...can get up to late and go to work whenever you want. You could find the best time for working and do not need to worry about the relationship between you and your boss because you are your own business. Here are more advantages of Self-employment: 1. You have more influence over business expense deductions. 2. More business expenses are actually deductible. 3. You get more flexibility in how much tax you’ll pay and when you’ll pay it. 4. You get to decide when to spend money to help your business grow. 5. You can influence when you receive income. 6. You can distribute income to family members by hiring them as employees. 7. You have a wider range of pension choices. In spite of fact that there would be some disadvantages to work for yourself. For example, no matter what kind of business you own, you have take care many thing such as license, rent, manage your employee, your competitor, etc… However, if you learn as much as possible and choose a tax pro who understands the tax law and regulations as they apply to individuals, then you can make the tax code work for you and you can save yourself a lot of time, stress and money. I prefer to be a businesswoman than to work in a company and I will try my best to archive successful in my...
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...(2010), in the essay she wrote in www.studymode.com. She stated that: “Payroll processes are the perfect place to begin when looking to control costs. New developments in software, such as allowing the integration of payroll system info into existing HR systems, mean you can look beyond traditional ERP options.” Junald Astronomo Lagod (2010) stated that: “Any small business owner can tell you that paying employees involves a lot more than writing a check every two week. There are dozens of laws governing employee compensation. If you don’t want to run afoul of various government agencies, you have to be well organized and stay up to date on federal and state guideline.” Gabriel Esteban (May, 2012) stated that: “Payroll systems are simple to use, easily affordable and compliant with all new tax laws. These systems can be programmed to calculate taxes and deductions to your specific area. Most systems have an internet database that can be accessed for updates to tax codes and changes in the law.” Foreign. Payroll System is a flexible compensation administration solution. It is designed to help human resource...
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...Tax Policy Paper Due date: Monday, November 25th Groups: You may work in groups of up to 5 people. You may also work individually if you prefer, but I advise against this for two reasons. First, subjecting yourself to the perspective/critique of others helps you to refine your arguments by exposing you to relevant counterpoints. Though it may take a bit longer, I believe you will find that papers worked on as a group will be more complete, and often more succinct. Second, working in groups gives me fewer papers to grade (just kidding1). Assignment description: This group assignment is designed to help you better understand how the tax laws are set. Each group will write about a specific tax law provision. Assuming that the provision is about to expire, each group will write a paper that briefly summarizes the rules that pertain to their tax law provision, describes the history of how/why the tax law exists, and presents arguments for repeal or renewal of the tax law. Your grade will be based on the quality and clarity of your paper, and the persuasiveness of your arguments. You may choose any tax rule you like. I understand that sometimes this level of flexibility can actually feel restricting and make it difficult to begin the project. If you find that you are having trouble identifying a tax rule, please come talk to me, and we will try to figure out one that interests you. Length: I expect that these papers will be roughly 2-3 typed pages (spaced as you...
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...FULFILLING OUR TAX EDUCATION MANDATE Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority 1 URA VISION To be a model for Best Practice and Innovation in Revenue Services. URA MISSION To Provide Excellent Revenue Services with Purpose and Passion. URA CORE VALUES Excellence, Integrity, Team Work and Respect 2 Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority Acronyms and Defined Terms CD Customs Department DT Domestic Taxes Department ESA Education Standards Agency FAQs Frequently Asked Questions GOU Government of Uganda MOES Ministry of Education and Sports MOFPED Ministry of Finance, Planning and Economic Development NCDC National Curriculum Development Centre NCHE National Council for Higher Education NSC National Speech Championships PSFU Private Sector foundation of Uganda PCA Public and Corporate Affairs Division TPD Taxpayers’ Day UIA Uganda Investment Authority UMA Uganda Manufacturers Association UNCCI Uganda National Chamber of Commerce and Industry UNEB Uganda National Examinations Board URA Uganda Revenue Authority USSIA Uganda Small Scale Industrialists Association Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority 3 Content Page Acronyms and Defines Tems……………………………………… 3 Word from the Commissioner...
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...Running head: ZOMBIES 1 Zombies: How to Survive the Apocalypse Anne Rojas National American University This is not a full APA paper. It is meant to show students the basics. Students should contact their instructor or a librarian for specific questions. ZOMBIES 2 Abstract An abstract is a summary of your paper, usually between 150 and 250 words long. It should include your thesis statement and describe what your paper is about and the key points of your research. Abstracts should be simple and to the point, allowing the reader to decide if he or she wants to read your paper in its entirety. Please also note that the first line of your abstract is not indented. ZOMBIES 3 Zombies: How to Survive the Apocalypse The continuing threat of a zombie apocalypse requires heightened awareness and preparation in order to survive. There is a need for the availability of public health resources and survival techniques. In addition to public resources, individuals will have to take the initiative to be aware and prepare. Focus on development and implementation of resources will prove to have a high return on investment; preparedness will ensure survival of the human species. Procrastination will lead to being assimilated into the zombie ranks. One of the first things everyone can do to prepare for the arrival of zombies is to stock up on water, food, batteries and candles. Having the proper supplies is an important step in being ready in the event of an outbreak. The Office of Public...
