The Problem Of Tax Fraud

The Accounting Professional and Ethical Standards Board (APESB) is a characterised mark of accountancy profession that plays an important role to the accounting employees, helping them to understand and comply with their responsibilities recognised by the fundamental principles of ethics. Nevertheless, there has been a massive growth of financial employees acting unethical behaviour, resulting in an ongoing liability for the business organisation. Many entities particularly in Australia have been investigated for stimulating tax evasion such as the ‘Tax Fraud case of Carl William Wheeler’ in year 2008-2009 which was accused for using tax havens in UK for evading tax obligations. However, there are points of view within the structure of professional

We live in a time of uncertainty. One of which is financial uncertainty, which affects all Americans regardless of social economic status. According to the Congressional Budgeting Office the US national debt is on track to being equal 78% of the gross domestic product by the year 2024 (Trumbull). Social Security pay outs have neared a level that will soon be unsustainable without a significant increase in taxes. Corporate taxes are now close to 40%, and considered to be one of the highest tax rates in the world (Stone). Former U.S. representative John E. Linder stated that the corporate tax rate has forced many of our good paying manufacturing jobs to be relocated outside the country in order to stay competitive. Making it difficult for low wage earners to transition up in income and support their families like previous generations. The problem for the American job market could be resolved if it were not for the 15 trillion dollars remaining in off shore financial centers because of the high cost due to taxes when the money is repatriated. In addition to the corporate costs, taxes have driven 2 to 3 trillion dollars into an underground economy where no taxes are paid at all (Linder). Jonathon Gruber wrote in his book Public Finance and Public Policy, that tax evasion is estimated to be $280 billion dollars a year! For those who do pay, the estimated costs for filling out the forms in order to pay the taxes is over $350 billion dollars a year. This is quickly becoming a

Graham I see that we disagree with whom should win the case, but I understand where you are coming from. Enterprise was paying and improving the property so it makes me wonder why Jane wanted to evict them after one year. Jane was probably trying to make a profit from someone else or selling the property. Yes business is business but morally she didn’t have to break the oral lease. Sometimes we need to go back to shaking hands and keeping our word. The textbook states, “That the Statute of Frauds requires certain contracts to be in writing and signed by the defendant to be enforceable against the defendant” (Lau, 2012, p. 187).

One of the elements of fraudulent misrepresentation is the innocent party 's reliance on the misrepresentation.

Almost every American adults in the United States of America has to fill out a tax return to see if those still owe the government some money, or if those will get some back from the government. A recurring thought in the mind of many of these adults is,” How can my taxes be this high”. The middle class is supposed to be living comfortably and not have to live their lives worrying about money. But, in today’s United States the middle class has to worry about money every single day. The upper class is almost being penalized for earning too much money based on the percentages that they have to hand over to the government. The businesses that once were able to create jobs are now having to cut jobs because of the astronomical percentages

Mr. and Ms. Synder stated on 01/25/2016, H and R Block attempted to electronically file their joint income taxes. H and R received a reject notice that their taxes were not accepted by the IRS. H and R Block emailed them the reject notice it received from the IRS.

Located in Washington DC, the Internal Revenue Service (IRS), is the enforcer of laws, especially tax related. The roots of the IRS go back to Civil War times when president Lincoln passed the Revenue Act of 1862. The IRS is a government division of and also controlled by the Department of the Treasury. Besides enforcing tax laws, the IRS is also accountable for the collection of taxes. These types of taxes include gift, corporate, excise, and estate. They are also an important factor in the attainment of money for the government. For the fiscal year, which is a period used for accounting purposes, of 2014, the combined returns of personal and corporate income tax of 149.7 million brought the government almost $2 trillion of

A property survey must be conducted to create a legal property description. The legal description assists with identifying boundary lines through a legal method that can properly described, “conveyed, encumbered and contracted” (Jacobus 54). The Statute of Frauds requires written description of the land in the instrument of conveyance. As the textbook stated, there are methods in determining the legal boundary lines, includes “metes-and-bounds, lot and block, monuments, government land survey, recorded plat and rectangular survey system” (Jacobus 55-60). These survey methods ensure a correct and legal description for the property deed. When preparing property deeds, it is wise to compare the legal description with the most recent deed to

The government is taking people money in taxes which is doing both making taxes very high while doing that it makes people that are already having trouble with taxes. Now that we added this it is going to be almost impossible for some people to live in this economy and the government also gives the money from people to other people that are in a low-income country. This all started when people when into poverty and could not afford to keep people in their business so then it made it to where the people that owned the business go bankrupt and not be able to afford their business and then the whole cycle started again. From

Politics is the process in which negotiation and resistance is utilized to establish a stable society. In contrast, the current United States tax system fails to form such solid grounds. Without such a complex system, anarchy and chaos will overrule the goal of fairness that is favorable to people. Taxation is a branch of politics that is distorted in some ways in which it does not satisfy many people’s needs. Although a government is designed to run an organized society and meet the needs of citizens, it does not always do a great job. Many people feel that their place in the financial world grants them immunity from excessive taxes while others feel they are being hurt by such an unequal tax burden. The purpose of taxes is to benefit society as a whole and keep the government running, but it is not working properly and efficiently. People’s various situations make it difficult to implement the current tax system. Taxation has long been deliberated, and the issue holds many points, such as income, a person’s age, and where they live, these circumstances are unequal and unfair to many people.

By not reporting these cash transactions, tax fraud is being committed. The tax preparer should talk to his client about the consequences of not reporting the cash transactions. Civil and criminal penalties would need to be addressed. Another issue is that the tax preparer’s professional standards would be also questioned. The tax preparer should carefully consider terminating the client’s relationship if omission of information is suspected.

Let’s face facts, it can get confusing handling a business’s finances. Payroll alone includes having to figure out things like figuring out tax reductions, keeping records, reporting employee’s income, etc and so on. The good news is that there is a way to avoid all of that. You can just pay your employees under the table. For those unfamiliar with the term, paying an employee under the table means they get paid off the record. You give them cash for their time instead of an official paycheck. No taxes, no reporting, and no confusion. This is more commonly found in smaller businesses. There is a catch though, if you are caught paying your employees under the table, a whole world of stress is going to land on your shoulders.

There is a very clear distinction between tax avoidance and tax evasion from academic publications. Tax books have defined tax avoidance as “the lawful minimization of tax liability through sound financial planning techniques, while tax evasion is the “unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws”. The consequences of either action are also clear. The former is not punishable by law while the latter is. However, the lines between evasion and avoidance have become blurred between the government and the general public.

The idea that morally dubious goals may be legitimate inside capitalism will be discussed in light of a tax avoidance case study. Apple, a multinational technology company, has avoided paying its fair amount of income tax for years. This paper will consider the structural embeddedness of Apple’s legitimised goal—the maximisation of profit—through the ‘Double Irish Dutch sandwich’ tax haven model. Durkheim’s theory of collective conscience was used in explaining the legitimisation of the company’s profits-driven goal, and how its amorality becomes apparent outside the economical sphere. This paper will also discuss the interconnected nature of the harm and benefits in the deal made between Ireland and Apple. The association between legitimations of Apple’s conduct and its socially challenging behaviour has been analysed to be ambiguous in the letter of the law. The conclusion will shed light on the morally grey area of a company’s responsibility to its shareholders versus the needs of the community.

2. Why is there little tax evasion in Singapore or any other country of your choice? Is it