Jim Stafford
Registered User
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Many directors who "warehoused" their company's Revenue debt in 2020 will be very surprised to learn that when they file their 2020 income tax returns they will not get credit for any taxes which were warehoused. They will be personally liable for any taxes due on their "gross" salary.
The Revenue have just updated their guidance note on Section 997A to outline the impact of warehousing on Section 997A. See link below:
The Revenue take a very tough stance on Section 997A! The section applies to any employee holding a 15% shareholding, or who is "connected" to such a shareholder.
Jim Stafford
The Revenue have just updated their guidance note on Section 997A to outline the impact of warehousing on Section 997A. See link below:
The Revenue take a very tough stance on Section 997A! The section applies to any employee holding a 15% shareholding, or who is "connected" to such a shareholder.
Jim Stafford