...The FairTax Act Many debates have been waged over the decades on what will be taxed, on who shall be taxed and how taxes are collected. Since the 16th Amendment was ratified in 1913, the debate has intensified, centering on how high to make the income tax rate. Most Americans were not concerned since the Amendment was sold to them as something that would only affect corporations and the rich. With ever increasing fervor these corporations created lobbyists to convince Congress to exempt them from some or all of the income tax. The big breakthrough in this was taxing the worker directly with payroll taxes during World War II. This method of collecting income tax was sold to Americans as temporary, but Congress has extended it indefinitely and the public has become used to it. The next few decades saw the debate revolve around creating tax breaks for individuals in an attempt to modify behavior or spending. This has resulted in over 67,000 pages of tax code and an entire industry devoted to tax compliance and evasion, with the unintended behavioral change of corporations and the rich parking their money outside of the United States in small island nations to avoid taxation. These offshore accounts are estimated to hold $10 trillion dollars, a number approximate to the national debt. The FairTax Act should be enacted because it eliminates all federal income taxes for individuals and corporations, eliminates all federal payroll withholding taxes, abolishes estate and...
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...The Fair Tax Act of 2013 is an alternative tax plan introduced Senator Saxby Chambliss (R-Ga) to the Senate Finance Committee on January 23, 2013. Subsequently Senate bill S. 122 and House bill H.R.25 were written. The Congressional findings of the 113th Congress in regards to the Federal income tax, which prompted the introduction of this alternative tax plan, found that the present systems of federal taxation retards economic growth thus reducing the living standards of the United States citizens, impedes the International Competitiveness of Industry in the United States, lowers productivity, as well as a host of other negative findings attributed to our current Federal taxation scheme. Those that supported the introduction of this legislation have the belief that a consumption tax, which is the hallmark of the Fair Tax plan, would have a positive effect on savings and investment thus easing tax compliance resulting in an increase in economic growth and international competitiveness of American industries. Glen R. Hubbard wrote: “A shift from the current tax system to a broad-based consumption tax is best thought of as a two-step process”. His findings first conclude that most elements of consumption tax reform are consistent with moving to a pure income tax with uniform capital taxation. Once there, to get to a consumption tax the key element of reform would be the replacement of depreciation allowances for physical investment with expensing of capital assets. Both of these...
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...Running Head: BENEFITS OF FLEXIBLE SCHEDULES Prepared For Sandra Haynes, Accountant Manager Haynes Accounting and Tax Services Prepared By Victoria M. Foster, Accountant March 5, 2013 Contents i. Executive Summary………………………………………………………………..IV I. Introduction………………………………………….……….………………………5 II. Current Research……..…………………………………………...………………..6 III. Benefits and Challenges of a Flexible Work Schedule …... ……………...…....7 IV. Benefits of a Flexible Work Schedule……………………………………....….....8 V. Recommendations and Conclusion ………………………………...…….………8 VI. References……..………...…..………………………………………...………….10 EXECUTIVE SUMMARY Haynes Accounting and Tax Services is a mid-size accounting firm that specializes in accounting, bookkeeping, payroll services, business incorporation (S-corp & LLC), and tax preparation services in the Greater Baton Rouge Area. They have worked closely with their clients to understand their precise needs and support them in achieving their business goals. Their team has proficiency in tax preparation and tax planning, internal auditing, budgeting, financial planning in addition to other areas and with many years of experience serving the local community, they have developed a unique of record of truthfulness and expertise. Haynes Accounting and Tax Services employees will benefit from implementing a flexible work schedule in several ways, {a} employees with families may utilize their work flexibility...
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...To: Pat Morinaka From: Human Resource Subject: Semi-Annual Senior Staff Conference Date: January 9, 2012 Hi Pat, this is in response to your e-mail regarding the semi-annual senior staff conference in preparation for the Statutory Regulation of Employment. I have prepared an outline below explaining the five key regulatory areas that include Employee’s Privacy, Employees Unions, Occupational Safety Health Act (OSHA), Employee Retirement Income Security Act (ERISA) and Fair Labor Standards Act (FLSA). The outline will explain the company’s obligation and what the law requires. Employee Privacy Privacy Act of 1974, according to Bennett-Alexander, 2007, there are four basic principles that underlay the Privacy Act: 1. Employees should have access to their own personnel files, and there should be some way for them to find out the purposes for which the files are being used. 2. There should be some mechanism by which an employee may correct or amend an inaccurate record. 3. The employee should be able to prevent information from being inappropriately revealed or used without her or his consent, unless such disclosure is required by law. 4. The person who is in charge of maintaining the information must ensure that the files are not falling into the wrong hands and that the information contained within the files is accurate, reliable, and used for the correct reasons. Telephone Monitoring Allowed to review and monitor all employee client and customers outgoing...
