Tax law

As tax professionals, it is essential to maintain and follow the rules and standards which govern our industry. It is expected for tax professionals to follow the ethical standards that contain information which governs the standards and provides guidance to become a professional taxpreparer. IRS Code 6694(a) focuses and addresses tax return preparers concerns including the conflicts involved from tax preparers who decide their claims may surpass an unreasonable position within sections or…

British Parliament, were a violation of their rights as Englishmen. The Colonies lack of representation in the British Parliament should have precluded the body’s right to tax them. This idea prompted the popular slogan of “No Taxation Without Representation”. Instead the slogan’s supporters contended if Britain wanted to tax the Colonies, she needed to pass legislation in the American’s own local Assemblies; Assemblies which they regarded as the equals of Parliament. Although a significant…

between the two tax structures is the U.S. does not receive revenue from value-added taxes and the U.K. does not receive revenue from sales taxes. Another difference is the tax base of the U.S. is more than 10% smaller than the U.K. Both countries are similar in allowing personal standard deductions for each dependent. Another similarity is both tax systems’ personal income tax is the greatest source of revenue for the federal and central government. The tax systems are also similar in tax…

positive aspects in term of promoting business growth and economic advancement, but it also has negative sides that potentially impair the benefits of the workers. This report therefore suggests the alternatives where the reforms of the cash economy and tax governance system will provide the same advantages without carrying the risk of impeding either the employee or the employer. Introduction Penalty rates have been a significant aspect of the Australian industrial relations system for over…

In order for a private healthcare institution’s real estate and personal property to be tax exempted, there are two qualifying factors. The factors are qualifying as a charity and use for a charitable purpose (Showalter, 2012). To qualify as a 501 (c)(3) charitable organization, the organization must be organized and operated for religious, hospital, educational, employee representation, or welfare purposes (Showalter, 2012). In order for an organization to qualify as charitable, the IRS has…

Indian nations (O 'Shaughnessy, 2000). The Sugar Act was the first law regarding tax that the British government established in 1764. The law involved taxing molasses as well as sugar, which was imported into the individual colonies (Countryman, 2003). The approach has thus impacted the production of rum in the New England. In the year 1766, the Revenue Act took over after the Sugar Act was repealed, and in such case, it reduced the tax that was imposed on the imports of…

impose a 20% tax on the declared wealth, which raised millions for the government. Then Adolf Hitler’s government confiscated all of the Jewish wealth and issued them worthless bonds so that it would not appear to be stealing. As if this wasn’t enough, the Hitler government levied a 50% surtax on certain German groups. (Mariotti, 2016) Hillary Clinton wants to impose hefty taxes on the wealthy citizens of America just because they are rich. She wants to impose a four percent surcharge tax on…

Felipe Escobar The Estate Tax is Desirable 3/11/2016 The estate tax is a tax on property. It taxes, cash, real estate, stocks and other assets that are transferred from a deceased individual to an assigned heir. The estate tax is not double taxation as some opponents might suggest. Instead, the estate tax makes sure that the wealthiest pay their share of taxes just like the rest of tax payers do when they pay income and payroll taxes. The estate tax should not be repealed because it is…

We all have that one activity we love to do. It is something used to take our minds off the stress of the day; it is our escape. However, there comes a time when this activity becomes more than a hobby and under US tax laws and regulations is considered a business. But, how can you tell if what you’re doing is no longer a hobby, but a business instead? As defined by the Internal Revenue Services, IRS, a hobby is an activity not executed with the hopes of making a profit. To determine the…

poor the budget has become. For years now it has been falling with little to no help from the government. The citizens of Illinois are the ones who are hurting the most because of this. The government as a whole has cut so many things that Illinois tax payers can’t afford to do anything that I way so many people believe that if people move out of Illinois the budget in other states will be better. Illinois budget maybe in the whole but there are many solutions to dig it back out. The reason the…