The document discusses various taxes in accounting including income tax, sales tax, and value-added tax (VAT). It provides details on income tax slabs for salaried individuals, how to maintain income tax withholding on goods and services, the liability and rates of sales tax, and defines VAT. The key information covered includes different categories of taxpayers for income tax, the responsibilities of withholding agents to deduct and deposit taxes, and the requirements for registered entities to file tax returns and maintain records.
This document contains a resume and cover letter for Victoria McGeehan. It details her education, including a Bachelor of Science in accounting from the University of Texas at Arlington with honors. It lists her relevant work experience in accounting, teaching, and tutoring. It also includes attachments with sample accounting work regarding deferred assets/liabilities, defined benefit pensions, and statements of cash flows.
Onboarding a new tax representation client involves several key steps: checking for conflicts of interest, obtaining an engagement agreement that defines the scope of work, conducting a tax compliance check using IRS transcripts, helping the client become fully tax compliant, determining if the IRS balance is accurate and reviewing collection alternatives or deficiency resolution options, which may require preparing IRS Form 433 financial statements. The overall goal is to properly define the representation and resolve the client's tax issues.
This chapter from the textbook Intermediate Accounting discusses accounting for income taxes. It covers differences between pre-tax financial income and taxable income, temporary and permanent differences that result in future taxable or deductible amounts, deferred tax assets and liabilities, applying tax rates, net operating losses, and the asset-liability method for income tax accounting. The chapter is prepared by Jep Robertson and Renae Clark of New Mexico State University.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
This document discusses accounting for income taxes. It explains the differences between accrual and cash basis accounting and how pretax financial income can differ from taxable income. It also discusses temporary versus permanent differences, deferred tax liabilities, deferred tax assets, and examples of how to calculate them. Carryforward and carryback of tax losses are explained as well as how to account for changes in future tax rates.
This document provides an overview of tax compliance and the IRS audit process. It discusses taxpayer filing requirements, tax return due dates, statutes of limitations, how returns are selected for audit, the types of audits, and tax law sources such as statutory, judicial, and administrative authorities. Primary authorities include the Internal Revenue Code, court rulings, and Treasury regulations. Tax professionals must follow ethics codes and can face penalties for noncompliance.
The document discusses various taxes in accounting including income tax, sales tax, and value-added tax (VAT). It provides details on income tax slabs for salaried individuals, how to maintain income tax withholding on goods and services, the liability and rates of sales tax, and defines VAT. The key information covered includes different categories of taxpayers for income tax, the responsibilities of withholding agents to deduct and deposit taxes, and the requirements for registered entities to file tax returns and maintain records.
This document contains a resume and cover letter for Victoria McGeehan. It details her education, including a Bachelor of Science in accounting from the University of Texas at Arlington with honors. It lists her relevant work experience in accounting, teaching, and tutoring. It also includes attachments with sample accounting work regarding deferred assets/liabilities, defined benefit pensions, and statements of cash flows.
Onboarding a new tax representation client involves several key steps: checking for conflicts of interest, obtaining an engagement agreement that defines the scope of work, conducting a tax compliance check using IRS transcripts, helping the client become fully tax compliant, determining if the IRS balance is accurate and reviewing collection alternatives or deficiency resolution options, which may require preparing IRS Form 433 financial statements. The overall goal is to properly define the representation and resolve the client's tax issues.
This chapter from the textbook Intermediate Accounting discusses accounting for income taxes. It covers differences between pre-tax financial income and taxable income, temporary and permanent differences that result in future taxable or deductible amounts, deferred tax assets and liabilities, applying tax rates, net operating losses, and the asset-liability method for income tax accounting. The chapter is prepared by Jep Robertson and Renae Clark of New Mexico State University.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
This document discusses accounting for income taxes. It explains the differences between accrual and cash basis accounting and how pretax financial income can differ from taxable income. It also discusses temporary versus permanent differences, deferred tax liabilities, deferred tax assets, and examples of how to calculate them. Carryforward and carryback of tax losses are explained as well as how to account for changes in future tax rates.
This document provides an overview of tax compliance and the IRS audit process. It discusses taxpayer filing requirements, tax return due dates, statutes of limitations, how returns are selected for audit, the types of audits, and tax law sources such as statutory, judicial, and administrative authorities. Primary authorities include the Internal Revenue Code, court rulings, and Treasury regulations. Tax professionals must follow ethics codes and can face penalties for noncompliance.
