...stakeholders. In this break down the project, scope will be conveyed to all parties involved. It is important the project scope be explained to the stakeholders to prevent surprises, as the project is underway. In order to suggest a better solution to the Riordan Manufacturing company one must know what systems the company currently has in place. The current system was installed in 1992. It is part of the financial systems package and keeps track of employee system information. The human resources business systems currently in place keeps track of employee’s personal information such as address, marital status, date of birth. The system keeps track of the employees pay rate. The Human resource system in place keeps track of tax exemptions, this is helpful when the employee files the taxes. This will help maximize or minimize the return depending...
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...services. Non-Profit healthcare organizations mission is to serve communities by providing healthcare without regard for a patient’s ability to pay. For-profit hospitals are legally responsible to their owners and stockholders and performance is based on profitability and the return on equity to its shareholders. Profits from earnings can be distributed to owners and stockholders. There are also tax treatment differences for the for-profit and non-profit hospitals. (CBO, 2006) The non-profit hospitals are exempt from federal and state corporate income taxes, as well as local sales and property taxes. The for-profit hospitals are required by law to pay federal and state corporate taxes. For-profit Hospitals do not receive tax exemptions and are not required to meet community-benefit standards. Criticisms of For-Profit Healthcare Organizations The criticisms of the...
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...Box 0.3: Blurring the Line Between Profits and Nonprofits Yes, I would donate my used items to Portland, Oregon’s, Goodwill. Some people may disagree with me based on the amount of money the organization’s president, Michael Miller, and other top executives bring home per year. Some may disagree because Portland, Oregon’s Goodwill is a nonprofit organization, which by virtue of this title is tax exempt. Still others may disagree based on the ideal that a nonprofit organization that makes such a large profit, which does not appear to be reinvested into the organization, is crooked. However, after considering each of these arguments and evaluating my own beliefs, I would still donate to Miller’s organization. In order to determine whether you would support a nonprofit organization that operates using a business template we must define the main difference between the two. A for profit organization is just that, it is an organization whose goal is to make a profit, a business. A nonprofit organization is created to improve circumstances and affect a greater good for a target audience. The main question posed in this exercise asks if you would you support a nonprofit organization that is making a large profit which appears to be benefiting the organization’s top executives in excess? It is becoming increasingly popular for nonprofit organizations to adopt a business template in their quest to raise funds. Undeniably, there is an overhead cost to run any organization, regardless...
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...Chapter 2 Homework: 4. a. Someone in the 36 percent tax bracket can earn 9 percent annually on her investments in a tax-exempt IRA account. What will be the value of a one-time $10,000 investment in 5 years? 10 years? 20 years? b. Suppose the preceding 9 percent return is taxable rather than tax-deferred and the taxes are paid annually. What will be the after-tax value of her $10,000 investment after 5, 10, and 20 years? 5. a. Someone in the 15 percent tax bracket can earn 10 percent on his investments in a tax exempt IRA account. What will be the value of a $10,000 investment in 5 years? 10 years? 20 years? b. Suppose the preceding 10 percent return is taxable rather than tax-deferred. What will be the after-tax value of his $10,000 investment after 5, 10, and 20 years? 6. Assume that the rate of inflation during all these periods was 3 percent a year. Compute the real value of the two tax-deferred portfolios in problems 4a and 5a. Solution: a. $10,000 invested in 9 percent tax-exempt IRA (assuming annual compounding) In 5 years: $10,000(FVIF @ 9%) = $10,000(1.5386) = $15,386 In 10 years: $10,000(FVIF @ 9%) = $10,000(2.3674) = $23,674in 20 years In 20 years: $10,000(FVIF @ 9%) = $10,000(5.6044) = $56,044 (b). After-tax yield = Before-tax yield (1 - Tax rate) = 9% (1 - .36) = 5.76% $10,000 invested at 5.76 percent (assuming annual compounding) in 5 years: $10,000(FVIF @ 5.76%) =...
