other than a corporation to exclude up to 100% of the gain from the sale or exchange of QSBS held for more than five years. Dispositions of QSBS by a private equity fund (which is taxed as a partnership) may qualify for gain exclusion assuming all qualifications are met.

However, while the QSBS rules apply to capital interests in a partnership, there is less certainty surrounding the application of the rules to profits interests and, thus, carried interests. Private equity funds and investors should consult their tax advisors when determining whether it is possible to exclude gain from dispositions of QSBS allocated to carried interests.

Note that H.R. 5376 in its current form would limit the gain exclusion for QSBS to 50% for dispositions occurring after September 13, 2021, subject to a binding contract exception. Under the current 50% exclusion rules, the remaining 50% QSBS gain is taxed at 28%. The excluded QSBS gain is considered an alternative minimum tax (AMT) preference item, which when considered along with the net investment income tax on the taxable half of the gain, would result in an effective rate of 16.88% (plus any surcharge attributable to high-income taxpayers) for QSBS acquired after February 17, 2009 and sold after September 13, 2021.

Self-employment tax / Net Investment Income tax

Under current law, limited partners are not subject to self-employment tax on their distributive shares of partnership income, and limited partners who materially participate in a trade or business are not subject to the net investment income tax (NIIT). However, neither the tax code nor regulations define the term “limited partner.”

Private equity funds and fund investors should be aware that the IRS has successfully challenged positions that members of limited liability companies and limited liability partnerships were limited partners for purposes of self-employment tax and NIIT. In addition, the IRS has routinely disagreed with positions that a partner in a state law limited partnership should, by definition, be considered a limited partner.

H.R. 5376 would resolve these issues by ensuring that all trade or business income earned by high-income taxpayers (taxpayers with adjusted gross income in excess of $400,000) is subject to either the NIIT or self-employment tax. Under the proposed legislation, trade or business income that is not subject to self-employment tax would be treated as net investment income subject to the NIIT.

If enacted, the proposed legislation would result in fund managers earning more than $400,000 paying either self-employment tax or NIIT (which under the current proposal would be unlimited) on their distributive shares of partnership income at a likely rate of 3.8%. Additionally, as proposed, H.R. 5376 would result in incremental NIIT upon the disposition of trade or business assets.

State Pass-through Entity Elections

The Tax Cuts and Jobs Act introduced a $10,000 annual cap beginning in 2018 on itemized deductions of state and local taxes paid by individuals, also known as the “SALT cap.” The SALT cap does not, however, apply to state and local taxes imposed at the entity (e.g., partnership or S corporation) level that are reflected as a reduction in the partner’s (or shareholder’s) distributive share of income or loss.

Based on this distinction, at least 20 states have enacted potential workarounds to the SALT cap for their resident partners, by allowing a partnership to make an election (PTE tax election) to be taxed at the entity level. PTE tax elections present both state and federal tax issues for partners. Before making an election, care should be exercised to avoid state tax traps, especially for nonresident partners, that could exceed any potential federal tax savings. Considerations include:

  • If the PTE election is made at the fund level, would the expense be classified as an ordinary or necessary trade or business expense (under Section 162) or a nontrade or nonbusiness expense (under Section 212)?
  • Would the classification as a Section 162 or Section 212 expense call into question the characterization of other expenses at the fund level?
  • Is it possible to make special allocations of the partnership-level tax expense?
  • Notice 2020-75 states that a partnership is allowed a deduction for an entity-level tax “for the taxable year in which the payment is made.” Does this mean that even if a partnership is on the accrual method for income tax purposes, it cannot deduct PTE taxes until they are paid?
  • Are there negative consequences to partners who may not benefit from the PTE tax deduction?

When deciding whether to make a state PTE election, private equity funds and investors should also pay close attention to proposals in Congress that would increase or completely lift the SALT cap for certain individuals.

Schedules K-2 / K-3 Reporting

Partnerships, including private equity funds, that have items relevant to the determination of the U.S. tax or certain withholding tax or reporting obligations of their partners under the international provisions of the Internal Revenue Code must complete the relevant parts of new Schedules K-2 and K-3 beginning with the 2021 tax year. Penalties may apply for filing Form 1065 or furnishing Schedule K-3 to partners without all of the required information. Notice 2021-39 released on June 30, 2021 provides transition relief for tax years beginning in 2021 for eligible taxpayers.

