...Performance Management at Perelson Weiner LLP1 Jan Bell Babson College Alfred J. Nanni, Jr Babson College Introduction and entrepreneurs. (See Exhibit 3 for a description of PW’s business.) PW’s business development is relationship-based; the firm doesn’t advertise for business. Instead, personnel develop long-term relationships with clients. These relationships typically start with tax return or financial statement preparation and then grow to include services that provide value to the client in other ways. Weiner explains his client focus this way: “We don’t seek short-term transactional services; we want to spend our time developing client relationships that last 40 years rather than seeking one-time opportunities.” To ensure that clients receive value from PW’s services, Weiner insists that personnel have unique expertise before offering services to clients. PW’s expertise and its ability to add unique value lie in providing traditional tax preparation, accounting, and auditing services, which are then enhanced by meaningful proactive business and tax consulting advice. Weiner has made a strategic decision to focus on these sources of client value plus one other sort of advice. With a New York City location, Weiner feels that PW can also add value for its clients by assisting them in the selection of the best specialized professional service firms in other areas. For example, PW personnel help clients find the best asset management firms and...
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...Introduction: H&R Block (H&R) is a leading company in tax preparation industry. Risk management is very important in the competitive tax service industry. The purpose of this report is to analyze H&R's macro- environment using STEEP model and identify the potential threats. Social: According to statistic Canada, the death rate will be over birth rate in the following years. Less population will results in less requirements to file tax return. Another factor which can't be ignored is immigration. Statistic Canada predicted that before year 2056, immigrant will be the main source of annually 1% population growth. This will create a demand for bi-lingual employee who can speak the immigrants' native language. Also, the components of the immigration is very important. For example, the company needs to train staff regarding foreign income in an area with a lot of investment immigrants. Re-target market segment is very important for H&R, especially in a city like Toronto. Technological: During the recent years various software make DIY tax filing very convenient and less expensive. To compete with this, H&R developed their own software and put them on the market. After years of development, "block at home" is one of the leading software on the market. But with more and more free software emerging, H&R block still face severe competence. To maintain their tradition tax service competitive advantage, H&R guaranteed that company will reimburse the penalty and interest from CRA...
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...PARTNERSHIP TOPIC 11 – INCOME TAX ADMINISTRATION TOPIC OUTLINE: 11.1 Objective of Tax Administration 11.2 Tax Compliance – Voluntary Compliance 11.3 Tax Administration 11.4 Tax Audit 11.5 Authority & Responsibility of Director General of Inland Revenue (DGIR) 11.6 Taxpayers & Employers Responsibilities 11.7 Tax Compliance & Ethical Issues KAT 2013 / 062 (SALIZA ABDUL AZIZ, ASA) OBJECTIVES OF STUDY: To introduce income tax administration and identifying the level of compliance degree To determine the division of income tax administration in respect of return form, assessment, appeal and collection To understand of audit system on taxation KAT 2013 / 062 (SALIZA ABDUL AZIZ, ASA) 11.1 Objective of Tax Administration 11.2 Tax Compliance – Voluntary Compliance Taxpayers will prepare and file the return form to declare the actual income received. The form will be submitted within certain period. Tax payment will be made immediately. Employers will be acquired to hold or deduct the tax from the employees income and remit to the IRB (the schedular tax deduction – PCB). The main objective of income tax administration is to achieve the maximum degree of compliance to the ITA (total compliance). KAT 2013 / 062 (SALIZA ABDUL AZIZ, ASA) KAT 2013 / 062 (SALIZA ABDUL AZIZ, ASA) 1 Towards achieving total compliance Publicize through the media and opening counters to give explanation on the tax payment procedure. Administration on the tax law should be done immediately...
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...higher education in 2000/01 or later What details do I need to provide? You need to tell us some personal details and what your financial income was for the tax year 2013-14. You must tell us your 2013-14 income details as we cannot accept amounts from any other tax year. We need your income amounts so we can work out what the student(s) you are supporting are entitled to. How do I complete this form? This form is made up of 6 sections: section 1 - personal details section 2 - data sharing and you section 3 - your financial information for tax year 2013-14 section 4 - other income section 5 - income deductions section 6 - your dependants • Start by checking the details in section 1 and then work your way through the form. (Depending on your circumstances you may not need to complete every section) • Please refer to the Support notes at the back of this form each time you see n What if I have further questions? If you have further questions you can: • visit www.gov.uk/studentfinance • call us on 0300 100 0607 Where do I send my form? Once you have completed this form and signed and dated the declaration, please return it to Student Finance England, PO Box 210, Darlington, DL1 9HJ Please remember to pay the correct postage. What happens if my household income has dropped since tax year 2013-14? If your household income has dropped by 15%...