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...Exercise Clause of the First Amendment of the US Constitution. Supporting comments: Being a nonprofit 501(c)(3) organization directly limits the control that the government can have on how the organization is run. If churches are stripped of their 501(c)(3) status, then the government can control them and essentially force them to do and say what the government wants (Retrieved from Debate.org opinion poll on the question: Should churches and other religious organizations remain tax exempt?) A tax exemption for churches is not a subsidy to religion, and is therefore constitutional. Supporting Quote: "The grant of a tax exemption is not sponsorship, since the government does not transfer part of its revenue to churches, but simply abstains from demanding that the church support the state. No one has ever suggested that tax exemption has converted libraries, art galleries, or hospitals into arms of the state or put employees 'on the public payroll.' There is no genuine nexus between tax exemption and establishment of religion..." ----Chief Justice Warren E. Burger, majority opinion written for 7-1 decision of US Supreme Court case: Walz v. Tax Commission of the City of New...
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...On November 5, 2013 the voters of Corpus Christi voted against the bond proposal Destination Bayfront. After doing research for this paper and learning about the proposal I disagree with the election results. I think that Destination Bayfront is just what the city of Corpus Christi needs and feel that the benefits of Destination Bayfront out weigh the cons. Destination Bayfront was a proposed plan to dramatically up grade the thirty four acre area along the Corpus Christi Bayfront just south of the downtown area. The proposal included building a large park that would be sectioned off into nine different areas with lots of shade and parking. Some of the areas were to include a boarkwalk along the seawall, a play area for children, improved beach access to McGee Beach, large family areas, a dog park, an area for restaurants and shops, a great lawn for festivals and concerts, and a memorial park for the veterans of Corpus Christi. “You may have been an avid supporter; you may have been a vocal detractor. All things considered, one thing is for certain; Destination Bayfront looked to be a game changer for the Costal Bend” (QTD. Jimmy Willden, The Heart of Our City). The site where the Memorial Coliseum once stood had garnered a lot of attention over the years as both private and public ventures alike put bids for their vision of what this site could become. In the end, deed restrictions that were put...
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...To Promote new business, government offer various means of incentives for tax consideration. Some of the most used incentives offered to new business in Bangladesh are as follow: i. Tax Holiday ii. Accelerated Depreciation iii. Tax Subsidy In this paper we will be mainly focusing on Tax Holiday & Accelerated Depreciation and which one is better for a newly established manufacturing concern in Bangladesh. What is Tax Holiday? A government incentive program that offers a tax reduction or elimination to businesses. Tax holidays are often used to reduce sales taxes by local governments, but they are also commonly used by governments in developing countries to help stimulate foreign investment. Used in the hopes of increasing the gross domestic product (GDP) in developing countries, tax holidays are a way in which governments attract foreign investors. Tax holidays are often put in place in particular industries to help promote growth. What is Accelerated Depreciation? Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. The straight-line depreciation method spreads the cost evenly over the life of an asset. On the other hand, a method of accelerated depreciation like the double declining balance (DDB) allows you to deduct far more in the first years after purchase. From Income Tax Ordinance 1984: Tax Holdiay (Chapter V: Section 45, 46A, 46B) Section 45: ...
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...last injustice done by religious organization in the new world. The framers of the United States constitution granted the right to freedom of religion among others. But all rights are limited; they cannot be exercised if they infringe upon another’s rights. Furthermore, despite claims of separation of church and state Christianity continues to take precedent over the rights and liberties of many citizens. Today one of the chief injustices regarding religion in America is tax exemptions for religious organizations. Proponents of tax exemption for religious organizations claim that there is no breach of separation of church and state. This claim is made on the grounds that by not taxing religious organizations they are not affiliating with them; therefore separation of church and state is attained. This logic is flawed to an unbelievable extent. The government electing not to tax religious organizations is not separation, but clear cut favoritism. Regular nonprofit organizations receiving tax exemptions are subject to IRS scrutiny and must file a detailed 990 statement cataloguing where the money has been spent (Taxthechurches 1). For religious organizations this requirement is waived, opening up a myriad of problems associated with this lack of supervision. Some churches...