How BDO Can Help

As discussed above, the taxation of private equity funds and their investors continues to receive scrutiny in Congress. BDO professionals can help taxpayers monitor and understand the various legislative proposals, as well as plan for the tax implications that arise from new developments. For more information, contact BDO.

Related contents:

Private Equity Is A Business Subject To The New Book Minimum Tax. Treasury Should Say So. Forbes

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What To Know about FHA Cash-Out Refinance Requirements and Guidelines

An FHA cash-out refinance allows you to tap the equity in your home with low credit score requirements. (Shutterstock)

If you have an FHA loan, you may be able to tap into your home equity by refinancing. This can give you the cash you need to renovate your home, consolidate debt, or help pay for a college education. Here’s a look at the FHA cash-out refinance program, including how it works and how you can qualify.

You won’t find rates for FHA cash-out refinances at Credible, but if you’re looking for a great cash-out refinance rate on a conventional loan, it only takes a few minutes to compare personalized, prequalified rates.

What is an FHA cash-out refinance and how does it work?

An FHA cash-out refinance allows you to take out a new FHA loan, insured by the Federal Housing Administration, that pays off and replaces your current one. Your new loan will be for a larger amount than you currently owe, with the difference coming to you as cash.

You can use the money you receive from an FHA cash-out refinance for anything, but people often use the funds to pay off high-interest debt, or to pay for home improvements or large expenses like medical bills or tuition payments.

An FHA cash-out refinance is different from another common type of FHA loan refinance: the FHA Streamline Refinance. A streamline refinance doesn’t allow you to take cash out from your equity, but you benefit from a quicker and easier process. Streamline refinances don’t require a home appraisal, and you may not need to go through a credit check. With a cash-out refinance, you’ll need to do both.

How do you qualify for an FHA cash-out refinance?

FHA cash-out refinances have requirements similar to those of a traditional FHA loan, with some key differences. To be approved for an FHA cash-out refinance, you must have:

  • A credit score of at least 500
  • A debt-to-income ratio below 50%
  • At least 20% equity in your home after refinancing
  • Owned and lived in the home as your principal residence for the past 12 months
  • Made all mortgage payments within a month of their due date for the past 12 months

The amount of cash you’re able to take out depends on your home value and how much equity you have in the home. After your refinance is complete, you must still have 20% equity.

For example, let’s say you have a home that’s worth $300,000 and you owe $200,000 on your current mortgage. You currently have about 33% equity in your home.

In this situation, you could potentially take out up to $40,000 in cash through an FHA cash-out refinance loan worth $240,000. That would leave you with $60,000 in equity, or 20% of your home’s value. Lenders may have different requirements for an FHA cash-out refinance based on your credit score and other factors.

What does an FHA cash-out refinance cost?

You’ll need to pay closing costs when you complete an FHA cash-out refinance. These fees may range up to 3% to 4% of the amount of your loan. You may be able to finance some or all of your closing costs into your new loan.

Common closing costs include:

  • Origination fee
  • Appraisal fee
  • Title fees
  • Attorney fees
  • Mortgage insurance premiums
  • Homeowners insurance premiums

All FHA loans require an upfront mortgage insurance premium that’s typically 1.75% of the loan amount. If your FHA cash-out refinance is within three years of your original FHA loan, you may be able to get a refund for a percentage of the upfront premium you paid.

Credible can help you find a great refinance rate on a traditional cash-out refinance. Easily compare multiple lenders and see prequalified rates in a few minutes.

How to apply for an FHA cash-out refinance

Applying for an FHA cash-out refinance is a similar process to the one you used when you first bought your home. Contact your current lender for a rate quote, but also request quotes from several other lenders and see if you qualify.

