October 2, 2014 Tax File Memorandum To: Brett Ouray Facts Kathy and Brett Ouray were married in 1996. In 2014, they consider themselves completely estranged. Due to financial reasons they have decided to not get a divorce or live separately. They also do not have any legal documentation of separation and neither of them has lived outside the home for a significant amount of time. They currently reside together with their three children. They have decided that Brett has contributed more to the upkeep of their home and children than Kathy. They have also decided to file separately. Brett believes he is eligible to file for head-of-household.
Executive Summary The purpose of this memo is to discuss the appropriate accounting treatment regarding eVade’s Virginia state sales taxes. The information available as of December 31, 2014, indicates that eVade could reasonably estimate the amount of the potential sales tax liability. However, based on their analysis of the circumstance they
Now the following information is well documented and is presented for your review and edification. Do not try to fight the IRS in federal court, you will not win. The deception runs rampant throughout the executive, legislative and judicial branches. Now let us begin with the admission of the
In the United States, the top one percent received about 20 percent of the overall income for 2016. This creates an uneven distribution of income causing Americans to argue about whether or not the wealthy should pay more in federal income taxes. One side of the argument is that the wealthy make a huge portion of the nation’s income; therefore, they should have higher tax rates. The other side argues that wealthy Americans already pay their fair share of taxes by paying nearly 40 percent and should not be forced to pay more. These arguments both use compelling evidence to make their claims; however, a solution could be reached by increasing the tax rate of the top one percent by only 10 to 20 percent.
The federal and state governments provide the American citizens with all of the basic necessities within our communities and society that is taken for granted. Programs responsible for assistance in times of need, providing a quality standard of living, and maintaining the strongest military in the world costs incomprehensible amounts
Authorities: IRC Sec. 213 (a) (d) (1.) Reg §1.213-1 (e) (i) (ii) (iii) Rev. Rul. 83-33, 1983-1 CB 70, IRC Sec(s). 213 HAINES v. COMMISSIONER, 71 TC 644, Code Sec(s) 213 Conclusion: Janice will be The pool cost the petitioner over $19,000, and we cannot accept his contention that such amount was spent primarily for therapy for his leg in view of the limited need for such therapy and the alternatives which were then available.
Tax Research Problem 6-59 Parent Corporation owns 85% of the common stock and 100% of the preferred stock of Subsidiary Corporation. The common stock and preferred stock have adjusted bases of $500,000 and $200,000, respectively, to Parent. Subsidiary adopts a plan of liquidation on July 3 of the current year, when
There are two things in life that are certain: death and taxes. In today's world, the majority of our government's income comes from taxation. A tax is not a voluntary payment or donation, but an enforced contribution imposed by government (Mikesell, 2011). Taxes are an amount of
Chapter 2 (5 pts) 2. Answer An individual taxpayer can avoid the penalty for underpayment if the payments of the estimated tax is at least as large as any one of the following:
The current tax policy in the United States is very confusing and it is very costly for our government to administer it. It is in the best interest of our country and its citizens to revise or replace our current tax policy.
On the other hand, tax evasion by definition is the use of “illegal means to avoid paying taxes and involves and individual or corporation misrepresenting their income to the Internal Revenue Service” and is considered fraud. An
United States Tax Policy Throughout history, taxation on United States citizens has proven to be a necessary component of a growing economy as means of generating revenue for the federal budget. The federal budget funds the many government programs implemented to keep the disabled, elderly, and unemployed from falling bellow the poverty level. Unfortunately, this fund is not always available when catastrophic evens, such as an economic recession, deplete the revenue coming in and create a budget deficit. In order to regenerate money coming in and replace the deficit, the government calls on money gained from taxes. What happens when tax money is already appropriated to other programs? A tax reform. A tax increase has many times been the
MEMO TO: Professor Michael E. Rychel FROM: Harmanpreet Kaur DATE: March 26 2014 SUBJECT: Difference between tax evasion, tax avoidance, and tax fraud? The times when taxes were first imposed on American Citizens, from that day people have been trying to find different ways to escape from taxes. While some taxpayers continue to find legal ways to avoid taxes on the other hand some choose to evade taxes, or not to pay at all.
Flat Tax An Analysis of the Flat Tax Rate System Should the flat tax rate system be implemented? No, the flat tax rate system should not be implemented. In this paper, the pro arguments will be presented, which will affirm the thesis. Then the con arguments will be presented. A rebuttal will then follow, and finally, the author’s conclusion will be offered.
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