... TAX215 Project (2700 words) Candidate declaration I declare that: * This is my own original work and I have acknowledged all materials, sources and references used in the preparation of this assignment. * I have abided by the Institute’s Bye-Laws. * This assignment has not been submitted previously for assessment. * I have not copied in part or whole or plagiarised the work of other candidates, students and/or authors. * The electronic version of this assignment has been submitted in compliance with the project requirements. I consent to the Institute notifying my employer and/or any tertiary institution at which I am enrolled if this assignment constitutes an actual or reasonably suspected breach of any of the Institute’s Bye-Laws and Exam Regulations. I acknowledge that the Institute will retain the original of this assignment. In submitting this assignment to the Institute, I declare it is my own work undertaken for the purpose of meeting the assessment requirements of the MICPA-CAANZ Programme module in which I am currently enrolled. I understand that the Institute will check my assignment for plagiarism and will retain a copy of my assignment for future plagiarism checking. This declaration confirms the above statements. Signature: AIMAN Date: 27/7/2015 QUESTION 1 i) In relocating to promoted area, the incentives that will be eligible for Roshmind Sdn. Bhd. to choose are pioneer status and investment tax allowance as...
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...Corporate Tax Return Project This assignment requires the completion of a Federal corporate tax return, the 2009 return for the Jackson Corporation. The return involves the first year of operations of Jackson Corporation. You may prepare the tax return using tax software or use the IRS’s “fill-in” forms. The forms may be found by going to www.irs.gov go to - Forms and Publications. Under Forms and Publications there is a link to “previous years” for the 2009 forms. I highly suggest using the tax software in the book- if you don’t have the software see me. The returns must be completed no later than July 20, 2011 at 6pm. For every DAY that the return is turned in earlier than the due date 1 bonus point is awarded up to a maximum of 10 points. For each day the project is late there is a penalty of 10 points. The return is worth a base of 100 points. For any judgment call you must document your position. A very short summary of facts/ law/ conclusion is required. Instructions: Complete the corporate tax return for 2009 for Jackson Corporation. This may include the Schedules A, C, D, E, J, K, L, M-1/ M-2, 4626 and 1120-W. Be careful about what additional forms are needed. This project is an individual assignment. It is NOT a group assignment. I am looking for the following (and will grade accordingly) with this assignment: 1. Correct use of the Forms. 2. Issue identification. 3. Documentation. For any judgment call you...
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...Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said on Friday that the purpose of the Goods and Services Tax (GST) was to ensure that "the tax system is fair". Speaking at a Channel NewsAsia forum on Friday evening with panelists from different segments, the minister explained that "most of the taxes are paid by those who are better off and the benefits are received by those less well off." Referring to the new permanent GST voucher introduced in this year's Budget, Tharman said it was meant to "help them (lower income families) to bear daily and medical cost, quite apart from topping up their income through workfare and improving the subsidies". The voucher will fully offset the 7 per cent GST that the lower half of retiree households pay on their expenses. The GST voucher will come in the form of cash, U-Save and Medisave top-ups. In the last five years, the voucher had been done on a temporary basis "so people can see it with their own eyes and they get to understand the whole nature of the tax system that this is a clear fair tax system — I'm getting something back if I'm poor," said Tharman. "If I'm rich, you don't get anything back because your job is to pay some taxes for the betterment of society, that's the logic behind it." Panelists at the forum also shared their concerns on whether our society cared enough for the elderly, among other issues discussed. "I wanted to make sure that people don't get away thinking the only reason that we want...
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...Tax Research Memorandum To: Lauren Smith From: Date: May 18, 2012 Re: Tax Treatment of MBA education expenses Facts You incurred $15,000 in educational expenses in the course of earning a MBA. You want to deduct these expenses as an employee business expense in your tax return since your employer does not have an education expense reimbursement program. Issue The issue is (1) whether the education was required to keep your present salary, status or job and/or the education maintains or improves skills needed in your present work, and (2) whether the education was needed to meet the minimum educational requirements of your present trade or business, and (3) whether the education is part of a program of study that will qualify you for a new trade or business. Rule It has been established that education expenses can be deducted as business expenses when the education maintains or improves skills needed in your current work but the education was not needed to meet minimum requirements and did not qualify you for a new trade or business. Publication 970 (2011) Tax Benefits for education Federal Tax Regulations, Regulation, §1.162-5., Internal Revenue Service, Expenses for education Singleton-Clarke v. Commissioner, T.C. Summary Opinion 2009-182, Allemeier v. Commissioner, T.C. Memo. 2005-207 Blair v. Commissioner, T.C. Memo. 1980-488 Sherman v. Commissioner, T.C. Memo. 1977-301 Link v. Commissioner, 90 T.C. 460, 463-464 (1988) Schneider v. Commissioner...
