IMFBlog latest

 

Dear maria, We just published a new blog—please find the full text below.  How e-Government Services Can Pay Dividends By  Ali Al-Sadiq The ability to renew your passport or driver’s license, pay a tax bill, or access government data with the click of a button or swipe of a screen, anytime and anywhere, has grown more important during the COVID-19 pandemic to prevent the spread of the virus. Beyond the obvious efficiency and transparency gains that digital government services provide, “e-government” can actually make an economy more attractive to foreign investors. Recent IMF staff research has linked―for the first time―the accessibility of government information and services online to the volume of foreign direct investment a country receives. For many countries, this positive impact is likely to be stronger as the pandemic pushes governments to provide even more services and information online. A review of foreign direct investment inflows in 178 host countries over a period of roughly 16 years finds that the presence of e-government services appears to stimulate the inflow of foreign direct investment. Specifically, countries that implement and adopt strong information and communication technologies, regardless of their level of development, are found to attract more inflows compared to countries with weaker internet access. As our chart of the week shows, the positive connection between e-government and foreign direct investment is clear.   The findings, at the same time, expose yet another potential point of divergence, namely the still vast global digital divide and technological disparities between higher and lower income economies. Many people worldwide still do not have access to the internet. According to the 2020 United Nations’ E-Government Development Index about half of the 193 countries covered by the index score below the world average of 0.60, while the average index score for countries in Africa is almost one-third lower than the index average. Denmark, the Republic of Korea, and Estonia lead the world in providing e-government services and electronic dissemination of information. Still, a number of developing countries such as Bhutan, Bangladesh, and Cambodia have become leaders in the development of e-government infrastructure. Those nations advanced from the middle group of countries in the index to become some of the highest ranked among developing countries in 2020. This research suggests that countries should focus on the development of e-government services as part of their strategy for attracting more foreign direct investment. But in order to reduce the divide between higher- and lower-income economies and provide digital services to all people, governments need to push for better information and communications technology infrastructure. This is a critical component for effective e-government services. In tandem, governments should work to make the internet accessible, affordable, and secure to all. Ali Al-Sadiq is a senior economist in the IMF's Western Hemisphere Department.  ***** Thank you again for your interest in IMF Blog. Read more of our latest content here. Take good care, Glenn Gottselig Blog Editor, IMF GGottselig@IMF.org

U.S.A.:e-News for Small Business

 

e-News for Small Business February 10, 2021
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number: 2021-02 Inside This Issue Increased deduction limit for corporate cash contributions for disaster relief; recordkeeping relief – Must act before February 25 Updated FAQs and new IRS form available for sick and family leave credits Unemployment guidance and reminders Important reminders before filing 2020 tax returns Critical tax credit provides significant refund boost to millions Post-release changes to Schedule K-1, Form 1041 instructions Avoid tax schemes – Report abusive tax promotions; Beware of "ghost" preparers IRS creates new Chief Taxpayer Experience Officer position; Ken Corbin to lead new focus to improve service to taxpayers Inside the IRS with “A Closer Look” 1.  Increased deduction limit for corporate cash contributions for disaster relief; recordkeeping relief – Must act before February 25 Corporations may qualify for the new 100 percent limit for disaster relief contributions and a temporary waiver of the recordkeeping requirement for corporations. Qualified contributions must be paid by the corporation during the period beginning on January 1, 2020 and ending on February 25, 2021. Back to top 2.  Updated FAQs and new IRS form available for sick and family leave credits The IRS published updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The IRS also announced a new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals for eligible self-employed individuals to claim sick and family leave tax credits under FFCRA. Back to top 3.  Unemployment guidance and reminders IRS offers guidance to taxpayers on identity theft involving unemployment benefits The IRS urges taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a revised Form 1099-G showing they did not receive these benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they received. Reminder to report unemployment compensation when filing taxes Taxpayers who received unemployment compensation should receive a Form 1099-G, Certain Government Payments showing the amount of unemployment compensation paid to them during the year in Box 1, and any federal income tax withheld in Box 4. They need this form for reporting unemployment when filing taxes. Taxpayers who don’t receive the form by mail may need to visit the website of the unemployment agency who paid the benefits to get a copy of the Form 1099-G. Please share this useful information with employees. More information can be found by visiting IRS.gov/uc. Back to top 4.  Important reminders before filing 2020 tax returns Following an unpredictable year with many changes and challenges, the IRS shares important reminders for taxpayers who are about to file their 2020 federal tax returns about: Direct deposit Earned Income Tax Credit Taxable unemployment compensation Interest is taxable income Home office deduction Workers moving into the gig economy Charitable donation deduction for people who don't itemize Disasters such as wildfires, flooding or hurricanes Double-check for missing or incorrect Forms W-2, 1099 before filing taxes With some areas seeing mail delays, the IRS reminds taxpayers to double-check to make sure they have all of their tax documents, including Forms W-2 and 1099, before filing a tax return. The IRS also provides guidance on what to do if the documents are missing or incorrect to still file on time and as accurately as possible. Back to top 5.  Critical tax credit provides significant refund boost to millions The Earned Income Tax Credit is the federal government's largest refundable federal income tax credit for low- to moderate-income workers. See the IRS EITC news release for information on how to check eligibility, to see a list of workers who may be at risk for overlooking this important credit, helpful IRS YouTube videos and more. New look-back rule Under the COVID-related Tax Relief Act of 2020, taxpayers can use their 2019 earned income to figure their 2020 EITC if their 2019 earned income was more than their 2020 earned income. To qualify for EITC, people must have earned income, so this option may help workers who earned less in 2020, or received unemployment income instead of their regular wages, get bigger tax credits and larger refunds in the coming year. Please share this useful information with employees. Back to top 6.  Post-release changes to Schedule K-1, Form 1041 instructions See the latest information on Schedule K-1 (Form 1041) Instructions. This page offers links to information on post-release changes, revisions, clarifications and so on made to forms, instructions, or publications already available on IRS.gov.  Such changes are often the result of new tax legislation, new IRS guidance, clarifications, corrections and other revisions. Back to top 7.  Avoid tax schemes – Report abusive tax promotions; Beware of "ghost" preparers Abusive tax promotions The IRS would like your help to identify promoters of “too good to be true” abusive tax scams and tax preparers using illegal scams to avoid paying taxes. Small business owners should be careful not to let promoters of tax scams mislead them. Those who do take part in scams could face owing more taxes and substantial penalties and interest. Use the Report Suspected Abusive Tax Promotions or Preparers form to make a referral to the IRS. Learn more at IRS.gov/scams. "Ghost" preparers The IRS reminds taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause a frightening array of problems. It is important to file a valid, accurate tax return because the taxpayer is ultimately responsible for it. Learn more in the news release about: Requirements for anyone who is paid to prepare or assists in preparing federal tax returns What unscrupulous tax return preparers might do What to do before signing no matter who prepares the return How to report preparer misconduct Back to top 8.  IRS creates new Chief Taxpayer Experience Officer position; Ken Corbin to lead new focus to improve service to taxpayers As part of a larger effort related to the Taxpayer First Act, the IRS announces the creation of a new Chief Taxpayer Experience Officer position to help unify and expand efforts across the agency to serve taxpayers. Back to top 9.  Inside the IRS with “A Closer Look” “A Closer Look” covers a variety of timely issues of interest to taxpayers and the tax community. It also provides a detailed look at key issues affecting everything from IRS operations and employees to issues involving taxpayers and tax professionals. People can check here for prior posts and new updates. Back to top