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...Independent Student - Tracking Group V1 ϮϬϭϰʹϮϬϭϱ sĞƌŝĨŝĐĂƚŝŽŶ tŽƌŬƐŚĞĞƚ Your 201ϰ–201ϱ Free Application for Federal Student Aid (FAFSA) was selected for review in a process called verification. &ĞĚĞƌĂů ƉŽůŝĐLJ says that before awarding Federal Student Aid, we may ask you to confirm the information you reported on your FAFSA. To verify that you provided correct information, ^ƚƌĂLJĞƌΖƐ ^ƚƵĚĞŶƚ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ;^&^Ϳ ƚĞĂŵ will compare your FAFSA with the information on this worksheet and with any other required documents. If there are differences, your FAFSA information may need to be corrected. You must complete and sign this worksheet, attach any required documents, and submit the form and other required documents to your ĐĂŵƉƵƐ ƵƐŝŶĞƐƐ KĨĨŝĐĞ͘ zŽƵƌ ĐĂŵƉƵƐ may ask for additional information. If you have questions about verification, contact your ĐĂŵƉƵƐ ƵƐŝŶĞƐƐ KĨĨŝĐĞ as soon ĂƐ ƉŽƐƐŝďůĞ ƐŽ that your financial aid will not be delayed. A. Independent Student’s Information Student’s Last Name Student’s First Name Student’s M.I. Student’s Street Address (include apt. no.) City Student’s SŽĐŝĂů ^ĞĐƵƌŝƚLJ EƵŵďĞƌ Student’s Date of Birth State Zip Code Student’s Home Phone Number (include area code) Student’s Email Address Student’s Alternate or Cell Phone Number B. Independent Student’s Family Information List below the people in ƚŚĞ household. Include: x x x x dŚĞ ƐƚƵĚĞŶƚ. dŚĞ ƐƚƵĚĞŶƚΖƐ spouse, if ƚŚĞ ƐƚƵĚĞŶƚ ŝƐ married. dŚĞ ƐƚƵĚĞŶƚΖƐ Žƌ ƐƉŽƵƐĞΖƐ children, if ƚŚĞ ƐƚƵĚĞŶƚ...
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...Construction Complete Date December 16, 2013 As of Dec. 31… 2012 2013 Actual cost incurred $11,500,000 $8,360,000 Estimated remaining costs $8,250,000 $- Billed to customer $9,000,000 $16,000,000 Received from customer $7,500,000 $16,500,000 Assuming Benny Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? 2. (TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $25,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $16,000 Installment sales revenue, to be collected in 2013 $45,000 Operating loss carryforward $36,000 What is the adjustment needed to correct the balance of deferred tax asset for 2012? 3. (TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013. Service cost $103,000 Interest on projected benefit obligation $65,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $14,000 Expected return on plan assets $18,000 The amount of pension expense to be reported for 2013 is 4. (TCO C) Bunny Hopping, Inc. sponsors a defined-benefit pension plan. The following data relate to the operation of the plan for the year 2013. Service cost $135,000 Contributions...
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...Prison Inmates claiming millions in tax refund Over the past few years prisoner tax refund fraud has sky rocketed. According to the article - (Prisoners rake in millions from tax fraud, 2013) “In 2010, more than 91,000 inmate returns claimed $759 million in fraudulent refunds.” 1 That figure was more than double from the previous year. How is it a convicted felon who is behind bars still gets to cheat the system by robbing innocent tax payers of billions in tax refunds on an annual basis? This type of white collar crime is easily committed, all that is needed is the use of a computer with internet access and a great deal of time which a prisoner is in no shortage of having. They can educate themselves on how to hack into hundreds of databases that contains people’s personal information including social security numbers. Once that information is gathered they can begin the process of stealing tax refunds they are certainly not due by filing fraudulent income tax forms, sometimes hundreds at a time by using legitimate names and social security numbers, sometimes the names of their inmates, relatives or even people who are deceased. It is the duty of the IRS to fix this problem. This paper will highlight a few cases of inmate tax refund fraud and what measures the IRS has taken and will continue to take in order to protect innocent victims against this type of fraud. Case summaries involving inmate tax refund fraud The following cases are classic examples of...
