record includes sweeping economic reforms and deep across-the-board tax cuts, market deregulation, and sound monetary policies to contain inflation. His policies resulted in the largest peacetime economic boom in American history and nearly 35 million more jobs. 2 By reducing or eliminating decades-long social programs and significantly increasing defense spending, while at the same time lowering taxes and marginal tax rates, Reagan's approach to handling the economy marked a significant
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David Danon worked as a tax lawyer at Vanguard for five years. In 2013 Danon accessed certain privileged and confidential Vanguard documents. When he refused to return them he was fired. He had chosen to send these documents to both the Securities and Exchange Commission and the Internal Revenue Service (Whistle-blower or revealer of trade secrets?, 2014) . Danon has filed a whistleblower lawsuit against Vanguard claiming her was fired for his refusal to go along with their tax scheme. Danon’s lawsuit
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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
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most media, signifies extensive tax hikes and automatic spending cuts that are all scheduled to take place at once in the beginning of 2013. Unless the Obama Administration and the Republicans reach an alternative agreement on deficit reduction, the country will likely face increases equivalent to up to 3-4% of current GDP, which many worry will throw us back into a recession (Calmes, 11/15/12). Tax effects include but are not limited to: the expiration of all Bush tax cuts, (part of which included
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Community College 15744 Golden West St. Huntington 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
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income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her tax return ("Irs", 2014). In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes
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Also no state created privilege has held up in federal cases. A decade later, as part of the IRS reform, Congress enacted IRC §7525. The section provides that with respect to tax advice, the same common law protections of confidentiality which apply to a communication between a taxpayer and an attorney shall also apply to a communication between a taxpayer and any federally authorized tax practitioner to the extent the communication would be considered a privileged
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bankruptcy, the owner must use his own personal funds and assets to pay back the creditors if his business assets are not sufficed to cover the debts. * Income taxes: All the income and expenses are reported directly to the owners personal income tax return. The business does not file or pay taxes. * Longevity: Because a sole proprietorship is not a separate legal entity, it usually terminates when the owner becomes disabled, retires, or dies. As a result, the sole proprietorship lacks continuity
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Employer’s payroll tax equals 6.2% and employees’ equals 4.2% through 2012 (IRS, 2012). The maximum taxable earnings amount is $110,100. The Medicare tax rate is 1.45% for both employers and employees. There is no limitation for taxable earnings on Medicare taxes. Because mandated by law, Forward Style Inc. does not have influence in design of this benefit. Unemployment Insurance also mandated by law is financed by federal and state taxes on employers. The Federal Unemployment Tax (FUTA) rate for
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CHAPTER 3 ------------------------------------------------- FINANCIAL STATEMENTS, CASH FLOW, AND TAXES 1. Below are the 2007 and 2008 year-end balance sheets for Tran Enterprises: Assets: 2008 2007 Cash $ 200,000 $ 170,000 Accounts receivable 864,000 700,000 Inventories 2,000,000 1,400,000 Total current assets $3,064,000 $2,270,000 Net fixed assets 6,000,000 5,600,000 Total assets $9,064,000 $7,870,000 Liabilities and equity:
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