U.S.A.'s interesting latest news..

 The Summary of NLRB decisions for the week of February 1 – 5, 2021 is now available on the NLRB’s website.  The summary can be accessed by clicking the links below. 

https://www.nlrb.gov/cases-decisions/weekly-summaries-decisions/summary-of-nlrb-decisions-for-week-of-february-1-5-2021

---

Questions? Contact Us

Search OFAC's Sanctions Lists SDN List Additional Sanctions Lists Sanctions FAQs Press Releases OFAC Sanctions Programs Contact OFAC Having trouble viewing this email? View it as a Web page. Issuance of Executive Order "Blocking Property With Respect To The Situation In Burma;" Burma-related Designations and Designations Updates The President has issued a new Executive Order "Blocking Property With Respect To The Situation In Burma."  In addition, OFAC has updated its Specially Designated Nationals and Blocked Persons List.  Information on today's list update may be found here.  For additional information on this specific action and others like it, please visit our Recent Actions page.

Achy fakey heart by Jim Kreidler Consumer Education Specialist, FTC You’ve heard of romance scams. But do you know how they happen? They start when scammers create fake profiles on dating apps or social media. Then, those scammers strike up a relationship with their targets and work to build trust. Sometime later, they make up a story and ask for money. Read more >

Daily Guidance for Secretary of the Treasury Janet L. Yellen, Wednesday, February 10, 2021 02/09/2021 U.S. Department of the Treasury Office of Public Affairs   Press Release:             FOR IMMEDIATE RELEASE February 9, 2021   Contact:                      Alexandra LaManna; press@Treasury.gov     Daily Guidance for Secretary of the Treasury Janet L. Yellen Wednesday, February 10, 2021   WASHINGTON - Secretary Yellen will be meeting virtually with her advisors and staff.   ### Questions? Contact Us

#####

Inspector General Announces 2nd National “Slam the Scam” Day
02/10/2021 03:00 PM EST

The Inspector General for the Social Security Administration (SSA), Gail S. Ennis, is designating Thursday, March 4, 2021 as the second annual National “Slam the Scam” Day, to raise public awareness of government imposter telephone scams, which continue to spread across the United States. This is part of National Consumer Protection Week, February 28 – […]

#####

SEC Suspends Trading in Inactive Issuer Touted on Social Media 02/11/2021 09:45 AM EST The Securities and Exchange Commission today suspended trading in an inactive company amid questions surrounding online promotion of the company’s securities and recent trading activity. The SEC’s trading suspension order states that since late January…

Thinking about investing in the latest hot stock?
Understand the significant risks of short-term trading based on social media in our Investor Alert.

This email was sent to politikimx@gmail.com using GovDelivery Communications Cloud on behalf of: Securities and Exchange Commission · 100 F Street, NE · Washington, DC 20549 · 202-551-4120