Different lenders may have different requirements for who can qualify for an FHA cash-out refinance and how much money you may be able to take out. By visiting the lender’s website, you may be able to prequalify for a loan by filling out a simple form and going through a quick credit check. Prequalifying for a loan may affect your credit score. However, credit bureaus treat credit checks from multiple lenders within 45 days as one inquiry, so you’re not penalized for shopping around and getting quotes from a variety of options.

Documents you’ll need for an FHA cash-out refinance

Once you’ve found a lender, your loan officer will give you instructions on how to proceed with a full loan application. You’ll need to provide financial documents, which may include:

  • Tax returns
  • W-2 forms
  • Pay stubs
  • Bank account statements

Other requirements for an FHA cash-out refinance

Your lender will also order an appraisal of your home to determine its value. This is key in determining how much equity you currently have, and thus how much cash you’ll be able to take out. You’ll also need to go through a thorough review of your credit history.

If you qualify for the loan based on the appraisal and underwriting, you’ll typically meet in person to sign the closing documents. Some lenders may offer an e-closing option, where this can be done virtually. If you’re refinancing with a different lender, be sure to continue paying your existing mortgage until you receive confirmation that it’s paid off.

Pros and cons of an FHA cash-out refinance

Like any financial transaction, an FHA cash-out refinance has its benefits and drawbacks. Here are a few to keep in mind before you make your decision:

Pros

  • Tap home equity without a second loan — A cash-out refinance allows you to take money out of your home equity without needing to take on another loan and monthly payment. You’ll simply have another first mortgage.
  • Low credit qualifying requirements — You may be able to qualify for an FHA cash-out refinance with a credit score as low as 500, much lower than what you’d need for other types of loans.
  • Low interest rates — FHA interest rates will generally be lower than what you’d find on other types of loans, like a credit card or personal loan. That’s because FHA loans are secured loans, using your home as collateral for the loan.

Cons

  • Higher monthly payments — Since you’re taking out a larger loan than what you currently owe, your monthly payments may be higher than what you’re currently paying. This may strain your budget.
  • Mortgage insurance required — FHA loans require mortgage insurance no matter how much equity you have in your home. You’ll pay an upfront mortgage insurance premium when you close on the loan, and annual mortgage premiums that may become part of your monthly payment. In some cases, you may be able to cancel FHA mortgage insurance payments, but no sooner than 11 years after you take out your loan. This is different from conventional loans, where you may be able to forego mortgage insurance if you have more than 20% equity in your home.
  • Risk of foreclosure — If you fail to make your payments on an FHA loan, you risk losing your home to foreclosure. If your new mortgage has significantly higher payments, this may increase your risk. You may be able to get the cash you need with an unsecured loan, like a personal loan, that doesn’t run the risk of losing your home.

Source: What to know about FHA cash-out refinance requirements and guidelines | Fox Business

More contents:

What Is Income-Contingent Repayment?

Income-Contingent Repayment, or ICR, is a repayment plan that bases the loan payments on a percentage of the borrower’s discretionary income, as opposed to the amount owed. ICR first became available in 1993, although it wasn’t used by borrowers until 1994.

ICR is one of four income-driven repayment plans. The others are Income-Based Repayment (IBR), Pay-As-You-Earn Repayment (PAYE) and Revised Pay-As-You-Earn Repayment (REPAYE). ICR generally has the highest monthly student loan payment of the four income-driven repayment plans.

Eligible Loans

ICR is only available for loans in the William D. Ford Federal Direct Loan Program (Direct Loans).

ICR is not available for loans in the Federal Family Education Loan (FFEL) or Federal Perkins Loan programs, although FFEL and Federal Perkins loans can be made eligible by including them in a Federal Direct Consolidation Loan.

Federal Parent PLUS Loans are not directly eligible for any of the income-driven repayment plans. However, if a Federal Parent PLUS Loan entered repayment on or after July 1, 2006 and is included in a Federal Direct Consolidation Loan, the consolidation loan is eligible for ICR but not any of the other income-driven repayment plans.

Loan Payments

Monthly student loan payments in ICR are based on the lower payment calculated using two formulas.

