Are there differences between living in Puerto Rico and living in the United States? I believe that there are big differences. I came to the United States when I was five years old. I then moved to Philadelphia for one year‚ lived in Georgia for six years‚ and now I am currently living in Maryland. I always go back to Puerto Rico to visit my family. I love it there. I like living in the United States but there are many things that differ such as the location itself‚ people and the schools. Puerto
Premium Puerto Rico United States United States dollar
in federal income tax in the past year‚ including people aged 18 (who typically are deducted on their parents ’ returns and do not pay income tax). Anyone who received the "earned income credit" is barred from voting unless they return the payment from the government. Proof of payment of the tax can be made by showing a copy of the prior year ’s W2‚ a copy of the prior year ’s tax return‚ or a signed statement from the IRS stating that the payment of more than $200 in federal income tax has been made
Free United States Constitution Fourteenth Amendment to the United States Constitution
Solutions for Questions and Problems – Chapter 1 25 SOLUTIONS FOR QUESTIONS AND PROBLEMS 26 Chapter 1 – The Individual Income Tax Return Solutions for Questions and Problems – Chapter 1 27 CHAPTER 1 THE INDIVIDUAL INCOME TAX RETURN Group 1 - Multiple Choice Questions 1. D (LO 1.1) 7. C (LO 1.5) 15. A (LO 1.8) 2. D (LO 1.2) 8. E (LO 1.6) 16. E $25‚000 = $275‚000 – 3. A (LO 1.3) 9. C (LO 1.6) ($285‚000 – $35‚000) (LO 1.8) 4. C (LO 1.3) 10. C (LO 1.6) 17. C $45‚000 = $48‚000 – $3‚000 5.
Premium Taxation in the United States
True/false #1 Any distribution in excess of E & P is treated as a tax-free recovery of capital by shareholders. ANS: F Distributions in excess of E & P are a tax-free recovery of capital to the extent of stock basis. Distributions in excess of basis trigger recognition of capital gain. #21 A corporation that distributes a property dividend must reduce its E & P by the fair market value of the property less any liability on the property. ANS: F E & P must be reduced by the greater of the adjusted
Free Tax Taxation Income tax in the United States
Tax Research - Chapter 3 Homework Assignment 1‚ 6‚ 9-24‚ 31-33‚ & 81 1. The three primary sources of U.S. federal tax law are the U.S. Constitution‚ tax treaties‚ and the Internal Revenue Code. 6. Congress has passed several laws to discourage tax protesters. For instance‚ a taxpayer is subject to a $5‚000 fine if he files a “frivolous” tax return as a form of protest against the IRS or the budgetary process. This fine would be levied‚ for example‚ when the taxpayer files a blank tax return
Premium Taxation in the United States Income tax in the United States Tax
Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits of federal programs made by state auditors. C. Financial statements of federal grants made by independent CPAs. D. All of the above. 3. The single audit concept refers to A. All audits of state and local government reporting entities. B. Audits to determine efficiency and economy. C. Audits following the Single Audit Act of 1984 (with 1996 Amendments)
Premium Tax Financial audit Audit
Tax Law and Accounting Sue Abraham University of Phoenix Tax Law and Accounting The word "tax" did not become a household name until the late 1800 ’s when congress created the nation ’s first income tax law. Prior to this law the government used tariff ’s and imported goods to help support the economy. However‚ in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1‚
Premium Tax Taxation in the United States Income tax in the United States
large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you. ROLE: After reviewing John and Jane Smith’s points of view‚ it will be your turn as a tax professional to decide on the best course of action from a tax perspective on their issues. Prepare a three page memo (at least 900-1‚500 words per page) to John and Jane Smith addressing the issues presented. PLAYERS:
Premium Taxation in the United States Income tax in the United States Tax
BUSINESS/TAX RESEARCH ASSIGNMENT 1. For the Tax year 2004‚ is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2001-10? This revenue procedure applies to taxpayer with "average annual gross receipts" of $1‚000‚000 or less. Since SK ’s average annual gross receipt is greater than 1‚000‚000 for 2004 therefore SK is not eligible to switch from the accrual to cash method of accounting. ( Rev. Proc. 2001-10‚2001-1 CB 272) 2. For the tax year 2004‚ is SK eligible
Premium Taxation in the United States Tax Income tax in the United States
Subject: Tax Conditions for Same Sex Marriage From: Group1841 Financial Services To: Mr. Ndadi This is to inform you that the Internal Revenue Service (IRS) and the U.S. Department of the Treasury have declared that same-sex couples‚ lawfully married in areas that acknowledge their marriages‚ will be considered married for federal tax reasons (InsuranceNews Net‚ 2013). This ruling applies notwithstanding if the couple reside in areas that acknowledge same-sex marriages or areas that do not
Premium Same-sex marriage Taxation in the United States Tax