indirect and without regard to census. The purpose of the taxes was to help financially support the government. Chapter 2 (5 pts) 2. Explain the two "safe harbors" available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax. The penalty can be avoided if the taxpayer can prove that the error was not done by willful misconduct. That the taxpayer was acting in good faith‚ this burden of proof lies with the taxpayer. The two reason I chose. 1. The taxpayer records were destroyed
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maintains that even if she had made the trip to collect the check‚ by the time she returned home‚ the bank would have closed and she could not have deposited the check until January. ISSUES: Does Adrian include the $10‚000 on her 2007 or 2008 tax return? CONCLUSION: In general‚ constructive receipt occurs when income is credited to a taxpayer’s account‚ set apart for him‚ or otherwise made available so that he may draw upon it at any time‚ or so that he could have drawn upon it during the
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practical experience in different types and categories ‘Tax System’ especially Tax System of Bangladesh. During our working period‚ we tried to gather information from different sources like News Paper‚ web sites. But the NBR does not provide information in the web site directly and even it does not publish tax structure which is implemented in Bangladesh . So‚ we have taken much information about tax on the basis of our personal concept and view of Tax System of Bangladesh. To complete this report‚ we
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Alternate Tax * Contributed under income tax * by vakilsearch Taxation on income is a vital source of revenue for our Government. Although Companies have to follow a mind-bogglingly complex procedure‚ the list of exemptions and deductions is long. As a result‚ a lot of Companies used these deductions and exemptions and escaped tax liability. While they enjoyed book profits as per their profit and loss accounts (and sometimes even distributed dividend)‚ tax liability as per the Income Tax Act
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TAXATION MODULE What is tax? Why tax is levied? In Indian economy‚ the Government plays crucial role by making heavy investments/expenditure on core areas like heavy industries‚ infrastructure‚ defence‚ internal security‚ education‚ poverty alleviation‚ employment generation‚ health etc. For this purpose‚ the Government raises funds by levying various taxes‐ direct and indirect‚ other receipts and also borrows from the market. Different types of tax: For the above
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government pass a law called the “Sin Tax Bill”. The President said that this law was signed because they thought it serves as an early “Christmas gift” to millions of Filipino’s who will be discouraged from smoking and drinking. But is the Sin Tax Bill on tobacco will be beneficial or unprofitable? Sin Tax Bill aims to lower the number of consumers in terms of smoking and drinking. But what is Sin tax? Sin tax is a kind of sumptuary tax. A tax specifically levied on certain generally
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SCRAPPING THE MINING TAX- IS IT GOOD OR BAD? Executive summary Introduction The Australian governments mining tax‚ the mineral resource rent tax (MRRT) has always been under the radar for its ever changing policies. It is very easy to pint out its significant issues‚ but reforming the tax is quite a major task at hand. All the corporations involved within the mining industry‚ as well the different corporations in the economy‚ pay a current income tax rate of 30% on its revenue that they earn
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the second recommendation given is that you should take out another mortgage as additional capital to also be converted into Municipal bonds. The purpose of which is to receive a double tax benefit offered by taking advantage of both the interest deductions on the new mortgage allowed under I.R.C. §163(a) and the tax exempt benefits on the interest payments of the state and municipal bonds allowed under I.R.C. §103(a). The resolution to these issues is solely dependent on whether or not the Courts
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comprehend the tax implications and tax efficiency of the remuneration packages. Besides‚ I would like to recommend the most tax efficient remuneration package based on the proposed benefits by your employer and the legal ways to save tax in Malaysia. First and foremost‚ it is a good option to ask for a company car because the car given by your employer‚ Golden Berhad is regarded as benefit-in-kind (BIK). A company car is more beneficial for you (taxpayer) because the predetermined tax scale for cars
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Tax File Memorandum To: Peaceful Pastures Funeral Home From: Whomever Date: 2/17/2013 Re: Peaceful Pastures Tax Payer Engagement Confidential I SPOKE WITH PEACEFUL TAX PAYER ABOUT THE AUDIT NOTICE THE IRS HAD SENT. IT CONTENDS THAT THE AMOUNT PREPAID UNDER PEACEFUL’S PROGRAM CONSTITUTES PREPAID INCOME THAT MUST BE INCLUDED IN PEACEFUL’S INCOME (AND THEREFORE SUBJECT TO TAX) IN THE YEAR IN WHICH IT IS RECEIVED. THE TAX PAYER WANTED TO KNOW IF THE IRS FINDINGS
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