The document discusses dual reporting systems in India for financial and tax reporting. There are often differences between the income reported by companies to investors and that reported for tax assessment. Book income is determined under accounting principles and company law, while taxable income is computed under income tax law.
The concept of matching revenues and expenses over the periods they relate to gives rise to differences in profit/loss calculations under company and tax law. This leads to the concept of deferred tax to account for temporary differences between accounting and taxable income. Accounting standards prescribe deferred tax accounting to recognize the tax effect of these temporary differences over time.
1. Income tax in Australia is imposed on individual and business income and revenue at progressive rates. The Australian Taxation Office regulates taxation and provides information to taxpayers.
2. Joe's employment income including salary, overtime pay, and bonuses are taxable. Mining Matters can deduct business expenses and Joe's allowance for tools is not taxable. Rental income minus expenses like repairs is taxable for Joe.
3. Capital gains made from the sale of assets acquired after 1985 are generally subject to capital gains tax, but the painting Donna purchased in 1984 is exempt since it was bought before the capital gains tax regime began.
The Long Lasting Impact of Tax Reform - Long IslandCitrin Cooperman
This document provides an overview of the long-lasting impacts of the 2017 tax reform act. It discusses changes to individual tax rates, the alternative minimum tax, and the new 20% deduction for qualified business income of pass-through entities. The document also covers changes to corporate tax rates, which were reduced to a flat 21%, the repeal of the corporate alternative minimum tax, and modifications to net operating loss deductions and research and experimentation expenditures.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The document summarizes key changes to US tax law from the Tax Cuts and Jobs Act of 2017. It discusses reductions to individual and corporate tax rates. It also outlines changes to deductions and credits for individuals, as well as new tax rules for businesses, pass-through entities, and international income.
This document summarizes a presentation for barristers on running a business as a barrister. It covers topics like understanding business structures, accounting and invoicing, tax obligations, using debt, budgeting and cash flow management, asset protection, estate planning, retirement planning, and getting the right professional team. It provides an agenda and discusses concepts like understanding different entity structures, accounting on a cash basis, personal income tax rates, timing of tax obligations, using good versus bad debt, preparing budgets and cash flows, and leveraging structures like superannuation and trusts to protect assets and plan for retirement.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
The document discusses the IRS's offer in compromise program which allows taxpayers owing back taxes to settle their tax liability for less than the full amount due if they meet certain criteria. Taxpayers can submit offers based on doubt as to liability, doubt as to collectability, or to promote effective tax administration. The IRS will consider factors like the taxpayer's assets, income potential, and special circumstances to determine if an offer should be accepted.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
Topic 5 slides accounting for income taxSujan Neupane
The document outlines the learning objectives for a topic on accounting for income tax. The five learning objectives are: 1) Explain differences between accounting and tax treatments, 2) Calculate taxable profit and account for current tax expense, 3) Explain transactions with current and future tax consequences, 4) Account for movements in deferred tax accounts and tax rate changes, and 5) Specify disclosures required by an accounting standard on income taxes. The document repeats these learning objectives over multiple slides.
This document summarizes key concepts from Chapter 8 of a business income and deductions textbook. It discusses:
1) Requirements for deducting business expenses and common deductions.
2) Limitations on deductions including ordinary and necessary expenses.
3) Special deductions specifically allowed like startup costs and bad debts.
4) Accounting periods and methods for calculating business income including accrual and cash methods.
5) Timing of income and expense recognition under accrual accounting.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
The document discusses key concepts related to accounting for income taxes, including temporary vs permanent differences, deferred tax assets and liabilities, valuation allowances, loss carrybacks and carryforwards, and intraperiod tax allocation. Temporary differences between book and tax income can result in future taxable or deductible amounts, creating deferred tax liabilities or assets. The enacted tax rate is used to calculate deferred tax amounts, which are presented on the balance sheet. A valuation allowance may reduce the deferred tax asset if future taxable income is uncertain. Loss carrybacks and carryforwards allow losses to offset past or future taxable income. Total tax expense must be allocated to income statement line items.
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
This document provides an overview of installment agreements, which allow taxpayers unable to fully pay their tax bills to pay over time. It discusses what an installment agreement is, the application process, and factors the IRS considers in approving agreements. The IRS may automatically approve agreements for under $10,000 or streamlined agreements up to $50,000. For larger amounts, taxpayers must submit financial information for the IRS to determine their ability to pay based on assets and disposable income. Installment agreements aim to allow taxpayers to pay what they can reasonably afford over time without jeopardizing their livelihoods or earnings.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
Ayar law-Delinquent business tax collections MICPAVenar Ayar
Case Study of what the IRS will do and how they will collect your tax dollars owed. When the worst happens call Ayar Law. Don't face your tax problems alone we will help.
