...Tax Return Position Minh Saldana ACC/455 Professor Monica Walker August 20, 2012 * The objectives used for legal study are ordinarily included two substantial parts - primary sources and secondary sources. The primary sources are declarations of the enactment from the government such as, an executive agency, legislature, court, governor, or president. The secondary sources suggest a deconstruction, a rephrasing of the primary law. The secondary sources are used to boost determine and demonstrate the primary sources of law. The secondary sources might impact a legit judgment but these sources absolutely do not have the commanding jurisdiction like the primary sources of law. Primary sources of tax law The following are the primary sources of Federal tax law: * United State Code (USC) Title 26; * Court of Federal Claims , Decisions of the USC, federal circuit courts, district courts, and the United States Supreme Court; * Title 26 of USC - Treasury Regulations; * Revenue Rulings , Revenue Procedures, Announcements, and Notices - IRS guidance published in the Internal Revenue Bulletin, and * Other IRS material, including Private Letter Rulings and Technical Advice Memoranda. * ("Tarlon Law Library", 2011). * The secondary sources of tax law There are some of secondary sources such as: * Dictionaries that are designed to give information about terms used in law called "Legal Dictionaries" * Some words & phrases that give the expression...
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...The article that is going to be reviewed is titled: Walmart Slashed Tax Bill By Giving Top Execs Big Bonuses. This article was retrieved from the Business Insights: Global from Ottawa University online library. The article summary will provide an insight into why the top executives who made big bonuses. At the end of the article summary, I will give my own personal opinion on the big bonuses issue. Working at Walmart has paid off for some big time executors. On June 6, 2014, at the Bud Walton Arena on the University of Arkansas campus, Walmart had its annual shareholders meeting. At this meeting, it was released that the company was to pay out $500 million in bonuses to their hourly employees. Although that seemed great, the article also stated that half of the amount of that bonus was going to only eight executives. As part of the compensation plan, the hourly and executive pay does come with bonuses. By paying out this bonus, Walmart has also been part of the Americans for Tax Fairness (ATF), a tax reform coalition. ATF has allowed Walmart to save $104 million in federal tax. By paying the executives this bonus, Walmart has followed the corporate pay at section 162 (m) of the Tax Code. It states: In the case of any publicly held corporation, no deduction shall be allowed under this chapter for applicable employee remuneration with respect to any covered employee to the extent that the amount of such remuneration for the taxable year with respect to such...
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...photographs, cards, tapes, recordings, or other documentary materials regardless of physical form or characteristics prepared, owned, used, in the possession of, or retained by a public body. Records such as income tax returns, medical records, hospital medical staff reports, scholastic records, adoption records, records related to registration, and circulation of library materials which contain names or other personally identifying details regarding the users of public, private, school, college, technical college, university, and state institutional libraries and library systems, supported in whole or in part by public funds or expending public funds, or records which reveal the identity of the library patron checking out or requesting an item from the library or using other library services, except nonidentifying administrative and statistical reports of registration. The FOIA does not require a public body to create a record that doesn’t already exist. If part of a document can legally be shielded from release, that doesn’t mean the entire document may be withheld. The agency must separate the exempt data and release the rest of it (this usually means taking a marker and blacking out some information). Re-argument of U.S. supreme court on federal income tax After the World War 1 the secretary of the treasury advised to have a widespread propaganda that entails convincing the public to let go of the needless pleasures that exist. The most important feature that was highlighted...
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...Chapter C:1 Tax Research Learning Objectives After studying this chapter, the student should be able to: 1. Distinguish between closed fact and open fact tax situations. 2. Describe the steps in the tax research process. 3. Explain how the facts influence tax consequences. 4. Identify the sources of tax law and assess the authoritative value of each. 5. Consult tax services to research an issue. 6. Apply the basics of Internet-based tax research. 7. Use the citator to assess authorities. 8. Describe professional guidelines that CPAs in tax practice should follow. 9. Prepare work papers and communicate to clients. Areas of Greater Significance Since this will usually be a student’s first exposure to tax research, the importance of the facts to the tax results, federal tax services and the citator should be discussed. The widespread use of Internet-based databases for tax research makes this means of tax research much more important. An effort should be made to introduce Internet-based searches to the students if at all possible. The text discusses two types of professional guidelines for CPAs in tax practice. Areas of Lesser Significance In the interest of time, the following areas may be omitted: Sample work papers and client letter (Appendix A). Problem Areas for Students The following areas may prove especially difficult to students: ...
