NewzIntel.com

Category: Taxation

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (69.59%), MRNY (61.51%), FBY (58.57%), YMAX (60.44%), YMAG (76.46%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name
    		 Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC
    Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs   Multiple $0.2044 Weekly 60.44% 62.93% 10/10/2024 10/11/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs   Multiple $0.2823 Weekly 76.46% 50.85% 10/10/2024 10/11/2024
    NVDY YieldMax™ NVDA Option Income Strategy ETF   NVDA $1.0999 Every 4 Weeks 55.90% 3.24% 10/10/2024 10/11/2024
    DIPS   YieldMax™ Short NVDA Option Income Strategy ETF   NVDA $0.6859 Every 4 Weeks 55.43% 3.69% 10/10/2024 10/11/2024
    FBY YieldMax™ META Option Income Strategy ETF   META $0.9231 Every 4 Weeks 58.57% 3.22% 10/10/2024 10/11/2024
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF   GDX® $0.6060 Every 4 Weeks 43.84% 3.27% 10/10/2024 10/11/2024
    BABO YieldMax™ BABA Option Income Strategy ETF   BABA $1.2932 Every 4 Weeks 69.59% 2.62% 10/10/2024 10/11/2024
    JPMO YieldMax™ JPM Option Income Strategy ETF   JPM $0.3768 Every 4 Weeks 27.12% 3.60% 10/10/2024 10/11/2024
    MRNY YieldMax™ MRNA Option Income Strategy ETF   MRNA $0.3762 Every 4 Weeks 61.51% 3.91% 10/10/2024 10/11/2024
    PLTY* YieldMax™ PLTR Option Income Strategy ETF   PLTR — Every 4 Weeks — — — —
    Scheduled for next week: YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    * The inception date for PLTY is October 7, 2024.

    1     All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

    2     The Distribution Rate shown is as of close on October 8, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3     The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30. 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4     Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5     As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTY), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI United Kingdom: Royal British Legion thanks council for “doing the right thing by veterans”

    Source: City of Leeds

    Leeds City Council brings military compensation fully into line with civilian awards in benefits means testing

    The Royal British Legion (RBL) has thanked Leeds City Council after the council fully accepted its ‘Credit Their Service’ campaign recommendations and stopped altogether treating military compensation as income in benefits calculations.

    Launched last year, the RBL ‘Credit Their Service’ campaign calls for an end to military compensation being treated as income during welfare benefit means testing.

     Unlike civil compensation awarded by courts, such as personal injury or medical negligence compensation, which is exempt from means testing, military compensation is considered income by 80% of local authorities in the UK when determining eligibility for benefits such as Housing Benefit, Council Tax Support, Disability Facilities Grants, and Discretionary Housing Payments.

    While Leeds City Council already disregarded military compensation when assessing Housing Benefit, Council Tax Support / Reduction and Disabled Facilities Grants, a review has resulted in Discretionary Housing Payments also being exempted immediately.

    Hannah Pearce, Director of Campaigns, Policy and Research at RBL, said “We want to thank Leeds City Council for working with us and doing the right thing by veterans and the whole Armed Forces community.

    “All councils in Great Britain have signed the Armed Forces Covenant, and this is a really good example of the tangible difference councils can make to some of the poorest veterans in their community.” 

    The Leader of Leeds City Council, Councillor James Lewis, said: “As a council, we are proud signatories of the Armed Forces Covenant, a commitment that we reaffirmed only last year.

    “We offer an exceptional package of support to members of the armed forces, reservists, veterans, cadets and their families, so we are pleased to be able to change how military compensation is classified when means-testing benefits.

    “We take our commitment to the Armed Forces Covenant seriously, so we are happy to be able to bring military compensation fully into line with civilian compensation awards.”

    Leeds City Council Armed Forces Champions; Councillor Jane Dowson and Councillor Tom Hinchcliffe, said: “The Council is often praised by veteran organisations for its existing good practice, and this change highlights our continued dedication to the armed forces community. 

    “As a city, we are committed to improving our support offer for all members of the armed forces community, and to being an exemplar as both a service provider and an employer. No member of the armed forces, veteran, or their families, should feel like military service puts them at any disadvantage.”

    Notes for editors:

    Information on the Royal British Legion ‘Credit Their Service’ campaign: https://www.britishlegion.org.uk/get-involved/things-to-do/campaigns-policy-and-research/campaigns/credit-their-service

    Leeds City Council renews its pledge to the Armed Forces Covenant

    https://news.leeds.gov.uk/news/leeds-city-council-renews-its-commitment-and-support-for-the-armed-forces-covenant

    Leeds City Council granted prestigious Armed Forces Covenant Award

    https://news.leeds.gov.uk/news/leeds-city-council-granted-prestigious-armed-forces-covenant-award

    MIL OSI United Kingdom –

  • MIL-OSI: NobleAI to Address AI Innovation for Sustainable Product Ingredients at Premier Industry Conferences

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 09, 2024 (GLOBE NEWSWIRE) — NobleAI, a pioneer in Science-Based AI solutions for Material Informatics, today announced upcoming speaking events featuring their executives at Sustainable Brands and Change Chemistry: 2024 Innovators Roundtable. As corporate leaders and consumers alike have made their desire for more sustainable products clear, NobleAI has emerged as the sought-after leader in using AI for science to speed the discovery of chemical and material formulations.

    Sustainable Brands 2024, October 14 – 16, Town & Country Resort, San Diego, CA

    • Panel: “Transforming Product Development Through Innovative AI Applications.”

    This panel will discuss exciting ways that AI is transforming product development cycles in service of sustainability.

    • Panelist: Ned Weintraub, Chief Revenue Officer, NobleAI
    • Tuesday, October 15th – 4 PM – 5 PM
    • Location: T&C Ballroom D
    • Live Demo Presentations: NobleAI Risk Assessment and Ingredient Replacement (RAIR) Solution
      • Discover how NobleAI’s end-to-end Risk Assessment (RA) and Ingredient Replacement (IR) solution rapidly evaluates product risks against hazardous material lists, ensuring compliance with evolving regulations while identifying safer alternatives—all within minutes. Attendees will see RAIR in action and learn how companies can achieve safe, sustainable solutions quickly.
      • Tuesday, October 15th 11:30 AM and Wednesday, October 16th at 12 noon.
      • Booth 500

    Change Chemistry: 2024 Innovators Roundtable, October 28 – 30th, Nike Campus, Beaverton, OR

    • “AI as an Enabler of Safer and More Sustainable Chemicals and Products.”
      This session will discuss how AI is supporting companies’ transition to more sustainable product lines.
      • Panelist: Ethan Mirsky, Chief Product & Strategy Officer, NobleAI
      • Wednesday, October 30: 11:30am – 1pm  
    • Startup Cohort Presentations.
      • Ned Weintraub, CRO, NobleAI – will participate in a series of pitch presentations featuring innovative companies who are changing the landscape in chemistry.
      • Monday October 28th: 1:20pm

    About NobleAI
    NobleAI offers commercially-proven AI solutions for Material Informatics powered by its unique Science-Based AI (SBAI) technology. Science-Based AI models are developed quickly, securely and privately for each customer and a specific use case. Delivered via the cloud-based Noble Visualization Insights & Predictions (VIP) platform, NobleAI provides actionable insights to accelerate product development and reduce costs while improving product performance and sustainability. NobleAI is supported by investments from world-class organizations such as Microsoft, Chevron and Syensqo (formerly known as Solvay), and the company’s solutions are already delivering economic returns at leading chemical, material and energy companies around the globe.

    The MIL Network –

  • MIL-OSI: Byrna Technologies Reports Fiscal Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q3 Revenue Hits New Record of $20.9 Million, a 194% Increase from Q3 2023

    Gross Margin Improves to 62.4% as Manufacturing Scales

    ANDOVER, Mass., Oct. 09, 2024 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported select financial results for its fiscal third quarter (“Q3 2024”) ended August 31, 2024.

    Fiscal Third Quarter 2024 and Recent Operational Highlights

    • Continued to generate a highly accretive return on ad spend (ROAS) of 5.0X through the celebrity endorsement program, even as Byrna’s advertising spend grew from $800,000 per month in Q2 to $1.0 million per month in Q3, fueling record quarterly results and strong year-over-year growth.
    • Added Mike Huckabee, former Governor of Arkansas, to its roster of high-profile celebrity endorsers, and has signed agreements with two additional prominent celebrities, which will kick-off in December.
    • Secured earned media placements to date on over two dozen news programs, including ABC, Fox, Newsmax, NewsNation, and numerous other local radio and television news shows. Total media coverage continues to grow, with the celebrity endorsement program playing a key role in driving this earned media for Byrna, helping build significant brand awareness and contributing to the continued normalization of the less-lethal industry.
    • Reached national account status with Bass Pro Shops and Cabela’s, expanding Byrna’s presence from 42 stores to 137 stores nationwide and demonstrating the growing awareness around Byrna launchers.
    • Expanded Byrna’s sales reach into Mexico following a successful partnership with the Secretaría de Trabajo y Previsión Social (STPS) of Mexico to create a federally certified training program allowing civilians to legally carry the Byrna.
    • Secured an initial order with the Ministry of the Interior of Uruguay for 400 Byrna launchers and over 100,000 rounds of less-lethal ammunition for the Uruguayan National Police.
    • Deployed 1,000 launchers across airports in Argentina with the Policía de Seguridad Aeroportuaria.
    • Transferred its 51% stake in Byrna LATAM S.A. to its joint venture partner, enabling Byrna to earn royalty income and recognize revenue directly from sales to Byrna LATAM. Additionally, by selling its stake, the Company no longer needs to report Byrna LATAM’s losses in its financial statements.
    • Repurchased $3.0 million of stock at an average price of $10.25 as part of a new $10 million stock repurchase program commenced in August.

    Fiscal Third Quarter 2024 Financial Results
    Results compare Q3 2024 to the 2023 fiscal third quarter ended August 31, 2023 unless otherwise indicated.

    Net revenue for Q3 2024 was $20.9 million, compared to $7.1 million in the fiscal third quarter of 2023 (“Q3 2023”). The 194% year-over-year increase is primarily due to the transformational shift in Byrna’s advertising strategy implemented in September of last year and the resulting normalization of Byrna and the less-lethal space generally. For the first nine months of 2024, revenue was $57.8 million, compared to $27.0 million in the prior year period, an increase of 114% year-over-year.

    Gross profit for Q3 2024 was $13.0 million (62.4% of net revenue), up from $3.2 million (44.6% of net revenue) in Q3 2023. The increase in gross profit was driven by the increase in the proportion of sales made through the high-margin direct-to-consumer (DTC) channels (Byrna.com and Amazon.com), a reduction in component costs driven through an intensive cost reduction effort focused on “design for manufacturability” spearheaded by Byrna’s engineering team, and the economies of scale resulting from increased production volumes. For the first nine months of 2024, gross margin was 60.9%, compared to 54.1% for the same period in 2023.

    Operating expenses for Q3 2024 were $12.2 million, compared to $7.3 million for Q3 2023, an increase of 67%. The increase in operating expenses was driven by an increase in variable selling costs (such as freight and third-party processing fees), increased marketing spend tied to the Company’s celebrity endorsement strategy, and higher payroll expenses in marketing and engineering as the Company has added personnel to handle the higher sales and production volumes. For the first nine months of 2024, operating expenses were $32.6 million compared to $21.5 million in 2023, a 52% increase year-over-year.

    Net income for Q3 2024 was $1.0 million compared to a loss of $(4.1) million for Q3 2023, a $5.1 million improvement. For the first nine months of 2024, net income was $3.1, compared to a loss of $(7.4) million in 2023, a $10.5 million year-over-year improvement.

    Adjusted EBITDA1, a non-GAAP metric reconciled below, for Q3 2024 totaled $1.9 million, compared to $(2.4) million in Q3 2023. For the first nine months of 2024, adjusted EBITDA totaled $6.3 million, an $8.5 million improvement over the loss of $(2.2) million in the prior year period, ahead of the traditionally strong fourth quarter.

    Cash and cash equivalents at August 31, 2024 totaled $20.1 million compared to $20.5 million at November 30, 2023. Inventory at August 31, 2024 totaled $19.8 million compared to $13.9 million at November 30, 2023. The Company has no current or long-term debt.

    Management Commentary
    Byrna CEO Bryan Ganz stated: “In the third quarter, we generated $20.9 million in revenue while also improving our gross margin and operating leverage. This performance underscores the continued impact of our celebrity influencer strategy, which has driven increasing brand recognition and contributed to the growing normalization of our product category.

    “Since launching the celebrity advertising program in Q4 of last year, we’ve consistently maintained a highly accretive 5.0X ROAS, driving profitable growth throughout the year. Today, over ten celebrities are actively evangelizing Byrna’s less-lethal mission, helping to normalize less-lethal as a legitimate alternative to lethal force, build brand awareness, and drive both consumer and institutional demand. The continued success of this program is evident in our September sales, which came in at $8.3 million—averaging just over $275,000 in sales per day during what is traditionally our weakest month of the seasonally strong fourth quarter.

    “As we continue to post record sales, we remain focused on scaling up production to meet this increasing demand. In Q3, production totaled over 55,000 units as we build inventory to support current sales growth, the anticipated holiday season surge, and the upcoming launch of the Compact Launcher.

    “To further increase capacity, we are introducing a partial second shift in the fourth fiscal quarter of 2024, with plans to operate a full second shift by the end of the first quarter next year. Additionally, we are adding a third production line dedicated to the Byrna Compact Launcher. We are also preparing to scale domestic ammunition production, enabling us to meet growing demand and position Byrna to support future product lines. This will also allow us to offer a full range of ammunition that is Made in America. These measures will ensure we can keep up with current launcher demand while building inventory for the Compact Launcher, slated for release in Summer 2025.

    “With this continued growth, Byrna is now a self-sustaining, profitable, and cash-flowing enterprise. As we scale, we are strategically investing in initiatives that will drive growth while we continue to focus on returning value to shareholders. In the third quarter, we authorized a $10 million buyback, and, to date, have repurchased $3 million of shares at an average price of $10.25, demonstrating our confidence in Byrna’s long-term strategy and growth potential.

    “In addition to expanding production, we are also investing in our retail footprint. We have recently signed leases for Byrna-owned stores in key markets, including Nashville, Tennessee; Ft. Wayne, Indiana; Scottsdale, Arizona; and Salem, New Hampshire. We are also finalizing a lease for a proposed Pasadena, California location. These new stores, which build on the successful proof-of-concept from our Las Vegas location—launched two years ago and running at a $1 million annual revenue rate with a 60%+ gross profit margin—will provide valuable market data for future expansion. Each store will feature a shooting range for customers to experience our products firsthand, supporting both revenue growth and brand awareness, complementing our continued success in DTC sales.

