Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
Working with trusts - what you must know post BamfordMatthew Burgess
This presentation provides an overview of the legal basics of trusts and the practical implications of recent court decisions in related to taxation trusts including Bamford v Commissioner of Taxation, Harris, Clark, Colonial First State and Hopkins.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
Working with trusts - what you must know post BamfordMatthew Burgess
This presentation provides an overview of the legal basics of trusts and the practical implications of recent court decisions in related to taxation trusts including Bamford v Commissioner of Taxation, Harris, Clark, Colonial First State and Hopkins.
China Economic Miracle Or Myth Bill Hicks April, 2010billhicks
I recently returned from a trip to Asia with my Emory Goizueta Business School MBA class and have posted a paper that provides insights into China\’s current economic boom. Please feel free to offer an comments on your China trips, experiences and insights. Enjoy!
/ 69
Prepared by Miranda Dyason
Workshop 5:
Accounting for income tax
/ 69
Calculate taxable profit, and account for current taxation expense;
Explain that some transactions have both current and future tax consequences;
Account for movements in deferred taxation accounts, and changes in tax rates; and
A
B
C
D
Learning Outcomes
1
E Specify the disclosures required by AASB 112.
Explain differences between accounting treatments and taxation treatments for a
range of transactions;
/ 69
Accounting profit v Taxable profit
2
ACCOUNTING TAX
Basis of
accounting
Accruals basis
Principally cash basis (some
exceptions – eg. sales)
Equations Revenue – Expenses
= Accounting profit
Taxable income (TI) – tax
deductions (TD) = Taxable
profit
AASBs and the
Corporations Act are key
sources that determine
the appropriate
accounting treatment of
transactions
The Income Tax Assessment Act
determines the tax treatment of
transactions
/ 69
▸ Permanent differences:
• Arise when amounts recognised as part of accounting profit are not
recognised as part of taxable profit (or vice versa).
▸ Temporary differences:
• Arise when the period in which revenues and expenses are
recognised for accounting purposes is different from the period in
which such revenues and expenses are treated as taxable income
and allowable deductions for tax purposes.
Permanent & temporary differences
3
/ 69
Review questions:
4
Loftus et al (Chapter 12):
• Comprehension question 1:
What is the main principle of tax-effect accounting as
outlined in AASB 112?
/ 69
▸ The tax consequences of transactions that occur for accounting purposes
during a period should be recognised as income or expense during the
current period, regardless of when the tax effects will occur.
▸ This requires identifying the current and future tax consequences of
items recognised in the statement of financial position.
▸ To determine current tax consequences of transactions, we need to
determine the entity’s taxable profit for the year, and associated income
tax payable.
▸ To determine future tax consequences of transactions, we need to look
at the differences between an entity’s Statement of Financial Position
(prepared in accordance with the accounting standards) and its tax-
based Balance Sheet prepared in accordance with income tax
legislation.
The requirements of AASB 112
5
/ 69
Review Question –
Current and future tax consequences
6
Loftus et al (Chapter 12):
• Application and analysis exercise 12.6.
/ 69
Company A: DR CR
Interest revenue
(passive)
100
Cash
101
Share capital
1
Example:
Consider the following draft trial balances...
7
Company B: DR CR
Interest revenue
(passive)
100
Cash
1
Interest receivable
100
Share capital
1
Company C: DR CR
In.
Payroll calculation and accounting entry explanationNghi Le
In this example we will see in detail how Payroll module calculates salaries and wages, tax and fringe benefits for workers and how automatic accounting entries are booked.
How to transition from being a sole proprietor and eliminate your self-employ...pebpayroll
If you're self-employed and tired of paying self-employment taxes, this slideshow can help. Learn the benefits of forming an S-corp or LLC and see how much you can save in taxes.
With tax season around the corner, Generations Federal Credit Union and SCORE Mentors presents, "SCORE: Tax Responsibilities for Business Owners" on 11/20/14. David Plemons, CPA walks small business owners through the ins and outs of business owner responsibilities for tax season.
