here individual taxpayers are concerned, the abstruseness and complexity of filing one's taxes can have the impact of obfuscating the legal imperatives driving one's filing obligations. This means that an individual may report his or her taxes inaccurately but without the intention to commit fraud. According to Daily, "Although auditors are trained to look for fraud, they do not routinely suspect it. They know the tax law is complex and expect to find a few errors in every tax return. They will give you the benefit of the doubt most of the time and not go after you for tax fraud if you make an honest mistake. A careless mistake on your tax return might tack on a 20% penalty to your tax bill. hile not good, this sure beats the cost of tax fraud -- a 75% civil penalty. The line between negligence and fraud is not always…...

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Works Cited:

Daily, F.W. (2010). Negligence vs. Tax Fraud: How Can the IRS Tell the Difference? NOLO.com.

Del Llano, R. (2011). 11 Most Common Tax Fraud Schemes. Governmentfraud.us.

Del Llano, R. (2011). Emerging Schemes. Governmentfraud.us.

McCoy, K. (2012). IRS Tax Fraud Crackdown Targets Identity Thieves. USAToday.

Thus, the per capita tax revenue is presented in Table 5.
Table 5: atio: Per Capital Tax evenue ($Million)

New York

Activities

2010

2009

Tax evenue

$58,039

$55,804

Total Population

19,378,102

19,378,102

atio: Per Capital Tax evenue

$2,995: 1

$2,880: 1

Pennsylvania

Tax evenue

$28,300

$27,600

Total Population

12,702,379

12,702,379

atio: Per Capital Tax evenue

$2,228:1

$2,173:1

The findings from table 5 reveal that both states record increase in per capital tax revenue at the end of the fiscal years 2009 to 2010. In the New York, the government realizes ratio of $2,880 per person in 2009. However, the par capital tax revenue increased to $2,995 per person in 2010. Thus, the per capita tax revenue is increasing in the New York. Similarly, Pennsylvania recorded ratio of $2,173 per person in 2009 however, the ratio per capital tax revenue increased to $2,228 at the end of the fiscal year 2010.

Answering the esearch Question

Overview of the total revenue of the New York reveals the state increased the total revenue from $129 billion in 2009 to…...

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References

Kahn, D.A. (1990). The Two Faces of Tax Neutrality: Do They Interact or are They Mutually Exclusive?. Northern Kentucky Law Review, Vol. 18, p. 1.

State of New York (2009). Comprehensive Annual Financial Report for Fiscal Year Ended 2009. New York State Government.

State of New York (2010). Comprehensive Annual Financial Report for Fiscal Year Ended 2010. New York State Government.

State of Pennsylvania (2009). Commonwealth of Pennsylvania Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2009. Pennsylvania State Government.

Tax Liability
Opening: This memo concerns the income tax questions for John and Jane Smith, a married couple. John is a lawyer and has questions regarding income to his firm, investment in office space, and overall preparation techniques. Jan has questions regarding business related activities, real estate investments, business expenses, and business investments.

John Smith

How is the $300,000 treated for purposes of Federal Tax income?

Under 26 U.S.C. Section 1402, "The term "net earnings from self-employment" means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle which are attributable to such trade or business, plus his distributive share (whether or not distributed) of income or loss described in section 702 (a)(8) from any trade or business carried on by a partnership of which he is a member"

All income earned during a business year is considered business income. This…...

Tax Law
The author of this report is asked to answer a set of four questions relating to tax law and its sources/adjudication. The first question asks what the primary sources of tax law are. The second question asks what the secondary sources of tax law are. The third questions asks what "substantial authority" is as it relates to tax law. The final question asks what the role of the courts and the Internal evenue Service as it relates to interpreting and applying the sources of tax law.

Questions Answered

Primary sources of tax law include five major things. The first thing that is a primary source of tax law is the actual Internal evenue Code. The IC is located in section 26 of the United States Code. The second source is the decisions of the United States Tax Court, district courts, the Court of Federal Claims, the federal circuit courts in the…...

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References

Georgetown. (2013, September 2). Tax Research - Federal Georgetown Law.

Georgetown Law. Retrieved September 2, 2013, from  http://www.law.georgetown.edu/library/research/guides/federal_tax.cfm 

Tarlton. (2013, March 1). Primary Sources - Federal Tax Research Guide

Tarlton Guides at Tarlton Law Library. Home -- Tarlton Guides at Tarlton Law

Taxes
An evaluation of two types of taxes: Sales vs. income

Sales taxes are invariably regressive taxes. Poorer people use a larger percentage of their taxes for consumption-related expenses, so they pay proportionately more of their income in sales taxes. For the wealthy, more of their spending is concentrated in savings and investments, since they can save a larger proportion of their income and still meet basic expenses. Of course, given that they often buy more items and more expensive items than the poor, the wealthy may pay more in total sum value than the poor in sales taxes. But as a proportion of their income, it is usually lower. Also, the poor spend a higher percentage of their income on necessities such as food which they cannot cut back on, even when the sales tax increases. Often, items like food and clothing are exempt from the sales tax to reflect this…...