Assignment # 1 – Payroll FundamentalCanada Pension Plan Reportin.docxdavezstarr61655
Assignment # 1 – Payroll Fundamental
Canada Pension Plan Reporting Requirements on the T4
Scenario
In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization who:
· turned 18 during the year
· turned 70 during the year
· had chosen to opt out of paying CPP by submitting a completed CPT30 form
To avoid a recurrence, the Payroll Manager, Mary Arnstein, has asked you to prepare a summary of the CPP reporting requirements on T4 information slips. The summary will be used to validate the current payroll setup to ensure that the T4s will be completed properly in future. Provide information on the CPP related boxes that must be completed, including how any amounts are calculated, for employees who:
· are under 18 for the entire year
· turn 18 during the year
· are over 70 for the entire year
· turn 70 during the year
· submit a completed CPT30 form during the year, electing to stop contributing to the Canada Pension Plan
· submit a completed CPT30 form during the year, revoking their previous election to stop contributing to the Canada Pension Plan
Prepare your response (250 - 450 words) using correct spelling, grammar and punctuation. You will be penalized if you are excessively over or under the suggested word count. Your response to this question must be stated in your own words and should be based on the course material, your experiences, knowledge gained through the course and at least one external government resource.
Any responses taken directly from the external government resource or course material will not be accepted. Information referenced from the government resource(s) and the course material must be cited. For example:
· if you are referencing the Canada Revenue Agency’s Employers' Guide - Payroll Deductions and Remittances – T4001, state the URL where the information can be found, http://www.cra-arc.gc.ca/E/pub/tg/t4001/README.html and the page number, if applicable
· if you are referencing the course material, state the course name, chapter and page number where the information can be found
It is recommended that you prepare your response using MS Word.
Note: It is recommended using the Canada Revenue Agency’s Employer’s Guide, is most specific contains.
Supreme Court of Ohio.
AGLEY, Appellant,
v.
TRACY, Tax Commissioner, Appellee.
AGLEY et al., Appellants,
v.
TRACY, Tax Commissioner, Appellee.
TIMMIS et al., Appellants,
v.
TRACY, Tax Commissioner, Appellee.
Nos. 98-1879, 98-1880, 98-1881.
Submitted Sept. 21, 1999.
Decided Dec. 8, 1999.
In three separate cases, nonresident shareholders of Subchapter S corporations appealed from decisions of the Board of Tax Appeals denying claimed income tax refunds. The Supreme Court, Lundberg Stratton, J., held that the shareholders were subject to income tax on their distributive share of the S corporations' income.
Affirmed.
West Headnotes
[1]KeyCite Notes 371 Taxation
.
The document discusses dual reporting systems in India for financial and tax reporting. There are often differences between the income reported by companies to investors and that reported for tax assessment. Book income is determined under accounting principles and company law, while taxable income is computed under income tax law.
The concept of matching revenues and expenses over the periods they relate to gives rise to differences in profit/loss calculations under company and tax law. This leads to the concept of deferred tax to account for temporary differences between accounting and taxable income. Accounting standards prescribe deferred tax accounting to recognize the tax effect of these temporary differences over time.
1. Income tax in Australia is imposed on individual and business income and revenue at progressive rates. The Australian Taxation Office regulates taxation and provides information to taxpayers.
2. Joe's employment income including salary, overtime pay, and bonuses are taxable. Mining Matters can deduct business expenses and Joe's allowance for tools is not taxable. Rental income minus expenses like repairs is taxable for Joe.
3. Capital gains made from the sale of assets acquired after 1985 are generally subject to capital gains tax, but the painting Donna purchased in 1984 is exempt since it was bought before the capital gains tax regime began.
The Long Lasting Impact of Tax Reform - Long IslandCitrin Cooperman
This document provides an overview of the long-lasting impacts of the 2017 tax reform act. It discusses changes to individual tax rates, the alternative minimum tax, and the new 20% deduction for qualified business income of pass-through entities. The document also covers changes to corporate tax rates, which were reduced to a flat 21%, the repeal of the corporate alternative minimum tax, and modifications to net operating loss deductions and research and experimentation expenditures.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The document summarizes key changes to US tax law from the Tax Cuts and Jobs Act of 2017. It discusses reductions to individual and corporate tax rates. It also outlines changes to deductions and credits for individuals, as well as new tax rules for businesses, pass-through entities, and international income.
