Taxation

1. The gross estate is the value of an individual’s estate before taxes and debts are deducted. Assets used to calculate the gross estate include bank accounts, investment accounts, stocks and bonds, personal effects, vehicles, life insurance, retirement accounts, and real estate. The taxable estate is the value of the assets that are taxable (the gross estate) minus liabilities and any tax deductible assets. 2. An Inherited IRA is a way to “stretch” the benefits of an IRA. To take advantage of…

Why do most people hate taxes? There are several reasons that make April 15th, one of the most dreaded times of the year. The confusing jargon, the strict consequences, and the money involved is all very scary—and sometimes a little foreign to most people. While you can certainly attempt to do your taxes yourself with one of the DIY programs, you might not want to. If you encounter any of these five situations, you should probably hire a tax attorney: 1. Disputes One of the more common…

Taxes When it comes April 15, do you hear adults of all ages groan about “tax day”? Why do the citizens of the United States have to pay taxes ? Taxes have been a part of the United States since the Mesopotamian times also known as the Ice Age. There are many different points of view about paying taxes some are negative and some are positive. Many people think paying taxes are unbearable, outrageous, and torturous while others think taxes are delightful, brilliant, and personal protection.…

Maryland Rain Tax A recent public policy change that has impacted my state of Maryland and many of its citizens through ten counties is the Maryland Rain Tax. This rain tax has been a controversial proposal since it was proposed on April 2013 by Governor Martin O’Malley. The tax’s purpose is to require local governments to charge a storm-water remediation fee to pay for removing pollutants from rainwater before it reaches the Chesapeake Bay. (Johnson & Wiggins, 2015). This tax law was highly…

Final Analysis Scope of the job Entering individual and business tax returns into the tax software. This position is interesting because it exposes me to a variety of tax returns and a multitude of coordinating tax schedules such as A, B, C, D, and E. Training is a “learn by doing” approach. For example, as part of the job, I match returns for new clients in the prior years’ software program, and the challenges of matching a return, are in and of itself self-training. Finally, the accountant…

Excise taxes started to be implemented on some of the organization for breaking the no substantial lobbying rule in 1987. This was due to the fact that congress concluded that the revocation of tax exemption for excessive lobbying was an ineffective deterrent in some cases. This was due to some charitable organization that raised money from tax deductible contributions under the 501 (c) (3) tax exemption for a substantial lobbing effort and then just ceased operation. The organizations were…

Did you know that a majority of tax breaks go to the rich? Since most tax breaks go to rich people, higher taxes for the wealthy are necessary to help the economy thrive and provide welfare programs for those in need. President Obama, says that a tax increase would not cost jobs, but would help the economy by reducing the deficit; and that it would be fairer than imposing new taxes on the middle class (“Rein in the Rich”). Another interesting fact is that most of the annual $1.3 trillion in…

*The potential impact of the impact bias on negotiation is straightforward. If people overall are expected to have trouble determining what they really want because of a tendency to overestimate how to achieve that item will affect their sense of well-being, the other party are also likely to have trouble identifying what they really want in the negotiation for the same reason. In negotiations, some may think that taking advantage of the other party’s mistakes is to your benefit. However, it is…

Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance. Inventory write-downs…

Legalization of marijuana has been a controversial issue in the U.S. for several years. The people vs. the federal government or the state vs the federal government are just some of the main debates over its legalization. In the past marijuana was used as medicine until the 1937 when a new tax fee led to end of its use. In 1972 marijuna was placed in schedule I of the controlled Substance Act , meaning it has a high potential for abuse and no currently accepted medical use in treatment in the…