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...Borrower: (AKA) | Co-Borrower (AKA) | | | Legal: | | USPS Address: | Current address: | | EXP | 1003-Vaildated | | | 1003 Initial Type Interview: LO Date: Borrower Date: | | | GFE Date TIL Date APR Range: | | | Section A Fee: Section B Fee: | | | APPRAISAL/APPRAISER | | | Appraisal Dated: Sales Price: Appraised Value: $ | | | Appraiser License Concessions: Max Loan (103.5%) | | | Appraiser Insurance HUD Statement Final Required: | | | Cost of Appraisal: Well Test Site Value | | | Appraiser: Septic Statement: Greater than 30% | | | ...
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...signed application along with the aforementioned documentation, we will promptly contact you with specific information including, how much money you qualify for and when we can ACH these funds into your account. Sincerely, Michael Buchanan Office: 347-708-7412 Fax: 866-323-9373 Email: mbuchanan@imperialadvance.com Working Capital Application 132 W 36th St 3rd Floor, New York, NY 10018 www.ImperialAdvance.com Legal/Corporate Name: Physical Address: Telephone #: Date Business Started: Type of Entity (circle one): Sole Proprietorship Partnership Fax #: Length of Ownership: Representative: Michael Buchanan Phone #: 347-708-7412 Fax #: 866-323-9373 Email: mbuchanan@imperialadvance.com BUSINESS INFORMATION DBA: City: State: Federal Tax ID: Website: Email Address: Product/Service Sold: Gross Annual Sales: Zip: Corporation LLC Other Other Type of Business (circle all that apply): Retail MO/TO Wholesale Restaurant Use of Proceeds: Supermarket OWNER/OFFICER INFORMATION Owner/Officer Name: Home Address: SSN: Date of Birth: Title: City: Home #: Ownership %: State: Cell #: Zip: FICO Score: PARTNER INFORMATION (if owner/officer ownership % less than 50%) Partner Name: Home Address: SSN: Date of Birth: Title: City: Home #: BUSINESS PROPERTY INFORMATION Business Landlord or Business...
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...Business Research Report Compensation Strategies Student Name: Shannon Prazen Table of Contents Executive Summary 3 Introduction 4 Research Findings....................................................................................................................................4 - 7 Finding Number 1………………………………………………………………………………………………………………………………4 - 5 Finding Number 2……………………………………………………………………………………………………………………………….5 - 6 Finding Number 3……………………………………………………………………………………………………………………………….6 - 7 Recommendation…………………………………………………………………………………………………………………………………….7 Conclusion……………………………………………………………………………………………………………………………………………….7 References………………………………………………………………………………………………………………………………………………8 Executive Summary Within this report I have completed research on three additional compensation strategies that have a focus on retaining and recruiting highly qualified employees in the manufacturing field. The additional compensation packages could be implemented into the benefit package already in place for both our exempt and non exempt employees, as well as future employees. The key factor in this report is to battle our problem of employee turnover. While we offer a very competitive wage for a manufacturing company we also need to show that we value dedication and above all pride in a job well done. We need to make sure that we are encouraging the quality of the work performed meet existing standards, and also provides the extrinsic motivation needed to...
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...I. 740 is the new 720! While the median FICO score in America is still 720, many lenders have now set the bar 20 points higher (money.msn.com, 2010). A. Fair Isaac, the credit rating agency behind the FICO score says that 13% of Americans have credit scores of 800 or better (money.msn.com, 2010). Ask yourself is your credit score near that lofty mark? B. If not, today I’m going to talk about some steps such as credit reports, how to stabilize your credit profile, the reason why lenders say “no”, and also improvement in your credit scores. (Transition: Now I’m going to talk about credit reports.) II. The top 3 credit bureau are Equifax, Trans-Union, and Experian (bankrate.com, 2008). A. You will need a credit reports from each of them, because creditor doesn’t have to report to all three credit bureaus. (bankrate.com, 2008). B. Look for errors on your credit reports such as information about you is out of date or just plain wrong (bankrate.com, 2008 C. Accounts histories can be inaccurate, and sometimes people make typing mistakes (bankrate.com, 2008). D. If there are some errors you see on your credit report you can use the dispute form to report mistakes or write a letter detailing them (bankrate.com, 2008). (Transition: Now I’m going to talk about how to stabilize your credit profile.) III. Yet over time, credit generally gives more weight to the consistency of credit payment then to disruptive events. So consistency is key. A. Plan to...