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References

Are federal taxes progressive? (2012). Tax Policy Center: The Brookings Institution.

Retrieved:  http://www.taxpolicycenter.org/briefing-book/background/distribution/progressive-taxes.cfm 

Brown, Dorothy. (2012). Let's kill the progressive income tax. CNN. Retrieved:

 http://www.cnn.com/2012/04/17/opinion/brown-progressive-tax-rates/index.html

Tax eturn eporting
In the intensely personal working relationship which is necessarily fostered between tax preparers and their clients, a great deal of trust is required to assure that each party acts in accordance with the rule of law and the boundaries of ethical conduct. Certified Public Accountants (CPAs) and other recognized tax preparers are morally, ethically and legally bound, both by federal tax code and professional pride, but the demands of clients who are interested in preserving their own financial assets often conflict with these priorities. From the disclosure of certain questionably gained assets to the reporting supplementary income to the Internal evenue Service, individual taxpayers often subject their tax preparers to undue pressure and untenable requests. If a client employing my tax preparation services asked that I not report certain information which may implicate them with the law, I would be considerate of their personal circumstances but ultimately my…...

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References

Davis, C. (2007, December 11). What's different about tax preparer penalties?. California CPA Magazine, 14(12), 132-136. Retrieved from  http://www.calcpa.org/Content/24865.aspx 

Internal Revenue Service, Office of Professional Responsibility. (2010). CPA disbarred for failure to exercise due diligence and compliance problems. Retrieved from  http://www.irs.gov/newsroom/article/0,,id=225261,00.html 

United States Treasure Department, Internal Revenue Service. (2011). Regulations governing practice before the internal revenue service. Retrieved from  http://www.irs.gov/pub/irs-utl/pcir230.pdf

With regard to the salaried people the federal tax system has improvised a method to flush the surplus spending funds in advance by the mandatory provision of requiring employers to withhold tax from payments in advance which on remitting will be computed as part of the total tax liability of the employee. This method of advance collection is an important feature said to be the pillar of the tax system. The collected amounts are either adjusted to the next year tax if surplus, or credited if equal. This collection method raises revenue to the tune of seventy billion Dollars annually.
The taxation of company income is the subject of a debate. While individual income is taxed, the taxing of corporate income by legal fiction of considering it an entity has caused ire to noted economists and business persons. Heavy burden is shouldered by the stock holder, who also pays the…...

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References

Archer, William; Roth, William V; Impact on Individuals and Families of Replacing the Federal

Income Tax. DIANE Publishing. 2000.

Ephraim P. Smith, Philip J. Harmelink, Hasselback. James, R. 2005 Federal Taxation Basic

Principles; CCH Tax and Accounting. 2005.

Tax systems are an important and integral part of any economy around the world. Taxes are imposed by the governments on various activities and it eventually becomes an important source of revenue generation for the governments. Governments use tax revenues in order to finance their public expenditures. Besides that taxation systems are also a very important tool for the governments in order to influence the aggregate demand and consumer expenditures in the economy. This means that the governments influence the way people spend their money. This in turn influences the rate of inflation and employment in the economy.
On a broader perspective there are two types of taxation systems namely direct taxes and in direct taxes. Direct taxes are taxed charged on one's income and they cannot be avoided as they are charged at source. Examples of such taxation system include income tax and corporation taxes. In contrast, indirect taxation systems…...

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References

Altig, D. (1996). Making Sense of the Federal Budget Impasse. 1+. Retrieved August 7, 2011, from Questia database:  http://www.questia.com/PM.qst?a=o&d=5045083382 

Altig, D., Auerbach, A.J., Kotlikoff, L.J., Smetters, K.A., & Walliser, J. (1998). Assessing Fundamental Tax Reform. 1+. Retrieved August 7, 2011, from Questia database:  http://www.questia.com/PM.qst?a=o&d=5045057544 

Altig, D., Fitzgerald, T., & Rupert, P. (1997). Is Noninflationary Growth an Oxymoron?. 1+. Retrieved August 7, 2011, from Questia database:  http://www.questia.com/PM.qst?a=o&d=5045040198 

Atkinson, A.B. (1996). Public Economics in Action: The Basic Income/Flat Tax Proposal. Oxford: Clarendon Press. Retrieved August 7, 2011, from Questia database:  http://www.questia.com/PM.qst?a=o&d=30420417

Tax Case Study
Requirement

Tax code section 721 "provides that no gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership." Both parties agreed to contribute personal assets to the partnership, and they, nor the LLC, suffers any tax consequences as a result of the conversion of the property to the partnership. Because both contributed equal property to the LLC when it was formed (or so they thought) they both have a 50% ownership of the partnership.