Form 1040 Department of the Treasury—Internal Revenue Servic.docxhanneloremccaffery
Fo
rm 1040 Department of the Treasury—Internal Revenue Service (99)U.S. Individual Income Tax Return 2015 OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space.
For the year Jan. 1–Dec. 31, 2015, or other tax year beginning , 2015, ending , 20 See separate instructions.
Your first name and initial Last name Your social security number
If a joint return, spouse’s first name and initial Last name Spouse’s social security number
Make sure the SSN(s) above
and on line 6c are correct.
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).
Foreign country name Foreign province/state/county Foreign postal code
Presidential Election Campaign
Check here if you, or your spouse if filing
jointly, want $3 to go to this fund. Checking
a box below will not change your tax or
refund. You Spouse
Filing Status
Check only one
box.
1 Single
2 Married filing jointly (even if only one had income)
3 Married filing separately. Enter spouse’s SSN above
and full name here.
4 Head of household (with qualifying person). (See instructions.) If
the qualifying person is a child but not your dependent, enter this
child’s name here.
5 Qualifying widow(er) with dependent child
Exemptions 6a Yourself. If someone can claim you as a dependent, do not check box 6a . . . . .
b Spouse . . . . . . . . . . . . . . . . . . . . . . . . }
c Dependents:
(1) First name Last name
(2) Dependent’s
social security number
(3) Dependent’s
relationship to you
(4) if child under age 17
qualifying for child tax credit
(see instructions)
If more than four
dependents, see
instructions and
check here
d Total number of exemptions claimed . . . . . . . . . . . . . . . . .
Boxes checked
on 6a and 6b
No. of children
on 6c who:
• lived with you
• did not live with
you due to divorce
or separation
(see instructions)
Dependents on 6c
not entered above
Add numbers on
lines above
Income
Attach Form(s)
W-2 here. Also
attach Forms
W-2G and
1099-R if tax
was withheld.
If you did not
get a W-2,
see instructions.
7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . 7
8a Taxable interest. Attach Schedule B if required . . . . . . . . . . . . 8a
b Tax-exempt interest. Do not include on line 8a . . . 8b
9 a Ordinary dividends. Attach Schedule B if required . . . . . . . . . . . 9a
b Qualified dividends . . . . . . . . . . . 9b
10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10
11 Alimony received . . . . . . . . . . . . . . . . . . . . . 11
12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . 12
13 Capital gain or (loss). Attach Schedule D if required. If not ...
China Economic Miracle Or Myth Bill Hicks April, 2010billhicks
I recently returned from a trip to Asia with my Emory Goizueta Business School MBA class and have posted a paper that provides insights into China\’s current economic boom. Please feel free to offer an comments on your China trips, experiences and insights. Enjoy!
/ 69
Prepared by Miranda Dyason
Workshop 5:
Accounting for income tax
/ 69
Calculate taxable profit, and account for current taxation expense;
Explain that some transactions have both current and future tax consequences;
Account for movements in deferred taxation accounts, and changes in tax rates; and
A
B
C
D
Learning Outcomes
1
E Specify the disclosures required by AASB 112.
Explain differences between accounting treatments and taxation treatments for a
range of transactions;
/ 69
Accounting profit v Taxable profit
2
ACCOUNTING TAX
Basis of
accounting
Accruals basis
Principally cash basis (some
exceptions – eg. sales)
Equations Revenue – Expenses
= Accounting profit
Taxable income (TI) – tax
deductions (TD) = Taxable
profit
AASBs and the
Corporations Act are key
sources that determine
the appropriate
accounting treatment of
transactions
The Income Tax Assessment Act
determines the tax treatment of
transactions
/ 69
▸ Permanent differences:
• Arise when amounts recognised as part of accounting profit are not
recognised as part of taxable profit (or vice versa).