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...Chapter 5 Consumer Credit: Advantages, Disadvantages, Sources, and Costs McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Consumer Credit Chapter Objectives 1. Analyze advantages and disadvantages of using consumer credit 2. Assess the types and sources of consumer credit 3. Determine whether you can afford a loan and how to apply for credit 4. Determine the cost of credit by calculating interest using various interest formulas 5. Develop a plan to protect your credit and manage your debts 5-2 Objective 1 Analyze Advantages and Disadvantages of Using Consumer Credit • Credit – An arrangement to receive cash, goods or services now, and pay for them in the future – Based on trust in people’s ability and willingness to pay bills when due • Consumer credit – Use of credit by individuals for personal needs, except a home mortgage – A major force in our economy 5-3 Uses and Misuses of Credit • Before you use credit for a major purchase, consider: – – – – – – Do I have the cash for the down payment? Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I’ll need in some better way? Can I postpone this purchase? What are the opportunity costs of postponing this purchase? – What are the dollar and psychological costs of using credit for this purchase? 5-4 Advantages of Credit • Current use of goods and services • Permits purchase even when funds are low • A...
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...Compensation and Benefits Strategies Recommendations Elizabeth Copeland, Emily Krzyzaniak, Frederick McFarland, and Mary Thomas HRM/531 9/23/15 Maria Ziegler Compensation and Benefits Strategies Recommendations Landslide Limousines will be opening soon and they will be employing twenty-five people to keep the business in operation. The owner, Bradley Stonefield, wants to be comparable to the other limousine services around town so this must be considered when recommendations for compensation and benefits are made. Although the company is projected to see a 5% revenue growth over the first few years, they are estimating to have a net revenue of -$50,000 for the first year. The recommendations provided in this paper shall assist Landslide with securing their place in the transportation market in Austin, Texas. Market Research Evaluating companies in the relevant market will keep you competitive. We have researched 2 established car service companies in Austin, Texas operating with 25 employees or less. We started with a company you may be familiar with. Founded in 1989 by Tony Alyassin, Royal Carriages Limousine operates a substantial fleet of more than 25 vehicles (http://royalcarriages.com/). Employee are independent contractors with a compensation package of a flat wage rate and a corporate contribution to the National Taxi Drivers Association of Austin. The National Taxi Drivers Association is an organization that was founded in 2009 that focuses on taxi and limousine...
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...McDonald’s is a leading global food service retailer with more than 35,000 restaurants in over 100 countries (McDonald's, 2014). With its presence in many diverse regions, it will come across an array of cultural and governing differences that will affect the organization’s financial management within each region. It is vital for McDonald’s to understand how issues such as political risks in a foreign country can hamper financial success, or how the exchange rate can vary day to day and alter cash flows. The global stage calls for examination of foreign policy and economic activity of the foreign financial system. Although the dollar has a strong hold on the global market, it is followed closely by the Euro. An organization that enters into a foreign country has the responsibility to respect and follow the lands governing rules and regulations. This paper will go into further detail about the processes and effects of having an international organization. It will explain the global investment banking process and the effects of regulatory bodies on financial decisions. Finally it will identify contemporary issues associated with international finance. McDonalds has done an outstanding job with their business model. Each restaurant is run in the same way. Each menu is the same, all cooking instructions are the same, and even the bathroom tiles are the same. It makes it very easy to produce a consistent product. How though, does a company such as McDonalds do well in foreign...