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...ACCOUNTING 6314 Research Project Dr. DYE Emily M. Evans 8/3/2012 This Research Project observes a case that goes from Tax Court to the Tenth Circuit of Appeals and the results of the case. It takes a look at the different sides and the support they brought. The Tenth Circuit Appeals Court hears both tax and non tax appeals. Once it makes a decision, that decision in most cases represents the final authority since the US Supreme Court hears so few cases annually. The following case discussed is very interesting because the Tenth Circuit of Appeals Court’s opinion was based on cases with the same issue, but very different circumstances and taxpayers. Background A husband and wife, Milo and Sharyln Shellito operated a farm in Kansas for over twenty years. They both worked full time on the farm for that time. The land was mainly owned by third parties, but they leased the land to Milo. Milo and Sharyln decided to purchase a business plan in 2001. It was called AgriPlan/BizPlan. In it was included a preprinted medical reimbursement plan. Milo and Sharyln relied on their accountant on the implementation of the plan. Their accountant recommended that Sharyln become an employee of the husband and be given a monthly salary of one hundred and reimbursements for both medical expenses and health insurance premiums. A log was kept of her hours to show she worked full time, but her duties and daily activities were not recorded. Milo...
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...Mr. Smith has been severely injured an automobile accident, which has damaged both of his legs. As a part of the rehabilitative treatment, he has been prescribed, by his doctor, a regimen of exercise, specifically, daily swimming. In the current tax year, Mr. Smith purchases, for $175,000, a house with an existing pool. He spends $1800 in other medical expenses, and $500 on pool maintenance. Since the accident was last year, he has no further expenses, except for the purchase of the house with the pool. Of course this $2300 total ($1800 on medical expenses and the $500 on the pool maintenance) is deductible, if he can meet the 7.5% of Adjusted Gross Income threshold. So the crux of the question is, can he deduct anything for the purchase of the home with pool, and thus push himself over the threshold, into the happy land of itemized minimum deductions. Unfortunately, and counter-intuitively, the answer is no. Admittedly, Mr. Smith purchased a house with an asset, in this case, the pool, primarily for his own rehabilitative care. Quite possibly, Mr Smith would never have thought of buying a house, with such an aquatic appliance, had it not been for the accident. He may even detest the darn thing as a nuisance. He may also loathe the vampiric drain upon his income, from the myriad of maintenance expenses incurred by owning a pool. All those concerns are of no consequence. The governing determination, in this matter, may be found in the IRS Publication 502, Medical and...
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... 3.6.1 Sequence Diagrams 4. System Design Documentation(SDD) 4.1 Subsystem Decomposition 4.2 Persistent Data Management 5. Forms 5.1 Input Forms 5.2 Output Forms 6. Coding 7. Testing 7.1 Module Testing 8. Conclusion 9. Bibliography [pic] ABSTRACT The main aim of our project is to prepare a Tax summary or Tax Returns of a client. In Tax Information system System, a client registers himself enters all the details and uploads various Documents that are necessary for preparation of Tax Summary and Schedules for an interview after successful submission of all the documents. After all the procedures are completed Tax Returns or Tax summary is prepared for all the clients by the admin who calls the clients and arranges an interview for discussing various issues regarding Tax summary . Once...
