abreast

Dubai Ruler Says Governments Must Stay Abreast of Rapid Changes

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said at the conclusion of the World Government Summit 2019 that a government's task isn't limited to serving citizens at present, but also to keep pace with developments and rapid changes to shape the future.

The World Government Summit 2019 concluded Tuesday in Dubai its three-day activities, in which it witnessed the participation of officials, intellects, and experts from more than 140 governments from over the world.

Sheikh Mohammed stated that “the summit is a knowledgeable destination for government officials, experts, and designers of the future of government work. The three-day summit offered a platform for leaders of countries and international organizations, to develop partnerships and launch initiatives that would contribute to formulate the future of the world’s governments."

Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said successful governments are those which can turn ideas, experiments, and future scenarios into work programmes.

“No government can perform its work efficiently without considering the interest of its citizens first,” he added.

The summit in its 7th edition, which saw more than 4,000 participants, aimed to shape the future governments and exchange expertise. It saw 600 speakers in more than 200 interactive round table discussions mulling issues in seven vital sectors.

On the sidelines of the summit, Sheikh Mohammed Bin Rashid Al Maktoum honored the team of Tuck School of Business, Dartmouth College, USA, with the “Shaping Future Governments – Global Universities Challenge Award.”

The “Best m-Government Service Awards”, aimed at stimulating and encouraging government entities to provide creative and innovative solutions via smartphone applications, were presented by Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and UAE Minister of Interior, presented the GovHack Award to Made of Air, Germany.

PNF CPA & Tax Firm Advise Taxpayers to Stay Abreast of New Tax Laws This Tax Filing Season

PNF CPA & Tax Preparation Accounting Firm reminds taxpayers that various state and federal tax changes are in effect for the 2018 tax year for both individuals and businesses. PNF CPA can provide guidance on both federal and state law changes

It’s time to sharpen your pencils and work on that 2018 income tax return. Just make sure you understand the new tax law first. After one year under the Tax Cuts and Jobs Act, the overhaul of the federal tax code, confusion about the law continues.

Half of people polled by the personal finance website said they don’t understand how the tax overhaul affects their bracket.

PNF CPA & Tax Preparation Accounting Firm reminds taxpayers that various state and federal tax changes are in effect for the 2018 tax year for both individuals and businesses. PNF CPA can provide guidance on both federal and state law changes.

The following are some notable changes:

New Jersey

Gross income tax increase. The gross income tax rate has been increased from 8.97 percent to 10.75 percent for those taxpayers whose income is over $5 million.

Earned Income Tax Credit (EITC). Qualified taxpayers are eligible for a New Jersey EITC equal to 37 percent of their federal earned income credit.

Property tax deduction. The New Jersey property tax deduction for principal residences has increased from a maximum of $10,000 to $15,000 for 2018.

Child and dependent care credit. A new tax credit is available for eligible resident taxpayers who are allowed a federal credit for expenses they incur for the care of one or more qualifying individuals.

Corporation business tax (CBT) changes. A number of changes have been made to the CBT, including a 2.5 percent surtax for many business taxpayers with allocated net income exceeding $1 million.Learn more about New Jersey tax rules on the New Jersey Division of Taxation website.

Federal

Tax brackets. Most individual tax income tax brackets have been lowered, including the top marginal rate from 39.6 percent to 37 percent.

Standard deduction and exemptions. The standard deduction has been almost doubled, and the personal exemption has been eliminated.

Itemized deductions. A number of deductions have been eliminated or limited, most noteworthy being the $10,000 cap on all state and local taxes.

Alternative Minimum Tax (AMT). The exemptions and phaseouts have been increased so that the AMT will be less likely to hit at lower income levels.

Corporate tax changes. The corporate tax rate was reduced from a maximum progressive rate of 38 percent to a flat rate of 21 percent. Business taxpayers other than corporations may be entitled to a deduction equal to 20 percent of qualified business income.Learn more about federal income tax changes on the IRS website.

For more information or to schedule your business or personal tax preparation and planning contact PNF CPA

Disclaimer: The news site hosting this press release is not associated with PNF CPA. It is merely publishing a press release announcement submitted by a company, without any stated or implied endorsement of the product or service. Please consult with a CPA or Tax attorney for all tax matters.

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