This document summarizes a presentation for barristers on running a business as a barrister. It covers topics like understanding business structures, accounting and invoicing, tax obligations, using debt, budgeting and cash flow management, asset protection, estate planning, retirement planning, and getting the right professional team. It provides an agenda and discusses concepts like understanding different entity structures, accounting on a cash basis, personal income tax rates, timing of tax obligations, using good versus bad debt, preparing budgets and cash flows, and leveraging structures like superannuation and trusts to protect assets and plan for retirement.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
The document discusses the IRS's offer in compromise program which allows taxpayers owing back taxes to settle their tax liability for less than the full amount due if they meet certain criteria. Taxpayers can submit offers based on doubt as to liability, doubt as to collectability, or to promote effective tax administration. The IRS will consider factors like the taxpayer's assets, income potential, and special circumstances to determine if an offer should be accepted.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
Topic 5 slides accounting for income taxSujan Neupane
The document outlines the learning objectives for a topic on accounting for income tax. The five learning objectives are: 1) Explain differences between accounting and tax treatments, 2) Calculate taxable profit and account for current tax expense, 3) Explain transactions with current and future tax consequences, 4) Account for movements in deferred tax accounts and tax rate changes, and 5) Specify disclosures required by an accounting standard on income taxes. The document repeats these learning objectives over multiple slides.
This document summarizes key concepts from Chapter 8 of a business income and deductions textbook. It discusses:
1) Requirements for deducting business expenses and common deductions.
2) Limitations on deductions including ordinary and necessary expenses.
3) Special deductions specifically allowed like startup costs and bad debts.
4) Accounting periods and methods for calculating business income including accrual and cash methods.
5) Timing of income and expense recognition under accrual accounting.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
The document discusses key concepts related to accounting for income taxes, including temporary vs permanent differences, deferred tax assets and liabilities, valuation allowances, loss carrybacks and carryforwards, and intraperiod tax allocation. Temporary differences between book and tax income can result in future taxable or deductible amounts, creating deferred tax liabilities or assets. The enacted tax rate is used to calculate deferred tax amounts, which are presented on the balance sheet. A valuation allowance may reduce the deferred tax asset if future taxable income is uncertain. Loss carrybacks and carryforwards allow losses to offset past or future taxable income. Total tax expense must be allocated to income statement line items.
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
This document provides an overview of installment agreements, which allow taxpayers unable to fully pay their tax bills to pay over time. It discusses what an installment agreement is, the application process, and factors the IRS considers in approving agreements. The IRS may automatically approve agreements for under $10,000 or streamlined agreements up to $50,000. For larger amounts, taxpayers must submit financial information for the IRS to determine their ability to pay based on assets and disposable income. Installment agreements aim to allow taxpayers to pay what they can reasonably afford over time without jeopardizing their livelihoods or earnings.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
Ayar law-Delinquent business tax collections MICPAVenar Ayar
Case Study of what the IRS will do and how they will collect your tax dollars owed. When the worst happens call Ayar Law. Don't face your tax problems alone we will help.
Assignment # 1 – Payroll FundamentalCanada Pension Plan Reportin.docxdavezstarr61655
Assignment # 1 – Payroll Fundamental
Canada Pension Plan Reporting Requirements on the T4
Scenario
In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization who:
· turned 18 during the year
· turned 70 during the year
· had chosen to opt out of paying CPP by submitting a completed CPT30 form
To avoid a recurrence, the Payroll Manager, Mary Arnstein, has asked you to prepare a summary of the CPP reporting requirements on T4 information slips. The summary will be used to validate the current payroll setup to ensure that the T4s will be completed properly in future. Provide information on the CPP related boxes that must be completed, including how any amounts are calculated, for employees who:
· are under 18 for the entire year
· turn 18 during the year
· are over 70 for the entire year
· turn 70 during the year
· submit a completed CPT30 form during the year, electing to stop contributing to the Canada Pension Plan
· submit a completed CPT30 form during the year, revoking their previous election to stop contributing to the Canada Pension Plan
Prepare your response (250 - 450 words) using correct spelling, grammar and punctuation. You will be penalized if you are excessively over or under the suggested word count. Your response to this question must be stated in your own words and should be based on the course material, your experiences, knowledge gained through the course and at least one external government resource.