    “Internationally, we are seeing strong momentum in Latin America, with a string of recent law enforcement deployments reinforcing our optimism for the region’s growth potential. Our strategic divestment of our stake in Byrna LATAM allows us to fully recognize revenue from future sales to Byrna LATAM and earn a royalty on every launcher produced in Argentina. Additionally, we no longer have to report Byrna LATAM’s losses in its financial statements, improving our reported income and enabling us to focus on our core markets.

    “We are confident that our growth will continue into 2025 and beyond, driven by increased advertising, which will result in both direct and indirect sales as less-lethal weapons become normalized, alongside new retail stores, mobile trailers, and the launch of our anticipated Compact Launcher. The Compact Launcher, set for release in mid-2025, will strengthen our product lineup by enhancing accessibility and ease of use, allowing for broader market penetration and increased consumer adoption. As we scale and expand production, we expect further improvements in manufacturing efficiency, which will enhance both gross and net margins. With these initiatives, Byrna is positioned for sustained growth and success well into 2025 and 2026.”

    Conference Call
    The Company’s management will host a conference call today, October 9, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Toll-Free Dial-In: 877-709-8150
    International Dial-In: +1 201-689-8354
    Confirmation: 13748618

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” or “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to our statements related to our expected sales during the fourth quarter, our ability to scale production, add shifts and production lines, the expected timing for the launch of the Compact Launcher, Byrna’s ability to remain self-sustaining, profitable and cash flow positive, Byrna’s ability to open new retail locations and realize revenue growth from them, continued momentum in the Latin American market, expected increases in gross and net margins, and Byrna’s positioning for sustained growth in 2025 and 2026. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of our supply chain; the further or prolonged disruption of new product development; production or distribution disruption or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased transportation costs or interruptions, including due to weather, flooding or fires; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels, including Amazon, not to carry or reduce inventory of the Company’s products; determinations by advertisers or social media platforms, or legislation that prevents or limits marketing of some or all Byrna products; the loss of marketing partners; increases in marketing expenditure may not yield expected revenue increases; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design or manufacturing defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K and Part II, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-Q, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    -Financial Tables to Follow-

    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Amounts in thousands except share and per share data)
    (Unaudited)
                                     
        For the Three Months Ended
    		     For the Nine Months Ended
    		  
        August 31,
    		     August 31,
    		  
          2024       2023       2024       2023  
    Net revenue   $ 20,854     $ 7,085     $ 57,777     $ 27,004  
    Cost of goods sold     7,842       3,927       22,566       12,402  
    Gross profit     13,012       3,158       35,211       14,602  
    Operating expenses     12,184       7,267       32,633       21,522  
    INCOME (LOSS) FROM OPERATIONS     828       (4,109 )     2,578       (6,920 )
    OTHER INCOME (EXPENSE)                
    Foreign currency transaction loss     (103 )     (54 )     (381 )     (238 )
    Interest income     281       239       883       525  
    Loss from joint venture     (62 )     (287 )     (42 )     (625 )
    Other income (expense)     3       (7 )     7       (270 )
    INCOME (LOSS) BEFORE INCOME TAXES     947       (4,218 )     3,045       (7,528 )
    Income tax benefit     78       124       75       165  
    NET INCOME (LOSS)   $ 1,025     $ (4,094 )   $ 3,120     $ (7,363 )
                     
    Foreign currency translation adjustment for the period     381       585       410       (641 )
    COMPREHENSIVE INCOME (LOSS)   $ 1,406     $ (3,509 )   $ 3,530     $ (8,004 )
                     
    Basic net income (loss) per share   $ 0.05     $ (0.19 )   $ 0.14     $ (0.34 )
    Diluted net income (loss) per share   $ 0.04     $ (0.19 )   $ 0.14     $ (0.34 )
                     
    Weighted-average number of common shares outstanding – basic     22,758,155       21,960,163       22,509,018       21,895,815  
    Weighted-average number of common shares outstanding – diluted     23,410,159       21,960,163       23,072,498       21,895,815  
                     
                     
    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Balance Sheets
    (Amounts in thousands, except share and per share data)
                     
        August 31,
    		     November 30,
    		  
         2024      2023  
        Unaudited
    		      
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents   $ 20,077     $ 20,498  
    Accounts receivable, net     2,128       2,945  
    Inventory, net     19,797       13,890  
    Prepaid expenses and other current assets     1,983       868  
    Total current assets     43,985       38,201  
    LONG TERM ASSETS        
    Intangible assets, net     3,401       3,583  
    Deposits for equipment     1,927       1,163  
    Right-of-use asset, net     2,404       1,805  
    Property and equipment, net     3,481       3,803  
    Goodwill     2,258       2,258  
    Loan to joint venture     —       1,473  
    Other assets     1,548       28  
    TOTAL ASSETS   $ 59,004     $ 52,314  
             
    LIABILITIES        
    CURRENT LIABILITIES        
    Accounts payable and accrued liabilities   $ 11,124     $ 6,158  
    Operating lease liabilities, current     596       644  
    Deferred revenue, current     818       1,844  
    Total current liabilities     12,538       8,646  
    LONG TERM LIABILITIES        
    Deferred revenue, non-current     28       91  
    Operating lease liabilities, non-current     1,899       1,258  
    Total liabilities     14,465       9,995  
             
             
    STOCKHOLDERS‘ EQUITY        
    Preferred stock     —       —  
    Common stock     24       24  
    Additional paid-in capital     132,364       130,426  
    Treasury stock     (20,747 )     (17,500 )
    Accumulated deficit     (66,456 )     (69,575 )
    Accumulated other comprehensive loss     (646 )     (1,056 )
             
    Total Stockholders’ Equity     44,539       42,319  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 59,004     $ 52,314  
             

    Non-GAAP Financial Measures

    In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.

    Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.

    This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and comprehensive (loss) income excluding the impact of (i) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):

        For the Three Months Ended   For the Nine Months Ended
        August 31,   August 31,
         2024     2023     2024     2023 
    Net Income (Loss)   $ 1,025     $ (4,094 )   $ 3,120     $ (7,363 )
                     
    Adjustments:                
    Interest income     (281 )     (239 )     (883 )     (525 )
    Income tax benefit     (78 )     (124 )     (75 )     (165 )
    Depreciation and amortization     263       333       1,113       897  
    Non-GAAP EBITDA   $ 929     $ (4,124 )   $ 3,275     $ (7,156 )
                     
    Stock-based compensation expense     819       1,738       2,615       4,691  
    Impairment loss     –       –       –       176  
    Severance/Separation/Officer recruiting     196       30       431       82  
    Non-GAAP adjusted EBITDA   $ 1,944     $ (2,356 )   $ 6,321     $ (2,207 )
                     

    1 See non-GAAP financial measures at the end of this press release for a reconciliation and a discussion of non-GAAP financial measures.

    The MIL Network –

  • MIL-OSI USA: Slotkin Surpasses $20 Million Returned to Constituents Since Taking Office

    Source: United States House of Representatives – Congresswoman Elissa Slotkin (MI-08)

    LANSING, Mich. – U.S. Rep. Elissa Slotkin (MI-07) announced today that her team has now returned over $20 million to constituents since taking office in 2019, thanks to the hard work of her constituent services staff.

    The office’s running total is now $20,377,671 returned to residents through constituent case work and represents more than 8,300 constituent cases, the majority of which came from the Internal Revenue Service ($15,814,193), Small Business Administration ($2,034,045), Social Security Administration ($1,169,474) and Department of Veteran Affairs ($405,436).

    Overall, Slotkin’s constituent services team has opened more than 8,300 cases since January of 2019, each one representing a district resident who requested assistance with a federal agency. 

    “My team is committed to helping Michiganders get the most out of their government,” said Slotkin. “They are experts at navigating federal agencies, and this milestone of returning more than $20 million to mid-Michigan constituents is a testament to their knowledge and dedication to serving our communities. If you’re struggling to get a refund or information from a federal agency, you can contact us on our website or over the phone. Our staff in Lansing knows how to navigate bureaucracy better than anyone and is ready to work for you.”

    CONSTITUENT STORIES

    “After multiple attempts to get information regarding the employee retention tax credit we had not received, I reached out to Elissa’s office. They immediately understood the issue and wanted to help. They got to the right people and provided regular and predictable updates resulting in clarification of the problem and ultimately the payment of the tax credits,” Scott from East Lansing said.

    “We contacted Elissa Slotkin… regarding the inability to get a response from the VA for needed funds to stay in an assisted living facility,” Joseph from New Hudson wrote. “Within one week… we had an answer. We thank the Office of Elissa Slotkin for their sincere assistance with this issue. It is so refreshing and uplifting to see our representative act with such integrity in helping her constituents.”

    “I was having difficulty working with [Office of Personnel Management (OPM)]. My retirement annuity had not been calculated correctly and although I spoke with customer service repeatedly, I was not making any progress,” Carole from Milfordsaid. “My former Union Representative suggested I reach out to my congressperson. To my amazement, Elissa Slotkin’s office responded almost immediately and reached out on my behalf. I believe this was essential in encouraging OPM to look more closely at my petition and to handle it in good time. I believe my annuity is now correct and I received a lump sum that was due for the time it was incorrect. Representative Slotkin’s office kept me informed every step of the way. Thanks for the great work!”

    The best way to start the process is by completing a privacy release form through Slotkin’s website.

    A completed form is needed before the constituent services team is able to obtain information about an individual’s case because of the Privacy Act of 1974.

    Slotkin’s office can also assist with requesting D.C. tours and tickets, receiving a milestone birthday or anniversary greeting, or requesting that a flag be flown over the U.S. Capitol. Visit https://slotkin.house.gov/ or call (517) 993-0510 for more information.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Scottish Greens hail private jet tax review

    Source: Scottish Greens

    08 Oct 2024 Transport Climate Action

    A private jet tax can fund our transition to a greener future.

    More in Transport

    The Scottish Greens have welcomed an announcement that the Scottish Government will be reviewing air departure tax rates, including for private jets specifically.

    Answering a question at the Finance and Public Administration Committee this morning, the Cabinet Secretary said the rates and bands, including the rates on private jet flights, would be reviewed to ensure they align with net zero ambitions.

    There were 12,911 recorded private flights to and from Scotland’s airports in 2023. A recent Oxfam study suggested a tax on these flights could raise up to £21.5 million. Private jets have estimated climate emissions of up to 14 times that of commercial flights.

    The Scottish Greens transport spokesperson, Mark Ruskell MSP, said: “Private jets have a huge environmental impact, and while their super-rich occupants pinball between their golf courses and yachts, it’s taxpayers who are left paying for the damage.

    “We all know that we urgently need to reduce aviation emissions, and one of the easiest ways to do that is to reduce private jet use. Taxing them fairly would deter such reckless flights, help move people to more sustainable modes of transport, and raise the funds to help us to mitigate the destructive impact they have on the rest of us.

    “We all know Labour cuts at Westminster mean money is tight in Scotland. But it isn’t enough to point this out, we must use every lever at our disposal to raise the funds we need for essential services and climate action. I can think of no better way of raising these funds than taxing super-rich polluters.”

    MIL OSI United Kingdom –

  • MIL-OSI: MoneyHero Enhances Car Insurance Vertical via Strategic Partnership with bolttech

    Source: GlobeNewswire (MIL-OSI)

    MoneyHero to leverage bolttech’s cutting-edge insurance exchange technology to power the Company’s new car insurance platform

    New digital marketplace enhances MoneyHero’s insurance brokerage and conversion expertise, offering a streamlined end-to-end consumer journey across Hong Kong, Singapore and the Philippines

    SINGAPORE, Oct. 08, 2024 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a leading personal finance and digital insurance brokerage platform in Greater Southeast Asia, today announced the launch of its brand-new car insurance platform through a strategic partnership with bolttech, a global leader in insurtech. This collaboration will transform MoneyHero’s consumer experience for car insurance by integrating bolttech’s cutting-edge insurance exchange technology into the MoneyHero platform. The enhanced marketplace is now live in Hong Kong, with rollouts planned for Singapore by Q4 2024 and the Philippines by the end of Q1 2025.

    Through this strategic partnership, MoneyHero is strengthening its position as a digital insurance leader in the region, combining its expertise in financial product comparison and conversion optimization with bolttech’s innovative insurance capabilities. The new car insurance platform will empower consumers with better insights, broader options, and a more seamless purchase process, setting a new standard for the car insurance industry.

    Rohith Murthy, CEO of MoneyHero, said: “This launch marks a significant milestone for MoneyHero as we expand our car insurance offerings and enhance our capabilities as a leading digital insurance brokerage. By partnering with bolttech, we are not only elevating the user experience but also taking full ownership of the entire car insurance purchase journey—from comparison to conversion—within our ecosystem. This enhanced platform is aligned with our strategic pillars of brokerage excellence and conversion expertise, and it further underscores our commitment to making personal finance and insurance decisions easier for consumers across Greater Southeast Asia.

    “With bolttech’s expertise, we are offering an unmatched level of insight and simplicity that will reshape how consumers choose their car insurance. This partnership strengthens our position as a market leader, and together, we’re setting the stage for the future of digital insurance.”

    Enhanced Platform Benefits and Strategic Alignment

    Leveraging bolttech’s cutting-edge insurance exchange technology, MoneyHero’s car insurance platform offers users a best-in-class experience, including comprehensive comparison tools, accurate pricing references, and a streamlined end-to-end user journey. These features will allow consumers to make more informed and confident decisions about their car insurance, all within a seamless, fully integrated platform.

    Philip Weiner, CEO – Asia & Middle East, bolttech said, “We are thrilled to partner with MoneyHero to create an enhanced customer experience for car insurance across Southeast Asia. By digitally integrating with our insurance exchange platform, we are empowering MoneyHero to offer a seamless and transparent user experience, giving customers greater control and clarity in their car insurance decisions. Together, we look forward to delivering more value-added services to MoneyHero’s customers and driving further innovation in the insurtech space.”

    bolttech, with over 230 insurers and 6,000 products on its platform globally, brings unmatched expertise and market access to this partnership, ensuring that MoneyHero’s customers have access to a wide array of insurance options tailored to their needs.

    Revenue Growth and Strategic Expansion

    MoneyHero’s insurance vertical has been a key driver of growth, contributing 7% to total revenue in 2023 and has grown 89% year-over-over in Q2 2024, contributing to 11% of Group revenues in Q2 2024. The launch of the new car insurance platform is expected to significantly accelerate this growth, as it capitalizes on the increasing demand for digital insurance solutions in Greater Southeast Asia.

    Mr. Murthy added: “Our vertically integrated approach to brokerage, combined with this partnership, positions us to capture a larger share of the car insurance market. Insurance will continue to be a key contributor to our bottom line, driving new customer acquisition across our broader personal finance platform.”

