Tax

different cultures and ethnicities, as well as the rebirth of Chicago isolated neighborhoods like Englewood, Roseland, and Pilsen have an opportunity to compete with the Hyde Park, Lincoln Park, and Logan Square? Illinois adopted the once known as Tax Allocation Re-development Act in 1985. This act…

increasing income equality, multiple laws, regulations and tax credits have been effectuated. For a period of three decades, economists have advocated the use of a tax system for this purpose. For example, transferring the responsibility to a tax system such as Earned Income Tax Credit (EITC) has been proven to be more efficient than other methods, such as the welfare system. The welfare system has not been completely transferred to a more efficient tax system due to political reasons, not…

In the United States of America, it has been proven over the years that progressive tax works for the american people becaue of its efficiency and equity it creates, which makes the progressive tax likely to happen and continue in the country. Teddy Roosevelt once said, “I believe that there should be a very much heavier progressive tax on very large incomes, a tax which should increase in a very marked fashion for the gigantic incomes.” History supports progressive taxes. They were effective in…

Churches started receiving tax exempt status in 1894, making the United States economy miss out on hundreds of billions a year in property tax income. It's a complete violation of separation of church and state where being a tax exemption is a privileged and not a right. The biggest problem to me is the fact of separation of church and state are a main issue, but letting them remain tax exempt causes all american people, even those who oppose all religious doctrine, support religion by having to…

Income Tax - Assessment 1A - 1. To decide whether a person is classed as employed or self-employed, HMRC will apply tests to that person’s situation in order to make a decision. There are 7 main criteria for establishing a person’s situation: control, financial risk, equipment, work performance and correction, holidays, sickness and exclusivity. Control establishes how much control the person who is paying for the work has over the person employed to do the work. In this case Katy completes…

The course Acct363 brings me a valuable experience on tax return and educates me the process of preparing it. This course is different from other courses because it needs our ability to organize the time arrangement, analyze the data, and service the clients. This course provides us the chance to apply our studies into realistic practice. In school class, we only learn about the tax rate, the fluctuation of tax and the effect of rate. The abstract concepts will confuse us most of the time than…

A tax practitioner's main responsibilities are providing clients or taxpayers proper and professional advice, as well as preparing and filing accurate tax returns. Their duties include informing the clients of any taxation requirement and possible conflicts of interest, as well as analyzing the clients’ taxation situation. Moreover, when performing in tax practice, tax professionals should interview their clients to understand their personal situation and determine the proper form to be prepared…

1. High administrative costs and low levels of compliance, the complexity of the tax code, the perceived inequities of the tax structure, and the large distortions that some argue are associated with current marginal tax rates, all have contributed to the impetus for tax reforms. 2. Many of the problems of the income tax system have arisen because too much has been asked of it. It was supposed to provide economic incentives (e.g., to invest, to save, to encourage health insurance, to support…

Essay Question 1— Sarah and John have filed timely tax returns for the tax years 2010-2015 as married filing jointly. In November 2016, Sarah has engaged me for some tax advice. She tells me that in January 2014, she discovered that her husband was running an illegal side business and that he has intentionally not reported the extra income on any of his tax returns. She is scared because they have received a notice that the IRS will audit their 2015 return. She wants to know how far they can…

As a pastor, my father has fairly complex taxes. Since he lives in a parsonage, he doesn’t rent nor own a house, he is considered by the IRS ‘self-employed’, and has an odd system of taxes. Considering his tax layout, I thought he would be an interesting interviewee for this assignment. Throughout the interview, it was clear he would prefer if the government would limit its spending, and pay it more directly to better causes. The first question was, “What percent of your total income do you pay…