Any responses taken directly from the external government resource or course material will not be accepted. Information referenced from the government resource(s) and the course material must be cited. For example:
· if you are referencing the Canada Revenue Agency’s Employers' Guide - Payroll Deductions and Remittances – T4001, state the URL where the information can be found, http://www.cra-arc.gc.ca/E/pub/tg/t4001/README.html and the page number, if applicable
· if you are referencing the course material, state the course name, chapter and page number where the information can be found
It is recommended that you prepare your response using MS Word.
Note: It is recommended using the Canada Revenue Agency’s Employer’s Guide, is most specific contains.
Supreme Court of Ohio.
AGLEY, Appellant,
v.
TRACY, Tax Commissioner, Appellee.
AGLEY et al., Appellants,
v.
TRACY, Tax Commissioner, Appellee.
TIMMIS et al., Appellants,
v.
TRACY, Tax Commissioner, Appellee.
Nos. 98-1879, 98-1880, 98-1881.
Submitted Sept. 21, 1999.
Decided Dec. 8, 1999.
In three separate cases, nonresident shareholders of Subchapter S corporations appealed from decisions of the Board of Tax Appeals denying claimed income tax refunds. The Supreme Court, Lundberg Stratton, J., held that the shareholders were subject to income tax on their distributive share of the S corporations' income.
Affirmed.
West Headnotes
[1]KeyCite Notes 371 Taxation
.
A certified tax preparer has several advantages over a non-certified preparer. Certified preparers must be licensed and work for companies that provide support during audits. They understand itemization better to maximize deductions and ensure accurate tax filings. Certified preparers also stay up to date on tax credits and refund options individuals may be entitled to but unaware of. Using a certified preparer reduces audit and filing risks compared to non-certified or self-preparation.
The document discusses various types of IRS audits including correspondence audits, office audits, and field audits. It provides details on the audit processes, the taxpayer and practitioner's roles, burden of proof, settlement options, statutes of limitations, and the appeals process. Key points covered include the scope of representation, audit strategies, document requests, establishing burden of proof, settlement forms like 870 and 866, statutes of limitations including waivers, and the mission and jurisdiction of the IRS Appeals Office.
The document discusses tax planning and compliance strategies for businesses operating in the United States. It covers topics such as debt versus equity classification, Delaware franchise taxes, establishing US operations and related state tax implications, sales tax issues and audits, and IRS Form W-8 requirements for foreign entities. An agenda is provided outlining these issues to ensure proper tax planning and compliance to prepare for potential tax audits.
In Canada, tax is paid at both federal and provincial (i.e. state) levels of government.
Both the federal government and most provincial governments provide funding for scientific and technological R&D through a system of tax credits.
The official title of this system of R&D tax credits is the Scientific Research & Experimental Development tax credit abbreviated SR&ED.
The SR&ED program is administrated by the Canada Revenue Agency abbreviated CRA.
All taxpayers anywhere in Canada are eligible to receive R&D tax credits at the federal level. Eligibility for R&D tax credits at the provincial level is predicated on two considerations; First the province must have an R&D credit and second, you must be a taxpayer in that province.
In addition to being done by a Canadian taxpayer, the R&D work must be done in Canada.
This document provides information about an upcoming webinar on 2013 federal tax updates. The webinar will begin at 1:00 pm Central Time and audio can be accessed via computer or by calling a toll-free number. The webinar will provide an overview of tax reporting changes for 2013 including requirements around Form 1099-K, FATCA, and Chapter 3 and 4 withholding and reporting. It will also discuss penalties, lending issues, and other tax reporting topics. The document encourages attendees to stay up to date by attending future conferences or following Convey online.
Software developer had contract for health records system in Belize
The Tax Court of Canada has awarded generous (95%) legal costs to a software developer who successfully appealed a denied SR&ED claim to the Tax Court of Canada and subsequently filed a motion to the court for increased costs. Such cost awards are often less than 50%; awards in the range of 80% are seen if there have been settlement offers; 95% is almost unheard of.
The document discusses various tax planning and compliance topics including:
- Debt vs. equity classification and its tax implications
- Delaware franchise tax calculation methods
- State tax implications of establishing US operations
- Sales tax issues and audits
- Use of Form W-8 for foreign entities
It provides an overview of these issues and considerations for proper tax planning and compliance, especially important for tax audits.
