Bawla & Bawla – Accountants and Advisors – New York – Karachi – At Bawla & Bawla, we believe to give anything less than your best is to sacrifice the gift. Accountants and Advisors In New York USA, & Karachi Pakistan.

I have no use for bodyguards,
but I have very specific use for
two highly trained certified
public accountants.

Elvis Presley

The hardest thing in the world to understand is the income tax.

Albert Einstein (1879-1955)

Number of words in the Internal Revenue Code

“The income tax code and its associated regulations contain almost 5.6 million words — seven times as many words
as the Bible. Taxpayers now spend about 5.4 billion hours a
year trying to comply with 2,500 pages of tax laws….”

Number of accountants in a recent
study asked to prepare a tax return
for a hypothetical taxpayer.

Number of different tax liabilities
arrived at by the 48 accountants.

“… nobody owes any public duty to pay more than the law demands”

Judge Learned Hand

A Government Accountability Office report released in 2004 showed that:

$ 0

US corporations paid, on average,
$11.88 in taxes for every $1,000 in gross receipts.

0 %

US corporations paid no income tax between 1996 and 2000.

0 %

In 1943, 39.8% of taxes collected came from corporations; only 7.4% in 2003.

0 %

US corporations paid less than 5% their total income in taxes.

0 %

Big companies ($250M+ assets or $50M+ revenue) paid no taxes.

From 1996 to 1998, these companies paid zero taxes:

AT&T
Bristol-Myers
Squibb
Chase
Manhattan
Enron
ExxonMobil
General Electric
Microsoft
Pfizer
Phillip Morris

In 1998, these companies received a total of $1.3B in rebates (despite making $12B in pre-tax profits): Texaco, Chevron, CSX, PepsiCo, Pfizer, J.P. Morgan, Goodyear, Enron, General Motors, Phillips Petroleum and Northrop Grumman.

Using complex schemes to shift U.S. revenue overseas, Microsoft was able to avoid paying taxes on $21 billion in revenue between 2009 and 2011, amounting to about half its total U.S. sales, according to the subcommittee report. The company avoided paying $4.5 billion in taxes, or about $4 million per day, during that time, according to the report.
Apple avoided taxes on $34.5 billion between 2009 and 2011, and Google has dodged taxes on $24 billion.
Hewlett-Packard, meanwhile, used a series of constantly revolving short-term loans between itself and its subsidiaries that have helped it avoid paying billions of dollars in taxes since at least 2008, according to Levin.
Though he didn’t say how much money H-P has avoided paying, Levin did say that H-P has kept billions of dollars in cash offshore — more than $17 billion in 2010, for
example — that it would then “lend” to its U.S. parent company in a steady stream.

The art is not in making money but keeping it.

Anonymous

What is Tax Planning?

Tax Planning is taking advantage of all the tax knowledge and tools at your disposal before December 31 in order to estimate your income taxes, qualify for the right credits, deduct the most expenses, and ultimately to reduce your taxable income and pay less taxes.

Why Plan Now?

We know tax planning is boring! But a little planning now can save you money in the future. Tax planning should really take place throughout the year, but it is never too late to start.
Even though your tax return will not be submitted until April of next year, you only have until December 31 of this year to qualify for any tax deductions and tax credits. Take action now to claim deductions and credits on your next tax return.

Tax Avoidance vs Tax Evasion?

Tax Avoidance is the legitimate minimizing of taxes, using methods approved by the IRS. Tax Evasion on the other hand, is the illegal practice of not paying taxes, by not reporting income, reporting expenses not legally allowed, or by not paying taxes owed.

What we do at Bawla & Bawla

International Tax Planning and Compliance

Corporate Tax Returns
Global Tax Minimization Strategies.
Entity Selection and Tax Classification.
Transfer Pricing Consulting
Accounting for Multi-Jurisdictional Operations
Export Incentive Planning – IC-DISC
Foreign Tax Credit planning
US and Foreign Tax Incentive Programs
Foreign National and Expatriate Individual Tax Returns
Repatriation Planning
Debt and Equity Rules
Business Acquisitions and Divestiture
Estate and Asset Protection Planning
Representation with Tax Authorities
Indirect tax (VAT, withholding Tax, GST, other Duties)
Cross Border Real Estate Investments

We work with U.S. and foreign businesses around the world.

In tax planning and dreams, the possibilities are infinite.

If you do what you always did, you will get what you always got.
To give anything less than your best is to sacrifice the gift.
For people who are trying to be better than the person they were yesterday.
For people who like dealing with a better class of professionals.
For people who know they deserve only the best.