analyze possible reasons (any five) for individuals to evade and avoid taxes and suggest remedial actions to tax authorities to eliminate those practices.

Q: Which of the following statements best describes the process of tax planning? Oa. Tax planning is…

A: Given : a. Tax planning is the calculation of a taxpayer's marginal rate of tax.b. Tax planning is…

Q: It is a tax on a person's income, payments, profits arising from property, the practice of the…

A: The government imposes different types of taxes on people. Some taxes are in the form of direct…

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…

Q: All forms of tax escape will result to loss of government revenue. True or False. Kindly Explain…

A: Tax is a revenue for the government.

Q: Assuming that you were a tax consultant of a certain company, discuss the specific provisions of the…

A: Tax Planning: Tax planning is the investigation of a monetary circumstance or plan to guarantee that…

Q: e effect of financial distress and taxation on​ gearing?   A. Both constrain gearing   B. The…

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…

Q: .Several benefits accrued to Gov’t from taxation. As a tax expert who has failed your lecturer you…

A: Taxes are mandatory or monetary charges that the government imposes on individuals or organizations…

Q: Why is tax policy considered to be a blunt instruction?

A: Tax : Governments levy taxes on residents to create revenue for projects that would strengthen the…

Q: Whilst searching for related literatures for her thesis study, Jackie found a tax law which provides…

A: The answer is stated below:

Q: Adopting wrongful means to show less profit to avoid tax is part of : a. Tax evasion b. Tax planning…

A: Tax is being the compulsory payment that is to be made to the government by the corporations,…

Q: e fo

A: Tax refers to the mandatory charge levied by the government over the income gained by an entity.

Q: Which of the following statements is (are) correct? (x)  Part of the administrative burden of a tax…

A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…

Q: If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail?

A: The Bureau of Internal Revenue work under the department of finance and all the duties and…

Q: The Tax Code was created to punished people who did not pay taxes.  True  False

A: Tax code is created  for individual and who are in  businesses .In this tax code lots of sections,…

Q: Which of the following is not a goal of the tax law? a.Economic goals such as reduction in…

A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…

Q: what is mean by Tax evasion and what reasons the people do this?

A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a…

Q: You are assisting a client with a transaction that produces a most favorable tax result. The client…

A: Answer: We have situation where the client has told that the outcome is dependent on one court case…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: What is the principle behind IRS tax free or tax deferred transaction

A: An individual retirement account is a financial instrument created for people to save for their…

Q: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…

A: Wealth tax:   It refers to the tax levied on the value of held assets. This will consist of the…

Q: A major responsibility of the Government Accountability Office is to audit taxpayers’ returns to…

A: The GAO (Government Accountability Officer) serves as a congressional watchdog over government…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: Explain the main differences between tax evasion and tax avoidance and list the main actions taken…

A: Tax evasion is the use of illegal methods of concealing income or information from the IRS or other…

Q: , whereby a taxpayer deducts the total amount of money spent on various expenses, such as gifts to…

A: Tax refers to the percentile form of the obligation imposed by the government over the income earned…

Q: Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial…

A: Tax planning refers to financial planning for tax efficiency to reduce tax liability and optimally…

Q: Which of the following is tax credit or tax deduction or none:   A reduction of the income subject…

A:

Q: What is meant by two terms, ‘tax evasion’ and ‘tax avoidance’? Give your answer with examples of…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Give a critical analysis and give a clear recommendation of how government should tax its nationals,…

A: A tax is a charge which a taxpayer has to pay towards government on the taxable income. A tax is…

Q: Which one of the following deductions is available under S25-5 ITAA97 (Tax related expenses) Choose…

A: According to Income Tax Assessment Act 1997 - SECT 25.5 following tax related expenses deductions is…

Q: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…

A:

Q: The purposes and objectives of taxation are as follows, except    a. It is a means of reducing…

A: The objectives of taxation includes: resource allocation income distribution price stability…

Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…

A: Taxes refers to the money or amount of sum that the government requires people or businessman as…

Q: If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized…

A: Claim of deduction in form of Capitalized and Depreciation If an entity opt for the deduction of…

Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: Briefly explain what factors significantly affect tax avoidance

A: Tax avoidance is a mechanism through which a taxpayer takes advantages of the loopholes in the tax…

Q: Withholding is: b. A method by which the government collect taxes at the time of its A method of…

A: Taxes are the dues and liabilities which needs to be paid by the individual to the government on…

Q: Which of the following is not considered a purpose of taxation?    A. To regulate B. To make the…

A: Tax means the mandatory payment made by tax payer to the government without expecting anything…

Q: In general, accrual basis taxpayers cannot take deductions for tax purposes until economic…

A: Accrual basis of accounting requires an individual or other entity to record the revenues and…

Q: Taxpayers are having a difficult time due to the large number of tax rules in place. To put it…

A: Introduction:   Substance over form: It is an accounting concept, which says that the company must…

Q: A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and…

A: Valuation Allowance - It is reserved that will used for offset the amount of deferred tax assets…

Q: 1. Which of the following statements is true? A. Payments which constitute bribes, kickbacks and…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…