    For more information about MoneyHero, including information for investors and learning about career opportunities, please visit http://www.MoneyHeroGroup.com.

    About MoneyHero Group
    MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines.  Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory.  The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero currently manages 279 commercial partner relationships and services 8.1 million Monthly Unique Users across its platform for the six months ended June 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving Greater Southeast Asia’s digital economy, please visit http://www.MoneyHeroGroup.com.

    About bolttech
    bolttech is a global insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in more than 35+ markets across four continents, North America, Asia, Europe, and Africa. With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

    For more information, please visit http://www.bolttech.io.

    For MoneyHero inquiries, please contact:

    Investors:
    MoneyHero IR Team
    IR@MoneyHeroGroup.com

    Media:
    Gaffney Bennett PR
    MoneyHero@gbpr.com

    For bolttech inquiries, please contact:
    bolttech Group Communications
    enquiries@bolttech.io

    The MIL Network –

  • MIL-OSI Canada: Deputy Prime Minister announces new actions to build secondary suites and unlock vacant lands to build more homes

    Source: Government of Canada News

    News release

    October 8, 2024 – Ottawa, Ontario – Department of Finance Canada

    Across Canada, too many properties are underused or vacant—from unused basements, to empty office towers, to vacant lots—and could be used to build more homes. By making it easier for homeowners to add secondary suites to their existing homes, and unlocking vacant lands and underused federal properties for housing, we can build the supply of homes Canada needs to make housing more affordable for every generation.

    Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, and the Honourable Terry Beech, Minister of Citizens’ Services, announced significant progress in the federal government’s work to unlock more land in our communities for housing.    

    First, the Deputy Prime Minister and Minister of Finance announced technical guidance for lenders and insurers to offer mortgage refinancing for homeowners looking to add secondary suites to their homes, starting January 15, 2025. These mortgage insurance reforms, as well as the forthcoming Canada Secondary Suite Loan Program, will make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase density in our communities. Secondary suites can help homeowners pay their mortgage with a new rental apartment and bring families closer together. For example, a retired couple may wish to downsize into a new laneway home or in-law suite, so their children could raise their young family in the property’s existing home. More specifically, these changes will:

    • Allow refinancing of insured mortgages for secondary suites, to let homeowners access the equity in their homes to finance the construction of secondary suites. Borrowers will be able to access financing of up to 90 per cent of the home value, including the value added by the secondary suite(s), and amortize the refinanced mortgage over a period of up to 30 years.
    • Increase the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, to ensure homeowners can access this refinancing in all housing markets across the country.

    Second, the Deputy Prime Minister and Minister of Finance launched consultations on the taxation of vacant land. The federal government is seeking feedback from provinces, territories, and municipalities that are interested in implementing their own vacant land taxes. By taxing vacant lands, landowners would be incentivized to maximize the full potential of their land—building homes.

    Third, the Minister of Public Services and Procurement announced that an additional 14 underused federal properties have been identified as suitable for building new homes. With these additional federal properties added to the Canada Public Land Bank, a total of 70 federal properties have now been unlocked and are available to homebuilders as of today. This is part of the federal government’s work—as Canada’s largest landowner—to turn unused and underused federal properties into 250,000 new homes.

    The federal government is delivering on its ambitious plan to build 4 million homes by using all tools at its disposal. The actions announced today are about maximizing the use of available land in our communities—turning unused basements, empty lots, and underused federal offices into homes—to build a country where everyone has access to a home they can afford. 

    Quotes

    “We must use every possible tool to build more homes and make housing affordable for every generation of Canadians. That is why we announced the most ambitious housing plan in Canada’s history—a plan to build 4 million new homes. Today, we are taking bold action to deliver on key parts of that plan which will build new homes by making it easier to add a secondary suite to your existing home and making full use of available land in our communities.”

    – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

    “Safe, accessible, and affordable housing options are out of reach for far too many Canadians. The launch of the Canada Public Land Bank in August 2024 laid the foundation for our efforts to unlock public lands for housing at a pace and scale not seen in generations. We are delivering on our promise to continue to add more properties to the land bank and meet the deliverables outlined in Budget 2024 to support a new, ambitious Public Lands for Homes Plan. In doing so, we can build strong communities and more affordable housing across the country.”

    – The Honourable Jean-Yves Duclos, Minister of Public Services and Procurement 

    “Our government is unlocking new opportunities for homeownership by building homes on underused public lands, retrofitting federal buildings, and empowering homeowners to construct additional units. Young British Columbians and Canadians across the country face a tougher housing market than the generations before them and our plan will help create more housing options for them and their families.”

    – The Honourable Terry Beech, Minister of Citizens’ Services

    “The measures announced today are another step forward in our work to tackle the housing crisis, build more homes, and ensure that everyone has a safe and affordable place to call their own.”

     

    – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

    Quick facts

    • Today’s mortgage reforms to make it easier for homeowners to add secondary suites, such as basement apartments, in-law suites, and laneway homes, build on the federal government’s recent announcement of the boldest mortgage reforms in decades to unlock homeownership for every generation of Canadians. Starting December 15, 2024, Canadians will be able to apply for reformed mortgages and benefit from lower monthly payments. These reforms include:

      • Increasing the $1 million price cap for insured mortgages to $1.5 million, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home.
      • Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.

    • In addition to reforming mortgage insurance rules to make it easier to add secondary suites, the federal government is:

      • Helping families afford to have a grandparent or a family member with a disability move back in if they want to with a new, refundable Multigenerational Home Renovation Tax Credit of up to $7,500, available as of January 1, 2023; and,
      • Launching a new Canada Secondary Suite Loan Program to enable homeowners to access low-interest loans to help with the cost of renovations. More details will be announced before the end of the year.

    • In Budget 2024 and Canada’s Housing Plan, the federal government announced the most ambitious housing plan—a plan which will build nearly 4 million homes by 2031. This plan takes a whole-of-government approach to addressing the housing crisis by building more homes, making it easier to rent or own a home, and helping Canadians who cannot afford a home.

      • A key component of Canada’s Housing Plan is the Public Lands for Homes Plan, which will build 250,000 new homes by partnering with all order of government, homebuilders, and housing providers to build homes on surplus and underused public lands, such as unused federal offices, across the country.
      • Budget 2024 provided $500 million to launch the new Public Lands Acquisition Fund, which will buy land from other orders of government to allow the federal government to acquire more land to be used for housing to help build middle-class homes. Work on the fund is already underway, and more details will be released in the coming weeks. 

    • The 14 federal properties added today to the Canada Public Land Bank are located in:

      • Vernon, British Columbia;
      • Ottawa, Ontario;
      • Gatineau, Quebec;
      • Québec City, Quebec;
      • Cape Breton, Nova Scotia; and,
      • St. John’s, Newfoundland and Labrador.

    • Provinces, territories, and municipalities that choose to implement vacant land taxes would be incentivized to design these taxes around a core tax base of land that is:

      • Vacant;
      • Residentially (or mixed-use) zoned;
      • Serviceable by municipal infrastructure (e.g., roads, water, sewage, and electricity); and,
      • Physically developable (e.g., appropriate lot size, no site contamination).

    • Applying specialized taxes on vacant land would be intended to:

      • Encourage the development of land into housing rather than leaving it idle;
      • Discourage speculative holding of land by making it more costly to keep land undeveloped; and,
      • Provide a source of revenue, which could potentially be used to fund further investments to build more homes.

    Associated links

    Contacts

    Media may contact:

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

    Media Relations
    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

    General enquiries:

    Phone: 1-833-712-2292
    TTY: 613-369-3230
    E-mail: financepublic-financepublique@fin.gc.ca

    Stay Connected

    MIL OSI Canada News –

  • MIL-OSI Australia: R&D tax incentive transparency reports

    Source: Australian Department of Revenue

    About the transparency reports

    We’re required by law to publish certain data about Research and Development (R&D) tax incentive claims reported to us by companies (R&D entities). Publishing this information will:

    • provide transparency on the benefits received by R&D entities
    • encourage voluntary compliance with the requirements of the R&D tax incentive (R&DTI) program
    • increase public awareness of which companies have claimed the tax incentive.

    Publication of this report is a legal requirement under section 3H of the Taxation Administration Act 1953 (TAA). It came into effect in July 2021, following reforms to the policy and administration of the R&DTI program, as a result of Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020External Link.

    Each year, the transparency report will be made up of 2 parts. These are:

    When we’ll publish the report

    We’re required to publish the R&D data 2 years after the end of the financial year that the data relates to. The delay in publishing this information is designed to address any perceived commercial sensitivity of the data.

    We’ll publish the first data report in early October 2024. It will include R&D entities:

    • that claimed the R&DTI in their 2022 company tax return, and
    • whose income year commenced on or after 1 July 2021.

    What R&D data we’ll publish

    The data we’ll publish in the data report is specific and limited to the:

    • name of the R&D entity claiming the R&DTI
    • entity’s Australian business number (ABN) or Australian company number (ACN)
    • ‘total R&D expenditure’ – total notional deductions claimed (label Z in Part A of the R&DTI schedule) less any feedstock adjustments (label B in Part B of the R&DTI schedule).

    We’ll base this on what the R&D entity provided in its company tax return.

    If an R&D entity amended its company tax return, we’ll report both the original information provided by the entity and the last client-initiated amendment lodged with us – including any voluntary disclosures provided during a review or audit.

    Commissioner-initiated amendments won’t be published. If, during a review or audit, the Commissioner amended the labels, we’re required to publish the total expenditure on R&D based on the company return lodged before the Commissioner-initiated amendment.

    You’re unable to opt out of having your R&D information published in the report. There are no exclusions.

    Due to tax law confidentiality provisions in the TAA, we can’t disclose any further information beyond what will be published in the report.

    Data notes

    Labels in the data report

    There will be 5 labels in the data report on data.gov.au:

    • Name – this is the name of the R&D entity on the date we extracted the data.
    • ABN or ACN – if the R&D entity had a valid ABN when we extracted the data, then we’ve published the ABN; if not, we’ve published its ACN.
    • Total R&D expenditure – this is based on the first information the R&D entity provided to the Commissioner and is the total notional deductions (label Z at Part A on the R&D schedule) less feedstock adjustments (label B at Part B on the R&D schedule).
    • Adjusted total R&D expenditure – this is based on the last amendment the R&D entity provided to the Commissioner and is the total of notional deductions (label Z at Part A on the R&D schedule) less feedstock adjustments (label B at Part B on the R&D schedule).
    • Income year – this is the income year for the R&D claim.

    Notes about the total R&D expenditure amounts

    We’ve generally rounded the total R&D expenditure amounts in the data report, so you may see differences between the totals in the data report and the amounts we’ve used in the information and charts in our analysis.

    There are also R&D entities that we’ve reported a ‘Nil’ dollar amount for. This could be because:

    • feedstock adjustments are more than the notional deductions
    • the R&D entity adjusted the amount in their tax return
    • the R&D entity did not provide information regarding total R&D expenditure.

    Consolidated groups

    Where an R&D entity is part of an income tax consolidated group or multiple entry consolidated (MEC) group, the subsidiary members are treated as part of the head company for income tax purposes, for as long as they remain part of the group for income tax purposes.

    The published total R&D expenditure amounts are those disclosed by the head company of the consolidated group or MEC group.

    Data sources

    We’ll get the data for the data report from the company tax return and R&D schedule labels.

    Company tax return

    We’ll include the entity in the data report if they’ve reported an amount at label 21A or 21U.

    R&D schedule

    The total R&D expenditure in the data report is the amount of total notional deductions less any feedstock adjustments. If notional deductions less feedstocks adjustments are negative or zero, the figure is reported as Nil.

    We’ll use Part A label Z to obtain the total notional R&D deduction amounts we include in the data report – this amount is worked out by adding together items 1 to 9 in Part A of the R&D schedule for both Australian-owned R&D (label X) and foreign-owned R&D (label Y).

    We’ll use Part B label B to obtain the feedstock adjustment amount.

    Amendments

    If you’ve reviewed your R&D claims and believe that there’s an error in the information that we’ll publish, you’re able to correct any errors by lodging an amendment with us in writing.

    If you’ve submitted an amendment and it’s not processed before we extract the data, we’ll publish the updated information in the next year’s report. If you’ve amended your R&DTI claim, we’ll publish both the original R&D expense amount and the amended R&D expense amount. If you’ve withdrawn your claim in full, we’ll publish the original R&D expense amount with the amended R&D expense amount published as Nil.

    Data assurance process

    In preparing the data for publishing, we’ve reviewed and confirmed the data in accordance with the information contained on our systems as at the date we extracted the data.

    If you are an R&D entity (or their nominated representative) with data included in the report and there is an error, you can contact us.

    What’s not in the report

    The information in the transparency report will not include:

    The report won’t contain information collected by Department of Industry, Science and Resources (DISR) on behalf of Industry Innovation and Science Australia (IISA) as authorised under the Industry Research and Development Act 1986.

    Communication approach

    Since September 2023, ahead of the release of the first report, we’ve been:

    • engaging with key external stakeholders to inform them of the new reporting requirement and to get their input into our approach
    • communicating directly with all affected R&D entities and their registered tax agents (in October 2023, February 2024 and July 2024), to inform them of the new reporting requirement and encourage them to review their information and amend any errors
    • communicating directly with those R&D entities that lodged an amendment, to let them know that both their original and amended amounts will be published
    • communicating directly with those R&D entities that had their claim amended by the Commissioner, to let them know we’re unable to publish the Commissioner-amended amount; we’ll only be publishing the original amount they claimed
    • issuing broader communications to the community to inform them about the new data report and provide them with access to comprehensive information about the data report.

    Visibility for future applicants

    To ensure future applicants are aware that the data they lodge in their R&DTI schedule will be included in R&DTI transparency reporting, we’ve added a notice to the R&DTI schedule 2024 (paper version) (PDF, 536KB)This link will download a file and digital version as well as the R&DTI calculator.

    Administration of the R&DTI program

    The R&DTI program is jointly administered by the:

    • Department of Industry, Science and Resources (DISR on behalf of IISA)
    • ATO.

    DISR manages the registration process for the R&DTI program and we review the eligibility of the expenditure incurred on the registered activities. We leverage the skills of each agency to:

    • reduce compliance costs for business
    • increase certainty while maintaining program integrity.

    The ATO and DISR regularly conduct engagement activities, including compliance reviews and audits of R&D entities to safeguard the integrity of the R&DTI program. Information in relation to these activities is not included in this report.

    The R&DTI program is a self-assessment regime. Receiving a registration number from DISR doesn’t mean the R&D activities meet the eligibility requirements. A registration number means the application has been received and is complete. R&D entities may still be subject to compliance action by DISR and the ATO.