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...The Role of Income Tax Treaties in International Taxation Tax treaties are bilateral agreements between countries. The purpose of bilateral tax treaties is typically expressed to be “the avoidance of double taxation and the prevention of fiscal evasion.” As most countries contain within their domestic law provisions to prevent double taxation of their residents where another country taxes the same income on a source basis, the main operation of tax treaties in this respect is for other types of double taxation that can arise as elaborated below. The prevention of fiscal evasion primarily refers to cases where taxpayers fraudulently conceal income in an international setting and rely on the inability of tax administrations to obtain information from abroad. The exchange of information article in tax treaties are the major provision dealing with this problem. Because of the capital flight experienced by many developing and transition countries, exchange of information is important, but in practice there are some considerable hurdles to successful exchange. From the perspective of developing and transition countries, there are a number of other purposes of tax treaties that are usually unstated but in many cases are more important. First, there is the division of tax revenues to be derived from income involving the two countries that are parties to the treaty. Where flows of income from business and investment are balanced between two countries, or even among a...
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...Dear Mr., I would like to take the opportunity to thank you for giving me the opportunity to serve as a tax intern at xx.This summer's internship with your company has been a truly incredible experience, and I thank you for this excellent opportunity. My experience was extremely rewarding. I thoroughly enjoyed working with such a great team of people. It was a pleasure to watch and learn from my fellow colleagues. In particular, I want to thank you for the time you spent with me training on tax regulations and how to apply them into real world in which enhance my professional skills. The varieties of taxpayer’s status give me a chance to dig into tax world. I learned how to do tax researches regarding to the complexity situations and consult tax law hand books in order to determine proper procedures for preparation of atypical return. I was able to furnish taxpayers with sufficient information and advice in order to ensure correct tax form completion. The experience was more than I could have expected. I actually felt like a contributor to the team and I was able to independently deal with clients tax papers. Working for xx helped me use the knowledge I ‘ve acquired during the past one and a half years as a student. The internship has allowed me to learn, expand my skills, and revise my future career goals. I know the experience that you have provided will affect me for years to come....
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...Capital were used to make most of the key decisions that impacted greatly on the direction of the company’s business. The London based office was the one that engaged in all of the negotiations concerning contracts with the syndicates that bought the diamonds. This office was also the one that determined how the mines were to be developed, directors’ appointments etc.In short, it was London that controlled and imposed the key decisions taken by the company directors that even affected Kimberly and its activities in South Africa. Lord Loreburn, after reviewing all these facts, found it appropriate to treat the Company as a resident of the United Kingdom. He came up with the principles that: ‘A company resides, for the purposes of Income Tax, where its real business is carried on … I regard that as the true rule; and the real business is carried on where the central management and control actually abides’. It is very important that when one is using offshore structures to do business in a foreign jurisdiction to always ensure that...
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...TAX SHELTER A “tax shelter” is a way of reducing your taxable income. This will reduce the payments you pay out to state and federal governments. Also, your method of using it can change depending on local and international tax laws. “In North America, a tax shelter is generally defined as any method that recovers more than $1 in tax for every $1 spent, within 4 years.” If you invest in an abusive tax shelter you can be penalized by the IRS. If found that you are you will owe back taxes and all accrued penalties/interest. The IRS has made a list of abusive transactions, if what someone is doing resembles one of transactions, then it would be considered abusive and the user may face penalties. Due to differing tax rates and legislation in each country, tax benefits can be exploited. If I buy $1 of goods from Japan and I sell them for $3, I will pay tax on $2 of taxable income. However, tax benefits can be exploited if I set up an offshore subsidiary in the British Virgin Islands to buy the same goods for $1, then my subsidiary sells the goods back to me for $3 and then I sell it again in the domestic market for $3. This allows me to report taxable income of $0 (because it was purchased for $3 and sold for $3), thus paying no tax. While my subsidiary will have to pay tax on $2, the tax is payable to the tax authority of British Virgin Islands. Since the British Virgin Islands has a corporate tax rate of 0%, no taxes are...
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...(2010), in the essay she wrote in www.studymode.com. She stated that: “Payroll processes are the perfect place to begin when looking to control costs. New developments in software, such as allowing the integration of payroll system info into existing HR systems, mean you can look beyond traditional ERP options.” Junald Astronomo Lagod (2010) stated that: “Any small business owner can tell you that paying employees involves a lot more than writing a check every two week. There are dozens of laws governing employee compensation. If you don’t want to run afoul of various government agencies, you have to be well organized and stay up to date on federal and state guideline.” Gabriel Esteban (May, 2012) stated that: “Payroll systems are simple to use, easily affordable and compliant with all new tax laws. These systems can be programmed to calculate taxes and deductions to your specific area. Most systems have an internet database that can be accessed for updates to tax codes and changes in the law.” Foreign. Payroll System is a flexible compensation administration...
