Stock/Nonstock: Stock Close/Not Close: Close THE ENTITY WAS FORFEITED FOR FAILURE TO FILE PROPERTY RETURN FOR 2005. 3. Advantages and Disadvantages A. Business Trade Name Advantages - a franchise provides a established product or service which may already enjoy widespread brand-name recognition. This gives the franchisee the benefits of a pre-sold customer base which would ordinarily takes years to establish. A franchise increases your chances of business success because you are
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Information Document Request (IDR) from the IRS for his books and records. Malcom picked up his books and records from his accountant and gave them to his uncle for safekeeping. You have filed a Form 2848‚ Power of Attorney‚ with the IRS and the Revenue Agent has sent you a copy of the IDR. What are your duties Sec. 10.20‚ states that the duties that I have are to provide and submit records or information in any matter before the IRS unless the expert believes in good faith and on reasonable grounds
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Administration”. We are Third Party Administrators (TPA). A TPA act as a liaison between the Plan Sponsors of Qualified Retirement Plans (Plans) like the 401k plans or pension plans sponsored by corporations‚ small business owners and the Internal Revenue Service (IRS). The major role of the TPA is to make sure the Retirement Plans are in compliance by conducting various tests required per the IRS regulations and guidelines so that the plans maintain the tax qualification status. We also prepare the
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Jessica Schmitt Income Tax 2 7-36: Lee Xanders Route 1‚ Box 2440 Mason‚ OH 45040 Dear Ms. Xanders As you are interested in the reorganization of Drab and Olive‚ please find the following information regarding three different types of consolidation‚ or reorganization; a “Type A” consolidation‚ a “Type C” or an acquisitive “Type D” reorganization. The advantages of a “Type A” consolidation include that consideration need not include voting stock. Up to 60% of consideration can be cash and property
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| Revenue Recognition of Gift Cards | Complications of Breakage Income | | Matthew Hendrickson | May‚ 2011 | Gift Cards are loved by both companies and customers. They are a large source of income and customers love their ease. However‚ regulation for reporting gift card income is something companies must pay close attention to. Companies must be concerned with recognition of breakage income as well as state escheatment laws. This paper will examine the current regulatory environment
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About WTAS: • WTAS is one of the largest independent tax firms in the United States • Ranked number 14 in terms of Revenue in the United States • Ranked among the top twenty tax firms in the United States by Accounting Today • Provides a wide range of tax‚ valuation‚ financial advisory and related consulting services to individuals and corporate clients in the United States. • Has over 500+ employees in 14 major cities and encompasses top advisors with previous
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company had did not withhold employee taxes and the contractor instead paid self-employment taxes‚ by reclassifying in the future year‚ the company would be required to pay those taxes thereby having the double payment of taxes. According to the Internal Revenue Manual‚ the consideration of the relief act should be the first step when there is a classification issue. There are three criteria that which need to be met to satisfy the relief act. That is the independent contractors are still to be
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determining the reasonableness of compensation: The employee’s role in the business. Comparison of the employee’s salary with what similar companies pay for similar services. The character and condition of the company; Any potential conflicts of interest‚ mostly in the relationship between the company and the employees; Internal consistency that how company treats the payments to the employees; Whether an independent investor would be willing to compensate the employee for that amount. Support
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WEEK 7 RESEARCH PROJECT (SET #1) DeVry University Acct 429-Professor Woodard Rosa Leon TAX FILE MEMORANDUM-1st Assignment FROM: Rosa Leon SUBJECT: Tracy Meal Deduction Question Today I talked to Tracey taxpayer with respect to her question regarding the meal deductions. Tracey is a sales representative for a national pharmaceutical company. FACTS: She has a rather large sales territory‚ and she makes her rounds to her customers using acompany-owned car over a 16- to 19-hour period of
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particulary by way of tax audits and the implementation of a penalty system to enforce compliance with tax laws. This change was aimed at relieving the increasing workload of the IRB to allow the IRB to concentrate on areas with high tax risks and revenues. This has had a significant impact on taxpayer who must equip themselves in ensuring full disclosure as a self-assessment regime is accompanied with severe penalties for non-compliance an under-declaration of income. The Income Tax(Amendment) (No
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