ATO debt recovery efforts have led to a surge in DPNs
In recent months, the Australian Taxation Office (ATO) has significantly increased its debt recovery activities, particularly targeting small and medium-sized businesses. This escalation shouldn’t come as a surprise, as the ATO has been forewarning this for some time. Despite these warnings, some companies will still be caught off guard and unable to manage their tax […]
‘Transparency is the key’ – warning over undisclosed tax debts
Centrix says there is no way to know how much tax debt a business is carrying. File photo. Photo: 123rf Businesses and consumers are being warned to beware when lending or advancing payments to businesses, with many thousands of businesses carrying undisclosed tax debts. Inland Revenue (IRD) says it had abandoned its softer approach to […]
The Qualified Real Property Business Indebtedness Exception
For a more detailed overview, please see our previous client alert, Commercial Real Estate Partnership Cancellation of Debt Income. The Qualified Real Property Business Indebtedness ExceptionCancelled debt is not included in gross income if, “in the case of a taxpayer other than a C corporation, the indebtedness discharged is qualified real property business indebtedness[.]” IRC […]
U.K. regs up pressure on debt collection practices | Premium
By Ruth Prickett2024-04-29T11:44:00 Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears. The Financial Conduct Authority (FCA), plus sectoral regulators Ofwat, Ofgem, and Ofcom, issued joint guidance last month to companies they regulate about how they pursue debts. […]
Pacific Debt Relief review: A debt solution with solid costumer ratings
Pacific Debt Relief is a debt settlement company that helps consumers deal with unmanageable debts. It is certified by the International Association of Professional Debt Arbitrators (IAPDA), giving it the credibility consumers need when seeking a service like this. It makes the list of our best debt relief companies. All rates and fees are current […]
Collection agency FBCS warns data breach impacts 1.9 million people
Financial Business and Consumer Solutions (FBCS) is warning 1,955,385 impacted individuals in the United States that the company suffered a data breach after discovering unauthorized access to specific systems in its network. FBCS is a nationally licensed debt collection agency in the U.S., specializing in collecting unpaid debts from consumer credit, healthcare, commercial, auto loans […]
Salim Mehajer’s former bodyguard now ‘debt collector’ for alleged drug and arms dealer
Salim Mehajer’s former bodyguard is reportedly now working as a debt collector for an alleged Gold Coast drug and arms dealer, police claim. Police have alleged Waled Elriche was hired by Matthew Delander, 33, to collect money for drug debts in 2015. There is no suggestion that Waled Elriche or Salim Mehajer are involved with […]
Is ConocoPhillips (NYSE:COP) Using Too Much Debt?
David Iben put it well when he said, ‘Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.’ When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can […]
These 4 Measures Indicate That Sysmex (TSE:6869) Is Using Debt Reasonably Well
The external fund manager backed by Berkshire Hathaway’s Charlie Munger, Li Lu, makes no bones about it when he says ‘The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.’ It’s only natural to consider a company’s balance sheet when you examine how risky it […]
What’s behind a dramatic fall in Indian families’ savings
By Soutik Biswas India correspondent Image caption, India is the world’s fifth largest economy but faces the challenge of creating more and better jobs 26 April 2024 For decades, India has been a nation of savers. They stash away a significant portion of their earnings for future security, often at the expense of current consumption. […]