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...United States company but based out of Germany and there is a problem that needs addressed. You will need a complete management staff on the ground in Germany to oversee any problems. Depending on the situation it could require you to go on location which could take you a few days to get there as opposed to a local based company that you could be within a few hours from. This location in Germany does have a few benefits for online companies. It is centrally located to where shipments could ship faster across the world. Customers would receive products faster and that would increase overall satisfaction. Taxes will need to be considered in Germany. There are several pages of tax law that would need to be analyzed by a legal team to make sure the company pays all appropriate taxes and receives certain tax breaks they qualify for. Germany is known for high taxes and it would all depend on how they vary compared to being based in the U.S. Being an online company the language barrier should not be too much of an issue. There are programs for online stores to use to simply select the language of choice while shopping online. However, when dealing with the local government the company will need a spokesperson that is fluent in German. This will be another position the company will have to pay for and most translators for business purposes receive a very good paycheck. Germany’s business policies could vary greatly from those in the U.S. The hours allowed to...
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...check-forunderstanding questions. It is suggested you print the guide prior to taking the WBT. You may use it to take notes prior to taking the course exam. The guide may also be used in the tax office for researching topics found in this course. Module 1: Importance of Ethics By the end of this module, you should be able to: • Define ethics. • Identify how ethical standards protect taxpayers, Tax Professionals, and H&R Block. • List risks and penalties of noncompliance. • Name points of contact for ethics questions, situations, or violations. Check for Understanding: 1. What should you do if you discover that a taxpayer has previously not complied with the revenue laws of the United States? • Call the IRS immediately • Notify your Field Leader • Advise the taxpayer of the facts and the consequences for noncompliance • Nothing: you are only responsible for the return you are preparing 2. What should you do if you receive an IRS letter indicating that you have committed a paid preparer violation? • Contact the confidential H&R Block Talkline • Respond to the letter on your own • Ask another Tax Professional to help you • Notify your supervisor or District Manager immediately Notes: Module 2: Due Diligence, Know Tax Law After completing this module, you will be able to: • State basic tax details of: Qualifying child/qualifying relative, dependency Head of household Tie-breaker rules • Define the contemporaneous records requirement and show how to enter...
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...) More HR activities. To operate in an international environment, a human resources department must engage in a number of activities that would not be necessary in a domestic environment. Examples of required international activities are International Taxation, International Relocation and Orientation, Administrative Services for Expatriates, Host-Government Relations and, Language Translation Services. Expatriates are subject to international taxation, and often have both domestic (i.e. their home-country) and host-country tax liabilities. Therefore, tax equalization policies must be designed to ensure that there is no tax incentive or disincentive associated with any particular international assignment. The administration of tax equalization policies is complicated by the wide variations in tax laws across host countries and by the possible time lag between the completion of an expatriate assignment and the settlement of domestic and international tax liabilities. In recognition of these difficulties, many MNEs retain the services of a major accounting firm for international taxation advice. The United States Department of the Treasury and the Internal Revenue Service (IRS) would be providing more guidance on the International Taxation issues starting 2014-15. International relocation and orientation involves the following activities: * Arranging for pre-departure training; * Providing immigration and travel details; * Providing housing, shopping, medical care...
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...Example 5: Highly Certain Tax Positions 55-99 This Example illustrates the recognition and measurement criteria of this Subtopic to tax positions where the tax law is unambiguous. The recognition and measurement criteria of this Subtopic applicable to tax positions begin in paragraph 740-10-25-5 for recognition and paragraph 740-10-30-7 for measurement. 55-100 An entity has taken a tax position that it believes is based on clear and unambiguous tax law for the payment of salaries and benefits to employees. The class of salaries being evaluated in this tax position is not subject to any limitations on deductibility (for example, executive salaries are not included), and none of the expenditures are required to be capitalized (for example, the expenditures do not pertain to the production of inventories); all amounts accrued at year-end were paid within the statutorily required time frame subsequent to the reporting date. Management concludes that the salaries are fully deductible. 55-101 All tax positions are subject to the requirements of this Subtopic. However, because the deduction is based on clear and unambiguous tax law, management has a high confidence level in the technical merits of this position. Accordingly, the tax position clearly meets the recognition criterion and should be evaluated for measurement. In determining the amount to measure, management is highly confident that the full amount of the deduction will be allowed and it is clear that it is...
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...Professor Emanovsky Econ 2015 Should Tax Laws be Reformed to Encourage Savings? What defines a nation’s way of life and standard for living depends entirely on its ability to function economically. In addition, the rate at which a country saves is the key to determining its prosperity from a long term perspective. More businesses with more facilities and more equipment equal a greater degree of productivity and greater income for employees. This formula transfers to show greater income for consumers and proves clear relationships between national saving rates and terms in which we measure economic well-being. In addition to the large scale national example, there is also an obvious connection between increased savings and families who are able to overcome financial obstacles and decrease overhead. For the average consumer, financial security means little to no debt, increased credit, increased education, home ownership and retirement options. In a perfect world, people would benefit directly and completely from their hard work and efforts to better themselves and their lifestyles. Nearly every American, and non-American for that matter, believes that if they work hard enough and save enough money, they will have opportunities to move upwards on the social economic ladder. The potential for a better future is the primary reason for most Americans to even attempt to save money in the first place. Unfortunately, current policies that support the achievement of such goals are...
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