...Tax Law and Accounting ACC/483 Income Tax Accounting The first step to understanding taxes is to first understand why we have taxes in the first place. As citizens many people take for granted what benefits we gain from the government developing the country around us. The various infrastructures, public systems, education, and the very safety of the citizens in a country are all affected by government funds. People generally are unable to pay for these services directly out of their own pockets, so the government provides for the care of its citizens out of its own funds. As most people know, the United States tax system is special in that citizens generally can pay taxes to a variety of levels: federal, state, and even city taxes depending on where you live. Regardless of whom you pay taxes to, or if you live in the United States or in some other country around the world, the objective of income taxes still remains the same. Just as was mentioned in the previous paragraph, taxes are used to fund various government activities that affect the citizens of a country throughout their everyday life. Income taxes provide a way to ensure that the government is able to collect revenue from its citizens efforts at a variety of governmental levels to provide proper care and service for its people and keep the country running. After understanding why taxes are important, another important aspect to understand...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...Tax Law and Accounting Craig ACC 483 June 21, 2010 Jeff Hough Modern taxation comes from a long history of changes in the United States beginning with the Revenue Act of 1861 that was designed to assist with funding the Civil War. This tax was repealed 10 years later. “In 1894 Congress enacted a flat rate federal income tax, which was ruled unconstitutional the following year by the U.S. Supreme Court because it was a direct tax not apportioned according to the population of each state” (Terrell, 2009, History of Tax Law, para. 2). In 1913, the Sixteenth Amendment enacted modern day federal income tax in the United States. Before 1913, the federal government relied on customs duties and excise taxes as its source of income. As America developed the U.S. government needed additional income to sustain its operations. The Sixteenth Amendment consisted of just one sentence: “The Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration” (Pope, Anderson, & Kramer, 2010, p. 1-3). The implementation of income tax remains one of the most remarkable institutions created in this era. Modern Income Tax Statutes The primary objective of modern tax statutes is to generate revenue to sustain governmental operations. The largest source of federal revenues is individual income taxes. Other sources come from corporate income taxes and Social...
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...ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ACCT 324 Week 3 Quiz – Deductions, Losses & Depreciation ACCT 324 Week 4 DQ 1 ACCT 324 Week 4 DQ 2 ACCT 324 Week 4 Midterm Exam – Deductions, Losses & Passive Activities ACCT 324 Week 5 Course Project ACCT 324 Week 5 DQ 1 ACCT 324 Week 5 DQ 2 ACCT 324 Week 5 Quiz – AMT, Tax Credits, & Tax Payments ACCT 324 Week 6 DQ 1 ACCT 324 Week 6 DQ 2 ACCT 324 Week 6 Quiz – Property Transactions ACCT 324 Week 7 DQ 1 ACCT 324 Week 7 DQ 2 ACCT 324 Week 7 Quiz – Capital Gains & Losses ACCT 324 Week 8 Final Exam ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ...
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...EXPLORATORY STUDY OF MALAYSIAN TAX PRACTITIONERS’ PERCEPTION ON THE PRACTICE OF AGGRESSIVE TAX AVOIDANCE Nur Fikhriah Binti Takril, and Sri Wahyu Sakina Ahmad Sanusi Depertment of Accounting Faculty of Management and Muamalah Kolej Universiti Islam Antarabangsa Selangor nurfikhriah@kuis.edu.my, sriwahyu@kuis.edu.my ABSTRACT Malaysian tax research has put little attention on the tax morale of Malaysian tax environment. Therefore, the objective of this study is to explore the perception of Malaysian tax practitioners in giving tax advice to tax clients whether to promote aggressive tax avoidance or to promote tax compliance. It is accordance to the implementation of SAS which had given taxpayers freedom to declare their income and compute their own tax liability. This self-determination in tax assessment had given them the opportunity to manipulate the tax account which resulted to lower or minimum tax paid. Aggressive tax avoidance is a non-compliance behavior by exploiting tax law ambiguity, playing with accounting figures and transactions to reduce tax. Moreover, the SAS had increases the demand of tax practitioners services as most taxpayers especially from the corporate sector feel incompetence and unqualified to file their own tax affairs appropriately. A survey approach is used to obtain information from tax practitioners practicing in public accounting firms in urban towns. Tax practitioners who perceived leniently on the practice of aggressive tax avoidance signify a likelihood...
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...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) ...