The document summarizes key regulatory developments from the SEC, FINRA, CFTC and NFA in response to the COVID-19 pandemic. Temporary relief has been provided around filing deadlines, independent testing requirements, and treatment of PPP loans for capital purposes. FAQs have been posted to provide guidance in areas like prompt check transmittal, annual reporting, and custody rules. Firms should document any reliance on temporary relief.
This document summarizes a presentation on qualified retirement plans for advisors. It covers trends affecting the retirement plan market like changes in demographics and regulations. It also discusses tools like contribution and deduction limits for 2015. Potential traps for plans are reviewed, such as asset protection issues and delinquent form filings. Tips provided include how to define compensation for plan purposes and timing of contribution deadlines. The presentation aims to help advisors better understand retirement plans to add value for clients and grow their practices.
The document discusses taxpayers' rights when dealing with an IRS audit. It outlines 10 key rights taxpayers have, including the right to be informed, the right to quality service, and the right to appeal an IRS decision. It also provides tips for dealing with an IRS audit notice, such as not ignoring it, reading it closely, and knowing applicable deadlines. Additional sections cover taxpayers' rights to challenge IRS positions, retain representation, and expect a fair tax system. The document aims to educate taxpayers on their protections during an IRS examination.
This document provides a summary of the Australian Taxation Office's Guide to Capital Gains Tax 2008. It is intended to help taxpayers complete their capital gains tax obligations for the 2007-2008 income year. The guide explains how capital gains tax works in Australia and provides worksheets and instructions to help calculate net capital gains and losses. It covers topics such as determining whether an asset is subject to CGT, calculating capital gains and losses, record keeping requirements, and completing the relevant tax return.
Multi-state businesses face increasing financial burdens and a web of conflicting rules and complex tax issues - not only because of the sheer number of taxing jurisdictions, but also because state and local tax rules are not consistent from one jurisdiction to another. This complexity is further magnified for a multi-jurisdictional business involved in a merger/acquisition transaction ...
Can your business use a hefty tax credit? Thanks to the federal Work Opportunity Credit (WOTC), you could qualify for a credit of up to $9,600 per veteran if you hire an eligible vet by the end of the year. Of course you will need to move quickly to make it happen.
The document provides information for setting up the books for a hair salon business called Shortcuts using MYOB AccountRight software. It includes:
1) Details of the business operations, policies and procedures for receipts, payments and petty cash.
2) Opening balances for bank accounts, assets, liabilities and equity from the previous month.
3) Instructions to establish a chart of accounts, enter opening balances, reconcile the bank and print reports to validate the setup.
This document outlines the objectives and units covered in the subject of Income Tax - II. The objective is to help students understand the computation of taxable income and tax liability for individuals. The 5 units covered are: 1) profits and gains from business or profession, 2) capital gains, 3) income from other sources, 4) deductions from gross total income, and 5) set-off and carry forward of losses and assessment of individuals. Skill development focuses on tax deducted at source tables, filing individual tax returns, and enclosures for returns. The document lists 7 reference books for further study.
The SEC disclosed 25 Accounting and Auditing Enforcement Releases (AAERs) for the first quarter of 2015. Rule 102(e) actions accounted for 32% of releases, involving accountants and auditors accused of reckless or negligent conduct. Examples included a CPA accused of violating a prior SEC order by participating in financial reporting while suspended, and an accounting firm and partners accused of relying too heavily on predecessor auditors' work. The SEC also charged an auditor for improperly auditing a company's financial statements that overstated assets and understated liabilities by $5 million. Overall, the AAERs provided insights into the SEC's enforcement actions against accountants and auditors for violations of professional standards and financial mis
DCAA/DCMA Compliance & Audit Changes Facing All Government Contractors and Re...Insero & Co. CPAs, LLP
This document summarizes a presentation given by Insero & Company CPAs on recent changes affecting government contractors and IRS audits. Regarding government contractors, it discusses increased compliance requirements from agencies like DCAA and DCMA, including certified cost reporting and strict record keeping. It outlines the federal procurement process and supply chain. For IRS audits, it provides an overview of the IRS divisions and audit types, noting more specialized auditors and transparency into taxpayers' activities. It discusses strategies like retaining representation and being cooperative.
