Corporate Taxes Assessment of Corporate Taxes Withholding Taxes of Dividend Distributions of Swiss Corporations Filing of Tax Returns, Assessments of Tax, Tax Litigation Corporate Reorganizations Taxation of Non-Resident Corporations Liability to Swiss Tax Determination of Taxable Income and Capital of Swiss Permanent Establishments Remittance of Profits Withholding Tax Income Subject to Withholding Tax Exemptions from Withholding Tax Withholding and Reimbursement of Tax Indirect Taxes Value Added
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CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS DISCUSSION QUESTIONS 1. (LO 1) When enacting tax legislation, Congress often is guided by the concept of revenue neutrality so that any changes neither increase nor decrease the net revenues raised under the prior rules. Revenue neutrality does not mean that any one taxpayer’s tax liability remains the same. Since this liability depends upon the circumstances involved, one taxpayer’s increased
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business and has the sole rights to the business profits. The owner is responsible for making all business decisions and does not have to defer to partners for decision approvals (Parrino, Kidwell, & Bates, 2012). The life entity of a sole proprietorship is limited (Parrino et al, 2012, p. 572). An advantage of a sole proprietorship is that the profits earned are subjected to lower income taxes (Parrino et al, 2012 p. 572). One of the major disadvantages of a sole proprietorship is that the owner
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her own name and in which there is only one owner. ( Wikepedia 2008) * Liability- Because there is only one owner all the liability is on the sole owner. * Income Taxes – A sole proprietorship is not a corporation; it does not pay corporate taxes, but rather the person who organized the business pays personal income taxes on the profits made, making accounting much simpler. (Wikipedia 2008) * Longevity or continuity of the organization: The sole proprietorship remains in existence for
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not connected to receipts of the state insurance for unemployment. This led to the respondent withholding inter alia taxes that were supposed to be paid to the state as per the Federal Insurance Contribution Act (United States vs Quality stores Inc. et al, 2014). The disagreement occurred since Quality stores Inc. believed that severity payments were not taxable as per the Federal Insurance Contributions Act and was seeking a reimbursement on behalf of itself and its 1850 terminated former employees
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makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second characteristic is income taxes. Businesses
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Accounting University of Phoenix/ACCT 483 July 20, 2009 Tax Law and Accounting The history and time line of federal, state, and local tax systems within the United States follows events in history that have shaped the current tax laws of today. Today the law is almost inconceivable with so many interpretations and loopholes. In today’s business world not only are companies governed by federal income tax laws, but also accounting guideline established by the national framework of generally accepted
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Timber Industry Economic Profile Following is a discussion of the timber industry including how several economic factors affect it, including: price elasticity of supply and demand; positive and negative externalities; wage inequality; and monetary and fiscal policies. Price Elasticity Important to note is that the timber industry and the lumber industry are not one in the same and experience differences price elasticity. The price elasticity of demand for the timber industry is inelastic
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service retailer with more than 35,000 restaurants in over 100 countries (McDonald's, 2014). With its presence in many diverse regions, it will come across an array of cultural and governing differences that will affect the organization’s financial management within each region. It is vital for McDonald’s to understand how issues such as political risks in a foreign country can hamper financial success, or how the exchange rate can vary day to day and alter cash flows. The global stage calls for
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sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Formation, Taxation, Control, Liability, Employee Issues, Federal, State and/or local laws affect ting the type of business, and Dissolution. Different forms of business are customized to suit corporations due the amount of liability that is spread throughout the business. One form of business may be a safer and more profitable alternative because investors
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