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...or state. Court of appeal- the court of appeal is a court of law that hears appeals against both civil and criminal judgements from the Crown. This is the second higher court, high and County courts & consists of 2 divisions; Civil and criminal divisions In the civil division, the court of appeal hears appeals to do with civil law and family justice from the high court, tribunals and sometimes from the county courts. Whilst the criminal divisions hears appeals from the crown courts. Decisions of the High Court may be appealed to the Civil Division of the Court of Appeal. Crown court- deals with indictable criminal cases that have been transferred from the Magistrates’ Courts, including hearing of serious criminal cases (such as murder, rape and robbery), cases sent for sentencing, and appeals. Cases are heard by a judge and a jury. Decisions of the Crown Court may be appealed to the Criminal Division of the Court of Appeal. The county court also deals with civil (non-criminal) matters. Magistrates courts trials of summary offences, committals to the crown court, family proceedings court and youth courts. Magistrates’ courts- hears all criminal cases. Serious criminal cases are transferred to the Crown Court after a preliminary hearing. Less serious cases criminal cases and those involving juveniles are tried in these courts. Some civil cases, including family proceedings, are also heard in these courts. Cases are presided over by one magistrate, who is legally qualified...
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...The Roles and Functions of Law Cathi Stark LAW/421 December 23, 2013 John Koenig The Roles and Functions of Law The purpose of this paper is to inform about the roles and functions of the law. It will also show and define the function and roles of law as they apply to business and society. There will also be examples from real life experiences of the writer, myself. This week in class we were instructed to review the Commerce Powers from chapter two in our text book. There was a case review within the chapter that specifically outlines some of the roles and functions of the law. This case, Cipollone v. Liggett Group, Inc., et al., 505 U.S. 504 (1992), will be referenced through this paper. The basic function and roles of the law in business and society is for the benefits of the people and the protection of their rights. Laws are created to ensure we are safe and protected in all aspects of our lives, both personal and professional. In business, laws are designed to regulate activity at the local, state and federal levels. In case of Cipollone v. Liggett there is discussion of statute and enactment of laws. This case is based on a suit that Cipollone took against the cigarette manufactures, Liggett for the death of his mother. The study states that “Congress chose specifically to regulate a certain type of advertising (tobacco), federal law is supreme to any state law that attempts to regulate that same category of advertising.” (Melvin, 2011, p. 33) The Constitution...
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...GOVERNMENT MANDATED BENEFITS Benefits May 18, 2015 Table of Contents Introduction…………………………………………………………………………………………………………………………3 Article Summary…………………………………………………………………………………………………………………3 Analysis……………………………………………………………………………………………………………………………….4 Conclusion…………………………………………………………………………………………………………………………..6 References…………………………………………………………………………………………………………………………..7 Introduction In this article, we will be summarizing and analyzing an article on “Mandated Insurance Benefit Laws: Important Health Protections for Women and Their Families”. The federal and state governments in the United States have mandated certain benefits, mostly related to health insurance. Employee benefits can consist of a variety of benefits that could become a great addition to an employee package. The article analyses the economic impact of these benefits. Article Summary There are certain benefits which have been mandated by the government which an employer must provide to its employees. Businesses use benefits to attract new employees and give current employees a greater sense of job satisfaction. The United States government has mandated certain benefits for employers to provide to their employees. Employers mostly and in some cases employees need to pay for these benefits. This article analyses the reasons behind the choices the government has made. Employee benefits are much more than health insurance, vacation time, and 401 (k) plans. Companies with 50 or more employees must also...
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...guide........................................................................................ 18.004 Contribution acceptance and deductibility table................................................................ 18.008 Contributions.................................................................................................... ................18.010 Acceptance of contributions............................................................................................. 18.015 Concessional (before-tax) contributions............................................................................ 18.020 Non-concessional (after-tax) contributions........................................................................ 18.030 Contribution caps.................................................................................................... ......... 18.040 Excess contributions tax................................................................................................... 18.050 Tax file numbers and superannuation............................................................................... 18.060 Reportable superannuation contributions.......................................................................... 18.065 Types of contributions.................................................................................................... .. 18.070 Contributions made to non-complying superannuation funds............................................ 18.080 Form of...
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...Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone 978-750-8400; fax 978-750-4470; Internet www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax 202-522-2422; e-mail pubrights@worldbank.org. Copies of Doing Business 2012: Doing Business in a More Transparent World, Doing Business 2011: Making a Difference for...
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...different approaches of researching cases, laws and other resources. This process of researching federal agency decisions will give an overview of regulatory powers, decision and the many ways to find them, while displaying concepts of judicial court opinions and their regulations. Learning by Doing Virginia State’s Public Record Availability Statute The State of Virginia Public Records Act was established and passed in 1975. This act allows records and documents accessible to the public, but only within the operation of an agency within the Commonwealth of Virginia. Public records are considered information that is documented and recorded and that gives transaction and/or activity of an employee, agency or public officer of the state. In no regards to the physical and characteristic form, if the transaction is in any connection of public business, it is considered as a public record. There are only three specific records that are not considered public, which are reference books, materials of exhibition and publications of stocks. “The General Assembly intends by this chapter to establish a single body of law applicable to all public officers and employees on the subject of public records management and preservation and to ensure that the procedures used to manage and preserve public records will be uniform throughout the Commonwealth (1976, c. 746.).” U.S. Supreme Court holding federal income The U.S. Supreme Court ruled that a direct tax on personal income was unconstitutional...
