large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you. ROLE: After reviewing John and Jane Smith’s points of view‚ it will be your turn as a tax professional to decide on the best course of action from a tax perspective on their issues. Prepare a three page memo (at least 900-1‚500 words per page) to John and Jane Smith addressing the issues presented. PLAYERS:
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Tax Return Position Tax law was established in order to govern tax transactions and events. The primary source of tax law is the internal revenue code‚ which was established in the year 1939‚ and has been revised multiple times since then. In addition to information regarding company income tax‚ employment tax‚ and other pertinent tax options. The legislative process is also a primary source of tax law‚ which is initiated in the House of Representatives‚ where new tax bills can be proposed. Once
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CHAPTER 4 David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1‚740. They have made prepayments of $1‚100 and also have a child tax credit of $1‚000. What is the amount of their tax refund or taxes due? (1)Total tax$1‚740 (2)Child tax credit1‚000 (3)Prepayments1‚100 Tax refund $(360) Explanation: David and Lilly will receive a tax refund of $360 calculated as follows: Tax refund = $1‚740 − $1‚100 − $1‚000 = −$360 Prepayments are fully refundable
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3 DEALERS UNDER MVAT‚ 2002 6 4 INCIDENCE AND LEVY OF TAX 10 5 REGISTRATION 12 6 RATE FOR TAX APPLICABLE TO DEALERS 16 7 FILING OF RETURNS AND PAYMENT OF TAXES 17 8 RETURN FORMS AND PAYMENT OF TAX 19 9 REVISED RETURNS 20 10 TAX INVOICE 26 11 BIBLIOGRAPHY 28 INTRODUCTION ON MVAT This Act may be called the Maharashtra Value Added Tax Act‚ 2002. Maharashtra Value Added Tax (Levy and Amendment) Act‚ 2005. The system of Value Added Tax (VAT) has been implemented‚ in the State of Maharashtra
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TAX HAVENS DEFINING Tax Havens • Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands. • Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of‚ and exploit‚ a worldwide
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| Direct Tax Code | The direct tax code seeks to consolidate and amend the law relating to all direct taxes‚ namely‚ income-tax‚ dividend distribution tax‚ fringe benefit tax and wealth-tax so as to establish an economically efficient‚ effective and equitable direct tax system which will facilitate voluntary compliance and help increase the tax-GDP ratio. Another objective is to reduce the scope for disputes and minimize litigation. It is designed to provide stability in the tax regime as it
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The Internal Revenue Code‚ which was originally founded in 1939‚ set the foundation for the codification that we have in place today. The code arranged all Federal Tax provisions in a logical order and placed them in a separate part of the federal status. Over the years‚ congress has updated and amended the tax code in 1954‚ in 1986 Tax Reform Act‚ and is constantly updating the code due to its importance in assessing judicial and administrative decisions. The arrangement of the code is broken down
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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With the middle class in decline for nearly 50 years‚ income inequality is at its highest since the 1920s. Due to this‚ the Democratic presidential candidates have both created platforms around improving the economic security of the average American. Hillary Clinton’s policies are designed to target the middle class through tax policies‚ education spending and economic security measures to help the average American. Building Infrastructure and Supporting Growth One of Clinton’s goals is to promote
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Sciences Vol. 2. No. 7. November 2012 Issue. Pp. 150 – 156 Tax Evasion and Avoidance Practices in Some Selected Corporate Firms of Bangladesh Mohammad Zahid Hossain Bhuiyan* The present study is based on a total number of 9 (Nine) tax appeal cases and opinions of a total number of 32(thirty two) respondents belonging to relevant tax officials and tax practitioners. The main reason of selecting the topic is the large scale prevalence of the tax evasion and avoidance crimes in Bangladesh which adversely
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