StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Taxation Concepts and Research - Case Study Example

Cite this document
Summary
The paper "Taxation Concepts and Research" tells us about the Constitution. The Constitution of the United States is the supreme law of the United States of America. It superseded the Articles of Confederation, the nation's first constitution, in 1789…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.5% of users find it useful
Taxation Concepts and Research
Read Text Preview

Extract of sample "Taxation Concepts and Research"

The Constitution awards Congress the mandate to raise money to maintain the government and pay national military force and debts. The house congress will put forward tax legislation that is identified as of importance by the legislative staff to the House committee members (Nichols, 2013). Committee members take part in an election to determine the amendments and recommendations that should be reported to the House. The speaker schedules the bill for deliberation on the floor for presentation at first reading. In the second reading, debate is minimal and specific amendments are either accepted or rejected. Upon voting, a successful bill turns into a House Act and is sent to the Senate for further consideration.  Similar processes are followed in the Senate by referring the bill to the finance committee for further analysis. Upon agreement of the bill by both houses, it is then passed to the president for approval. Once the law is enacted, the IRS undertakes implementation. The most important phase of the whole process is the enforcement stage as many taxpayers endeavor in tax evasion. For example, excise duty imposed on alcoholic beverages is realized after it is enforced. As such, the Tax and Trade Bureau is responsible for enforcing the tax law; hence, it is of importance in terms of revenue collection by the treasury. In addition, the importance of excise duty on imports is only as effective at its enforcement. At this stage, the reduction of imports makes it evident that the tax law is efficient.

The sole purpose of the IRS is to investigate any loopholes that taxpayers exploit to avoid tax payments. Therefore, in defending my client against tax audit it is necessary to ensure that the client maintains adequate records to ensure the client avoids additional tax, penalties, and interest. IRS agents usually check for an error in the supporting documents rather than a line-by-line in-depth examination of returns. An example, professional real estate investors have a right to claim write-offs and losses while a normal investor has no right. Therefore, if an individual claims to be conversant with such investments but his investments do not fall within the range that is professional, the IRS agents claim for an additional substantiation of the status. Therefore ensuring that the client has his perspective constant and clear is fundamental in dealing with IRS agents.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Discusiions Case Study Example | Topics and Well Written Essays - 250 words”, n.d.)
Discusiions Case Study Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/finance-accounting/1687611-discusiions
(Discusiions Case Study Example | Topics and Well Written Essays - 250 Words)
Discusiions Case Study Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/finance-accounting/1687611-discusiions.
“Discusiions Case Study Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/finance-accounting/1687611-discusiions.
  • Cited: 0 times

CHECK THESE SAMPLES OF Taxation Concepts and Research

Taxation Principles and Concepts

n addition, a business can also claim capital allowances on the expenditures incurred on plant and machinery, as well as, on facilities and equipment used for research and development, and items that a business operator uses privately before using them commercially.... The paper "Taxation Principles and concepts" highlights that the idea of changing a job and taking a new one is a very inviting venture owing to how much she will end up saving, especially in relation to taxation....
8 Pages (2000 words) Coursework

Adam Smith & UK Income Taxation

According to Smith, “observation or neglect of this maxim consists in what is called the equality or inequality of taxation” (Smith 1786, p.... Smith emphasized that uncertainty of taxation “encourages insolence and favours the corruption of an order of men who are naturally unpopular, even where they are neither insolent nor corrupt” (1784, p....
18 Pages (4500 words) Essay

Zakat and the Taxation System in Saudi Arabia

espite the recognition of these taxes by Ministerial Resolution 278, this research proposal concentrates on the tax system referred to as Zakat.... To understand the nature of this research, this proposal will explain the concept of Zakat, and how it relates to Sharia law.... The paper "Zakat and the taxation System in Saudi Arabia" highlights that the countries argue that religion is an individual's belief, and hence complying with the provisions of Islam is an obligation of an individual....
18 Pages (4500 words) Research Proposal

Tax Expenditure Management

The two concepts associated with the relationship between the present value of an investment and the future value is the concept of inflation (Furman, 2008:n.... The Current comprehensive income tax treatment system for household savings entails the taxation of both incomes from savings earnings and incomes from labour (Mirrlees, 2008:287).... The Current comprehensive income tax treatment system for household savings entails the taxation of both incomes from savings earnings and incomes from labor....
8 Pages (2000 words) Literature review

A Neutral Tax System

Savings and taxation play a central role in evaluation of economic development of any country.... Further, taxation and saving.... Empirical analyses of literature on economic surveys reveal that taxation has played one of the most notable roles in improving the economy of the UK.... Savings and taxation play a central role in the evaluation of the economic development of any country.... Empirical analyses of literature on economic surveys reveal that taxation has played one of the most notable roles in improving the economy of the UK....
7 Pages (1750 words) Essay

Purpose for Providing a Tax System With a Neutral Treatment of Life-Cycle Savings

This essay tries to anticipate a few recommendations and other important related concepts.... taxation on household savings acts as a central responsibility in the tax system.... taxation on household savings acts as a central responsibility in the tax system.... Thus, one of the most important decisions made by an economist in the current taxation system bases on the selection of how much the income of a community is able to consume and save....
7 Pages (1750 words) Essay

The Taxable Value of the Benefit

FBT is described as a tax levied within the Australian tax system through the Australian taxation office.... FBT is described as a tax levied within the Australian tax system through the Australian taxation office.... FBT is described as a tax levied within the Australian tax system through the Australian taxation office.... Employers' different forms of benefits are subject to the determination of taxation through two different methods....
8 Pages (2000 words) Assignment

HMR and Corporate Strategy in Taxation Office

The paper "HMR and Corporate Strategy in taxation Office" claims the office should employ learning by sponsoring best-performing employees to advance their career through lectures and develop exchange programs where its employees interact with employees from other offices.... The success of a country to provide adequate services to its people depends on the ability of the taxation office to collect a sustainable tax.... On the other hand, the taxation department must train and develop the skills of the employees so that they can develop better techniques of collecting the tax....
8 Pages (2000 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us