Tax Research Memo http://www2.gsu.edu/~accerl/home.html Your Firm October 19‚ 2011 Relevant Facts Joe‚ CPA reimburses a client for a $75‚000 tax liability that is traceable to Joe’s ineffective tax advice. For fear of increasing his malpractice premiums‚ Joe decides not to file a claim with his insurance company. Specific Issues How much‚ if any‚ of the $75‚000 paid to the client can Joe deduct using either causality loss or business expense? Conclusions Joe may not deduct
Premium Tax Taxation in the United States Corporation
Tax Return Position Paper ACC/455 Tax Law Tax laws come from several sources and each source has a particular amount of rein over the laws conducted. Sources‚ such as the IRC‚ have a defined amount of say in the laws and the consequences. The way a law is interpreted and applied is also a very large part of tax law. Tax research is how tax laws are defined and followed for individual facts (Anderson‚ Pope & Kramer 2010) Sources of Tax Law The primary and secondary sources of tax
Premium Tax Taxation in the United States Taxation
for determining whether an item is deductible as an expense under § 162 or under § 212 is that a. production of income expenses are not deductible. b. § 162 business expenses usually are deductions for A.G.I.‚ while § 212 production of income expenses usually are miscellaneous itemized deductions. c. § 162 business expenses are deductions from A.G.I.‚ while § 212 production of income expenses are deductions for A.G.I. d. it resolves certain ownership questions. 3. C purchased two cars in 2010
Premium Taxation in the United States Expense Operating expense
on the tax return exceeded depreciation reported on the income statement by 120‚000. This difference will reverse in equal amounts of 30‚000 over the years 2011-2014. B. Interest received on municipal bonds was 10‚000. C. Rent collected in advance on Jan 1 2010 totaled 60‚000 for a 3 year period. Of this amount 40‚000 was reported as unearned at Dec 31 for book purposes. D. The tax rates are 40% for 2010 and 35% for 2011 and subsequent years. E. Income taxes of 320‚000 are due per the tax return
Premium Generally Accepted Accounting Principles Taxation Taxation in the United States
Online Business Expansion for Comp-Tax Communications H. Anechia Wiggins Western Governors University Executive Summary Comp-Tax Communications is a multi-faceted company. They offer services in accounting‚ personal and business taxes‚ payroll‚ business contracts‚ small business consultation‚ computer sale & repair‚ print media design‚ and video photo editing. The business is owned and operated by Lashonda Simons. It’s a small base woman owned. The team consist primarily the owner and
Premium Taxation in the United States Tax Income tax
Form 2106 Department of the Treasury Internal Revenue Service (99) OMB No. 1545-0074 Employee Business Expenses ▶ 2011 ▶ See separate instructions. Attach to Form 1040 or Form 1040NR. Your name Occupation in which you incurred expenses Trudy Santiago Attachment Sequence No. Social security number Senior Dental Hygienist Part I 123 45 129 6788 Employee Business Expenses and Reimbursements Column A Other Than Meals and Entertainment Step
Free Madrid Metro Metropolitana di Napoli Shanghai Metro
NCOME-TAX ACT‚ 1961* [43 OF 1961] [AS AMENDED BY FINANCE ACT‚ 2012] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— CHAPTER I PRELIMINARY Short title‚ extent and commencement. 11. 2(1) This Act may be called the Income-tax Act‚ 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act‚ it shall come into force on the 1st day of April‚ 1962. Definitions
Premium Asset
Statement: Tax cuts Increase economic activity‚ increase jobs and hence helps in increasing government revenue. Tax cuts stimulates economic activity: Firstly‚ Tax cuts on businesses and individuals give incentives for work and lead to increased savings and investment thus stimulating economic activities. People starts to work more hours and want to make more money as the taxes are quite low and they can get most of their profit in their own pockets. Production is increased due to tax cut on raw
Premium Economics Macroeconomics Income tax
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:
Premium Taxation in the United States Income tax in the United States Tax
Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress‚ but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide
Premium Tax Taxation in the United States Income tax in the United States