Capital Punishment by Saif Javed (LLM)ppt.pptxOmGod1
This PowerPoint presentation, titled "Capital Punishment in India: Constitutionality and Rarest of Rare Principle," is a comprehensive exploration of the death penalty within the Indian criminal justice system. Authored by Saif Javed, an LL.M student specializing in Criminal Law and Criminology at Kazi Nazrul University, the presentation delves into the constitutional aspects and ethical debates surrounding capital punishment. It examines key legal provisions, significant case laws, and the specific categories of offenders excluded from the death penalty. The presentation also discusses recent recommendations by the Law Commission of India regarding the gradual abolishment of capital punishment, except for terrorism-related offenses. This detailed analysis aims to foster informed discussions on the future of the death penalty in India.
Indonesian Manpower Regulation on Severance Pay for Retiring Private Sector E...AHRP Law Firm
Law Number 13 of 2003 on Manpower has been partially revoked and amended several times, with the latest amendment made through Law Number 6 of 2023. Attention is drawn to a specific part of the Manpower Law concerning severance pay. This aspect is undoubtedly one of the most crucial parts regulated by the Manpower Law. It is essential for both employers and employees to abide by the law, fulfill their obligations, and retain their rights regarding this matter.
2. 2844-AYAR-LAW
THE IRS OFFER IN COMPROMISE
PROGRAM
Presented by: Venar Ayar, J.D.,
LL.M.
Founder of Ayar Law
Southfield, Michigan
3. 3844-AYAR-LAW
Venar Ayar, founder
AYAR LAW
Michigan tax lawyer, Venar R. Ayar, founder of Ayar Law, holds ten years of
experience as an accounting specialist and tax lawyer. He earned his Juris
Doctor at the University of San Diego School of Law, receiving a Master of
Laws in Taxation, the highest degree available in tax. His main focus has
become Michigan tax resolution as well as IRS tax resolution, including
individual and business tax matters; tax planning, tax compliance and white-
collar criminal defense. His business background has helped him to become
personable and understanding in his work. Representing clients before the
IRS, Ayar's practice and experience has proved him as an honest and
dedicated leader in the realm of Michigan tax lawyers.
Venar R. Ayar, LL.M
5. 5844-AYAR-LAW
What is an Offer in Compromise?
An offer is an agreement between a taxpayer and the government
that settles a tax liability for payment of less than the amount owed.
OIC OVERVIEW
6. 6844-AYAR-LAW
Authority
IRC §7122 grants the Secretary of the Treasury broad authority to
compromise tax liabilities
Treasury Regulation §301.7122-1 lays out three grounds for
accepting an offer
1)Doubt as to Collectability (DATC)
2)Doubt as to Liability (DATL)
3)Effective Tax Administration (ETA)
Denegation Order No. 5-1 delegates the Commissioner’s authority
to accept, reject, terminate, or acknowledge withdrawals of offers
OIC OVERVIEW
7. 7844-AYAR-LAW
Objective of the Offer Program
Effect collection of what can reasonably be collected at the earliest
possible time and at the least cost to the government
Achieve a resolution that is in the best interests of both the
individual taxpayer and the government
Provide the taxpayer a fresh start toward future voluntary
compliance with all filing and payment requirements
Secure collection of revenue that may not be collected through any
other means
OIC OVERVIEW
9. 9844-AYAR-LAW
Step 1: Compile / Send OIC Package
Form 656 (656-L for DATL Offers)
433-A (OIC) and/or 433-B (OIC) (Not Required for DATL Offers)
Attached explanations, documents, computations, etc.
Application Fee (not required for low income)
Initial Payment (not required for DATL or low income)
Low-Income Certification
THE OIC PROCESS
10. 10844-AYAR-LAW
Step 2: Initial Processing / Processability Determination
A. Conditions for Processability
Bankruptcy check
Check for application fee / initial payment
Jurisdiction Check (DOJ Cases)
Unassessed Liabilities
Expired CSEDs
B. If processable, client placed in pending CNC status, otherwise
offer is sent back
Note: No collection hold until this happens
THE OIC PROCESS
11. 11844-AYAR-LAW
Step 3: Initial Compliance Screening
Shortly after the initial processing of the offer
Check for unfiled returns
Check for ES payment compliance
“delay of collection” determination made
If there are compliance issues, processing agent will contact you
and give the taxpayer an opportunity to come into compliance
THE OIC PROCESS
12. 12844-AYAR-LAW
Step 4: Full Analysis of Offer
Agent will look at package and determine if additional information is
available
Information exchange
Determination is made
1)Reject
2)Proposed Increase
3)Accept
THE OIC PROCESS
13. 13844-AYAR-LAW
Step 5: Appeal (If Rejected)
If you don’t like the results, there are options to file an appeal.