  • The primary formula, which is dominant for most borrowers, is based on 20% of discretionary income. Discretionary income is defined as the amount by which adjusted gross income (AGI) exceeds 100% of the poverty line. This is a larger percentage of discretionary income and a larger definition of discretionary income than the other income-driven repayment plans.
  • The secondary formula is based on the monthly payment under a 12-year level repayment plan multiplied by an income percentage factor (IPF). The IPF is based on the borrower’s AGI and tax filing status. The IPF ranges from slightly more than 50% for low-income borrowers to 200% for high-income borrowers. The IPF is 100% when the AGI is slightly more than $60,000. The IPF is adjusted annually, based on inflation.

ICR does not have a cap on the monthly student loan payments, so the payments will increase as income increases. (The secondary formula does not really function as a cap on the monthly student loan payments because the payment increases as income increases.)

ICR also does not have a marriage penalty. If a married borrower files federal income tax returns as married filing separately, the loan payment under ICR is based on just the borrower’s income. Otherwise, the loan payment will be based on joint income.

The minimum payment under ICR is zero if the calculated payment is zero, otherwise it is $5.

Treatment of Interest

Student loans can be negatively amortized under ICR. This means that the loan payment is less than the new interest that accrues. Any accrued but unpaid interest is capitalized annually, causing the loan balance to increase. Interest capitalization stops when the total capitalized interest reaches 10% of the loan’s original principal balance.

The federal government does not pay any of the interest under ICR, not even on subsidized loans.

Repayment Term and Loan Forgiveness

The maximum repayment term under ICR is 25 years (300 payments). It is the same for borrowers who have undergraduate and graduate loans. Any remaining debt is forgiven after 300 payments are made under ICR, including a calculated zero monthly payment.

If the borrower qualifies for Public Service Loan Forgiveness, the remaining debt is forgiven after 10 years’ worth of payments (120 payments). Assuming an AGI of $30,000, the initial monthly student loan payment in ICR will be about $285 for a family of one and about $58 for a family of four.

This increases to about $619 and $392 for an AGI of $50,000 and to about $952 and $725 for an AGI of $70,000. These payment examples assume a 2022 poverty line of $12,880 for a family of one and $26,500 for a family of four.

I am Publisher of PrivateStudentLoans.guru, a free web site about borrowing to pay for college. I am an expert on student financial aid, the FAFSA, scholarships,

Source: What Is Income-Contingent Repayment?

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Critics:

By: Ryan Lane

Income-Contingent Repayment costs more each month than other income-driven repayment plans. ICR caps payments at 20% of your discretionary income and lasts 25 years. Still, this plan may be your best income-driven choice in the following instances:

  • You have parent PLUS loans or a consolidation loan that includes parent PLUS loans.

  • You want slightly lower payments to potentially pay less interest.

All income-driven plans share some similarities: Each caps payments to between 10% and 20% of your discretionary income and forgives your remaining loan balance after 20 or 25 years of payments. Use Federal Student Aid’s Loan Simulator to see how much you might pay under different plans.

You must enroll in Income-Contingent Repayment. You can do this by mailing a completed income-driven repayment request to your student loan servicer, but it’s easier to complete the process online. You can change your student loan repayment plan at any time.

• Visit studentaid.gov. Log in with your Federal Student Aid ID, or create an FSA ID if you don’t have one.

• Select income-driven repayment plan request. Preview the form so you know what documents to have ready, like your tax return.

• Choose your plan. If you qualify for more than one income-driven repayment plan, you can be automatically placed in the plan with the lowest payment or specifically choose ICR if it makes the most sense for you.

• Complete the application. Enter the required details about your income and family. Remember to include your spouse’s information, if applicable, as it will affect your payments under ICR.

More contents:

How are income-driven payments calculated?

Income-driven repayment: Is it right for you?

What is income-driven repayment?

Student loan repayment process: Everything you need to know

How to pay off parent PLUS loans

How to get parent PLUS loan forgiveness

What is income-driven repayment?

What is income-driven repayment?

Repaying your student loan

Learn Now, Pay Later: A History of Income-Contingent Student Loans in the United States

Calculate your payment on an ICR plan

How to apply for an ICR plan

Income-Contingent Repayment and student loan forgiveness

Alternatives to an ICR plan

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