Reflection Taxation is one of the most important courses that the students have to study at Accounting Specialization. It covers various topics that required by the governments to the nation. Besides, it produces an approach to the taxation of individuals, including a more in-depth study of the imposition of several business entities builds solid professional knowledge. As a student, I think this course will support me to gain a thorough understanding of taxation and a talent that many employers are exploring in accountants. This reflection covered the points I learned about individual and business tax in this class, the challenge that I faced, and the experience I got it from working in a group and being a leader of them. As taxation is not a typical or applicable approach in UAE, the BUS 4163 class assist me to develop my knowledge on the topic of Income Taxation of Individual. I got a sufficient understanding about applying the personal and dependency exemption provisions to determine a taxpayer’s, explaining the characteristics that …show more content…
Furthermore, it supports me to know how to determine who must file an individual tax return and understand the payment provisions when taxes are owed. Additionally, accommodate me more understanding about applying the correct tax rates to a taxpayer’s taxable income based on filing status, income level, and types of income. Besides, I discovered how to identify the tax credits accessible to an individual taxpayer and demonstrate an understanding of how they differ from deductions. Additionally, I’ve got more knowledge that discovers different topics under business taxation. As defining the principle characteristics of a flow-through entity, outlining the types and the advantages with disadvantages of business forms taxed as partnerships, corporation and sole
Whether or not to keep or discard the Bush era tax cuts for the wealthy, give tax breaks to the lowest tax bracket, and even throwing out the entire current tax code and replacing it with a simpler version, tax code and tax law has been a very controversial topic for the past few years. As it stands, the current tax code has over seventy two thousand pages, compared to the four hundred pages it had in 1913. There are many different stakeholders in this debate including taxpayers, corporations, businesses, etc. Americans for Tax Reform (ATR) is an organization that was “founded in 1985 by Grover Norquist at the request of President Reagan”(.N.p.). Their goal is to create and advocate for a simple flat tax,“...on the belief that they will provide a strong stimulus to investment, employment, and output” (Stokey 1). They promote their organization and represent taxpayers in all fifty states. Along with tax reform, ATR also advocates for individual health care, free trade, and spending transparency (.N.p.). Using very simple and easy to understand images, ATR is able to convey their goals and get information across to the general audience that visits their website.
JACKSON, S. B., SHOEMAKER, P. A., BARRICK, J. A., & BURTON, F. (2005). Taxpayers' Prepayment Positions and Tax Return Preparation Fees. Contemporary Accounting Research, 22(2), 409-447.
The board of directors must also be aware of the accounting requirements for income taxes. Income tax preparation is based on the amounts shown in the association’s fi...
The taxation that occurred on the colonies after French and Indian War, the British Monarchy and Parliament came to the conclusion that the colonist where going to be held accountable for this debt to the crown in defending the colonies during the war. Parliament’s response to this position was to pass several acts as their effort to collect money in which they believed to be their justified right to collect. The long and expensive war that defended the colonies gave the crown the impression of the colonies where now indebted to them, further giving Parliament the belief of having the right place a tax on the colonies under the Parliamentary Acts of 1764. Leading the colonist to berate the acts and cry out “no taxation without representation”
the example of taxation which is the first of its kind on this particular product. The author is
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
According to Osmond & Darlington (2005, p.3), as a professional social worker that critical reflection could be a fundamental approach to contribute to their work. Besides, the best value of the critically reflective approach might have a chance to engage with different ideas, knowledge, feelings and theories. Thus, critical reflection is a necessary approach to every social work to contribute them to be professional.
From 1967 thru 1980, firms followed the comprehensive tax allocation procedures under APB Opinion #11 and reported deferred charges and credits. However, some problems arose from doing so. Because of the changes in tax rates and the nature of firm's investment, the balance of deferred tax credits on a firm's balance sheet began to grow in size instead of reversing and canceling out.
In doing this, the program teaches students the importance of budgeting in the “real world.” The very first step of this program, after getting your job, is taking the taxes and saving out of your monthly income. This gives the students a more limited budget and
The purpose of this paper is to illustrate the layout of taxation. I will differentiate the types of taxes and the roles that they serve currently. Subsequently, I will explain what equity, efficiency, effectiveness and transparency (EEET) are and show how they apply to taxation as a whole. Lastly, I will conclude how the EEET applies to the four tax types.
Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South Western College Pub.
Optimal Taxes Should Depend On Personal Characteristics As Well As Income: Reliance on individual income as the only source of determining ability to pay tax is discouraged. Mirrlees (1971) suggests that other characteristics such as I.Q, number of degrees, age and colour should be used in determining the ability of a taxpayer. Other barometers referred to as “Tagging” was put forward by Akerlof (1978) to supplement the income oriented tax system. This provided more information on individuals, which the policymakers can capitalize on while determining tax liability.
Increased competitions and high expectations of the companies have put high pressure on the accountants. Making the most accurate decisions and helping the companies maximize their financial performances have become almost basics of the accountants’ duties. Many business owners question why they need to seek the services of an accountant when they can do many things themselves with the help of the technological tools. Today, an accountant must provide more than what technology can do for the company. They have to set business plans, goals and provide guide to achieve them with less cost and most profit. They have to advise business on their investments and project the most profitable decisions for the company. Beside the investments, accountants expected to consult the firms on their consolidations with other firms. Making decisions and researches on reducing costs, and sharing resource while providing variety of offerings puts lots of stress on the
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
Tax expenditures are popularly known as tax loopholes or tax breaks. It departures from the normal tax structure and ...