    About the R&D program contains further details, including the aim of the program and our joint charter with DISR.

    Innovation success stories

    DISR provides information on its website about the innovation success storiesExternal Link the program has supported.

    MIL OSI News –

  • MIL-OSI: 2024 State of Women’s Small Business Report by Block Advisors Reveals Resilience Despite Persistent Support Barriers

    Source: GlobeNewswire (MIL-OSI)

    Over 6,000 applicants of the Fund Her Future small business grant program show high confidence yet cite major barriers for women looking to start a business

    KANSAS CITY, Mo., Oct. 08, 2024 (GLOBE NEWSWIRE) — Today, Block Advisors by H&R Block unveiled its 2024 State of Women’s Small Business Report, which reveals that women entrepreneurs continue to face significant funding and support gaps, with these challenges being even more severe for BIPOC women. These systemic obstacles contribute to a personal confidence gap among owners themselves. Despite these barriers, many current business owners feel the outlook for their businesses’ future is positive.

    While nearly all applicants (94%) express feeling ‘somewhat’ to ‘very’ positive about 2025, respondents also express being cautious with finances given the state of today’s economy. Over half of respondents (56%) claim inflation has affected their prices this year; and over the next six months to a year, some respondents believe they may be forced to cut expenses (44%) and raise prices again due to inflation (39%). Despite cautious optimism, the report highlights significant challenges in women’s entrepreneurial journeys. The challenges experienced are even more pronounced for respondents who are racially diverse.

    “Starting a business has its fair share of struggles – sustaining it brings additional challenges,” said Jamil Khan, Chief Small Business Officer at H&R Block. “This report sheds light on the ongoing obstacles, helping us better understand the resources, guidance, and tools to which women entrepreneurs of all backgrounds need access. It’s commonly known that 50% of businesses close within five years of opening – this report helps us understand how we can work with women founders to beat those odds.”

    The 2024 State of Women’s Small Business Report by Block Advisors offers insights from 6,333 Fund Her Future grant applicants. The analysis underscores the profile, attitudes, and behaviors of these applicants, specifically in terms of the motivations, challenges, and needs of today’s women entrepreneurs. Block Advisors’ review of survey responses shows women founders’ future confidence is fueled by a spirit of perseverance. The majority of respondents cited facing substantial funding and support gaps when starting their business. These barriers may play into the confidence gap that was noted in over half of respondents.

    Block Advisors believes these findings reinforce the need for programs like the Fund Her Future grant. “It is clear that women entrepreneurs are determined to find success on their business journey. For these underserved business owners, the right support and guidance in those critical early years can make all the difference in navigating the challenging road ahead,” said Khan.

    Women Applicants Skew Younger, Diverse, and Seek Autonomy

    The grant applicant pool reveals that today’s woman entrepreneur in search of funding is a younger, educated, and racially diverse owner just starting their small business journey. Specifically, approximately half of respondents to the Fund Her Future grant survey were women who were Black (50%), college-educated or higher (63%), millennial (53%), and with two years or less of owning a business (49%).

    Responses indicated that these female founders deeply value being engaged leaders. Improving communities and the overall need for autonomy were among the top motivators for starting their businesses. Almost all (98%) of respondents mentioned improving a community as a motivator. This is supported by the industries represented by applicants: nearly one in four (23%) women own a business in counseling, education, tutoring, or business consulting.

    A preference for business autonomy and work flexibility were also leading catalysts toward business formation: 92% of those surveyed cited wanting to be their own boss and 89% cited wanting to set their own schedule. One in five (21%) women shared that they were starting a business to escape the traditional 9-to-5 work environment so that they could tap into the childcare flexibility of staying home with their kids. Not all aspiring entrepreneurs leave traditional workplaces right away, however. Exactly half of all respondents started their business as a side gig. A slower transition may allow for greater stability during the often-tenuous early years of a business startup, while still lending the founder more feelings of autonomy and self-directed purpose.

    Funding & Support Gaps Remain Big Barriers to Business Formation

    The report found four of the top five barriers to starting a business all dealt with funding and support gaps, further confirming the need to close these gaps through programs like Block Advisors by H&R Block’s Fund Her Future grant. In fact, a ‘lack of start-up capital’ (80%), ‘needing steady, reliable income’ (76%), and ‘needing a solid business plan’ (56%) round out the top three barriers, with ‘needing help getting started’ (50%) placing fifth. 

    Interestingly, 54% of respondents cited ‘fear of failure,’ making it the fourth most common barrier. This spotlights a little-talked-about confidence gap for over half of women entrepreneurs. One respondent stated, “Starting a new business can be daunting, especially as a first-time entrepreneur. The fear of failure, coupled with the challenges of securing funding, can be overwhelming.”​

    Digging deeper into the support gap, a lack of overall mentorship was a common theme. This points to a major barrier that keeps women from taking the leap to start their business. Additionally, one in four (27%) women business owners said they hesitated to start a business due to the lack of mentorship during the process.

    Funding gaps and struggles sourcing capital continue to be prevalent: one in three respondents applied for a bank loan, but 42% of those who applied were never approved. When looked at through an ethnicity lens, the picture becomes more concerning for BIPOC and Black women. Among those who applied for a bank loan, 45% of BIPOC applicants were never approved, compared to 36% of their white peers. Black women applicants seeking a bank loan reported being denied bank loans most frequently. 47% of Black women founders who applied for loans were ultimately denied and unable to access this type of funding.  

    What Women Entrepreneurs Need: Money, Marketing Support, and More Help with Tax Prep

    When asked what tops their wish list for achieving business success, women entrepreneurs confirmed their business would thrive if they had start-up capital (66%) and marketing and advertising support (45%).

    Furthermore, while starting a business can seem exciting and glamorous, respondents express owning a business comes with unexpected responsibilities. While they may have started their business to follow their passion, there are many administrative aspects that comprise the less appealing side of their business to-do lists. Overall, tax preparation (53%) and bookkeeping (40%) rank as the least favorite tasks for applicants, followed by website development and social media management (25%), and marketing & advertising (22%).

    On a similar note, amongst a list of eight business tasks, applicants are least confident in their ability to find all available tax credits and deductions: more than two-thirds of women claim they are only ‘somewhat confident’ to ‘very unconfident.’ Because of this – and coupled with the fact that tax preparation and bookkeeping rank as the two least favorite tasks – today’s woman small business owner may be at risk of leaving tax deductions on the table.

    “For the upcoming generation of women entrepreneurs, building a supportive network of trusted experts and advisors will be crucial in overcoming these challenges and achieving long-term success. Block Advisors takes pride in helping its small business customers offload the business tasks—such as tax preparation, bookkeeping, payroll, business formation, and beneficial owner reporting—to pursue their passions,” said Khan.

    Download the 2024 State of Women’s Small Business Report by Block Advisors.

    To learn more about Block Advisors and the Fund Her Future grant, visit http://www.BlockAdvisors.com and http://www.BlockAdvisors.com/FundHerFutureGrant.

    About H&R Block 
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    The MIL Network –

  • MIL-OSI USA: Congresswoman Tenney Releases Statement on the Need to Preserve Trump Tax Cuts

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Oswego, New York – Congresswoman Claudia Tenney (NY-24) today released the following statement underscoring the importance of maintaining the tax cuts introduced under the Tax Cuts and Jobs Act (TCJA), commonly known as the Trump Tax Cuts. 

    In 2017, with Tenney’s strong support, Republicans enacted the TCJA which reduced taxes on middle-income families and small businesses and created nearly five million domestic jobs in just the two years after its passage. In 2022, Tenney supported the TCJA Permanency Act to make permanent the tax cuts for individuals and small businesses originally enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017. 

    However, these tax cuts are set to expire on December 31, 2025, which could mean significant tax increases for the 440,200 taxpayers in New York’s 24th District. The average taxpayer in NY-24 could face a 25% tax hike if the cuts are not extended. A family of four with a median income of $69,878 in NY-24 would experience a $1,373 tax increase, equivalent to about seven weeks’ worth of groceries for a typical family.

    Impact on NY-24 by the Numbers:

    • 78,990 families would see their Child Tax Credit cut in half.
    • 92% of taxpayers would see their Standard Deduction reduced by nearly 50%.
    • 40,720 small businesses would pay an effective 43.4% tax rate if the 199A Qualified Business Income Deduction expires.
    • 14,827 taxpayers would be affected by the return of the individual Alternative Minimum Tax.
    • The current death tax exemption will be cut in half, affecting 6,804 family-owned farms in NY-24.

    “Since its passage in 2017, the Tax Cuts and Jobs Act has delivered financially for families, small businesses, and hardworking Americans across the country,” said Congresswoman Tenney. “Millions of Americans have seen their tax burdens reduced, but if these cuts expire, hardworking families in our community could face a 25% tax hike. We must preserve the TCJA provisions that have provided much-needed relief to taxpayers in New York. As a strong advocate for pro-growth policies, I will continue working to ensure the benefits of the Trump Tax Cuts remain in place for future generations.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Cassidy Introduce Legislation to Improve Customer Service for Taxpayers

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Dr. Bill Cassidy (R-LA) have introduced legislation to improve customer service at the Internal Revenue Service (IRS). Specifically, the Improving IRS Customer Service Act would expand information regarding refunds available to taxpayers online and require the IRS to inform taxpayers applying for installment agreements about available collection alternatives if they appear to have an economic hardship.

    “The IRS has been the source of massive headaches for taxpayers for years,” Sen. Warner said. “I am glad to introduce legislation that will ease some of this frustration by increasing clear communication and making IRS resources more readily available.”

    “It should be easy for taxpayers to get the information they need from the IRS. Not every interaction with them has to be miserable,” Dr. Cassidy said. “We can streamline the process and give Americans the transparency they expect.”

    Specifically, the legislation would:

    • Establish a dashboard to inform taxpayers of backlogs and wait times; 
    • Expand electronic access to information and refunds;
    • Expand callback technology and online accounts;
    • Inform individuals facing economic hardship of collection alternatives.

    Sen. Warner has been a tireless advocate for improving IRS customer service and accelerating return times. Sen. Warner strongly supported the Inflation Reduction Act — legislation that provides funding to modernize IRS systems and improve customer service when paying taxes. Investments from the IRA have ensured the IRS has the resources it needs to process tax returns quickly, get rebates to taxpayers faster, and address challenges Virginians have when filing taxes. With additional resources, IRS response rates this tax season have improved from answering two out of every 10 calls to answering nine out of every 10 calls.

    “By introducing the Improving IRS Customer Service Act, Senator Warner and Senator Cassidy have earned the gratitude of every taxpayer who’s ever had to contend with the IRS’s notoriously inconsistent customer service,” said Pete Sepp, President, National Taxpayers Union. “The sensible reforms in this bill, which include a wait-time dashboard, better access to refund information, customer callback technologies, and fairer measurement of IRS service levels, will all make a big difference in solving some of the more frustrating problems that taxpayers have encountered for years. More complete information on tax collection alternatives for taxpayers facing financial hardships will likewise give hope for many struggling families. This legislation is exactly the kind of guidance Congress needs to provide the IRS for a successful transformation of our entire system of tax administration. National Taxpayers Union is proud to endorse this innovative legislation, and we urge every lawmaker to actively work toward its passage in the remaining days of this Congress.”

    “The Virginia Society of CPAs is pleased to support this bipartisan legislation to aid with tax administration. Our members and their clients greatly appreciate the emphasis on streamlining the taxpayer and tax practitioner experience with the IRS,” said Virginia Society of CPAs President & CEO Stephanie Peters, CAE.

    “The AICPA strongly supports the legislative proposals outlined in S. 5280, which provide taxpayers and their tax advisors with clear and detailed information from the IRS in an intuitive and interactive format. Additionally, S. 5280 strives to protect the most economically vulnerable taxpayers by doing away with installment agreement fees and offering collection alternatives to those facing economic hardships. Collectively, these proposals will strengthen the public’s confidence in the tax administration system, and we thank Senators Warner and Cassidy for their leadership on this bipartisan bill,” said Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the American Institute of CPAs.

    A copy of the bill text can be found here. 

    MIL OSI USA News –

  • MIL-OSI Security: Scheme to Defraud Distressed Homeowners Out of $15 Million Nets Virginia Man 60 Months

    Source: Federal Bureau of Investigation (FBI) State Crime News

                WASHINGTON –Terrylle Blackstone, 37, of Woodbridge, Virginia, was sentenced today in U.S. District Court to 60 months in federal prison for participating in a conspiracy that fraudulently promised thousands of homeowners across the U.S. legal help in avoiding foreclosure. The scheme generated at least $15 million for the conspirators but never provided any legal services to the client-victims.

                The sentence was announced U.S. Attorney Matthew M. Graves, Special Agent in Charge David Geist of the FBI Washington Field Office Criminal and Cyber Division, and Special Agent in Charge Kareem Carter of the Internal Revenue Service – Criminal Investigation (IRS-CI) Washington, D.C. Field Office.

                Blackstone pleaded guilty on June 6, 2024, to a count of conspiracy to commit mail fraud and wire fraud before U.S District Court Judge Randolph D. Moss. In addition to the prison term, Judge Moss ordered Blackstone to serve three years of supervised release and pay $159,145.35 in restitution.

                According to court documents, from January 2018 until February 2021, Blackstone worked with attorneys David Maresca of Virginia, Scott Marinelli of New Jersey, and Sam Babbs of Florida. The co-conspirators told homeowners that they operated a “national law firm” based in Washington, D.C.; that attorneys would review the homeowner’s file and provide legal representation to the homeowners; that an attorney in the homeowner’s local area would be assigned to assist them; that the homeowner could meet and consult with those attorneys about the case; and that attorneys in their law firm could help the homeowner, if necessary, file for bankruptcy.

                From 2016 until 2019, the conspirators marketed Synergy Law with telephone, television, and internet advertising which told homeowners that attorneys at Maresca and Marinelli’s Synergy Law (Synergy) in Manassas could help them avoid foreclosure. During 2018 and 2019, bankruptcy judges, Synergy clients, and the U.S. Trustee’s Program raised concerns about Synergy’s practices in bankruptcy matters. Blackstone attended court hearings on behalf of Synergy where he made false statements to the court about the firm’s operations. In early 2019, Marinelli was incarcerated in Pennsylvania. Yet Blackstone, Maresca, Marinelli, and others continued to operate Synergy and collect monthly payments purportedly for legal services. During this time, there was no attorney who was a member of Synergy who could practice law. Synergy never had attorneys review all homeowner files and Synergy never had attorneys contact a client’s lender to discuss a mortgage resolution. They also continued to use the interstate wires to operate their “law firm” in ways that were essential to the scheme, such as soliciting clients by telephone.