Details on that are beyond the scope of this presentation
THE OIC PROCESS
15. 15844-AYAR-LAW
3 Step Analysis
Step 1: Does a DATC Exist?
Step 2: What is the minimum settlement amount?
Step 3: What is an appropriate settlement amount?
DATC OFFER ACCEPTANCE
16. 16844-AYAR-LAW
Step 1: Is there a Doubt as to Collectibility?
It must be unlikely that the tax liability can be collected in full before
the debts expire
Need to determine Reasonable Collection Potential (RCP) and
compare to amount of debt
General formula for determining RCP
1)Liquidation Value of all Assets, plus
2)Monthly ability-to-pay, multiplied by
3)Months remaining on CSEDs
Exceptions to formula do apply
DATC OFFER ACCEPTANCE
17. 17844-AYAR-LAW
Step 2: What is the minimum offer amount?
Lump sum offers
Net value of assets, plus
12 x Monthly ability-to-pay
Periodic payment offers
Net value of assets, plus
24 x Monthly ability-to-pay
DATC OFFER ACCEPTANCE
18. 18844-AYAR-LAW
Step 3: What is an Acceptable Settlement Amount?
“Not in the Best Interest of the Government”
My preferred strategy is to always offer the bare minimum, and that
used to be enough
Lately seeing more and more rejections of offers that otherwise
qualify
Offer Specialist is supposed to compare RCP to offer amount and
make common-sense determination
DATC OFFER ACCEPTANCE
19. 19844-AYAR-LAW
Example
Debt is $75,000, full 10 years on the statute, monthly ability to pay is
$500, and taxpayer has no assets
RCP is $60,000. (120 months x $500/month)
Less than the liability amount, so DATC exists
Minimum lump-sum offer amount is $6,000 (12 months x
$500/month)
Offer of $6,000 likely to be deemed “not in the best interest of the
government”
Acceptable amount depends on discretion of offer examiner and/or
appeals officer
DATC OFFER ACCEPTANCE
20. 20844-AYAR-LAW
Financial Analysis Rules
Offer Examiner will attempt to verify 433-A figures through
independent verification
Will look at:
1)Taxpayer Provided Documents
2)Public Records Search (Accurint)
3)Simple Google Searches
4)Credit Report, with manager approval
5)Verification though Taxpayer contact
DATC OFFER ACCEPTANCE
21. 21844-AYAR-LAW
Equity in Assets
IRS will look to independent sources to find assets of value
Divorce decrees / separation agreements
Insurance policies to look for high value personal assets
Financial statements provided to banks in loan applications
DATC OFFER ACCEPTANCE
22. 22844-AYAR-LAW
Special Considerations
Valuing Real Estate (80% rule)
Valuing pre-tax accounts (be sure to deduct taxes from amount)
Income Producing Assets (remove the income)
Business as a going concern (argue around it)
Dissipation of Assets (3 year look back)
DATC OFFER ACCEPTANCE
24. 24844-AYAR-LAW
ETA / DATC with Special Circumstance
Three Grounds for ETA Offer
1)Economic Hardship
2)Public Policy
3)Equity
First must consider DATC offer
ETA OFFERS
25. 25844-AYAR-LAW
What is Economic Hardship?
Must show that collection of tax based on formula would create an
economic hardship
Hardship occurs when taxpayer is unable to pay reasonable basic
living expenses
Only available to individuals
ETA OFFERS
26. 26844-AYAR-LAW
Factors that Support an Economic Hardship Determination
TP Incapable of earning living because of disability, and it is
foreseeable that savings will be depleted
TP has fixed monthly income and it is exhausted each month in
caring for dependents
TP has assets, but unable to borrow against them, and liquidation
would leave TP unavailable to meet basic needs
ETA OFFERS
27. 27844-AYAR-LAW
Examples
TP is retired and on fixed pension income, and it’s not enough to
live on. Only asset is retirement account (enough to full pay
liability). Liquidation of account would leave TP unable to meet
basic needs. 0 TA Granted
TP’s only real asset is principal residence. Can’t borrow against it
because not enough income. Can’t sell it because it was modified
to suit disability. ETA appropriate
ETA OFFERS