The initial basis of both is not actually 50%. Tax code section 722 "provides that the basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of the money and the adjusted basis of the property to the contributing partner…...

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Works Cited

Commonwealth of Massachusetts. (2010). Apportionment of income. Retrieved from   =Current+Tax+Year+Information&L3=Guide+to+Corporate+Excise+Tax&sid=Ad or&b=terminalcontent&f=dor_help_guides_abate_amend_corporate_issues_app ortionment_of_income&csid=Adorhttp://www.mass.gov/?pageID=dorterminal&L=4&L0=Home&L1=Businesses&L2 

IRS. (2010). Tax information for businesses. Retrieved from  http://www.irs.gov/businesses/index.html?navmenu=menu1

Tax Law
Taw Law and Accounting

In the United States, 43 states currently impose a personal income tax. New Hampshire and Tennessee tax only "intangible" income, which is composed of interest and dividends. The remaining 41 states have "broad-based" income taxes, with most sources of income subject to tax. In 1932, Washington voters approved an initiative establishing a personal income tax. However, the State Supreme Court ruled this initiative unconstitutional. Since then, the voters have defeated six constitutional amendments trying to enact a personal income tax. The last proposal in 1973 was defeated 77% to 23%. Subsequent efforts at enacting a personal income tax have died in the Legislature.

State income taxes are generally tied in varying degrees to the federal IS personal income tax statutes. This creates a number of administrative efficiencies for the states. It also makes it simpler for the taxpayer to comply. While most income is subject to tax…...

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References

Dupell, T. (1997). Practice management companies improve practices' financial position. Healthc Financ Manage, 51(11), 56, 58-60.

Marcus, K.R. (1993). Recognizing Medicare hospital payments appeal opportunities: falling into the 'GAAP' (generally accepted accounting principles). Healthspan, 10(9), 8-12.

Reinstein, A., & Budzinsky, A.J. (1992). Closing the GAAP (generally accepted accounting principles) with special reports. Healthc Financ Manage, 46(3), 82, 84-85.

How Change in (2017) Tax Law Affected People and Economy Introduction
Tax Cuts and Jobs Act (TCJA) of 2017 led to significant tax changes that affected individual taxpayers, businesses and the economy. The new tax legislation was signed into law on 22nd December 2017 by President Donald Trump. Three days earlier (19th December 2017) both the U.S Senate and U.S House of Representatives had passed the bill in a vote of 51- 48 and 227 -203, respectively. Most of the provisions in TCJA are valid from January 1, 2018 to December 31, 2025. This paper will compare the prior tax law with the current provisions of TCJA and highlight the impact of tax changes on individual taxpayers, businesses, and the economy in general.
Individual Tax Reforms
TCJA lowered the tax bill of individual taxpayers. Some of the individual tax reforms are explained below.
Income Tax Rate
The TCJA law lowers individual income tax rates and replaces…...

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References

Marsan, D. (2018). The Tax Cuts and Jobs Act of 2017 (TCJA) and Its Impact on Investors, Their Trusts, Investment Entities, Retirement Plans and Estates -- Part 1 Tax Reform for Individuals. Journal of Taxation of Financial Products, 15(4), 11-52. Retrieved from 

Smith & Howard. (2018, March). 2018 Tax Cuts & Jobs Act Overview. Retrieved from https://www.smith-howard.com/2018-tax-cuts-jobs-act-overview/

Tax Foundation. (2017). Preliminary Details and Analysis of the Tax Cuts and Jobs Act (241). Retrieved from https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJA-3.pdf

https://ssrn.com/abstract=3292280

Head Of Household Filing The narrative this assignment is based on is predicated on the fact that a married couple, consisting of Brett and Kathy, want to file income taxes as having separate households. This situation is unusual for several reasons. Firstly, the pair is legally married—which typically mandates a joint household income tax filed between them. Moreover, they also live in the same residence, which is seemingly another factor for which they would want to file a joint income tax. They also share the fiscal responsibilities for both raising three children and maintaining the home in which all three live. The client wants to file a head of household separate income tax because he makes more money than Kathy does.
The research conducted for this assignment indicates there is little chance for Brett successfully filing as head of household. One can file for head of household if one is considered unmarried…...