                From 2019 until at least 2022, the conspirators marketed another firm, Themis Law, with television and website advertising which told homeowners that attorneys with Themis could help them avoid foreclosure. Themis operated a call center at an office in Manassas, Virginia. Call center workers used scripts during their phone calls with homeowners in which Themis falsely promised that an attorney would review the homeowner’s case file; that this attorney knew their lender’s “internal guidelines” for a “mortgage resolution”; and that an assigned “legal team” would contact the homeowner’s lender to negotiate a resolution. Themis required homeowner-clients to pay an initial retainer amount followed by a monthly recurring amount for as long as the firm represented the homeowner. When Themis clients faced imminent foreclosure, Themis advised those clients to consider filing for bankruptcy to save their home and referred the clients to Babbs at the Babbs Law Firm. Those clients then signed a new retainer agreement and paid additional fees to Babbs.

                During his dates of employment at Synergy Law and Themis Law, Blackstone received no less than $159,145.35 in direct payments from the companies. Judge Moss ordered that Blackstone pay a forfeiture money judgment in that amount.

                This case was investigated by the FBI Washington Field Office and the Washington, D.C. Field Office of IRS-CI.

                It is being prosecuted by Assistant United States Attorney John Borchert.

                23cr123

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    MIL Security OSI –

  • MIL-OSI Security: Former Los Angeles Deputy Mayor Sentenced to 12 Years in Prison for Racketeering Conspiracy That Corrupted City Real Estate Projects

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    LOS ANGELES – A former deputy mayor and long-time Los Angeles city official was sentenced today to 144 months in federal prison for soliciting and accepting more than $750,000 in bribe money for himself and facilitating over $1 million in bribes from property developers to then-Los Angeles City Councilmember José Huizar as part of a long-running pay-to-play racketeering conspiracy at the highest levels of government in Los Angeles.

    Raymond She Wah Chan, 68, of Monterey Park, was sentenced by United States District Judge John F. Walter, who also ordered him to pay $752,457 in restitution to the City of Los Angeles. 

    At the conclusion of a 12-day trial, a jury on March 27 found Chan guilty of all 12 felony counts for which he was charged: one count of conspiracy to violate the Racketeer Influenced and Corrupt Organizations (RICO) Act, seven counts of honest services wire fraud, three counts of federal program bribery, and one count of making false statements to a federal government agency.

    “Chan abused his public office and sought to deepen the corruption of city politics for the benefit of his own business interests,” said United States Attorney Martin Estrada. “Today’s sentence sends a message to the public and City Hall alike that our government should not be for sale and those that undermine our democracy through pay-to-play schemes will be prosecuted to the fullest extent of the law.”

    “Today’s sentence serves as a reminder that there are consequences for robbing communities of the honest government services they deserve” said Akil Davis, Assistant Director in Charge of the FBI Los Angeles Field Office. “The harm of public corruption manifests itself not only in financial loss, but also the loss of faith in government and public officials. The FBI will remain laser focused on those who seek to use their personal wealth and influence to facilitate relationships between those willing to pay or accept bribes.”

    Chan served for years as the General Manager of the Los Angeles Department of Building and Safety (LADBS) and, later, as the Deputy Mayor of Economic Development from 2016 to 2017. Chan abused both of these high offices and the influence they carried to enrich himself, Huizar, and other public officials within the city.

    Huizar, 56, of Boyle Heights, represented Council District 14 (CD-14) on the Los Angeles City Council from 2005 until his resignation in October 2020. CD-14 encompassed downtown Los Angeles and some of its surrounding areas. When downtown Los Angeles was experiencing a huge real estate development boom, Huizar chaired the Planning and Land Use Management (PLUM) Committee, which oversaw all major commercial and residential development projects in the city.

    Along with Huizar, Chan helped conceive, lead, and operate the “CD-14 Enterprise,” a criminal racketeering enterprise that exploited the city approval process for large real estate development projects to exact bribes from developers. Chan played a critical role in guiding and ensuring the CD-14 Enterprise’s success, managing the conspiracy through both the powerful public offices he occupied and the private relationships he held with wealthy foreign developers seeking to build in the city.  Capitalizing on this unique position, Chan steered nearly $2 million in financial benefits to himself, Huizar, and other public officials as part of the pay-to-play bribery scheme.

    In furtherance of the conspiracy, while he was General Manager of LADBS and then Deputy Mayor, Chan established and directed a secret business partnership with real estate development consultant George Chiang, securing a lucrative real estate consulting agreement with Chinese real estate developer Shenzhen Hazens. As part of that agreement, Chan solicited and accepted hundreds of thousands of dollars in bribes to advise and pressure other city officials, including Huizar, in favor of Hazens’ Luxe Hotel redevelopment project in downtown Los Angeles. When he left city employment, Chan used the consulting business that he had secretly built to direct bribes to other public officials for the benefit of his private consulting clients. 

    To help prolong the pay-to-play bribery scheme, Chan also facilitated a $100,000 campaign contribution commitment from Hazens for Huizar’s wife’s candidacy to succeed Huizar as CD-14 Councilmember in exchange for Huizar’s votes to approve the Luxe Hotel project. Chan also helped facilitate numerous other bribes from Hazens to Huizar, including tens of thousands of dollars in sham real estate consulting fees, concert tickets, China travel expenses, and contributions to Huizar’s 2015 campaign debt and alma mater high school. 

    Chan also facilitated payment of nearly $1 million in bribes to Huizar from billionaire developer Wei Huang, 58, of Shenzhen, China, including $600,000 to settle a sexual harassment lawsuit, nearly $200,000 in casino chips, and luxury-laden gambling trips to Las Vegas. Chan similarly facilitated bribes from Huang to George Esparza, Huizar’s special assistant and key associate in the pay-to-play bribery scheme, through casino chips and lavish Las Vegas trips. When Huang provided these bribes, his company, Shen Zhen New World I LLC, was planning to redevelop the downtown L.A. Grand Hotel into the tallest tower west of the Mississippi, which would require city approvals and Huizar’s official assistance.

    Chan played a crucial role in facilitating Huang’s payment of $600,000 for Huizar to settle a sexual harassment lawsuit filed by a former CD-14 staffer, which threatened Huizar’s 2015 re-election campaign and the continued operation of the CD-14 Enterprise. Chan conceived of and helped carry out an elaborate plan involving a foreign shell company, intermediaries, and fraudulent corporate documents to arrange a sham private loan that shielded the fact of Huang’s involvement in the payment. Chan later lied to FBI agents that he was not involved in the settlement, that Huang had no projects in Huizar’s district needing Huizar’s support, and that Huang had never asked Huizar for help with anything – all of which Chan knew to be false.

    Huizar was sentenced on January 26 to 13 years in federal prison and also was ordered to pay $443,905 in restitution to the City of Los Angeles and $38,792 in restitution to the IRS. He pleaded guilty in January 2023 to one count of racketeering conspiracy and one count of tax evasion. Huizar has been ordered to begin serving his prison sentence no later than October 7.

    Hazens’ U.S. subsidiary, Jia Yuan USA Co. Inc., which was seeking to redevelop the Luxe Hotel, has paid $1.05 million to resolve the government’s investigation into its conduct related to this case, which included bribery and illegal campaign contributions.

    Huang, who is charged with several felonies for his bribes to Huizar with Chan’s assistance, fled the United States shortly after the execution of numerous federal search warrants in this case and is considered a fugitive from justice. Huang’s downtown Los Angeles-based company Shen Zhen New World I LLC was convicted in 2022 of eight felonies for – through Huang’s actions as its owner – paying more than $1 million in bribes to Huizar for his critical support for the L.A. Grand Hotel redevelopment project. The company was sentenced to five years of probation, fined $4 million, and ordered to pay the costs of prosecution.

    Relatedly, real estate developer Dae Yong Lee, a.k.a. “David Lee,” 60, of Bel Air, and one of his companies, 940 Hill LLC, were convicted in 2022 of providing $500,000 in cash to Huizar and Esparza in exchange for their help in resolving a labor organization’s appeal of a downtown Los Angeles development project. Lee is serving a six-year federal prison sentence and was fined $750,000. 940 Hill LLC was sentenced to five years’ probation, fined over $1 million, and ordered to pay the costs of prosecution.

    Prosecutors also have secured guilty pleas from Chiang; Esparza; lobbyist Morrie Goldman; and political fundraiser Justin Jangwoo Kim. Each of these defendants cooperated with the government and testified during at least one trial in this case and will be sentenced at upcoming hearings in November.

    The FBI and IRS Criminal Investigation investigated this matter.

    Assistant United States Attorney Mack E. Jenkins, Chief of the Criminal Division, and Assistant United States Attorneys Cassie D. Palmer, Susan S. Har, and Brian R. Faerstein of the Public Corruption and Civil Rights Section prosecuted this case.

    Any member of the public who has information related to this or any other public corruption matter in the City of Los Angeles is encouraged to send information to the FBI’s email tip line at https://tips.fbi.gov or to contact the FBI’s Los Angeles Field Office at (310) 477-6565.

    MIL Security OSI –

  • MIL-OSI Security: Randolph Man Pleads Guilty to Fraud Schemes Involving Sober Home Client, Mass Save Program, and Mortgage Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BOSTON – A Randolph man pleaded guilty today in federal court in Boston to his involvement in numerous fraud schemes involving sober homes in the Greater Boston area, the Mass Save Program and mortgage fraud. 

    Nicholas Espinosa, 38, pleaded guilty to two counts of wire fraud conspiracy; one count of conspiracy to make false statements to a mortgage lending business (mortgage fraud conspiracy); 16 counts of wire fraud; six counts of unlawful monetary transactions (money laundering); and one count of making false statements to a mortgage lending business. U.S. Senior District Court Judge William G. Young scheduled sentencing for March 11, 2025. Espinosa was arrested and charged in March 2023 along with alleged co-conspirator Daniel Cleggett.

    According to the charging documents, Cleggett was the founder of the sober home business, A Vision From God LLC (AVFG), with locations in in Boston, Wakefield, Quincy and Weymouth under trade names including Brady’s Place, Lakeshore Retreat and Lambert House. Espinosa managed the day-to-day affairs of Cleggett’s business. 

    Espinosa, and allegedly Cleggett, along with a sober home client entered into a conspiracy to defraud a New York-based family trust that was paying for the client’s room and board at Brady’s Place in Quincy. Specifically, Espinosa, and allegedly Cleggett, overcharged the family trust for room and board by up to $12,500 per month by submitting false and fraudulent invoices to the family trust. Espinosa, and allegedly Cleggett, would then issue “refund” checks to the client in furtherance of the fraud scheme. 

    According to the charging documents, from approximately October 2019 to December 2021, Cleggett personally, and through straw purchasers including Espinosa, purchased the three residential properties in Weymouth and Boston to use as sober homes. Espinosa falsely represented that one of these properties was intended to be purchased as a primary residence for himself when, in reality, it was intended to be a sober home. 

    In addition to the sober home business, Cleggett operated numerous insulation contracting companies that participated in the Mass Save Program: Green Save Energy Corporation; Environmental Construction Objective Inc. (ECO); Green Giants, LLC; and Insulation Situation, LLC. Mass Save is a Massachusetts public/private partnership sponsored by gas and electric utility companies that funds energy conservation projects and improvements via energy efficiency funds charged to Massachusetts residents’ utility bills. 

    Specifically, Green Save and ECO received millions of dollars for residential insulation work from a lead vendor company under the Mass Save program. It is alleged that, from 2018 through mid-2021, Green Save and ECO fraudulently billed the vendor company for required permits that were not actually obtained. Green Save and ECO were ultimately terminated from participating in the company’s program in June 2021, and Cleggett was banned from participating in the Mass Save program. In response to this, Espinosa, and allegedly Cleggett and others, formed Green Giants as a new lead vendor with the same company under a straw owner. As a result, Espinosa, and allegedly Cleggett, obtained a total of $509,326 in payments from the company to Green Giants, despite a ban from participating in the Mass Save program.

    The charges of wire fraud and wire fraud conspiracy provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000. The charge of making false statements to a mortgage lending business provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million. The charge of unlawful monetary transactions provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Harry Chavis, Jr., Special Agent in Charge of Internal Revenue Service’s Criminal Investigations in Boston made the announcement today. Valuable assistance was provided by the Kingston, Randolph and Quincy Police Departments. Assistant U.S. Attorneys John T. Mulcahy and Dustin Chao of the Public Corruption & Special Prosecutions Unit are prosecuting the case.

    The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: California Tax Preparer Sentenced for Preparing False Returns

    Source: United States Attorneys General 7

    A California man was sentenced yesterday to six years in prison for preparing false tax returns for clients.

    According to court documents and statements made in court, Salvador Gonzalez, of Corona, operated for more than a decade Grace’s Lighthouse Resource Center Inc., a return-preparation business.

    During that time, on thousands of returns he prepared for clients, Gonzalez consistently claimed false deductions like charitable donations and medical expenses, which reduced the amount of income taxes his clients paid. Gonzalez also directed his clients to create sham corporations and fraudulently deduct personal expenses — such as their mortgage, car and utility payments — as business expenses on the tax returns filed for these phony corporations. These fabricated losses flowed through to the clients’ individual income tax returns, thereby fraudulently reducing the amount of individual income taxes they paid.

    In total, Gonzalez caused a tax loss to the IRS of at least $28 million.

    In addition to his prison sentence, the court ordered Gonzalez to serve one year of supervised release and to pay $403,908 in restitution to the United States.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Lauren K. Pope of the Justice Department’s Tax Division and Assistant U.S. Attorney Eli A. Alcaraz for the Central District of California prosecuted the case.

    Consistent with the plea agreement, the U.S. Attorney’s Office’s Tax Section filed a civil complaint against Gonzalez in U.S. District Court for the Central District of California. The complaint seeks to permanently enjoin Gonzalez from preparing, assisting in, directing or supervising the preparation or filing of federal tax returns, amended tax returns or other related documents or forms for others. The civil complaint alleges that over a period of years, Gonzalez prepared tax returns that understate the federal income-tax liability of his customers using a scheme which has harmed the United States, the IRS, his customers and the public. Yesterday, Gonzalez consented to the entry of the civil judgment and permanent injunction.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers tips to recognize tax scams and fraud.

    In the past decade, the Justice Department has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. 

    MIL Security OSI –

  • MIL-OSI USA: California Tax Preparer Sentenced for Preparing False Returns

    Source: US State of California

    A California man was sentenced yesterday to six years in prison for preparing false tax returns for clients.

    According to court documents and statements made in court, Salvador Gonzalez, of Corona, operated for more than a decade Grace’s Lighthouse Resource Center Inc., a return-preparation business.