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...you should be able to: 1. Understand the components of the tax formula. 2. Apply the standard deduction to each filing status. 3. Determine whether an individual qualifies as a personal exemption. 4. Distinguish among the five different filing statuses. 5. Apply the tax tables and the tax rate schedules to taxable income. OVERVIEW This chapter discusses the components of the tax formula and studies the implications of the standard deduction to the taxpayer. Additionally, the qualifications for the personal exemption are analyzed. Finally, the basic filing statuses are examined as well as the role of the tax tables and the tax rate schedules. ¶3001 COMPONENTS OF THE TAX FORMULA[->1] Taxable income is computed using one of the two overall accounting methods, the cash method or the accrual method. It is also possible to use a combination of the two overall methods. Under the cash method, income is reported when it is received and deductions are taken when the expense is paid. The accrual method requires income to be reported when all the events necessary to fix the right to receive payment have occurred and there is reasonable certainty regarding the amount. Likewise, accrual basis taxpayers usually claim a deduction in the year in which all events that fix the liability have occurred, provided the amount of the liability is reasonably determinable. A basic understanding of the method used to calculate the tax liability is a necessity in the study of federal income taxation...
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...postcard, has not been heard form since. In the postcard (no return address included) that Sophia received in March 2013. Karl announced that he planned to claim both Ryan and Isabella as dependents on his own tax return. Ryan (age 19 in December 2012) graduated from high school on May 6, 2012, and plans to start college in 2014. He earned $8,000 in 2012 and $17,000 in 2013. Isabella’s income is negligible and originates from nontaxable sources (e.g., Social Security benefits and interest on municipal bonds). For tax years 2012, Sophia filed her Federal income tax return as married filing separated and claimed no exemptions for dependents. She has not yet filed for 2013. Being somewhat perplexed with her situation, she comes to you for advice in early March 2014. Memo - Issue Sophia Durbin is a part of a household that she provides over half the support for her son, Ryan, and mother-in-law, Isabella. Sophia’s husband, Karl left abruptly in March 2012. For tax year 2012, Sophia received notification in March 2013 via post card from Karl that he planned to claim Ryan and Isabella as dependents. Sophia filed Federal income tax return under married filing separately and did not claim any exemptions for dependents. Isabella receives income from nontaxable sources, social security and municipal bonds. (The textbook does not clearly state when this started, it’s assumed it covers both 2012 and 2013 tax years.) Ryan graduated high school May 6, 2012 and will...
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... $30 2013 $750 30 740 10 2014 715 10 690 25 2015 700 25 695 5 Problem 16–1 (continued) ($ in thousands) Current Future Year Taxable 2013 Amount Pretax accounting income 250 Temporary difference: 2012 services (30) 30 2013 services (10) 10 Taxable income (income tax return) 270 Enacted tax rate 40% 40% Tax payable currently 108 Deferred tax liability 4 ( Deferred tax liability: Ending balance (balance currently needed) $ 4 Less: Beginning balance: ([$650 – 620] x 40%) (12) Change needed to achieve desired balance $ (8) Journal entry at the end of 2013 Income tax expense (to balance) 100 Deferred tax liability (determined above) 8 Income tax payable (determined above) 108 Problem 16–1 (continued) Requirement 2 ($ in thousands) Current Future Year Taxable 2014 Amount Pretax accounting income 220 Temporary difference: 2013 services (10) 10 2014 services (25) 25 Taxable income (income tax return) 205 Enacted tax rate 40% 40% Tax payable currently 82 Deferred tax liability 10 ( Deferred tax liability: Ending balance (balance currently needed) $10 Less: Beginning balance: (from 2013 calculation) (4) Change needed to achieve desired balance $ 6 Journal entry at the end of 2014 Income tax expense (to balance) 88 Deferred tax liability...
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...CHAPTER 3: Liability for Tax, Income Determination, and Administration © 2013 McGraw-Hill Ryerson Ltd. 1 Liability for Tax and Income Determination I. II. III. IV. Sources of Canadian Tax Law Liability for Tax Determination of Income Administration of the Income Tax System © 2013 McGraw-Hill Ryerson Ltd. I. 2 Sources of Canadian Tax Law There are three separate sources that govern income tax law in Canada: 1. Statute law: a. b. 2. 3. Federal Tax system – The Income Tax Act. Separate provincial income tax act Common law International tax conventions © 2013 McGraw-Hill Ryerson Ltd. 3 1 08/09/2012 Common Law Is an integral source of tax law. • CRA often views a transaction differently than the taxpayer. • Disputes are settled in the Canadian court system. Sufficient jurisprudence helps define and interpret tax laws. • Jurisprudence is now the primary source of definitions and interpretations. © 2013 McGraw-Hill Ryerson Ltd. 4 International Tax Conventions Reciprocal tax treaties with foreign countries in order to: a) rationalize and define the jurisdictional authority; and, b) avoid the incidence of double taxation. Tax conventions are designed to limit the right of one jurisdiction to tax income. Treaties takes precedence over Income Tax Act (“the Act”) © 2013 McGraw-Hill Ryerson Ltd. 5 Sources of Canadian Tax Law Federal tax law is the responsibility...