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...Major areas for final settlement of tax liability : Tax deducted at source for the following cases is treated as final discharge of tax liabilities. No additional tax is charged or refund is allowed in the following cases:- * Supply or contract work * Band rolls of hand made cigarettes * Import of goods * Transfer of properties * Export of manpower * Real Estate Business * Export value of certain items including knit and woven garments. * Local shipping business * Royalty, technical know-how fee * Insurance agent commission * Auction purchase * Payment on account of survey by surveyor of a general insurance company * Clearing & forwarding agency commission * Transaction by a member of a Stock Exchange * Courier business * Compensation against acquisition of property * Premium value over face value of a share * Income from transfer of securities of a sponsor shareholder. * Winning lotteries. Tax Recovery System : In case of non-payment of income tax demand the following measures can be taken against a taxpayer for realization of tax:- * Imposition of penalty, * Attachment of bank accounts, salary or any other payment, * Filing of Certificate case to the Special Magistrate. Advance Payment of Tax : Every taxpayer is required to pay advance tax in four equal installments falling on 15th September; 15th December; 15th March and 15th June of each year if the latest assessed income exceeds Taka four lakh. Penalty...
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...Tax incentives Singapore is well positioned to maintain its economic competitiveness in today’s global environment with a low headline corporate tax rate of 17%, generous tax exemptions for small-to-midsize companies, and industry-specific tax incentives. The Government of Singapore provides a comprehensive package of tax concessions and incentives to businesses whose business activities reflect the direction in which the state plans to steer economic development. 1. Development and Expansion Incentive (DEI) The DEI encourages Singapore-based companies to move into high value-addition business activities, expand their operations in the country, and procure advanced machinery and equipment by offering a reduced tax in the range of 5%-10% on incremental income derived from qualifying activities. 2. International / Regional Headquarters Award (IHQ / RHQ) The Regional Headquarters Award and International Headquarters Award provide a reduced corporate tax rate on incremental income from qualifying activities. * Regional Headquarters Award: Under the (RHQ) Award, qualifying companies can enjoy a concessionary tax rate of 15% for five (3+2) years on incremental qualifying income from abroad, instead of the regular Singapore corporate tax rate of 17%. In other words, if applicant company satisfies all the minimum requirements by the third year of the incentive period, it will enjoy the 15% concessionary tax rate for an additional 2 years on qualifying income. This scheme applies...
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...The Star (10/2/15) Getting the facts right on GST BY IVAN LOH SECOND Finance Minister Datuk Seri Dr Ahmad Husni Hanadzlah’s special assistant Ting Tai Fook has travelled around the country to give talks about the goods and services tax (GST) to the community. In all his talks, Ting explained extensively about the tax system that would be implemented from April 1 to replace the existing sales and service tax. The Star talks to Ting to get more answers about GST. 1. What was your first impression of the GST before the Government decided to implement it? Ting: I read and knew about GST when it was first mooted by the Government couple of years back. It is also known as Value Added Tax (VAT) and I knew that it was a good system. I think most people are familiar with VAT’s concept which is used overseas. We show the receipt to the Customs officers and get a tax refund. Many other countries around the world have already implemented the GST. 2. What are the biggest misconceptions about the GST? Ting: Most people think that the GST is a new taxation mechanism. They think that the Government would include both the GST and SST together, increasing the people’s burden, which is wrong. GST is not only implemented in developed countries but also other countries. About 160 countries have it. 3. How will GST affect or benefit the people from the lower- and middle-income groups? Ting: The GST will let people in general be more aware about consumerism. With increased...
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...be payable at the rate or rates specified hereinafter for each year of assessment upon the income of any person accruing in or derived from Singapore or received in Singapore from outside Singapore in respect of: S10(1) (a) Gains or Profits from Trade, Business, Profession or Vocation. S10(1) (b) Gains or profits from Employment. S10(1) (c) Delete by Act 29/65 S10(1) (d) Dividends, Interest or Discounts S10(1) (e) Pension, Charge or Annuity S10(1) (f) Rents, Royalties, Premium & other Profits arising from Property S10(1) (g) Any Gains or Profits of income nature not falling within any preceding paragraphs Tax Exemption Scheme (Theory) Full Tax Exemption Companies Limited by Guarantee (CLGs) will be allowed to qualify for the tax exemption scheme for new start-up companies effective from YA2010. For new start-up companies, tax exemption will be granted on the first $300,000 of a qualifying company’s normal chargeable income for any of its first three consecutive YAs, as follows: * Up to the first $100,000 normal chargeable income, 100% of the income shall be exempt from tax. * Up to the next $200,000 normal chargeable income, 50% of the income shall be exempt from tax. A “qualifying company” means a company incorporated in Singapore, which for each of the first three years of assessment is resident in Singapore for that, YA; and has its total share capital beneficially held directly by no more than 20 shareholders: * All of whom are individuals...