    During that time, on thousands of returns he prepared for clients, Gonzalez consistently claimed false deductions like charitable donations and medical expenses, which reduced the amount of income taxes his clients paid. Gonzalez also directed his clients to create sham corporations and fraudulently deduct personal expenses — such as their mortgage, car and utility payments — as business expenses on the tax returns filed for these phony corporations. These fabricated losses flowed through to the clients’ individual income tax returns, thereby fraudulently reducing the amount of individual income taxes they paid.

    In total, Gonzalez caused a tax loss to the IRS of at least $28 million.

    In addition to his prison sentence, the court ordered Gonzalez to serve one year of supervised release and to pay $403,908 in restitution to the United States.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Lauren K. Pope of the Justice Department’s Tax Division and Assistant U.S. Attorney Eli A. Alcaraz for the Central District of California prosecuted the case.

    Consistent with the plea agreement, the U.S. Attorney’s Office’s Tax Section filed a civil complaint against Gonzalez in U.S. District Court for the Central District of California. The complaint seeks to permanently enjoin Gonzalez from preparing, assisting in, directing or supervising the preparation or filing of federal tax returns, amended tax returns or other related documents or forms for others. The civil complaint alleges that over a period of years, Gonzalez prepared tax returns that understate the federal income-tax liability of his customers using a scheme which has harmed the United States, the IRS, his customers and the public. Yesterday, Gonzalez consented to the entry of the civil judgment and permanent injunction.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers tips to recognize tax scams and fraud.

    In the past decade, the Justice Department has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. 

    MIL OSI USA News –

  • MIL-OSI USA: Physician Staffing Firm Expands to Wake County with 155 New Jobs and $7 Million Investment in Raleigh

    Source: US State of North Carolina

    Headline: Physician Staffing Firm Expands to Wake County with 155 New Jobs and $7 Million Investment in Raleigh

    Physician Staffing Firm Expands to Wake County with 155 New Jobs and $7 Million Investment in Raleigh
    mseets

    Today, Governor Roy Cooper announced Weatherby Healthcare, Inc. a medical staffing company, will add 155 jobs to Wake County. The company will invest more than $7.6 million to expand its operations in the City of Raleigh.

    “Weatherby has made a great decision to reinvest in North Carolina,” said Governor Cooper. “Wake County sits in the heart of our state and is the home of an international airport and a highly educated workforce, making it an ideal location for corporate businesses.”

    A subsidiary of CHG Healthcare, Weatherby has provided staffing solutions for physicians in rural communities for 45 years. The full-service staffing agency works with medical practices, hospitals, and healthcare facilities to coordinate and execute short-term contracts for healthcare professionals to cover for temporary absences for training, vacation, or medical leave. From housing and travel to licensing and credential requirements, Weatherby covers all aspects of physician placement to ensure complete, uninterrupted care for patients. Weatherby has become one of the largest physician staffing firms in the nation.

    “We’re thrilled to partner with the governor’s office on this project, which will not only give our current employees a vibrant, new, state-of-the-art workspace, but also allow us to continue to grow and bring more high-paying jobs to the great state of North Carolina,” said Michael Depaolis, Senior Vice President of Sales for Weatherby. “We pride ourselves on being a great place to work, and we’re excited to share our award-winning, people-centric culture with the state’s top talent.”

    “We are delighted to see another company expand its presence in our state,” said N.C. Commerce Secretary Machelle Baker Sanders. “From manufacturers to corporate headquarters, North Carolina continues to be a top choice for companies that want a low-cost to do business, great quality of life, and access to top tier talent as they continue to grow and expand.”

    Although salaries will vary by position and could create a potential payroll impact of more than $31.7 million each year for the region.

    Weatherby’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG), which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $433.5 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,812,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

    The project’s projected return on investment of public dollars is 134 percent, meaning for every dollar of potential cost to the state, the state receives $2.34 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

    Because Weatherby chose a site in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $604,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Wake, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

    “This project is an outstanding win for Wake County,” said N.C. Senator Lisa Grafstein. “We have an incredible and diverse talent base that is ready to help the company meet the needs of the demanding healthcare industry, and we look forward to welcoming Weatherby to our community.”

    “It gives us a great vote of confidence to know that the City of Raleigh was selected for Weatherby’s new home,” said N.C. Representative Tim Longest. “We appreciate the diligent work of our state and local partners that helped the company choose our strong economy for their next phase of growth.”  

    Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, N.C. Commerce’s Division of Workforce Solutions, Wake County, the City of Raleigh, Capital Area Workforce Development, Raleigh Economic Development and Wake County Economic Development, programs of the Raleigh Chamber.

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    Oct 8, 2024

    MIL OSI USA News –

  • MIL-OSI USA: Monthly Budget Review: September 2024

    Source: US Congressional Budget Office

    The federal budget deficit was $1.8 trillion in fiscal year 2024, the Congressional Budget Office estimates. The estimated deficit for 2024 was $139 billion more than the shortfall recorded during fiscal year 2023. Revenues increased by an estimated $479 billion (or 11 percent). Revenues in all major categories, but notably individual income taxes, were greater than they were in fiscal year 2023. Outlays rose by an estimated $617 billion (or 10 percent). The largest increase in outlays was for education ($308 billion). Net outlays for interest on the public debt rose by $240 billion to total $950 billion.

    The deficit that CBO now estimates for 2024 is $81 billion (or 4 percent) smaller than the shortfall estimated in its most recent baseline projections, which were published in June.  Revenues and outlays alike were within 1 percent of those projections. Revenues were slightly higher and outlays slightly lower, which contributed to a smaller deficit than CBO had projected. 

    Outlays in fiscal years 2023 and 2024 were affected because October 1 (the first day of fiscal years 2023 and 2024, respectively) fell on a weekend. As a result, certain payments were shifted into the prior fiscal year—$63 billion from 2023 into 2022 and $72 billion from 2024 into 2023. If not for those shifts, the deficit in 2024 would have been 13 percent larger—instead of 8 percent larger—than it was in 2023.

    Last year’s deficit of $1.7 trillion would have been larger if not for the recording of budgetary effects related to the Supreme Court’s decision to overturn a plan the Administration announced in 2022 to cancel many borrowers’ outstanding student loans. If those effects, and the effects of timing shifts, were excluded for fiscal year 2023, the deficit for that year would have been $2.0 trillion instead of $1.7 trillion. Thus, without the savings related to the unwinding of the proposed debt cancellation (and excluding the effects of timing shifts), CBO estimates that the federal deficit would have been lower by $110 billion in 2024 than it was in 2023.

    MIL OSI USA News –

  • MIL-OSI Security: Family members sent to prison for sex trafficking women in cantina backroom

    Source: United States Department of Justice (Human Trafficking)

    HOUSTON – A Mexican national illegally residing in Houston and a relative have been sentenced following their convictions of several sex trafficking crimes, announced U.S. Attorney Alamdar S. Hamdani.

    Maria Botello-Morales, 57, and her son Edgar Adrian Botello, 31, Houston, pleaded guilty in 2023.

    U.S. District Judge Andrew S. Hanen has now imposed a 280-month-term of imprisonment for Botello-Morales, while Botello received a total of 180 months. Restitution will be determined at a later date. Not a U.S. citizen, Botello-Morales is expected to face removal proceedings following her imprisonment, while Botello will serve 15 years on supervised release following completion of his prison term. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the internet. Both will also be ordered to register as sex offenders.

    “Cantina cases shine a light on a unique form of trafficking where mostly undocumented women are sexually exploited for the financial benefit of the traffickers,” said Hamdani. “These individuals stole the American dream from the victims. This form of trafficking takes advantage of the fear these victims live in and we are grateful for the hard work of the Texas Alcohol and Beverage Commission (TABC) and Homeland Security Investigations (HSI) in bringing them justice.”

    “TABC is proud to work with the Office of the U.S. Attorney and our other partners in the effort to end human trafficking in Texas,” said TABC Chairman Kevin J. Lilly. “We join our fellow Texans in denouncing this heinous crime and reaffirming our pledge to help free the victims of human trafficking.”

    At the time of the pleas, Botello-Morales admitted to sex trafficking with force, fraud or coercion and conspiracy to do so as well as sex trafficking of a minor. Botello pleaded guilty to conspiracy to commit sex trafficking with force, fraud or coercion, two counts of sex trafficking of adults as well as possession of child pornography.

    In 2007, Botello-Morales recruited a minor female from Mexico. She caused the minor to engage in commercial sex and took payment directly from the commercial sex buyers.

    Botello-Morales ran Puerto Algre with Botello and others from 2015 to 2020. Puerto Algre was a cantina where numerous females were forced to engage in commercial sex in backrooms built specifically for that purpose. Botello-Morales, Botello and others threatened and intimidated these victims with violence to manipulate them into engaging in commercial sex for their own financial benefits.

    The victims reported they started at the bar as waitresses. However, Botello-Morales soon told them they had to engage in commercial sex. If they refused, she threatened them with violence.  

    Some witnessed violence and weapons at the bar and in the back area where the sex acts occurred. Each described how they had to take customers to the backrooms through a door and hidden from view of the bar. They were given a condom wrapped in a paper towel, were to spend no more than 15 minutes in the room and charge approximately $70. On the way out, they had to turn the money over to whoever was guarding the room.

    During the investigation, one victim also explained when she refused to come to work, Botello-Morales sent someone to physically assault her.

    The victims explained that Botello, who regularly carried a weapon, was the enforcer. He would also pass out the condoms and collect the money. During the execution of a search warrant at the home Botello-Morales and Botello shared, law enforcement found several loaded firearms in his room along with a computer containing child pornography.

    Another co-conspirator, Esteban Toribio, 65, Houston, pleaded guilty June 17 and held the liquor license for the bar. Toribio reported the conduct to authorities in an attempt to help him gain control of the cantina. Also convicted in relation to the conspiracy was Arian Botello, 26, the nephew of Botello-Morales.

    Both will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    TABC and HSI conducted the investigation with the assistance of the Houston Police Department (HPD) as part of the Human Trafficking Rescue Alliance (HTRA). Assistant U.S. Attorney Sherri L. Zack prosecuted the case.

    HTRA law enforcement includes members of the HPD; FBI; HSI; Texas Attorney General’s Office; IRS-Criminal Investigation; Department of Labor (DOL); DOL – Wage and Hour Division; Department of State; Federal Air Marshals; TABC; Texas Department of Public Safety; Texas Rangers; Texas Parks and Wildlife; Social Security Administration – OIG; Texas Department of Licensing and Regulation; Texas Department of Family and Protective Services as well as police departments in Houston Independent School District (ISD), Conroe ISD and Missouri City; Harris County constables offices – Precincts one and four; sheriff’s offices in Harris, Montgomery, Fort Bend, Brazoria and Waller counties in coordination with District Attorney’s offices in Harris, Montgomery, Fort Bend and Galveston counties. They work in coordination with victim service providers such as YMCA, United Against Human Trafficking and Texas Forensic Nurse Examiners.

    Established in 2004, the United States Attorney’s office in Houston formed HTRA to combine resources with federal, state and local enforcement agencies and prosecutors, as well as non-governmental service organizations to target human traffickers while providing necessary services to those that the traffickers victimized. Since its inception, HTRA has been recognized as both a national and international model in identifying and assisting victims of human trafficking and prosecuting those engaged in trafficking offenses.

    MIL Security OSI –

  • MIL-OSI USA: With Millions Set To Lose Health Insurance Or Pay Thousands More For Coverage, Gillibrand Announces Legislation To Extend Affordable Care Act Subsidies

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    With critical subsidies that help over 20 million Americans afford health insurance set to expire, U.S. Senator Gillibrand held a press conference in NYC to announce the Health Care Affordability Act, legislation to extend these subsidies and ensure New Yorkers don’t lose access to affordable health care. Without an extension, these 20 million Americans will see a sudden increase in their health insurance costs and an estimated 3 million Americans could lose their insurance. Gillibrand’s legislation would permanently extend the enhanced Premium Tax Credits offered in individual marketplaces under the Affordable Care Act and keep health care costs lowered for all Americans. 
    “Access to affordable, high-quality health care should be a basic human right,” said Senator Gillibrand. “No one should have to forgo treatment because they can’t afford the cost of health insurance. Allowing these tax credits to expire would needlessly jeopardize our public health and shoulder hard-working New York families with a financial burden many can’t afford. I am determined to get this bill passed and keep health care costs lowered for all Americans.”
    Premium tax credits (PTC) were established as part of the Affordable Care Act, which became law in 2010. PCTs are refundable credits that help eligible individuals and families – those with incomes between 100 percent and 400 percent of the Federal Poverty Line – cover the premiums for their health insurance purchased through the Health Insurance Marketplace.
    In 2021, the American Rescue Plan Act (ARPA) temporarily expanded eligibility for the PTC to additional individuals and households. It also lowered premiums for those who were already eligible. This enhanced PTC reduced net premium costs by an average of 44%. 
    In 2022, the Inflation Reduction Act extended these enhanced Premium Tax Credits for three years. In that time, ACA enrollment has nearly doubled, helping more low-income households receive coverage and care. 
    If Congress does not act to again extend the enhanced Premium Tax Credit, they will expire at the end of 2025 and millions of Americans in New York and across the country are in danger of no longer being able to afford their premiums.  
    Gillibrand was joined by Sonia Sekhar, Deputy Director at New York State of Health; Mark Hannay, Executive Director of Metro New York Health Care for All; Veronica Smith, Senior Director of Health Policy and Government Affairs at Public Health Solutions; and Elisabeth Benjamin, Vice President of Health Initiative at Community Service Society.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy Highlights Stamford’s Kibu As “Innovator Of The Month”

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 08, 2024

    HARTFORD–U.S. Senator Chris Murphy (D-Conn.) announced on Tuesday that Kibu, a disability provider platform based in Stamford, was named “Innovator of the Month.” Kibu provides high-impact online content to support and empower people with disabilities, including classes in fitness, life skills, community engagement and professional development. The company also connects disability providers with tools for data management, note taking, and attendance.

    “Our communities are strongest when every person has the resources to achieve their full potential. Kibu’s online platform is transforming lives by breaking down barriers for people with disabilities, helping people become more independent, and giving service providers the tools they need to make a real impact. I’m proud to recognize Kibu’s important contributions to fostering a more inclusive future for our state, and I look forward to seeing all that they accomplish,” said Murphy.

    “Kibu is built on the belief that innovation starts with understanding the unique challenges that people with intellectual and developmental disabilities face every day. By providing tools that empower both individuals and organizations, we’re helping to create a future where technology closes gaps, rather than creating them. It’s exciting to be innovating right here in Connecticut, where the community and ecosystem truly support the growth of businesses that make an impact,” said Daniel Caridi, CEO of Kibu.

