Internal Revenue Service

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  • Internal Revenue Service Case Study

    1- Jonathan was notified by the IRS that he should appear at the local IRS district office with support for his 2013 travel and entertainment expenses as well as his charitable deductions. It was a really nice day, so Jonathan went skiing rather than to the appointment. On the way to the ski resort Jonathan called his tax preparer, Sue Johnson, CPA, and told her that he wasn’t going to the appointment. What penalty or penalties could Jonathan be subject to? What about the Sue Johnson, CPA? Normally the Internal Revenue Service conducts audits to a significant percentage of taxpaying citizens each year, this audits are perform to verify certain variances within the tax law and codes. The individual being audited does have a burden on demonstrating to the IRS auditors that the information on their tax returns was accurate, that income was properly reported, and that tax credits and deductions were properly and legally taken. In this case the taxpayer elected to not appear for the meeting because he wanted to go skiing rather than the preset appointment. In this case the best approach to IRS examination is to promptly and fully cooperate from the outset, it will show them a good faith. According to the scenario shown here he failure the appointment, and he didn’t contact to examiner office right away to re-schedule. He needs representation, whereby he should fill out and sign a form 2848, power of attorney and declaration of representative, authorizing the CPA to…

    Words: 889 - Pages: 4
  • Museum Appraisal

    objects, best practices recommend against providing this service to the public for several reasons (Lord 1997, 68). For ethical and legal reasons, museums must maintain clear policies regarding appraisals. The museum’s collections management…

    Words: 1589 - Pages: 7
  • Tax Exemptions

    The first issue with exempting churches from paying taxes is the forcing of the Internal Revenue Service to decide what a religion is. Religion is an term that is difficult to define for scientists, and therefore, even more difficult for people in the Internal Revenue Service (Oppenheimer). To avoid the seemingly impossible task of defining what is considered a religion, tax exemptions should just be taken away from all religious institutions and nonprofit organizations. This would prevent…

    Words: 1957 - Pages: 8
  • Not-For-Profit Organization: A Case Study

    an integral part of the not-for-profit organization. If the organization does not have enough money to operate, it will be a serious problem and a board of directors has to shoulder responsibility for the fault. Fundraising is a major role of the board, but both the board and staff must have responsibility and ability to raise funds for the smooth operation of the organization (Fundraising Ideas). Not-for-profit organizations are highly dependent upon contributions, grants, and fundraising.…

    Words: 1512 - Pages: 6
  • The Pros And Cons Of Tax Inversion

    Republicans and Democrats do not support any kind of inversions; they do not agree how to deal with them. Federal Government is recollecting less tax revenues each consecutive year because inversions. A study shows that companies are holding more than $2 trillion in capital outside of the U.S. boarders. Because once a company decides invert, it is no longer U.S. taxpayer. Tax inversion is a form of tax avoidance. Why? Because tax inversion is perfectly legal, so it is not a kind of tax evasion.…

    Words: 766 - Pages: 4
  • Internal Revenue Code Section 1221 Case Study

    The Internal Revenue Code states that there is an allowed deduction for all ordinary and necessary expenses paid or incurred during the taxable year in order to carry on a trade or business. IRC § 162(a). The Internal Revenue Code also states that a capital asset is property held by a taxpayer, whether or not connected with the taxpayer’s trade or business and lists exclusions from the general definition. IRC § 1221(a). Code section 163 states that all interest paid or accrued within the taxable…

    Words: 854 - Pages: 4
  • Pros And Cons Of Volunteer Mileage

    basis up to 14 cents a mile. So, these volunteers then must pay income tax on the anything over the 14 cents a mile. The Internal Revenue Service (IRS) has the ability to change…

    Words: 1004 - Pages: 5
  • Analysis Of Guy La Monic Learn How To Settle Your Tax Debt

    Your Tax Debts Owing tax debt can be a frustrating and costly endeavor. Guy La Monica, and his colleagues at RKL Tax Services LLC have options to offer you if you are one of the many tax payers with tax debt. Contact his office today to work with an accountant or Tax Preparer who understands what all of your options are, and meet with someone who can provide you with realistic solutions. What is Tax Debt? Tax debt is the condition where a tax payer owes money to the federal government as a…

    Words: 911 - Pages: 4
  • Corruption In Cement Industry

    bribes to look the other way at their crimes, as told about in the book Thomas J. Gradel and Dick Simpson, “Corrupt Illinois: Patronage, Cronyism, and Criminality.” Although this book is only a report of corruption instance related to Chicago, it contains over three hundred pages of individual accounts and journal titles written specifically written on the topic. Groups Against Corruption The two primary groups that worked against corruption were both federal agencies, however, there were…

    Words: 1515 - Pages: 7
  • Hsbc V. Green Tax Evasion

    how it erodes the integrity of the tax system all businesses and individuals are a part of. Alternatively, what could have been done in this kind of situation is for the leaders of any corporation no matter if it’s a bank or not, to make a commitment to engage in practice seeing and telling the truth. It is about ensuring company’s policies and procedures have into place ethical standards followed by all employees. With regard to this, as an alternative preventing tax evasion and other…

    Words: 704 - Pages: 3
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