Taxation in the United States

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    Obtaining a college education in today’s society is important. There are stories of those who skipped over college and amassed a fortune. That being said, those stories are few and far between as compared to those who skipped college and do not have that high paying job that is so sought after. The topic of supply and demand can be applied to most everything when money comes into the equation. When the supply is low or deficient, and demand increases, then the amount of money paid will also…

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    Describe these types of taxes. One type of tax that I am likely to pay in the future is an income tax which is a tax on the amount of money you make in a year. Another type of tax I will probably have to pay will be state sales tax, which is a special tax placed on every item in certain states. Lastly, of course I will (and already do) have to pay sales tax, which is a tax that is placed on every item sold. 5. Find a tax return form and practice filling it out, using either your own information…

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    The Solar Energy Investment Tax Credit is a very important federal policy to promote solar energy in the United States. In 2015, the Solar Energy Industries Association advocated for the extension of the renewable tax credit to increase the investments in the solar and wind industry in order to provide business certainty to investors and project developers. The solar power industry expected the tax credits to expire in January 1, 2015. The Solar Investment Tax Credit is continuing to drive…

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    Tax Liability Case Study

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    regular income. have the option to be treated as a disregarded entity (like an “S Corporation”) which means that the LLC’s profits can be passed through to its owners to be treated like regular income. In this way, the company 's owners avoid double taxation, because its profits go on the owners ' tax returns. A limited liability company can be taxed like a S Corporation, which means profits and losses pass to shareholders, not the business, whether it is owned Iby a single member or multiple…

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    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…

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    Guy La Monica- How to Settle Your Tax Debts Learn How to Settle 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…

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    Tax Fraud Research Paper

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    filing informs the government of a person’s income and net worth, it is important that tax preparation be done correctly in order to meet federal requirements. Personal income taxes must be filed each year by every employed individual in the United States.…

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    I have provided my analysis on important audit and accounting issues of the Youth Singers below: This audit engagement will be high-risk due to the following factors: - YS is a new client therefore we are not familiar with their routines. - YS has never been been audited before therefore, any information about internal controls or management support cannot be obtained through previous auditors. - Segregation of duties is doubtful. One person is in charge for routine operational activities. -…

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    becoming a top official in the corporate accounting world is more accessible to them. Being able to customize my career is essential to me because it allows me to love what I do. So regardless if I want to be an accountant in a toy company or a car company the opportunity will be there for me. The work public accountants take on is industry specific, it also depends on the company you are working for. Different companies have different standards, and your work will be based off of these…

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    S-Corporation Case Study

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    An LLC is also a pass-through entity, which means your entire portion of profits and losses passes through to you and you must report those on your individual income tax returns. Rev. Ruling 69-184, IRS states that member of the partnership is not an employee of the partnership so the right way to compensate the member for his services is to pay him “guaranteed payments” (section 707) and it is subject to self-employment tax like his share of entity’s profits…

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