Taxation in the United States

MACRS is an abbreviation for Modified Accelerated Cost Recovery System, which is the term given to the system created by the IRS to regulate the depreciation of property obtained for business use. Basis is the amount paid to obtain the property, which in this example is $350,000. Take note that because MACRS fully depreciates property, salvage value is not a factor in calculating the basis. A property's classification establishes which depreciation method you are able to use, in addition to…

You do not need US citizenship to qualify for Social Security Disability Insurance (“SSDI”) nor do you need to be a permanent US resident. However, you must have legal status to work in The United States. In addition, you need to have a social security number assigned to you to work legally in the United States and earn the necessary work credits to qualify for benefits. Also, residents who are not US citizens and are from Cuba, North Korea, and Vietnam are unlikely to receive SSDI benefits.…

Reg, To follow-up on our discussion from Friday, here are the specifics of the waiver conversation with Christina: The waiver will create a new program called AHCCCS CARE, which stands for Choice, Accountability, Responsibility and Engagement. AHCCCS CARE will apply to all able bodied adults. AHCCCS estimates this to be between 250,000 and 350,000 members and touches all of the current eligibility categories, e.g. Proposition 204, Restoration, Expansion, and traditional Medicaid. Also, members…

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…

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. -…

Sarah Anderson et al. answered “Yes” to the issue “Are U.S. CEOs paid more than they deserve?” in her article. She pointed out that the U.S tax code allow top corporate executives and financial leaders to avoiding paying their fair share of taxes and allow corporation to claim unwarranted deductions for exorbitant executive pay. Corporations could over pay corporate executives which including CEOs so that they could avoid paying income taxes. According to research at Equilar, which find out that…

statements, pay all applicable taxes, penalties, interest and fees, and file an application for a "certificate of reviver" with the FTB in order to be reinstated. Before the business can be revived, the FTB will have to check with the Secretary of State to make sure everything is ready to be in good standing. However, this also leads to another common problem. When a business has been suspended in California, another individual or entity is free to assume the "suspended business’" name. When…

ACCT525 Week 7 Assignment The CPA Horizons 2025 is a road to the future and it is a major step in the right direction by AICPA. The initiative has been on going for about a year and the professional body has come up with ideas on what’s the new big thing for CPAs to focus on and the accounting profession as a whole. CPA Horizons 2025 brings about insights from more than 75,000 comments from CPAs from all sectors of the accounting profession and to discuss what is at stake and challenges that…

doing tax returns. I realized that this means a lot to them and they really value our efforts and willingness to file their taxes. The cite coordinator also thanked us and told that we did a great job. I look forward to my next visit to volunteer a t United…

healthcare to more Americans. She wants to reduce the cost of prescription drugs and bring down out-of-pocket costs like copays and deductibles. Hillary Clinton wants to fight for health insurance for the lowest- income Americans in every state by encouraging states to expand medicaid and access to affordable healthcare to American families and individuals who have difficulty finding an affordable and quality health care. Clinton wants a double funding for community health centers and support…