Tax Preparing CPAs and Issues Related to Client Confidentiality The case talks about John Jones who is a CPA with 20 years of experience in preparing tax returns for clients. In 2013‚ Jones prepared a list of taxpayers that contained some specific information‚ which he could use to get in touch with those taxpayers for providing them with information regarding business and economic conditions‚ and also use these info for tax education and analysis purposes. As a result‚ the main objective of this
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him. GST is charged on the value or selling price of the products. The amount of GST incurred on input (input tax) can be deducted from the amount of GST charged (output tax) by the registered person. If the amount of output tax is more than the input tax in the relevant taxable period‚ the difference shall be remitted to the Government. However‚ if the input tax is more than the output tax‚ the difference will be refunded by the Government. STANDARD-RATED SUPPLIES Standard-rated supplies are
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Portfolio Project ACT400 Corporate Tax-ACT400 September 1st‚ 2012 Portfolio Project ACT400 I. Problem 1-Osprey Corporation a. Facts Dan and Patrick Zimbrick‚ sole shareholders of Osprey Corporation have been required to repay compensation to Osprey Corporation that was found by the IRS to be excessive. In order to determine how these repayments are to be treated for tax purposes‚ it is important to note that in 2006 the board of directors made up of Dan‚ Patrick
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Tax Law Exam L. 2 Jurisdiction To Tax Basic Formula: S4-10 -Tax Payable = (Taxable Income x Tax rate) - Tax Offsets Taxable Year: 1 July – 30 June (note: s4-10 Note 1 – Commissioner may allow to adopt different period Taxable Income S4-15 – Taxable Income= Assessable Income – Deductions Assessable Income S6-1 – Assessable Income= • Ordinary Income S6-5 AND • Statutory Income s6-10 BUT NOT • Exempt Income s6-15 Deductions General Deductions -s8-1 Specific Deductions
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What is Capital Gains Tax? Computation of Capital Gains Tax Any profits or gains arising from the transfer of a capital asseteffected in the previous year shall be chargeable to income-tax under the head ‘Capital Gains’. And shall be deemed to be the income of the previous year in which the transfer took place. Capital gain is chargeable to tax on accrual basis. Kinds of Capital Gains “Short-term capital gains” gains arising from the transfer/sale of acapital asset held by an assessee for not
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THE IMPACTS OF GOODS AND SERVICES TAX (GST) ON MIDDLE INCOME EARNERS IN MALAYSIA MOHD RIZAL PALIL1 MOHD ADHA IBRAHIM 2 Abstract The introduction of GST in Malaysia has called many arguments from various parties including academics‚ professionals and the nation (would become the taxpayers) on how GST affect goods pricesincrease or decrease. The consumers are worrying of the significant price increases on basic needs when the GST has fully implemented. With the relatively high living costs particularly
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Bruce Bartlett’s book The Benefit and The Burden is essentially a book that talks about the existing tax code in the United States and the reason(s) it is need of a reform. The author starts the book by briefly discussing the history of Federal Income Taxation in the United States starting from the post-American Revolution period at which time there was nothing called the income tax. In fact‚ income tax didn’t get introduced in the United States until 1861. The only form of taxation before that were
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Tax Research Project Dale and Jane Carl Taxable income‚ as defined in §63(b) is “adjusted gross income‚ minus the standard deduction‚ and the deduction for personal exemptions.” We already know that Dale and Jane have a $157‚000 adjusted gross income or “AGI”‚ defined in §62 (a) as “gross income minus the following deductions” (all of the deductions that are listed are found on the first page of form 1040). Because the Carl’s AGI is already known‚ the next step in the process
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Channel Four News Team | Effects of Cigarette Tax In America | Cigarette Tax | | Justin Hochstetler‚ Rachel Krug‚ Robbie Mostek‚ Randi Westervelt | 12/5/2011 | | Cigarette Consumption What are the economic impacts of cigarette taxes on producers‚ consumers‚ and government in the United States? The motivation of the study is to find out whether cigarette taxes really decrease consumption. If they don’t‚ what are the possible alternative solutions to decrease consumption? Lastly
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Convention‚ October 12th‚ 2002‚ Washington DC‚ USA Review of the Tax System in Bangladesh A Prerequisite for Industrial Growth T. A. M. Nurul Basher* E-mail: nurul-basher@betelco.com Abstract - This paper has been written to highlight the sustainable industrial growth problems being faced by the entrepreneurs in Bangladesh. There are multifarious problems for Industrial growth in Bangladesh but the major bottleneck is the adverse tax system. There exists no consideration for industrial raw materials
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