to the U.S. Tax System Both the American people and members of the Federal Government have long griped about the current U.S. Personal Income Tax System. Bush’s Advisory Panel for Federal Tax Reform stated that‚ “the complexity of our tax code breeds a perception of unfairness and creates opportunities for manipulation of the rules to reduce tax”.[1] The Tax Foundation estimates that $338 billion of time‚ energy‚ money‚ and other resources‚ are spent annually completing tax returns.[2]
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Tax amendments to file Income-Tax return for AY 2013-14 It is well known fact that tax payers are now required filing their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July‚ 2013. However‚ for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013. The Central Board of Direct
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presidential candidate who is ready to combat climate change‚ but it is imperative that she advocates a carbon tax if she becomes president‚ in order to pave the path for a future Democratic president to implement. Hillary Clinton’s campaign website discusses her plans on climate change. “We can tackle [climate change] by making America the world’s clean energy superpower and creating millions of good-paying jobs‚ taking bold steps to slash carbon pollution at home and around the world‚ and ensuring
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time the executive would receive the deferred pay plus 6% interest. a. The interest is original issue discount and must be included in gross income before retirement. b. The employee cannot defer the income (both the bonus and the interest) for tax purposes because it is constructively received each year. c. The employee must recognize the bonus each year‚ but can defer the interest. d. The bonus and the related interest can be deferred from inclusion in gross income until they are received
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Plastic bags have become an ever-growing issue with the increasing predicament of pollution into today’s society. Single use plastic bags are made from petroleum products and therefore affect fossil fuel supplies. The sourcing and manufacturing process of this product plays a part in environmental pollution‚ and is therefore a contributing threat to the environment (Clapp & Swanston‚ 2009). This critical economic overview of a plastic bag tax shall examine and analyse both the positive and the negative
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4x = 60 4x = 60 4 4 x = 15 x + 2 = 15 + 2 = 17 5. One dimension of a rectangle is 4/5 of the other. Find the dimension if the perimeter of the rectangle becomes 62 feet when each imension is increased by 2 feet. Let x = lenght of the rectangle (x+2 when increased) x = width of the rectangle ( x + 2 when increases) Solution: P = 2l + 2w 62 = 2(x + 2) + 2 (
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An individual taxpayer received a valuable painting from his uncle‚ a famous painter. The painter created the painting. After the taxpayer held the painting for six months‚ he sold it for a $400‚000 gain. The gain is a short-term capital gain. a. True b. False Gabriel has the following capital gains and losses for 2014: $6‚000 STCL‚ $5‚000 28% gain‚ $2‚000 25% gain‚ and $6‚000 0%/15%/20% gain. Which of the following is correct: a. The net capital gain is composed of $5‚000 28% gain and $2
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The process in which a bill becomes law in the United States appears to be fairly simple when it’s laid out on paper. Of course‚ this does not take into account the effect external factors have on members of senate‚ congress‚ as well as the president his or herself. A vital external factor that is not discussed directly in the official legislative process is the opinion of the public(which is especially in a democracy such as the United States‚ more on this later). A bill is essentially a product
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Sciences Vol. 2. No. 7. November 2012 Issue. Pp. 150 – 156 Tax Evasion and Avoidance Practices in Some Selected Corporate Firms of Bangladesh Mohammad Zahid Hossain Bhuiyan* The present study is based on a total number of 9 (Nine) tax appeal cases and opinions of a total number of 32(thirty two) respondents belonging to relevant tax officials and tax practitioners. The main reason of selecting the topic is the large scale prevalence of the tax evasion and avoidance crimes in Bangladesh which adversely
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Introduction Objective Tax compliance Compliance issues Challenges Conclusion INTRODUCTION On 2004‚ the Inland Revenue Board Malaysia (the IRBM) has implemented the self-assessment tax system (the SAS) on individual taxpayers in order to promote voluntary tax compliance. Under the SAS‚ individual who has income accruing in or derived from Malaysia are required to disclose taxable income honestly‚ compute tax payable correctly‚ file tax return form and pay tax on a timely manner.
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