...“Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853),” extended many of the Bush era tax cuts of “The Economic Growth and Tax Relief Reconciliation Act of 2001” (EGTRRA) that then President Bush signed into law. As per the announcement on Desire to Learn, I’ll call this new bill “The Bush Tax Cut Extension.” The bill was signed into law December 17, 2010. I am happy with most of the provisions and cuts as they positively affect most individuals’ lives in this country, including mine. The Bush Tax Cut Extension applies to small businesses as well but I will focus on the laws that affect mainly individuals. Working people, both rich and poor, will be able to save more with the tax brackets not increasing. They will pay less in taxes on capital gains from stock investing, continue to get credit for college tuition paid, continue to get a deduction for student loan interest, have a one year decrease of 2% for 2011 in the Social Security tax paid up to income of $106,800, continue to be able to deduct mortgage insurance premiums on a qualified mortgage as mortgage interest, and have many other benefits. This bill definitely helps students, homeowners, families with children, and both an average salaried worker making $35,000/yr. to a worker earning over $100,000/yr. I like the extensions and think it was important, if not necessary, to extend these tax cuts, however, I wish they were extended beyond the two years that most of them were. I think this bill...
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...explanations April 20, 2015 1. Explain the reason for selecting topic one, identify the audience, and provide a preliminary thesis statement. Should taxes on people making over $250,000 a year be changed? The reason why I choose this topic is because tax laws needed to be change for the wealthy in eliminating loop holes such as low capital gains tax rate within the tax system, will create positive change to help families in need and therefore enhancing their quality of life in the U.S. in today society income tax has a strong influence for the improvement of the rich in every country. Changing tax laws for the over $250,000 brackets, could help the middle class and poor people. A new tax law may give a lot of benefits to the middle class and poor people. Tax payers are strongly influenced by the tax laws. Income taxes are fees that federal and state government imposed on financial and individuals income. In their states or cities. Tax monies are used by states and cities toward the operation of their budget. 2. Explain the reason for selecting topic two, identify the audience, and provide a preliminary thesis statement Should changes be made to the regulations for foods that are served in public schools, The reason why my I choose this topic is I have children in public school and would like to less peanut butter and jelly sandwiches and process foods. My audience is kids attending public schools. Meals served in schools...
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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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...(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 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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...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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...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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...(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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... NE W DE L HI MUNICH The Indian Medical Device Industry Regulatory, Legal and Tax Overview March 2015 © Copyright 2015 Nishith Desai Associates www.nishithdesai.com The Indian Medical Device Industry Regulatory, Legal and Tax Overview About NDA Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Core practice areas include International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Fund Investments, Capital Markets, Employment and HR, Intellectual Property, Corporate & Securities Law, Competition Law, Mergers & Acquisitions, JVs & Restructuring, General Commercial Law and Succession and Estate Planning. Our specialized industry niches include financial services, IT and telecom, education, pharma and life sciences, media and entertainment, real estate and infrastructure. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014) and the Second Most Innovative Asia - Pacific Law Firm (2014) at the Innovative Lawyers Asia-Pacific Awards by the Financial Times - RSG...
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...Virtual Team at Nanavati associates. Nanawati Associates (NA) is a national tax accounting firm whose main business is tax preparation services for individuals. NA's superior reputation is based on the high quality of its advice and the excellence of its service. Key to the achievement of its reputation is the state-of-the-art computer databases and analysis tools that its people use when counseling clients. These programs were developed by highly trained individuals. The programs that these individuals produce are highly technical, both in terms of the tax laws they cover and the code in which they are written. Perfecting them requires high levels of programming skill as well as the ability to understand the law. New laws and interpretations of existing laws have to be integrated quickly and flawlessly into the existing regulations and analysis tools. The creation of these programs is carried out in a virtual environment by four programmers in the Greater Mumbai area. The four work at home and are connected to each other and to the company bye-mail, telephone, and conference software. Formal, on-site meetings among all of the programmers take place only a few times a year, although the workers sometimes meet informally outside of these scheduled occasions. Here's some background on the four: Ravi Tendulkar is a tax lawyer, a graduate of the UQiversity of Mumbai and a former hockey player there. At 35, Ravi has worked on the programs for six years and is the longest-standing...
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...There are so many variable to consider when you consider opening a business in a foreign country. Some of the most talked about simple issues are time zone difference, taxes, language barriers, and foreign policies. The time zone changes from the US and Canada to Germany is about 8 hours. This will vary due to daylight savings time, but that is now a major issue itself. The main concern is if the company is a 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...
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...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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...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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...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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