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...levered value of a project? The constant interest coverage policy is an alternative leverage policy. The Constant interest coverage policy utilizes a target fraction for the firm, dependent upon each projects free cash flow to determine the leverage a firm and its projects specifically. This in turn will help the firm take advantage of the corporate tax shield. “With a constant interest coverage policy, the value of the interest tax shield is proportional to the project’s unlevered value”. (Berk & DeMarzo, 2011) The constant interest coverage policy takes targeted interest into account for the project’s free cash flow to increase leverage and determine the project’s total value. 2. Why should issuance costs and mispricing costs be included in the assessment of the project’s value? How do you include them? Issuance cost is another cost of doing business for the specific project and should be included as a cost of the project, which will in turn lower the NPV of the project during the assessment. One would include issuance cost by subtracting the issuance cost just as with the investment cost during the NPV calculation. Mispricing costs are also subtracted from the NPV of the project and are to be included during evaluation. 3. Why is it important to calculate the value of the interest tax shield if a firm adjusts its debt annually to a target level? To obtain a true NPV of a project, one must include the value of the interest tax shield. When...
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...Auckland City Council has proposed an integrated package of major transport projects over the next 30 years. These projects require additional funding of $10-$15 billion dollars. The existing funding sources are already committed therefore alternative source of funding needs to be found. Council has come up with various options which can fund this future transport projects. This essay will examine three major options tolls, rates and taxes on the basis of equity and efficiency. Tolling new and existing roads is one of the options which can fund the transport projects in Auckland. In terms of equity dilemmas faced by the policy makers, under the current legislation, an existing un-tolled alternative road must be available. Therefore, it will be essential to only toll roads (existing or new) which have an alternative free route available. Hence the driver will have a choice to use the tolled road alternative free route. Therefore, toll will be only paid by those who are willing to pay to use the road; others can use the alternative free route. Available options will not impose burden on the drivers to pay. But it will be important to consider that the toll roads may be less used compared to the free route available which may lead to less collection of tax. According to Cr Brewer, “It is going to get very expensive to live in Auckland by adding tolls to road.” At the same time, toll will be a regressive tax as people using the roads can be a higher income earner and lower income earner...
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... and moderating growth of industrial production, lack of capital investment, poor level of power & energy, low level of liquidity, etc. At the current juncture, what was required from the Budget was to address the issue of inflation and support growth momentum, while maintaining the focus on fiscal consolidation and continuing ahead on the reform agenda. Increased allocation of planned resources towards infrastructure projects along with the proposals to direct foreign funds and private saving towards infrastructure sector will unlock much of the growth potential of the sector. Although the continued force on infrastructure along with power & energy, agriculture and education sectors is expected to provide significant impetus to economic growth in the medium-term, measures to control inflation in the immediate future were missing in the budget announcements. On the fiscal deficit front, the budgeted fiscal deficit is 5% of GDP for FY14-15. This indicates government will face lot of trouble in near future. This can be reduced through increasing Tax revenue, reduce debt service liability and etc. Budgeted Expenditure for FY14-15 For FY14-15, total expenditure is budgeted to increase by 15.9% to 250,506 Crore Taka as compared to the revised estimates (RE) for FY13-14. The development expenditure, however, is budgeted to register a great increase compared to the revised estimates of FY13-14; the expenditure on this front is slated to increase by 32.50%. Budgeted Revenue...
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...were built with 90 percent federal funding the only problem was that the local government did not get any money to improve the transportation systems. Fast-forward to August 2005 according to Shirayanagi, H., & Kitamura, Y. (2011) “ the Safe, Accountable, Flexible, Efficient Transportation Equity Act: (SAFETEA-LU) which is our current transportation policy signed by President George W. Bush, authorized $286.5 billion dollars to fund our nation’s transportation network through September 2009…” (p.257) The bill expired on September 30, 2009 and has been extended multiple times since that date. The main reason Congress cannot come up with a new policy because first and for most the federal government does not want to fund state and local projects without any help from that state,...
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...The Low Income Housing Tax Credit gives funding for the development of low-income housing by giving an investor, a federal tax credit equal to a percentage up to seventy percent. To take advantage of the LIHTC, a developer will pitch a project to a state agency, win tax credits, complete the project, certify its cost and rent-up the project to low income tenants. At the same time, an investor will make capital investments to the partnership that owns the project in exchange for being allocated the entity's LIHTCs over a ten year period. This pay for performance accountability has driven private sector to the LIHTC program. As part of the tax code, the LIHTC program creates public-private partnerships, and has leveraged more than $75 billion in private equity investment for the creation of affordable rental housing. Therefore, this has created many more projects for low income households to live in. Not only is it a win for the developer and city it is also a win for the community since they have a new place to call home at a affordable price. Additionally, these are usually new developments therefore the tenant will most likely be living in a newly developed building. Plus it avoids gentrification by allowing for lower income...
