business entity for any individual(s) will depend on their particular facts and circumstances. You are a valued colleague and friend of this threesome‚ and they have come to you seeking advice as to how to structure their new business. They have the knowledge to figure it out themselves but are looking for the advice of an unbiased third party. Please consider the following tax and nontax considerations as you recommend an entity choice to Penelope‚ Mark‚ and John. Part I: Discuss the various forms
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Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith ’s tax issues: Issue a) How is the $300‚000 treated for purposes of federal tax income? John Smith’s earned income of $300‚000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
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Memo To: John and Jane Smith From: Jaleesa Branch Date: 10/6/14 Re: Memo summarizing various tax issues 1. John Smith’s Tax Issues Issue (a): How is the $300‚000 treated for purposes of federal tax income? The $300‚000 is treated as business income. After deducting all of the business expenses‚ the remaining amount will be the taxable income. Lawyers either work on a salary in a big law firm‚ or work directly with clients and collect the fees from these clients. If it
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Business Associate Contract John Guillory MIS565 Healthcare Security & Privacy Professor Joseph Woodside April 5‚ 2015 Overview of Health Insurance Portability Accountability Act (HIPAA) Privacy Rule The HIPAA privacy rule is a basic threshold promulgated by the US Department of Health and Human services (HHS) for the protection of health information and it applies to three sets of organizations‚ usually referred to as “covered entities” (US Dept. Health and Human Services). On April 5‚ 2015
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During these troubled times it is important to evaluate all possible economic strategies in order to apply the appropriate remedy which will alleviate our current economic ailments. We need to take the appropriate measures that will deal with specific problems such as the current recession‚ the unemployment rate and to create a stable inflation rate. After thorough consultation with colleges it is my opinion that the appropriate response during this economic downturn is to take an expansionary
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The case is about Southside HMO‚ which serves 495‚000 members throughout the eastern region of the United States. It has come to your attention that several members or patients who participate in your plan have filed a complaint that your HMO plan does not provide quality healthcare delivery. Several patients have been denied healthcare services to see specialists to whom they were referred by their primary care providers.so the board of directors has asked to provide a report detailing the strategies
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Whistleblowers What is the Whistleblowers Protection Act? The Whistleblowers Protection Act 2001 (“the Act”) supports the Government’s commitment to the principles of open‚ honest and accountable governance. It is designed to protect the public interest by: • exposing serious public sector wrongdoing; • ensuring public organisations are responsible and accountable; and • protecting whistleblowers from detrimental action and protecting their privacy. How do I become a whistleblower? A whistleblower
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Important Observations of the Supreme Court and Murders of Whistleblowers. In Indirect Tax Practitioners’ Association v R.K.Jain the Supreme Court gave a precise meaning to the word whistleblower. “A whistleblower is a person who raises a concern about the wrongdoing occurring in an organisation or body of people. Usually this person would be from that same organisation. The revealed misconduct may be classified in many ways; for example‚ a violation of a law‚ rule‚ regulation and/or a direct
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The Whistleblowers Protection bill The Union Cabinet has cleared a bill to protect whistleblowers and punish those exposing identity of people disclosing information. The proposed legislation‚ Public Interest Disclosure and Protection to Persons Making The Disclosure Bill‚ 2010‚ provides the Central Vigilance Commission powers of a civil court to hand down harsh penalty to people revealing identity of whistleblowers. The CVC will be empowered to take action against those who reveal the identity
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Tripp‚ Kerr-McGee’s Karen Silkwood and Sherron Watkins of Enron are all on the same list of famous whistleblowers. All of these people have become famous because they provided information with the sole purpose of revealing wrongdoings by someone or a company. Some believe whistleblowers are traitors and should be punished: while others believe they are heroes and should be honored. Whistleblowers are being acknowledged as a great threat to companies and managers are realizing that they need to
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