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...Role and Functions of Law Role and Functions of Law Just about everywhere in the world, there are a set or rules, laws, and principles that the people in that region live by. These rules, laws, and principles are an important part of society, and ensure that the direction that particular region or area’s leader wants it to move in takes place. For example, each state within the United States operates under its own set of laws, but is at the same time, is bound to the federal laws laid out in the United States Constitution. In fact, the Constitution, can and will, take precedent over any state law. The State of New Jersey has one of the simplest court systems in the nation, with only a few basic types of courts. The court systems are the municipal courts, tax court, state superior court, an Appellate Division, and the New Jersey Supreme Court. Most citizens will come in contact with only the municipal courts, which deal with motor vehicle violations, minor criminal-type offenses, municipal ordinance offenses, and other minor offenses. The tax courts deal with exactly that, appeals of tax decisions made by County Boards of Taxation. The superior courts work with cases that involve criminal, civil, and family law cases. Typically, the superior court is called trial court, because it is the court system where trials are conducted. The appellate division is the court system that hear appeals from the tax courts and trial courts. Lastly, the New Jersey Supreme Court...
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...Some personal injury cases take years to settle while other cases must go to trial to resolve the matter. Your personal injury lawyer does everything within his power to settle your injury claim as quickly as possible for the maximum amount of compensation allowable by law. However, many factors are outside of your attorney’s control such as your rate of recovery, the insurance company, and the court system. Therefore, once your case is settled or a jury renders a verdict, you want to know how much money you will receive and when you will...
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...[Type the company name] | Responsibility | Unit 6 | | Sherry Rhodes | 11/29/2011 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | Accountants have a responsibility to a company’s management investors, creditors, outside regulatory bodies and the overall integrity of financial markets. Accountant responsibility, in a definition, outlines who the accountant is working for. Even though an independent accountant may be hired by a company’s management, the responsibility of an accountant is owed to many others as well. The duty to uphold principles, standards and laws of accounting is owed to the companies, stockholders and creditors they account for. Accountants have an ethical responsibility to these entities that rely on their work to be accurate and precise. Accounts must use extreme care and follow established conventions and standards to present the true and fair view of the financial position of a company. Accountants owe the ethical and professional obligations to the previously mentions entities of management, stockholders, investors, creditors and regulatory and taxation authorities. These entities are divided into three groups: clients, third parties, and the government. Clients are people or groups that use the professional advice or services of an accountant. Accounting...
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...is addressed in order of the suggested format. Section 1 In the first section, the legal issue that can be raised is whether Roxanne can be recognised as an employee at common law. At this day and age, determining the distinction at common law between an employee and a self employed independent contractor can be an issue. In the context of Australia, I have decided to use the multi-factor test because it branches across a number of aspects covered in the other tests by considering a wider range of factors such as a case by case approach (Van der Waarden 2010). One of the relevant factors that contribute to distinguishing between an employee and an independent contractor is the mode of remuneration showed by the employers of the company towards the worker as seen in the case of Building Workers Industrial Union of Australia v Odco Pty Ltd (Trouble Shooters case) 37 IR 380. If the person is an employee, the employer is required to deduct income tax from salary and wages and that normally there is no obligation to deduct income taxation from payments to independent contractors (Sappideen et al 2009). Apart from these, factors that help distinguish an employee from an independent contractor are if the place and hours of work are at the discretion of the worker, if there is a deduction in income tax from the earnings of the worker, if the worker appears to be representing the employer through uniforms or badges, if the worker is being engaged for the completion of a specific task...
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...Tax Law: A Broader Perspective Accounting for Income Taxes Taxes and the Law: A Broader Perspective Taxes are everywhere and exist as a vital part of national structure, both legally and financially. Taxation influences everything from wages to inheritance. Given this, one is compelled to inquire as to how this balance works and what constitutes its existence. That is where understanding the effects of tax law and how they are accounted for have great import. As with any other facet of life, rules accompany the application and processing of taxes, and how they are required to be paid. This sounds rather rigid, but there are many benefits to taxation as well as the normal mandatory sacrifices. This means that taxes can change to ease financial hardship just as they can be altered to increase individual expenditure. For instance, FS-2006-2 - Publication 4492 has created tax breaks for Katrina, Rita, and Wilma victims. Those who have been affected may now exclude from income certain cancellations of debt and extends, from two years to five years, the replacement period for converted properties. At this point a logical question to ask is who governs taxation, and how are benefits and penalties decided? Modern taxation extends all the way back to Section I of both Articles 8 and 9 in the constitution, and has been heavily influenced by America's sixteenth amendment to the constitution. Amendment sixteen gave Congress the power to tax any entity regardless of census or enumeration...
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