▸ Temporary differences:
• Arise when the period in which revenues and expenses are
recognised for accounting purposes is different from the period in
which such revenues and expenses are treated as taxable income
and allowable deductions for tax purposes.
Permanent & temporary differences
3
/ 69
Review questions:
4
Loftus et al (Chapter 12):
• Comprehension question 1:
What is the main principle of tax-effect accounting as
outlined in AASB 112?
/ 69
▸ The tax consequences of transactions that occur for accounting purposes
during a period should be recognised as income or expense during the
current period, regardless of when the tax effects will occur.
▸ This requires identifying the current and future tax consequences of
items recognised in the statement of financial position.
▸ To determine current tax consequences of transactions, we need to
determine the entity’s taxable profit for the year, and associated income
tax payable.
▸ To determine future tax consequences of transactions, we need to look
at the differences between an entity’s Statement of Financial Position
(prepared in accordance with the accounting standards) and its tax-
based Balance Sheet prepared in accordance with income tax
legislation.
The requirements of AASB 112
5
/ 69
Review Question –
Current and future tax consequences
6
Loftus et al (Chapter 12):
• Application and analysis exercise 12.6.
/ 69
Company A: DR CR
Interest revenue
(passive)
100
Cash
101
Share capital
1
Example:
Consider the following draft trial balances...
7
Company B: DR CR
Interest revenue
(passive)
100
Cash
1
Interest receivable
100
Share capital
1
Company C: DR CR
In.
Payroll calculation and accounting entry explanationNghi Le
In this example we will see in detail how Payroll module calculates salaries and wages, tax and fringe benefits for workers and how automatic accounting entries are booked.
How to transition from being a sole proprietor and eliminate your self-employ...pebpayroll
If you're self-employed and tired of paying self-employment taxes, this slideshow can help. Learn the benefits of forming an S-corp or LLC and see how much you can save in taxes.
With tax season around the corner, Generations Federal Credit Union and SCORE Mentors presents, "SCORE: Tax Responsibilities for Business Owners" on 11/20/14. David Plemons, CPA walks small business owners through the ins and outs of business owner responsibilities for tax season.
Form 1040 Department of the Treasury—Internal Revenue Servic.docxhanneloremccaffery
Fo
rm 1040 Department of the Treasury—Internal Revenue Service (99)U.S. Individual Income Tax Return 2015 OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space.
For the year Jan. 1–Dec. 31, 2015, or other tax year beginning , 2015, ending , 20 See separate instructions.
Your first name and initial Last name Your social security number
If a joint return, spouse’s first name and initial Last name Spouse’s social security number
Make sure the SSN(s) above
and on line 6c are correct.
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).
Foreign country name Foreign province/state/county Foreign postal code
Presidential Election Campaign
Check here if you, or your spouse if filing
jointly, want $3 to go to this fund. Checking
a box below will not change your tax or
refund. You Spouse
Filing Status
Check only one
box.
1 Single
2 Married filing jointly (even if only one had income)
3 Married filing separately. Enter spouse’s SSN above
and full name here.
4 Head of household (with qualifying person). (See instructions.) If
the qualifying person is a child but not your dependent, enter this
child’s name here.
5 Qualifying widow(er) with dependent child
Exemptions 6a Yourself. If someone can claim you as a dependent, do not check box 6a . . . . .
b Spouse . . . . . . . . . . . . . . . . . . . . . . . . }
c Dependents:
(1) First name Last name
(2) Dependent’s
social security number
(3) Dependent’s
relationship to you
(4) if child under age 17
qualifying for child tax credit
(see instructions)
If more than four
dependents, see
instructions and
check here
d Total number of exemptions claimed . . . . . . . . . . . . . . . . .
Boxes checked
on 6a and 6b
No. of children
on 6c who:
• lived with you
• did not live with
you due to divorce
or separation
(see instructions)
Dependents on 6c
not entered above
Add numbers on
lines above
Income
Attach Form(s)
W-2 here. Also
attach Forms
W-2G and
1099-R if tax
was withheld.