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...changes to owner name, mailing address Grant exemptions Appraise Properties 3. NAME ALL THREE METHODS OF SEARCH OPTIONS WE UTILIZE FROM THE HCAD WEBSITE TO LOCATE BUSINESS AND REAL PROPERTY ACCOUNTS? Name Account number Address 4. WHAT IS HCAD’S WEBSITE, TELEPHONE NUMBER? www.hcad.org 713-957-7800 5. NAME THE TWO TYPES OF ACCOUNT CATEGORIES ON H.C.A.D. WEBSITE. Real Property Business Personal Property 6. HOW MANY DIGITS ARE USED TO LOCATE A BUSINESS ACCOUNT THROUGH HCAD’S WEBSITE? 7 7. WHAT DO THE FOLLOWING ABREVIATIONS MEAN FOR A BUSINESS ACCOUNT? COMP __________________ INV__________________________ SUP ______________________ M&E_________________________ F&F ______________________ MISC ________________________ 8. WHEN CONVERTING A BUSINESS ACCOUNT INTO ACT WHAT DIGITS ARE ADDED ON TO IT? The number 2 in front and 5 zeroes at the end 9. IF AN ACCOUNT HAS NOT BEEN CERTIFIED BUT ASSESSED VALUE APPEARS ON THE WEBSITE WILL YOU RELEASE THE VALUE INFORMATION? AND WHY? No, It has not been certified and something may change 10. WHAT IS A SUPPLEMENTAL CORRECTION? It is the original statement sent out late due to it being certified late 11. WHAT ARE THE REQUIREMENTS FOR OBTAINING A HOMESTEAD EXEMPTION, AND WHAT IS THE HOMESTEAD AMOUNT FOR HARRIS COUNTY...
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...TAXES ( Read full story on taxes ) * Standard rate of excise duty held at 10 percent; no change in CENVAT rates * Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers *For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh. *Citizens over 80 years to have exemption limit of Rs 5 lakh. * To reduce surcharge on domestic companies to 5 percent from 7.5 percent. * A new revised income tax return form 'Sugam' to be introduced for small tax papers. * To raise minimum alternate tax to 18.5 percent from 18 percent ( Read story ) * Direct tax proposals to cause 115 billion rupees in revenue loss * Service tax rate kept at 10 percent * Customs and excise proposals to result in net revenue gain of 73 billion rupees * Iron ore export duty raised to 20 percent *Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted. *Peak rate of customs duty maintained at 10 per cent in view of the global economic situation. *Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent. *Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests. *Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 for international travel in economy class. On...
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...How to Start a Group Home • Call your state's department of human services to get laws and guidelines for group homes. On the local level, contact your county's department of children and family services to see if there are additional local requirements. To be licensed, you must follow all regulations • Write a "Statement of Purpose" for the group home. You will use this document in countless way, such as applying for licenses and grant money. Include a mission statement, the population you will serve and how you will serve them. • Incorporate your business as a tax-exempt, nonprofit business. Called a 501(c)(3) for the section of the tax code it's listed under, nonprofit status will make you exempt from federal and state taxes, leave you eligible for grants, allow you to do fund-raising, get cheaper mail rates, ask for public service announcements from media and give you some limited liability. Use a tax attorney to set this up. • Find a house to serve as the group home. The department of human services can tell you what is required as far as furnishings, equipment and space. The home will have to be compliant with the Americans with Disabilities Act (ADA). You may run into some roadblocks when looking for homes. Some neighborhood associations prohibit this type of business. • Set up a volunteer board and start fund-raising. It takes a huge amount of money to open a group home because states have strict regulations. Make a realistic budget. It will be a great...
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