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...Financial Aid Office 2012–2013 Verification Worksheet Independent Student Your 2012–2013 Free Application for Federal Student Aid (FAFSA) was selected for review in a process called verification. The law says that before awarding Federal Student Aid, we may ask you to confirm the information you reported on your FAFSA. To verify that you provided correct information the financial aid administrator at your school will compare your FAFSA with the information on this worksheet and with any other required documents. If there are differences, your FAFSA information may need to be corrected. You must complete and sign this worksheet, attach any required documents, and submit the form and other required documents to the financial aid administrator at your school. Your school may ask for additional information. If you have questions about verification, contact your financial aid administrator as soon as possible so that your financial aid will not be delayed. A. Independent Student’s Information _____________________________________________________________ Student’s Last Name Student’s First Name Student’s M.I. _____________________________________________________________ Student’s Street Address (include apt. no.) _____________________________________________________________ City State Zip Code _____________________________________________________________ Student’s Home Phone Number (include area code) ____________________________________ Student’s Social Security Number ____________________________________...
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...Beach, CA 92647 Fax: 714-895-8997/e-mail: finaid@gwc.cccd.edu 2012–2013 Independent Verification Worksheet Your 2012–2013 Free Application for Federal Student Aid (FAFSA) was selected for review called verification. The law says that before awarding Federal Student Aid, we may ask you to confirm the information you reported on your FAFSA. You must complete and sign this worksheet, attach any required documents, and submit the form and other required documents to the financial aid office. Your school may ask for additional information. A. Student’s Information _____________________________________________________________ Student’s Last Name Student’s First Name Student’s M.I. _____________________________________________________________ Student’s Street Address (include apt. no.) _____________________________________________________________ City State Zip Code ____________________________________ Student’s Social Security Number (required) ____________________________________ Student GWC ID # (if you have one) ____________________________________ Student’s phone # B. Student’s Family Information List below the people in your household. Include: Yourself. Your spouse, if you are married. Your children, if any, if you will provide more than half of their support from July 1, 2012, through June 30, 2013, or if the child would be required to provide your information if they were completing a FAFSA for 2012–2013. Include children who meet either of these standards, even if they...
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...Large Company International Large Cap Emerging Markets US Large Cap Value International Value Emerging Markets Value World ex US Value World ex US Targeted Value US Large Cap Growth International Large Cap Growth US Small Cap US Micro Cap International Small Company Emerging Markets Small Cap US Small Cap Value US Targeted Value International Small Cap Value US Small Cap Growth International Small Cap Growth As of August 31, 2013 CORE EQUITY STRATEGIES US Core Equity 1 US Core Equity 2 US Vector Equity International Core Equity International Vector Equity Emerging Markets Core Equity World ex US Core Equity SPECIALIZED CORE EQUITY STRATEGIES US Sustainability Core 1 International Sustainability Core 1 US Social Core Equity 2 International Social Core Equity Emerging Markets Social Core Equity TAX MANAGEMENT STRATEGIES Tax-Managed US Equity Tax-Advantaged US Core Equity 2 Tax-Managed US Marketwide Value Tax-Advantaged World ex US Core Tax-Managed International Value Tax-Managed US Small Cap Tax-Managed US Targeted Value...
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...How Technology Has Changed Tax Accounting How Technology Has Changed Tax Accounting The profession of tax accounting has been around for almost a century with the ratification of the 16th Amendment in 1913, which allowed the United States Federal Government to levy taxes on individuals’ income (Rettig, 2006). At that time, the tax laws were fairly simple and most people could complete their tax returns and the required calculations without the help of an accountant. Since then, the tax laws have increased so vastly in number and complexity that the average person cannot understand the laws enough to prepare their own return without assistance. This may come in the form of a tax accountant or software that walks the taxpayer through various rules that may apply to them. This paper focuses on how technology has changed the tax accounting profession throughout the years, highlighting the various innovations that have had the most significant impact. First, I will focus on how technology has changed the various aspects of tax accounting from recruiting clients and communicating with them, to filing completed tax returns and interacting with the Internal Revenue Service. Following, I will describe what tax accounting is likely to look like in the future due to some of the latest technological advances. Finally, I will summarize the major changes in the tax accounting profession over the years, and how tax accounting will continue to evolve moving forward. ...
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