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...International Accounting Systems and Practices * United States and United Kingdom as major countries in the context of the Anglo-Saxon culture area; * The Netherlands and Sweden as representatives of the Nordic countries; * Germany and Switzerland as representatives of the Germanic countries; * France and Italy as representatives of the developed Latin countries and; * Japan as a representative of the developed Asian countries. | ANGLO-SAXON ACCOUNTING * There is no doubt that Anglo-Saxon accounting can be distinguished from accounting in continental Europe. Asia. Latin America, and many other parts of the world. UNITED STATES * Influences on Accounting Development:In many ways, accounting in the United States and United Kingdom is very similar as might be expected given the importance of the historical and investment connections between the two countries. Just as the language and legal system were exported from the United Kingdom to the United States. | Cont.The securities markets are the dominant influence on accounting regulation in the United States. Dealings in securities and investor protection are regulated and enforced at the federal government level under the Securities Act of 1933 and the Securities Exchange Act of 1934, which were passed in response to the stock market crash of 1929 and subsequent financial crises. The Securities and Exchange Commission (SEC) was established with the legal authority to enforce the securities laws and also to formulate...
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...Employment Opportunities in Accounting Kameka White Professor Benson Kariuki-Mwangi ACC 100 May 27, 2015 One question people most often ask themselves when making the choice to go to college is “What can I do with this degree?” Choosing the right degree program can lead to a lucrative career that feeds your imagination and allows your skills and creativity to flourish daily. Contrary to popular belief, an accounting degree can lead to more careers than just being an accountant. Career options vary within the accounting field. A degree in accounting can land you a position as a Financial Analyst for a major company or even a Tax Attorney. The options are actually limitless and are available across all industries. When Tax issued arise, the public will look to a Tax Attorney to help resolves those issues. Tax Attorneys are charged to stay up to date on tax laws as well as IRS regulations in order to give their clients advice and directions on what changes may affect their accounts and businesses. They are also charged with keeping accurate records in order to develop a working plan when it is necessary to resolve financial issues that may arise for their clientele. Tax attorneys must understand finance and accounting principles, researching and analyzing laws geared towards finance and as to be able to communicate and/or negotiate effectively with local, state and federal government entities. When looking for a Tax Attorney, a business wants to know that their affairs...
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...Tax season is just around the corner, and no other name incites more fear in people’s hearts than that of the Internal Revenue Service. America has long been funded by its citizen’s hard earned tax dollars. It has been the main source of funding for several wars and government-funded programs. Taxes affect every person, business, and property. This environment of constant change is a challenge for most accountants or anyone for that matter. This paper seeks to explore the history of the Federal Income Tax System, the Internal Revenue Code, the Internal Revenue Service, and guidelines and improvement of the tax system. History of Taxation in the United States The history of taxation in the United States commenced when the British, French and Spanish Empires ruled the individual colonies established in the US. This was back in the 1790’s after World War I. After their independence from Europe, the taxation system continued by collection of poll taxes, tariffs, and excise taxes. There were various acts passed by parliament which imposed taxation of various items such as lead, paper, paint, glass, stamps, sugar, and tea as a means of tax collection. From these come the Sugar Act, the Stamp Act, and the Townshend Revenue Act. The Boston Tea Party was the insurgency against the British colonists by the American colonists to not pay the tea tax levied upon them. Federal Government Income Tax History The taxation system in the United States is governed by different...
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...Ethical in accounting practice Ethics is a guideline for us to do what is right and what are wrong, but being unethical is not against the law, to be ethical in accounting practice there are 3 roles Trust, confidentiality and legal repercussions. Trust-Accountants must be worth trusting for understanding the law and legal aspects of the accounting issues. Confidentiality-In a company accounts would have the most information (client’s information, each colleague’s salary, company’s trading record) so it is really important for an accountant to keep their account documents confidential. Legal repercussions- accountants must be really careful for their work and understanding that the consequence of breaking the law if they are not careful for their work. (http://www.ehow.com/facts_6821517_role-ethics-accounting.html) In some companies they will have a person who is called an ethicist, an ethicist is for setting standards for accounting ethics for a company, to become and ethicist, he or she must have a degree on business law and philosophy, an ethicist also play the role of an consultant, the ethicists could answer question like “Can I consider buying a birthday present for our company’s friendly driver who would drive us home even his working time is off as an allowance for entertainment?” not only answering question the ethicist will so advice how to react on different situations, such as misleading financial analysis in order to obtain personal gains, misuse...
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...Tax Accounting Career Path Intermediate Accounting II- Spring 2014 Submitted to Dr. Jeffery Hillard Dante Pennix Sr. April 21, 2014 My goal is to become a Certified Public Accountant while achieving the goal of owning a lucrative CPA firm. One of the great benefits of choosing tax accounting as a career is that you will always have a job when you graduate. Tax accountants and CPAs will always be in high demand as long as the globalizations of marketplaces continue to develop. Tax accountants also create tax strategies to reduce the amount of taxes a client owes while remaining compliant with GAAP and tax laws. The qualities of a tax accountant consist of begin able to be organized, competent, have an attention to detail, ethical, and most in important effective communications, both written and verbal. For example, common responsibilities for tax accountants include preparing and filing taxes, financial planning, completing continuing education credits, and researching and reviewing past tax filings. In summary, the career path of a tax accountant and CPA is very tedious and technical but overall, the journey is worthwhile. The reason why I elected tax accounting as a career path was because of the stability and longevity that it holds. Another reason I choose this career choice was for the challenging and gratifying work that it brings. Tax accounting is a specialized field because of the ever changing rules in the accounting arena as with new regulations and laws of the tax...