If you did not
get a W-2,
see instructions.
7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . 7
8a Taxable interest. Attach Schedule B if required . . . . . . . . . . . . 8a
b Tax-exempt interest. Do not include on line 8a . . . 8b
9 a Ordinary dividends. Attach Schedule B if required . . . . . . . . . . . 9a
b Qualified dividends . . . . . . . . . . . 9b
10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10
11 Alimony received . . . . . . . . . . . . . . . . . . . . . 11
12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . 12
13 Capital gain or (loss). Attach Schedule D if required. If not ...
Form 1040 2020U.S. Individual Income Tax Return DepartmeShainaBoling829
F
o
rm 1040 2020U.S. Individual Income Tax Return Department of the Treasury—Internal Revenue Service (99) OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space.
Filing Status
Check only
one box.
Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW)
If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child’s name if the qualifying
person is a child but not your dependent a
Your first name and middle initial Last name Your social security number
If joint return, spouse’s first name and middle initial Last name Spouse’s social security number
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code
Foreign country name Foreign province/state/county Foreign postal code
Presidential Election Campaign
Check here if you, or your
spouse if filing jointly, want $3
to go to this fund. Checking a
box below will not change
your tax or refund.
You Spouse
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No
Standard
Deduction
Someone can claim: You as a dependent Your spouse as a dependent
Spouse itemizes on a separate return or you were a dual-status alien
Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 Is blind
Dependents (see instructions):
If more
than four
dependents,
see instructions
and check
here a
(2) Social security
number
(3) Relationship
to you
(4) � if qualifies for (see instructions):
(1) First name Last name Child tax credit Credit for other dependents
1 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . . . . . 1
Attach
Sch. B if
required.
2a Tax-exempt interest . . . 2a b Taxable interest . . . . . 2b
3a Qualified dividends . . . 3a b Ordinary dividends . . . . . 3b
4a IRA distributions . . . . 4a b Taxable amount . . . . . . 4b
5a Pensions and annuities . . 5a b Taxable amount . . . . . . 5b
6a Social security benefits . . 6a b Taxable amount . . . . . . 6b
7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . . a 7
8 Other income from Schedule 1, line 9 . . . . . . . . . . . . . . . . . . . 8
9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . . . . . . . . a 9
10 Adjustments to income:
a From Schedule 1, line 22 . . . . . . . . . . . . . . 10a
b Charitable contributions if you take the standard deduction. See instructions 10b
c Add lines 10a and 10b. These are your total adjustments to income . . . . . . . . a 10c
11 Subtract line 10c from line 9. This is your adjusted gross income . . . . . . . . . a 11
12 Standard deduction or itemized dedu ...
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
Tax Cuts and Jobs Act: Latest employer developments as of 3-21-2018Debera Salam, CPP
Following are the slides from the CIC Plus and Ernst & Young LLP webcast that aired on March 21, 2018 where we focused on the latest developments of employer interest in connection with the Tax Cuts and Jobs Act of 2017.
Bookkeeping and taxes might be the farthest thing from your mind when starting a business, but if they are done wrong, or not done at all, it can end up costing you more than you realize.
Eileen Driscoll of Supporting Strategies will discuss the “Three C’s” of proper bookkeeping - consistency, controls and cash - for your business to ensure you can produce accurate and useful financial information. She will be joined by Robert Traester and Dawn Darnell of WithumSmith+Brown, PC who will discuss tax planning opportunities for your business in a post-tax-reform climate.
Speakers
Eileen Driscoll, Managing Director, Supporting Strategies
Robert Traester, Senior Tax Accountant, WithumSmith+Brown, PC
Dawn Darnell, Senior Manager, WithumSmith+Brown, PC
![H&R Block Tax Professionals ,[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)