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...revenue collections from taxes (due to slowing growth), low disinvestment and spectrum sale revenues, and the growth of subsidies leading to an increase in government expenditure during FY 2011-12. India’s fiscal deficit during FY 2011-12 was 5.9%, far above last year’s budget estimate of 4.6%. Third, given the current volatile political scenario, the government has to project a pro-common man image. Budget 2012-13 appears to be a realistic budget, balancing the objectives of financial prudence, GDP growth and populist measures. Most of the policies put forth in this budget were along expected lines. And, the initial response from the stock market supports the same. Fiscal prudence The finance minister clearly outlined measures the government is taking to increase its revenues, including increasing the service tax rate to the pre-stimulus level of 12%, increasing excise duty to 12% and setting a disinvestment target of Rs. 30,000 crore for the year. This budget’s big idea was the introduction of systems to enhance the simplification of tax laws, increase tax net coverage, increase compliance and reduce tax litigations. However, this year’s budget did not shed much light on how the government plans to rein in expenditures. Apart from a brief mention on better targeting through mobile platforms, there was no mention of fuel and fertilizer based subsidy reductions. GDP Growth Policies The steps taken to promote infrastructure development...
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...MEDIA BRIEFING AN ANALYSIS OF THE NATIONAL BUDGET FOR FY2015 06 JUNE 2014 CPD IRBD 2014 TEAM Dr Debapriya Bhattacharya, Distinguished Fellow CPD and, Professor Mustafizur Rahman, Executive Director, CPD were in overall charge of preparing this report as the Team Leaders. Lead contributions were provided by Dr Fahmida Khatun, Research Director; Dr Khondaker Golam Moazzem, Additional Research Director and Mr Towfiqul Islam Khan, Research Fellow, CPD. Valuable research support was received from Mr M Shafiqul Islam, Additional Director, Administration & Finance; Ms Khaleda Akhter, Senior Research Associate; Mr Muhammad Al Amin, Senior Research Associate; Mr Kishore Kumer Basak, Senior Research Associate; Mr Md. Zafar Sadique, Senior Research Associate; Ms Mehruna Islam Chowdhury, Senior Research Associate; Mr Uttam Kumar Paul, Deputy Director, Accounts; Mr Mashfique Ibne Akbar, Research Associate; Ms Farzana Sehrin, Research Associate; Ms Saifa Raz, Research Associate; Ms Umme Salma, Research Associate; Ms Umme Shefa Rezbana, Research Associate; Ms Mahenaw Ummul Wara, Research Associate; Dialogue Associate; Mr Md. Naimul Gani Saif, Research Associate; Mr Mohammad Afshar Ali, Research Associate; Ms Shahida Pervin, Research Associate; Ms Afnan Ashfaque, Research Associate; Mr Mostafa Amir Sabbih, Research Associate; Ms Kashfi Rayan, Research Associate; Ms Shahzeen Hafiz, Programme Associate; Mr Ziad Quader, Research Intern; Ms Nadee Naboneeta Imran, Research Intern and Mr...
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...per cent of the electricity you generate (only systems above 30kWp need to have an export meter fitted, and a domestic system is unlikely to be that big). * Energy bill savings: you will be making savings on your electricity bills because generating electricity to power your appliances means you don’t have to buy as much electricity from your energy supplier. The amount you save will vary depending how much of the electricity you use on site. 2. VGF- Viability Gap funding VGF is typically provided in competitively bid projects. Under VGF, the central government meets up to 20% of capital cost of a project being implemented in public private partnership (PPP) mode by a central ministry, state government, statutory entity or a local body. The state government, sponsoring ministry or the project authority can pitch in with another 20% of the project cost to make the projects even more attractive for the investors. Potential investors bid for these projects on the basis of VGF needed. Those needing the least VGF sup-port will be...
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