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...German Commercial Code (Nandelsgesetbuch, or HGB), and German Accounting Standards (GAS) that are set by German Accounting Standards Committee (GASC). GASC has similar function as Financial Accounting Standard Board (FASB) in United States – to develop and set accounting reporting standards, the process which includes publication of draft of standards, comments period, revision of draft period, public discussion, and finally, adoption of new standards. Germany has two entitles that serve as an enforcement mechanism of financial standards and as a mechanism that review and examine accounting standards in Germany – Financial Reporting Enforcement Panel (FREP) and Federal Financial Supervisory Authority (FFSA). In United States, enforcement mechanism of accounting principles is U.S. Securities and Exchange Committee (SEC). SEC’s mission is “to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation”, so the enforcement of accounting principals is only part of the SEC’s job (SEC, 2014). IFRS or German GAAP? Although Germany requires to use IFRS for publicly traded companies, German companies still have to use GAS for separate financial statements of publicly traded companies, and for any non-publicly traded company. That is because German taxation system is interconnected with GAS, and German tax law have not been renewed to reflect changes brought by IFRS. While modernization law made GAS very close to IFRSs, there are still some differences...
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...1.0 Introduction This report talks about china s accounting systems and how it has developed and changed continuously till present. It looks into the history of Chinese accounting, followed by explaining how the institutional factors have had an impact and is backed up by 2 theorist, Hofestede and Grays model. It identifies the significant changes that occurred during its journey in adapting to the IFRS standards starting from 1949. Culture is a main aspect of china and has been incorporated into its accounting systems as well. To conclude it explains future problems that may arise and whether or not china will fully adapt to the IFRS system. 2.0 Brief history of accounting Previously there was no real accounting system in china with the exception of providing financial reports, therefore the Chinese government wanted to implement an accounting system. In 1949 the people Republic of China (PRC) a communist party came into power and adopted a communist accounting approach from Russia to achieve socio economic development without the reliance on developed nations. 2.1 Significant changes that have taken place 2.2 Great Leap Forward The regime of the Great Leap Forward 1958 – 59 was an effort to strengthen china’s economy, and catch up with the western world, but ended during the Cultural Revolution. A series of natural disasters like shortage of water, starvation led to the worst period in china’s history. 2.3 Cultural Revolution However the Cultural Revolution...
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...Accounting for Income Taxes I. Overview – Accounting for income taxes involves both intraperiod and interperiod tax allocation. Intraperiod allocation matches a portion of the provision for income tax to the applicable components of net income and retained earnings. Income for federal tax purposes and financial accounting income frequently differ. Income for federal tax purposes is computed in accordance with the prevailing tax laws, whereas financial accounting income is determined in accordance with GAAP. Therefore, a company’s income tax expense and income taxes payable may differ. The incongruity is caused by temporary differences in taxable and/or deductible amounts and requires interperiod tax allocation. II. Intraperiod Tax Allocation – Intraperiod Tax Allocation involves apportioning the total tax provision for financial accounting purposes in a period between the income or loss from: a. Income from continuing operations b. Discontinued operations c. Extraordinary items d. Cumulative effect of an accounting change e. Other comprehensive income i. Pension Adjustment ii. Unrealized gain/loss on available for sale security iii. Foreign translation adjustment f. Components of stockholders’ equity iv. Retained earnings for prior period adjustments and v. Items of accumulated (other) comprehensive income g. General Rule – Any amount not allocated to continuing operations...
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...Seth Spencer Accounting Research 533-01 August 27, 2015 Answer these questions on an individual basis: 1. Identify the main financial accounting question and the main auditing question you will try to answer in your research. What additional issues can you identify at this time? (Don’t be limited to just one area of accounting). Financial accounting question: Financially, how do we account for sales tax transactions? Audit question: How does the current treatment of sales tax affect the financial statements and therefore the outlook of the company to investors? Tax Question: How does their current outlook on sales tax affect Green Dreams’ tax liability? Ethical Questions: Does the intentional abuse of the law (and use penalties to pay less taxes/not disclose liability) affect the shareholders in other ways? Could the continued abuse of the law lead to higher penalties? How would it be necessarily “wrong” if they are cooperative with authorities and paying the penalties? 2. Audit Facts * Disclosure of liability (or inability to disclose liability) * Logic of accounting director is skewed—could mean more “iffy” disclosures Audit Facts * Disclosure of liability (or inability to disclose liability) * Logic of accounting director is skewed—could mean more “iffy” disclosures Identify which of the scenario facts are relevant to the main financial accounting and auditing issues. Financial Accounting Facts * Outside of state purchases...
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