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References

Internal Revenue Service. \\\\"Filing status.\\\\" www.irs.gov Retrieved from

https://www.irs.gov/faqs/filing-requirements-status-dependents-exemptions/filing-status

Simple IRA and Qualified Plans 1. A simple IRA has both advantages and disadvantages when compared to a qualified plan like a 401K. Both are tax-deferred savings accounts, but where the differences lay could matter for a company like 3P. These two types of plan are mutually exclusive – an employer cannot have both at the same time (Appleby, 2019).
However, with a simple 401K the employer could have another plan for employees who aren’t covered by the 401K, which would typically be employees who earn less than $5000 per year. This may not apply to very many people, but could theoretically be one of the differences between the two types of retirement plan. Employees under 21 or who have worked for less than a year may or may not be covered, but there is no age requirement for a simple IRA. If the company has a lot of younger workers, then…...

Tax Advise
Table of Contents (optional)

Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000.

The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a number of years since 1994 and their market values have increased considerably in recent years.

Apart from her single personal allowance tax credit, Louise is entitled to income tax relief in respect of $10,000, which she pays annually to a evenue approved pension scheme.

Louise's personal living expenses and other financial commitments total $50,000 per annum (including the contribution of $10,000 to the evenue approved pension scheme referred to above).

Louise is considering transferring her business to a limited company and has asked…...

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References

Maertin, James CPA. U.S. Tax Preparation Worldwide. [

 http://www.jamesdance.com/deductions.htm %5D

  "HM Revenue and Customs: About Us." Hmrc.gov.uk. Crown Copyright. 2005-04-18.http://www.hmrc.gov.uk/menus/aboutmenu.htm 

Tax Efficient Financial Strategies
Company Name Here

Managing Director

MACOBUTTON AcceptAllChangesShown [name]

Tax Efficient Financial Planning

Astute financial planning in the current economic climate is critical. While we cannot control the ebbs and flows of either the market or the decisions of the government that affect one's personal finances, we can attempt to grow and preserve wealth through tax efficient financial planning. There are solid vehicles available, if utilized correctly, can successfully minimize income, capital gains and estate taxes for our clients. Below provides detailed information on vehicles available to provide minimal tax exposure.

Income Tax Minimization

Deferred Variable Annuities

Using this method clients not only are able to minimize their incomes taxes, but they this vehicle also provides asset protection.

401K or other Qualified etirement Plan

Contributions to a 401k or a similar retirement plan are tax-deferred and not-taxable until withdrawal. Contributions help to lower an individual's AGI thereby lowering their income taxes or even lowering their tax bracket…...

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References

Baldwin, W. (2010, July 30). Six Ways To Avoid Capital Gains Tax Page 2 of 3 - Forbes.com. Information for the World's Business Leaders - Forbes.com. Retrieved July 26, 2011, from  http://www.forbes.com/2010/07/30/avoid-capital-gains-tax-anschutz-personal-finance-baldwin-tax-strategy_2.html 

Botkin, S. (2010). Lower Your Taxes - Big Time 2011-2012. New York: McGraw-Hill.

Based on an understanding of the facts about immigration in the modern-day United States, this would be a good topic for a thesis statement on immigration reform: Modern immigration rules and laws favor immigrants from some countries over others and place a significant financial burden on prospective immigrants and on those who would sponsor them; removing some of those financial burdens would incentivize legal immigration and therefore reduce the number of people seeking to enter the country as undocumented immigrants, helping resolve the country’s undocumented immigrant problem.

Before trying to write a thesis statement about immigration reform, it....

Since we do not know what you have put in your first page, it is a little difficult to tell you where to start on your second page.  What we are going to do is go over some of the negative effects of gentrification and give you some links to find more information about those negative effects.  Hopefully, this will help you get over your writer’s block and get past page two.

At first glance, gentrification may seem like a positive.  After all, gentrification means an upward trend economically for a historically economically disadvantaged neighborhood.  However, long-term residents....

While it is impossible to escape the similarities between the French Revolution and American Revolution and there is no question that the American Revolution helped inspire the French Revolution, there are a number of important differences between the French and American revolution.

Location was an important difference.  America was a colony that was revolting against a ruling government that was separated from it by a large distance, while the French Revolution occurred in France and was aimed at the monarchy in that country.

Social class played a much more important role in the French Revolution than the American Revolution. ....

Helping you come up with titles on this would be a little easier if we knew which specific issue you want to focus on in your high school exit project because the title should specifically address the content of the paper.  We wanted to give you that disclaimer, because some of these titles may be inappropriate for whatever paper you have written.  We are going to provide a variety of different titles that will include a range of topics related to combat wounded veteran rehabilitation.  They touch on some topics that are controversial among the wounded veteran....