Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers‚ Albert and Jenny‚ it is for the calendar year 2013. Albert and Jenny Cunningham (both 42 years
Premium Taxation in the United States Insurance Taxation
penalties and charges from the IRS regarding the bonds you cashed in last April during tax time. I write you this letter to inform you that I am unable to pay these fines‚ as explained in this letter. Last April‚ you called and kindly asked if rolling funds over from one retirement fund to another is considered a tax event. When doing this type of transaction‚ if done within 60 days‚ is not considered a tax event. When these funds are drawn to supplement retirement income‚ taxes are paid on the
Premium Internal Revenue Service Tax Finance
Tax In general‚ tax can be defined as a levy or other type of a financial charge or fee imposed by state or central governments on legal entities or individuals. | Local authorities like local governments‚ provincial governments‚ counties and municipal corporations also have the right to impose taxes. The rates‚ rules‚ and regulations of taxation differ from one country to another and they are complex in character. Tax is a principal source of revenue for a country’s government. A country’s
Premium Tax
refund payments in the last three years are related to both the weak economy and three successive rounds of tax law changes which have both contributed to the temporary boost of refunds. Currently‚ over $2 billion is sitting in the Internal Revenue Service account unclaimed by rightful owners. The money is owed to 1.7 million taxpayers who never filed 2001 tax returns. For the 2004 tax year‚ the gross income filing requirements are as follows: § Single‚ under 65‚ not blind $7‚950 § Married
Premium Generally Accepted Accounting Principles Balance sheet 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
Business Tax: Reading Week Notes The Robin Hood Tax * The idea behind the RHT is to generate hundreds of billions of dollars * That money could be used to kick-start the US economy and get America back on its feet * The RHT = 0.5% tax on Wall Street transactions * Benefits: * It won’t affect the vast majority of Americans * It’s easy to enforce * It’s tough to evade * It taxes those who are to blame for the global financial crisis‚ rather than
Premium Tax
limitation because its scope is unlimited. F_____ 3. Uniformity and equity in taxation means that payment of taxes shall be more or less the same. F_____ 4. Theoretical justice means tax laws must be capable of convenient‚ just and effective administration. T_____ 5. A tax assessment could be done only after a tax return has been filed. T_____ 6. Assessment protest of the taxpayer should be completely complied with the submission of pertinent documents to support the taxpayer’s claim. F_____
Premium Tax Taxation in the United States
Tax planning for corporate liquidation The Tax reform act of 1986(TRA) made significant changes to tax provisions which had influence on corporations. One of the most important changes was the deletion of the General Utilities doctrine; under a plan of complete liquidation it had given a tax relief for appreciated assets distribution. This essay illustrates tax law changes about corporate liquidations and suggests some tax planning strategies to mitigate the influence of TRA. Sec. 336 changes
Premium Subsidiary Corporation Tax
The State Tax Department is an agency in the executive branch of state government whose responsibilities are well defined in state law. These responsibilities include administering and enforcing the correct reporting and payment of taxes‚ and consulting with the governor upon the subjects of tax laws and administration. The responsibilities apply to every one of the taxes administered by the department. The department’s top managers include the commissioner‚ and deputy commissioner. Leaders in
Premium Management Federal government of the United States State
A tax system is simply the collection of taxes in an economy. It is a sum of money paid by people or businesses to a government‚ to be used for public purposes. Taxes are raised through various means and the systems vary for each country. The main taxes in the UK‚ USA and Australia will be explained. Countries use the taxes they receive in different ways. Aims and targets of most countries vary‚ as does the amount of tax generated. Due to this‚ expenditure is prioritised and spent accordingly
Premium Tax Taxation