    Daniel Caridi began volunteering for this community shortly after graduating college in 2019, formally launching the Kibu platform in 2022. Today, Kibu works with disability providers across 26 states.

    Murphy believes entrepreneurship and innovation are the building blocks for a strong economy. In the U.S. Senate, he has introduced legislation to incentivize angel investors to put more money into startup companies—the Angel Tax Credit Act and the Helping Angels Lead Our Startups (HALOS) Act. Startup companies create an average of 2 million jobs each year.

    MIL OSI USA News –

  • MIL-OSI USA: CONGRESSMAN PAT RYAN ANNOUNCES C.A.R.E.S. VAN SCHEDULE FOR HUDSON VALLEY HALLOWEEN AND FALL EVENTS

    Source: United States House of Representatives – Congressman Pat Ryan (New York 18th)

    Congressman Pat Ryan Announces C.A.R.E.S. Van Schedule for Hudson Valley Halloween and Fall Events

    Ryan’s Constituent Advocacy Resources Empowerment Services (C.A.R.E.S.) Van will bring assistance with federal agencies to Halloween and fall community events across NY-18

    WASHINGTON, DC  –  Today, Congressman Pat Ryan announced the schedule of Halloween and fall community events that his mobile office, the Constituent Advocacy Resources Empowerment Services (C.A.R.E.S.) Van will visit across the Hudson Valley. Congressman Ryan’s C.A.R.E.S. Van, staffed by his team of highly-trained caseworkers, brings direct assistance with federal agencies like the Department of Veterans Affairs (VA), the IRS, and more to Hudson Valley families right in their own community. The C.A.R.E.S. Van has become a staple at community events and celebrations since its unveiling in June 2023.

    “There’s nothing like families and neighbors coming together to celebrate the perfect fall day in the Hudson Valley,” said Congressman Ryan. “I’m proud that the C.A.R.E.S. Van is bringing the direct, one-on-one assistance that Hudson Valley families deserve right to these community events across the Hudson Valley. My team goes that extra mile to cut through bureaucratic red tape and get Hudson Valley families the benefits they’ve earned with the C.A.R.E.S. Van. If you need help navigating anything from IRS returns to Social Security, or just want to join my team and neighbors from across the Hudson Valley for these family-friendly celebrations, hope you’ll be at one of the events!”

    Congressman Ryan’s C.A.R.E.S. Van assists constituents of NY-18 in accessing earned benefits, such as Veterans’ Affairs benefits and Social Security, federal grant funding, passports and visas, immigration and naturalization services, and resolving issues with federal agencies, such as the Internal Revenue Service. 

    This summer, Congressman Ryan launched a specialized C.A.R.E.S. Van series that connected Hudson Valley seniors directly with one-on-one assistance from the Social Security Administration, Center for Medicare, and dozens of community partners as well as his team of expert caseworkers who assisted with federal agencies. Over the summer, Ryan also utilized the Van to deliver help with veterans services and federal agencies like assistance accessing Department of Veterans Affairs (VA) benefits, requesting military medical records, obtaining lost military awards, and more directly to veterans at veterans service organizations (VSOs) throughout the Hudson Valley.

    In March, the C.A.R.E.S. Van completed its first district tour, visiting every one of the 82 cities, towns, and villages in NY-18 in under 10 months. During the first district tour, the Van reached over 1,500 constituents and logged 3,341 miles to bring assistance directly to Hudson Valley families where they are at. The Van has been critical in assisting Ryan’s team in securing nearly $24 million in casework assistance for NY-18 constituents.

    In November, the C.A.R.E.S. Van was utilized to bring assistance from the Social Security Administration back to Ulster County for a one-day senior resource fair organized by Congressman Ryan’s Office. The Van also made multiple stops at veterans service organizations in every county of NY-18 during Congressman Ryan’s Veterans Week of Action, for events that delivered specialized assistance directly to Hudson Valley veterans and honored their service. 

    Congressman Ryan mobilized the C.A.R.E.S. Van to assemble a coalition of community partners to deliver flood recovery resources during on-site events in communities impacted by last July’s devastating flooding.

    The C.A.R.E.S. Van has also been used by Congressman Ryan to partner with other offices and organizations, such as the New York State Comptroller’s Office of Unclaimed Funds, for specialty events.

    Congressman Ryan has prioritized increasing the responsiveness and accessibility of these services. The C.A.R.E.S Van will visit every municipality in the district over the course of the next year, ensuring that every constituent has direct and easy access to vital federal services. 

    The schedule for the C.A.R.E.S. Van’s Halloween and fall community events is as follows and updates will be provided via social media. 

    WEDNESDAY, OCTOBER 9:

    11:00AM – 2:00PM

    Human Services Trunk-or-Treat

    Kingston Plaza 

    151 Plaza Road

    Kingston, NY 12401

    SUNDAY, OCTOBER 19:

    11:30AM – 1:00PM

    Middletown Recreation Pumpkin Party in the Park 

    Fancher – Davidge Park

    130 Lake Avenue

    Middletown, NY 10940

    SATURDAY, OCTOBER 26:

    12:00PM – 5:00PM

    Walktoberfest Farmers and Makers Market

    87 Haviland Road

    Highland, NY 12528

    SUNDAY, OCTOBER 27:

    1:00PM – 3:00PM

    Town of Poughkeepsie Trunk-or-Treat

    Stanley Still Park

    80 Jackson Road

    Town of Poughkeepsie, NY 12603

    THURSDAY, OCTOBER 31:

    6:00PM – 8:00PM

    City of Newburgh Trunk-or-Treat

    Liberty and Grand Streets

    Newburgh, NY 12550

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates GST Bhawan at Nangal Raya, Janakpuri, Delhi, today

    Source: Government of India (2)

    Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates GST Bhawan at Nangal Raya, Janakpuri, Delhi, today

    Shri Chaudhary asks CBIC to showcase how the Government is helping taxpayers by simplifying tax compliance

    CBIC’s large-scale expansion in office and residential infrastructure reflects growth of the department over the years: CBIC Chairman

    Posted On: 08 OCT 2024 9:01PM by PIB Delhi

    Union Minister of State for Finance Shri Pankaj Chaudhary inaugurated the state-of-the-art Goods and Services Tax (GST) office building in Nangal Raya, Delhi, today. Representing a significant milestone in the government’s commitment to improve tax administration and enhance public service, this new facility will serve as the official complex for various CGST Delhi formations.

    Shri Sanjay Kumar Agarwal, Chairman, Member GST, Member Tax Policy of CBIC, Principal Chief Commissioner of CGST Delhi Zone, Principal Chief Commissioner of Customs Delhi Zone, Director General DG Audit and senior officers of CBIC were also present at the inauguration.

     

    In his address on the occasion, Shri Chaudhary emphasised the critical role of GST infrastructure in Delhi, noting that the city’s strategic location positions it as a vital transit hub for goods flowing to and from neighbouring states. This underscores the necessity for seamless GST implementation to facilitate efficient interstate commerce.

     

    Shri Chaudhary added that while on one hand the integrated tax system simplified the indirect tax framework and broadened the tax base; on the other, it highlighted the urgent need to enhance the operational capacity of central GST structures.

    Shri Chaudhary further elaborated that as a significant contributor to the national exchequer, the effectiveness of GST in Delhi has a direct impact on overall tax revenue and the economic vitality of the country and advised officers to specially ensure in their interactions with MSMEs, that they not only remind them of their obligations but also showcase how the Government is helping them by simplifying tax compliance. The Union Minister of State also advised officers to use simple & clear communication with the taxpayers.

    While delineating the modern and advanced facilities installed in the building, the Union Minister of State stated that such modern facilities are not just about accommodating more officials; they are essential for enabling the department to effectively manage the increasing workload, maintain high service standards, and build an efficient tax administration system. He also appreciated that this new facility will save the government ₹5 crore annually in rental costs — recovering the cost of the building, with interest, in a short period of time.

    In his address of the occasion, Shri Sanjay Kumar Agarwal, Chairman, CBIC, emphasised that over the past 10 years, CBIC has seen large-scale expansion in office and residential infrastructure, which reflects the growth of the department over the years. In the last 10 financial years (2014-24), approvals have been received for infrastructure projects costing over ₹4,000 crore. Not only have approvals been secured, but the pace of construction on the ground has been unprecedented. He mentioned projects such as NACIN Palasamduram; Office and residential complex at Wadala, Mumbai, and Hyderabad. Shri Aggarwal said that all projects are being closely monitored by the CBIC.

    While discussing the GST Bhawan at Nangal Raya, Shri Aggarwal emphasised that with its advanced facilities, including air-conditioned offices, modern workspaces and 24×7 security arrangements, it will streamline the work of our officers while offering greater convenience to taxpayers. One of the building’s key advantages is its proximity to the taxpayers’ jurisdiction as it is located closer to the vibrant and growing tax base of Delhi West & Delhi South, it will allow taxpayers to interact more easily with departmental officials. The newly established GST Suvidha Kendra inside the office building will further enhance this interface, improving both the ease of business and taxpayer compliance, Shri Aggarwal said.

    ****

    NB/KMN

    (Release ID: 2063312) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Cassidy, Warner Introduce Bill to Improve IRS Customer Service

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Mark Warner (D-VA) introduced legislation to improve customer service at the Internal Revenue Service (IRS). Specifically, the Improving IRS Customer Service Act would expand information regarding refunds available to taxpayers online. The bill would also require the IRS to inform taxpayers applying for installment agreements about available collection alternatives if they appear to have an economic hardship.
    “It should be easy for taxpayers to get the information they need from the IRS. Not every interaction with them has to be miserable,” said Dr. Cassidy. “We can streamline the process and give Americans the transparency they expect.”
    “The IRS has been the source of massive headaches for taxpayers for years,” said Senator Warner. “I am glad to introduce this legislation that will ease some of this frustration by increasing clear communication and making IRS resources more readily available.” 
    The Improving IRS Customer Service Act would:
    Establish a dashboard to inform taxpayers of backlogs and wait times;  
    Expand electronic access to information and refunds;
    Expand callback technology and online accounts; 
    Inform individuals facing economic hardship of collection alternatives. 
    “By introducing the Improving IRS Customer Service Act, Senator Warner and Senator Cassidy have earned the gratitude of every taxpayer who’s ever had to contend with the IRS’s notoriously inconsistent customer service,” said Pete Sepp, President, National Taxpayers Union. “The sensible reforms in this bill, which include a wait-time dashboard, better access to refund information, customer callback technologies, and fairer measurement of IRS service levels, will all make a big difference in solving some of the more frustrating problems that taxpayers have encountered for years. More complete information on tax collection alternatives for taxpayers facing financial hardships will likewise give hope for many struggling families. This legislation is exactly the kind of guidance Congress needs to provide the IRS for a successful transformation of our entire system of tax administration. National Taxpayers Union is proud to endorse this innovative legislation, and we urge every lawmaker to actively work toward its passage in the remaining days of this Congress.”
    “The AICPA strongly supports the legislative proposals outlined in S. 5280, which provide taxpayers and their tax advisors with clear and detailed information from the IRS in an intuitive and interactive format. Additionally, S. 5280 strives to protect the most economically vulnerable taxpayers by doing away with installment agreement fees and offering collection alternatives to those facing economic hardships. Collectively, these proposals will strengthen the public’s confidence in the tax administration system, and we thank Senators Warner and Cassidy for their leadership on this bipartisan bill,” said Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the American Institute of CPAs.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Stats NZ information release: Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter

    Source: Statistics New Zealand

    Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter – information release – 8 October 2024 – Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter presents information on one subset of Māori businesses that contribute to our country’s economy. This release includes data on Māori authorities and related businesses. It does not cover all Māori businesses in Aotearoa New Zealand.

    Māori authorities are defined as businesses that receive, manage, and/or administer assets held in common ownership by iwi and Māori. Māori authorities are largely identified through their tax codes as registered with Inland Revenue. Any business within a Māori authority ownership group is also included for the purposes of Tatauranga umanga Māori.

    Key facts
    In the June 2024 quarter, around 1,450 Māori authorities and related businesses were in the Tatauranga umanga Māori population.

    All figures are actual values and are not adjusted for seasonal effects.

    In the June 2024 quarter compared with the June 2023 quarter:

    • the total value of sales by Māori authorities was $1,057 million, up $4.3 million (0.4 percent)
    • the total value of purchases by Māori authorities was $774 million, down $25 million (3.2 percent)
    • the total number of filled jobs for Māori authorities was 12,100, up 390 jobs (3.3 percent)
    • the total value of earnings by employees of Māori authorities was $219 million, up $15 million (7.4 percent)
    • Māori authorities exported $216 million worth of goods, up $5.6 million (2.7 percent).

    Visit our website to read this information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Stats NZ information release: Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter

    Source: Statistics New Zealand

    Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter – information release – 8 October 2024 – Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter presents information on one subset of Māori businesses that contribute to our country’s economy. This release includes data on Māori authorities and related businesses. It does not cover all Māori businesses in Aotearoa New Zealand.

    Māori authorities are defined as businesses that receive, manage, and/or administer assets held in common ownership by iwi and Māori. Māori authorities are largely identified through their tax codes as registered with Inland Revenue. Any business within a Māori authority ownership group is also included for the purposes of Tatauranga umanga Māori.

    Key facts
    In the June 2024 quarter, around 1,450 Māori authorities and related businesses were in the Tatauranga umanga Māori population.

    All figures are actual values and are not adjusted for seasonal effects.

    In the June 2024 quarter compared with the June 2023 quarter:

    • the total value of sales by Māori authorities was $1,057 million, up $4.3 million (0.4 percent)
    • the total value of purchases by Māori authorities was $774 million, down $25 million (3.2 percent)
    • the total number of filled jobs for Māori authorities was 12,100, up 390 jobs (3.3 percent)
    • the total value of earnings by employees of Māori authorities was $219 million, up $15 million (7.4 percent)
    • Māori authorities exported $216 million worth of goods, up $5.6 million (2.7 percent).

    Visit Statistics NZ’s website to read this information release and to download CSV files:

     

    MIL OSI –

  • MIL-OSI Australia: Gone Fishing Day returns on Sunday 13 October 2024

    Source: New South Wales Premiere

    Published: 8 October 2024

    Released by: Minister for Agriculture, Minister for Regional NSW

    The Minns Government is proud to celebrate the wealth of fishing opportunities on offer in NSW with the return of Gone Fishing Day on Sunday 13 October.

    The Government will be hosting free community events across the state, giving both novice and experienced fishers a chance to enjoy fishing fun with family and friends.

    Gone Fishing Day events will be held at Gordon Park in Nambucca, Queen Elizabeth Park in Taree, Lake Keepit, Lakeside Parkin Narrabeen, Spencer Park in Merimbula and Apex Park in Wagga Wagga, with activities kicking off at 9am.

