Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … Taxation Accounting:
Criminal fraud vs. Civil fraud and taxation of U.S. businesses operating abroad
Tax and Tax Code reforms
When a client's accounts were appraised by the IRS, it was discovered that an omission of $100,000 had occurred. Upon such discovery, the first step is to investigate the taxpayer individually so as to collect historic reports of the individual; whether he had engaged in any non-compliance of this sort earlier or this is his first time. To determine whether a criminal prosecution is appropriate, a proof that the misconduct was carried out without an acceptable reason is required (CRIMINAL INVESTIGATIONS AND PROSECUTIONS OF TAX FRAUD CASES GUIDELINES). The following conditions must be kept in view when deciding whether a case can be prosecuted or not:
The validity of the proof of the fraud, the sources and contents used to produce a judgment.
The willingness of the prosecutor to carry on the case.
The above given factors are used to differentiate a civil fraud case from a criminal one. Laws have been formed laying out extensive limits regarding the ability to defer income in order to encourage competition between foreign and local firms. One of the laws is to limit the availability of...
taxation system, there are different tax treatments for domestic and foreign income and so firms can shift income to low-jurisdictions and deductions to high-tax jurisdictions. A tax which is generally considered to be the most popular is the flat tax, a value added tax with two parts. According to Gale (2002), non-wage value added income would be taxed at firm level and on household level wages. However, there are differences between a VAT and flat tax:
The VAT is imposed when pension contributions are made as opposed to a flat tax, which is imposed when pension is consumed.
The VAT is considered to be destination-centred as opposed to the flat tax, which is origin-centred
However, the most important thing about the flat tax is that it's divided in two parts and also acts as a consumption tax.
Case 2
There are several down-sides of the tax code system: it is unfair and chooses winners and losers unfairly; it is biased against saving and investment; and the tax imposition by the tax code is way too high. These influence families negatively as they discourage the members from working or investing their money…
References
(n.d.). Department of Taxation and Finance. CRIMINAL INVESTIGATIONS AND PROSECUTIONS OF TAX FRAUD CASES GUIDELINES. Retrieved June 6, 2016, from http://www.tax.ny.gov/pdf/enforcement/cid_guidelines.pdf
Dubay. (2014). Conservative Policy Research and Analysis. How Tax Reform Would Help American Families. Retrieved June 6, 2016, from http://www.heritage.org/research/reports/2014/10/how-tax-reform-would-help-american-families
Gale. (2002). Brookings - Quality. Independence. Impact. The Tax Treatment of Foreign Income: Issues and Options. Retrieved June 6, 2016, from http://www.brookings.edu/~/media/research/files/testimony/2002/5/09corporatetaxes-gale/20020509.pdf
(n.d.). The White House -- whitehouse.gov. Taxes -- whitehouse.gov. Retrieved June 6, 2016, from http://www.whitehouse.gov/issues/taxes
Accounting - CPA Letter to Client John Smith Certified Public Accountant Pine Accountants Company Dear Sir/Madam, RE: CAPITAL STRUCTURE OF A NEW CORPORATION When starting a company, there is need for financial capital, which is necessitated for the operation of the business. This financial capital is done either through debt or equity, which make up the company's capital structure. The main issue here is to determine which of these two options are best for your start-up
This process has been ongoing since then. One of the major differences between the two standards is going to be that whereas GAAP emphasizes rules, the IFRS is a principle-based approach. Implementing a principles-based approach has significant implications for American tax practice. Many of the specific differences between the two systems will have a direct impact on tax practice. In IFRS, LIFO is prohibited and inventory write-downs may be reversed
Taxation in the United States The taxation system of the United States of America is flawed in many ways; meanwhile there are some benefits of this system as well. The current taxation system of the United States needs to be analyzed to point out the flaws in the system. The main purpose of this paper is to discuss the current components of this system with respect to the flaws and good
Literally the work of a Payroll Administrator and the staff they are a member of can make the difference between people in the company having jobs or not, or if the decision is made to shift the jobs to outsourcers or offshore to lower priced countries. In small, rapidly growing companies the Payroll Administrator has an excellent chance for advancement as they are often requested to provide financial analysis
Accounting standards and IFRS adoption in Cambodia and Thailand The significance of accounting standards Accounting may be considered as a business language through which the statistical results can be acquired which help in analyzing how well the firm is functioning. They give out timely statements of these statistics and help the stakeholders get all the information they need. Accounting is like a separate language which has its own grammar and these outlines
S. citizens who renounced their citizenship and long-term residents who have ended their U.S. resident status for federal tax purposes" (Expatriation Tax, 2011). Different rules apply according to the date upon which one expatriated. People that give up their U.S. citizenship or terminate their long-term resident status for tax purposes after June 3, 2004 are required to confirm to the IRS that they have fulfilled all federal tax requirements for