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...baj01275_c05_106-133 02/09/2007 17:01PM Page 106 EPG_Team-C 105:JWQD032:bajch05: 5 CONSUMER CREDIT Credit Cards and Consumer Loans Starting Point Go to www.wiley.com/college/bajtelsmit to assess your knowledge of consumer credit. Determine where you need to concentrate your effort. What You’ll Learn in This Chapter ▲ Consumer credit options ▲ Credit card types ▲ Credit card risks After Studying This Chapter, You’ll Be Able To ▲ Compare advantages and disadvantages of using consumer credit to make purchases ▲ Assess the various types of consumer credit ▲ Take steps to protect and establish good consumer credit ▲ Evaluate credit card alternatives, including terms and costs ▲ Predict the hazards of credit card use, including the risk of identity theft baj01275_c05_106-133 02/09/2007 17:01PM Page 107 EPG_Team-C 105:JWQD032:bajch05: 5.1 WHAT IS CONSUMER CREDIT? INTRODUCTION Learning how to manage consumer credit effectively by reducing reliance on high-cost borrowing is an important component of financial success. In this chapter, we first look at the types of consumer credit and then how to apply for credit. This chapter examines the advantages and disadvantages of credit and how to protect your credit and correct credit mistakes. Finally, it discusses credit cards in more detail, including their risks. 5.1 What Is Consumer Credit? Any time you receive cash, goods, or services now and arrange to pay for them later, you...
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...Two years ago, Bob had just bought a new house. After he and his family were settled in, they started cleaning up the place and throwing away “unneeded” documents. Three months later, when Bob was applying for a car loan, he found that his credit history had been destroyed. He was a victim of identity theft, a crime that often causes people debt, unjustified imprisonment, and murder, being one of the most dangerous, yet easiest, crimes to commit. Identity theft includes other types of fraud and identity related crimes. It is said that today’s society is now living in “The Age of Betrayal.” Since an incident with a busboy in Brooklyn, no one can be trusted anymore. After siphoning off hundreds of thousands of dollars into different accounts, this busboy still stayed a bus boy because he did not want to be caught stealing others’ identities caught. When webcams shot up in the worldwide community, “self-documenters” have broken up with there loved ones and other personal related extremes have happened to others (Vacca 12-13). A person’s privacy is almost non-existent. Information like phone numbers, home addresses, social security numbers, bank accounts, etc., are available to just about anyone who is interested in looking or taking them (Hyatt 2-3). There have been various ways of stealing a person’s identity throughout history. It is said that “Shoulder Surfing” was started in airports, train stations, and bus stations. Thieves record credit card numbers of victims...
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...Free Special Report… “How to safely buy a new home without bank qualifying or a large down payment” Stop wasting your money on rent or living in a house that doesn’t meet your needs. Discover how to move into a better home now! Dear Homebuyer, Some people are tenants by choice. However, most people would prefer to enjoy all the benefits of owning a home if at all possible. It can be the single most important investment you ever make. A lot of people's personal wealth is made up mostly from equity they've built through years of responsible home ownership. We believe buying a home should be at the top of your goal list. Let us help you achieve that goal. We can give you access to homes for sale right now with flexible owner financing. Our unique approach can help you achieve the reward of owning your own home faster and easier than going the traditional route. Here are the benefits you can be enjoying by working with us: You can move fast When you buy a rent to own home you can move in quickly and easily. Most rent to own properties are available immediately. Get into a rent to own home in just a few days with flexible owner terms or set a date further out. Compare that to buying an owner occupied home through an agent. How frustrating! First you have to qualify for a loan which could take 3 to 8 weeks (Rent to own homes however require no upfront bank financing). Then you have to coordinate your move subject to the schedule of the seller. Look out if the seller wants everything...
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...| the changing landscape of background investigation in hr | OBJECTIVE: To know the need for background investigation in hiring a candidate. Through this paper, we bring out the logic behind the investigations and discuss some cases to corroborate that logic. Laws and rules governing the investigations will also be looked into. Some of the best practices will then be discussed as a practical approach to the issue. DEFINITION: A background check or background investigation is the process of looking up and compiling criminal records, commercial records and financial records of an individual or an organization. REASON: Litigation problems can arise if employees have an incorrect background to them. Every employer has a legal duty to exercise due diligence in hiring and protecting its employees and assets. Estimates are that 30%-40% of job resumes includes some false or inflated facts. Additionally, some Federal and State Laws require background checks be conducted for certain positions. Background checks are often requested by employers on job candidates for employment screening, especially on candidates seeking a position that requires high security or a position of trust, such as in a school, hospital, financial institution, airport, and government. These checks are traditionally administered by a government agency for a nominal fee, but can also be administered by private companies. Background checks can be expensive depending on the information requested. Results of...
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