    Many fishing clubs, organisations and community groups will also run their own community fishing events and activities in their own local area on Gone Fishing Day, with support from NSW Government.

    A total of 62 fishing clubs and organisations have been sent fishing packages with gear to use at their local events while another 49 clubs and organisations are receiving grants of up to $2000 to help run their events.

    An open day and Gone Fishing Day event will also be held at the Gaden Trout Hatchery near Jindabyne to give the community a chance to see the newly renovated, state-of-the-art facilities, with the Government investing $8.6 million in upgrades to help futureproof NSW’s iconic trout fishing sector.

    A range of family-friendly activities will be on offer at the Gaden Trout Hatchery open day, including guided tours, Try Fishing sessions, fishing demonstrations, fish feeding opportunities, children’s face painting and much more.

    Gone Fishing Day is another example of the NSW Government’s ongoing work to promote and improve recreational fishing in NSW, with funding from the NSW Recreational Fishing Trusts.

    To find out more on the DPIRD Gone Fishing Day community events near you or for more information, visit Gone Fishing NSW Day.

    Minister for Agriculture and Regional NSW Tara Moriarty said:

    “Gone Fishing Day is a great opportunity for people to get out on the water and take advantage of the many exceptional fishing locations we have across our great state.

    “Whether you are an experienced angler or you’ve never held a rod before – we want everyone to get involved and wet a line!”

    “It is a fantastic opportunity to attract keen fishers to take to the water and introduce kids to fishing, with casting competitions and Try Fishing sessions.

    “We know that fishing provides so much more than just a nutritious food source and Gone Fishing Day allows us to share the benefits of this fun outdoor activity to everyone around the State.

    “Recreational fishing is a $3.4 billion industry in NSW, so it is important that we acknowledge this day and the positive impact this industry has on our economy and communities.”

    MIL OSI News –

  • MIL-OSI Australia: 2024 Completed matters

    Source: Australian Department of Revenue

    [202415] GST product classification – self-review guide and checklist

    [202413] Additional tier 1 capital note issuances

    [202412] Supplementary annual GST returns for Top 100 and Top 1,000 public and multinational business taxpayers

    [202411] Advance pricing arrangement program review recommendations

    [202410] Statement of account usage and delivery preference

    [202409] Attribution of risk weighted assets for thin capitalisation (foreign banks)

    [202407] Delivering Better Financial Outcomes (Quality of Advice) – Recommendation 7

    [202406] Administration of deceased estates

    [202401] Multinational Tax Integrity – strengthening Australia’s interest limitation (thin capitalisation) rules

    [202415] GST product classification – self-review guide and checklist

    Consultation purpose

    To seek feedback on the new self-review guide and checklist for GST classification of products to ensure it meets the needs of taxpayers.

    Description

    The ATO has developed a self-review guide and checklist for GST classification of products. The self-review guide and checklist is designed to provide taxpayers with practical step-by-step guidance to:

    • undertake regular self-review of the GST classification of their supplies
    • assess the robustness of business system processes and controls that directly impact the decisions on GST classification of supplies.

    Feedback will ensure the self-review guide and checklist meets the needs of taxpayers and will help to identify any areas for improvement.

    Outcome of consultation

    Feedback provided some valuable insights which will be incorporated into the self-review guide and checklist for GST classification of products to improve the documents and ensure they meet the needs of taxpayers.

    Who we consulted
    • Industry representatives
    • Advisory firms
    • Members of the GST Stewardship Group

    Consultation lead

    Virginia Hernandez, Public Groups
    Virginia.Hernandez@ato.gov.au
    Phone 03 860 19383
    [202413] Additional tier 1 capital note issuances

    Consultation purpose

    To seek feedback to inform potential public advice and guidance on additional tier 1 (AT1) capital note issuances.

    Description

    AT1 capital is a key element of the capital structure for Australian financial institutions. The ATO receives numerous applications for binding advice through the rulings system on the tax consequences associated with AT1 capital notes for investors and issuers.

    There is currently a high level of maturity and consistency in AT1 capital note issuances, including their terms and features and their tax consequences.

    The current approach to providing guidance is on a case-by-case basis. The ATO is considering opportunities to streamline guidance on AT1 capital note issuances and is seeking feedback on whether a Taxation Ruling would eliminate or substantially reduce the incidence of class and private ruling requests.

    Who we consulted
    • Financial Institutions
    • Industry bodies
    • Tax agents and advisory firms

    Outcome of consultation

    The feedback received provided perspective on the key issues that stakeholders view as requiring consideration in respect of public advice and guidance in relation to AT1 capital note issuances.

    On 10 September 2024, the Australian Prudential Regulation Authority (APRA) issued a Media Release announcing a proposal for banks to phase out the use of AT1 capital instruments. In light of this announcement, the ATO will place the project regarding potential public advice and guidance on AT1 capital note issuances on hold, pending the outcome of APRA’s proposal.

    Consultation lead

    Veronica Richards, Public Groups
    Veronica.Richards@ato.gov.au
    Phone 02 9374 2067
    [202412] Supplementary annual GST returns for Top 100 and Top 1,000 public and multinational business taxpayers

    Consultation purpose

    To understand what guidance is required to assist taxpayers with completion of the supplementary annual GST return.

    Description

    In 2024–25, the ATO is introducing a new supplementary annual reporting requirement for Top 100 and Top 1,000 taxpayers who have received a GST assurance rating through an earlier GST review.

    The introduction of the return will enable us to make informed decisions about future engagements with taxpayers and enhance our treatment strategies and ability to monitor GST risks that arise in the large market.

    Who we consulted

    Outcome of consultation

    Targeted consultation provided valuable feedback which is being considered and will be incorporated in the design and implementation of the supplementary annual GST return.

    Consultation lead

    Virginia Gogan, Public Groups
    Virginia.Gogan@ato.gov.au
    Phone 03 8632 4643
    [202411] Advance pricing arrangement program review recommendations

    Consultation purpose

    To seek feedback on the 8 recommendations made from the advance pricing arrangement (APA) program review and consider their appropriateness and if additional changes are required to the APA program.

    Description

    Targeted consultation is required to assess the current state of the advance pricing arrangement program to determine if additional changes need to be implemented following the report recommendations from the APA program review that was completed 30 June 2023.

    Who we consulted
    • Big 4 accounting firms
    • Law firm Minter Ellison

    Outcome of consultation

    Feedback received from the consultations was invaluable in providing the ATO with a better understanding of the market perceptions of the APA Program, including;

    • identifying key issues and areas for improvement from stakeholders in the APA Program, particularly following the implementation of the APA review recommendations
    • gathering suggested improvements for the APA Program
    • providing an indication of how well the ATO is communicating with taxpayers and tax professionals.

    The suggestions are being workshopped with internal stakeholders with a view to identifying which proposals can be implemented. Once internal decision-making is complete, these insights will be considered in the updates to the revised APA Practice Statement Law Advice.

    Consultation lead

    Gloria Cassimats, Public Groups
    gloria.cassimatis@ato.gov.au
    Phone 07 3213 5266
    [202410] Statement of account usage and delivery preference

    Consultation purpose

    To seek feedback on the frequency, usefulness, and preferred delivery channel of the ATO statement of account.

    Description

    The ATO issues statements of account for a variety of reasons using different correspondence channels (paper and electronic) and is reviewing options to reduce the frequency of automated statements of account.

    The ATO is consulting with taxpayers and their representatives to obtain feedback on:

    • the current frequency, usefulness, and delivery method of automated statements of account
    • proposed options to reduce the number of automated statements of account issued.

    Who we consulted
    • Individual taxpayers
    • Small business representatives
    • Tax agents
    • BAS agents

    Outcome of consultation

    Feedback confirmed a preference for:

    • a reduction in the frequency of statements of account
    • electronic delivery channels.

    These insights will be considered in the scoping and design of enhancements to the statement of account.

    Consultation lead

    Peter Moore, Strategy and Support
    Peter.Moore@ato.gov.au
    Phone 07 3121 7282
    [202409] Attribution of risk weighted assets for thin capitalisation (foreign banks)

    Consultation purpose

    To seek feedback on the ATO’s proposed view on the appropriate attribution of risk weighted assets to branches for the purposes of applying the thin capitalisation rules for inward investing entities (ADI).

    Description

    Foreign banks that conduct their banking business in Australia through branch(es) are subject to Australia’s thin capitalisation rules. The rules require a foreign bank to allocate a minimum amount of equity capital to its branch.

    Typically, foreign banks use the safe harbour rule to work out their minimum capital amount. The rule is based on ensuring there is sufficient equity capital funding that part of the risk-weighted assets of the bank that is attributable to its branch.

    The ATO does not currently have a published view on how to determine that part of the risk-weighted assets attributable to a branch. Feedback will assist in the development of an ATO view on the topic with the aim of providing certainty and a consistent industry approach.

    Who we consulted
    • Foreign banks with branch operations in Australia
    • Industry bodies
    • Australian Banking Association
    • Australian Financial Markets Association
    • Tax agents and advisory firms

    Outcome of consultation

    Feedback received on the Discussion paper – Thin capitalisation – attribution of risk weighted assets to Australian branches of foreign banks, which closed on 31 May 2024, is being considered for incorporation into the development of a draft practical compliance guidance.

    Consultation lead

    Johanna Tang, Public Groups
    Johanna.Tang@ato.gov.au
    Phone 02 9374 1689
    [202407] Delivering Better Financial Outcomes (Quality of Advice) – Recommendation 7

    Consultation purpose

    To seek feedback on public advice and guidance needs for the new measure addressing financial advice fees charged under section 99FA of the Superannuation Industry (Supervision) Act 1993.

    Description

    The government has announced its response to the December 2022 Final Report of the Quality of Advice ReviewExternal Link by releasing an exposure draft: Delivering Better Financial Outcomes Package – reducing red tape and other measures.

    Relevantly, Recommendation 7 seeks to clarify the legal basis for superannuation trustees to charge individual members for financial advice from their superannuation account, as well as the associated tax consequences.

    Division 2 of the exposure draft makes amendments to the Income Tax Assessment Act 1997 to ensure that financial advice fees charged under section 99FA of the Superannuation Industry (Supervision) Act 1993 are:

    • tax-deductible for the fund
    • not treated as superannuation benefits of the member.

    Such fees are tax deductible to the fund to the extent that the amount charged to the member’s account was not incurred in relation to gaining or producing the fund’s exempt income or non-assessable non-exempt income. The measure is proposed to have retrospective effect.

    The ATO is seeking feedback on whether there are priority issues where public advice and guidance is needed to help superannuation industry stakeholders understand how the new law applies to their circumstances.

    Who we consulted
    • Professional associations
    • Superannuation industry representatives
    • Advisory firms

    Outcome of consultation

    Consultation provided valuable feedback which will be considered in the preparation of future public advice and guidance materials.

    Consultation lead

    Ernest Lui, Public Groups
    ernest.lui@ato.gov.au
    Phone 02 9374 2901
    [202406] Administration of deceased estates

    Consultation purpose

    To seek feedback on the ATO’s administrative arrangements for accessing a deceased person’s information, particularly where a grant of probate or letters of administration has not been obtained.

    Description

    In July 2020, the Inspector-General of Taxation published the report Death and Taxes – An investigation into ATO Systems and Processes for dealing with Deceased EstatesExternal Link.

    Recommendation 7(b) of the report recommends the ATO seek feedback on its administrative arrangements for accessing a deceased person’s information, particularly where executors or relatives have not obtained a grant of probate or letters of administration, to determine if the administrative arrangements are satisfactory to external stakeholders or if changes are required.

    Who we consulted
    • Industry representatives
    • Relevant government agencies
    • Members of

    Outcome of consultation

    The consultation process identified several proposals for improvements to the administration of deceased estates and the legal framework that supports it.

    The administration-related proposals are being workshopped with internal stakeholders with a view to identifying which proposed improvements can be implemented.

    The suggestions for improvements that have law implications are being analysed to determine which are suitable for escalating to Treasury for their consideration.

    Consultation lead

    Lloyd Williams, Individuals and Intermediaries
    lloyd.williams@ato.gov.au
    Phone 02 6216 1030
    [202401] Multinational Tax Integrity – strengthening Australia’s interest limitation (thin capitalisation) rules

    Consultation purpose

    Following stakeholder feedback on PAG topics, prioritisation and form for the new thin capitalisation measures, we will now be consulting on the high priority topics to develop specific PAG products.

    Description

    On 8 April 2024, the Treasury Laws Amendment (Making Multinationals Pay their Fair Share – Integrity and Transparency) Act 2024 received Royal Assent.

    The ATO is proposing to provide guidance setting out the Commissioner of Taxation’s views on, and approach to, key aspects of the proposed new thin capitalisation rules and debt deduction creation rules contained in Schedule 2 of the Act.

    Stakeholder feedback is sought on potential topics, prioritisation and the form of any potential public advice and guidance.

    It is intended that only the most important issues arising from the new law will be addressed through the preparation of early ATO public advice and guidance.

    Who we consulted

    Outcome of consultation

    Targeted consultation provided valuable feedback which has assisted to identify and develop high priority draft public advice and guidance products. You can keep up to date through the Advice under development program.

    Consultation lead

    Stephen Dodshon, Public Groups
    Stephen.Dodshon@ato.gov.au
    Phone 02 9374 8791

    MIL OSI News –

  • MIL-OSI Australia: Hiring new employees for the festive season?

    Source: Australian Department of Revenue

    As the festive season approaches, you may be thinking of hiring new employees to help with your business.

    Here are some key things to remember when it comes to your tax and super obligations.

    Withhold the right amount of tax

    As an employer, you’ll need to make sure you’re withholding the right amount of tax from payments you make to your employees and other payees.

    This helps them to meet their end-of-year tax liabilities.

    Your accounting or payroll software, our tax tables or our online tax withheld calculator will help you do this.

    Don’t forget to pay super guarantee (SG)

    You must pay SG to all eligible employees’ super funds in full and on time to avoid paying the super guarantee charge.

    The next SG payment is due on 28 October.

    Our Super guarantee contributions calculator can help you work out how much SG you need to pay.

    You can also use our SG checklist to make sure you’re meeting your SG obligations.

    Report through Single Touch Payroll (STP)

    If you’re still not reporting through STP and don’t have an approved exemption, deferral or concession in place, you should start reporting now.

    If you’ve just started a business or recently employed staff, you’ll need to report through STP from your first payday.

    Remember, if you report through STP you don’t need to send us your employee’s completed TFN declaration. We’ve already received this information through your STP reporting. You’ll still need to keep this information for your own records.

    More information

    Find out more on our website about how to meet your employer obligations.

    MIL OSI News –