The fortune that any business makes is often tied to how properly taxes are managed. Malpractices that make a business not pay its fair share of tax, or any attempt to avoid total payments can put a well-earned reputation on the line. There is always no shortcut to a tax headache, and the only way to deal with it by being fully committed to honoring the commitments to pay. However, there are unavoidable situations that can cause a business to report false tax statements unknowingly, and in other instances, a business may have to put up with overpaying tax amounts which it shouldn 't. These are some of the situations that require the involvement of business tax attorneys, and their roles are often to get any affected business a clean name and …show more content…
Any legal concern regarding a business tax structure should be resolved immediately as any delays can lead to tax debts rising to unprecedented amounts, and this can negatively impact on a business reputation and structure. Therefore, only competent business attorneys should be considered for hire. Professional training and licensing are some of the aspects that should be looked into as they are what can provide a reliable guide whether a business can be represented well by a given tax attorney. Business tax attorneys who have been proven to have engaged in malpractices to illegally help businesses clear their tax cases have their licensing revoked. The absence of licensing proof may mean that a tax attorney may not have the legal capacity to represent its …show more content…
High costs for handling the tax cases can again throw a business structure into a financial oblivion which can rarely come back to recovery. Therefore, when consulting a business tax attorney, the cost of legal representation should clearly be agreed, and the value provided shouldn 't eat too much into a business ' finance accounts. The billing a business is likely to part with is often determined by the complexity of the case at hand, and also the number of parties involved. Solving a tax issue at the right time can save a business from any impending financial failures. Therefore, it is advisable that appropriate billing amount should be spent as long as the case at hand gets solved, and doesn 't have to reappear in the business in near
We started our research by reading through the discussions posted within the Topic of Research. From there we read the recommended pages of the text, 20-2, 20-3, and 20-4 regarding the liquidation process. Using the CCH Tax Research Network, we used a selected content search, Federal Tax--Federal Tax Editorial Content--Standard Federal Tax Reporter (2014), to research the following laws: Section 331(a), 336(a), and 6901(a). We also used the Citator in CCH to review the facts and decisions shown in the liquidation cases of Kennemer and Al Zuni of Arizona.
Explain the issue or dilemma using information from the readings in the book and other sources.
Medical malpractice lawsuits are an extremely serious topic and have affected numerous patients, doctors, and hospitals across the country. Medical malpractice is defined as “improper, unskilled or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional” (Medical malpractice, n.d.). If a doctor acts negligent and causes harm to a patient, malpractice lawsuits arise. Negligence is the concept of the liability concerning claims of medical malpractice, making this type of litigation part of tort law. Tort law provides that one person may litigate negligence to recover damages for personal injury. Negligence laws are designed to deter careless behavior and also to compensate victims for any negligence.
Malpractice is defined as improper, illegal, or negligent behavior that falls below the professional minimum standard of care or service for a patient or a client, when injury or loss has been suffered by patient or client.(Merriam-Webster) Malpractice happens when you turn a blind eye to the wrongdoing in a healthcare setting, also known as omission. Omission is when you fail at doing something that you have a legal obligation to do.(Merriam-Webster) Malpractice essentially has four parts, duty, breach, damages, and causation. (“The 4 Elements of Medical Malpractice”) Duty, what you owe the patient, as a healthcare professional. Breach, what is owed to the patient when they are breached by the responsible party. Damages,
Medical malpractice is like a virus that spreads contagiously and has been going on for many years. This phenomenon has caused deaths, diseases, and injuries due to the negligence of medical professionals towards their patients. Hospitals are losing their reputation and doctors are losing lots of their money. Usually after the doctor does something wrong, the patient should file a lawsuit against them and the hospital. One way to prevent malpractice is to pick younger doctors who are more careful with what they are doing. Malpractice is an occurrence that should be stopped soon or many injuries could occur to the patient due to the doctor’s negligence.
The term "medical negligence" is often used synonymously with "medical malpractice," and for most purposes that's adequate. Strictly speaking though, medical negligence is only one required legal element of a meritorious (legally valid) medical malpractice claim.
When evaluating medical malpractice, this can be performed by any healthcare professional. It is easy to classify this to be misdiagnosis, delayed diagnosis, delayed treatment, even not taking the time to evaluate a patient properly. When practicing medicine it is important that all measures be taken when a patient is showing signs of infection or having any adverse reaction to medication. In the case study below this is a prime example of the importance of checking patient progression.
American Express Tax & Business Services, a subsidiary of the American Express Corporation acquired CPA practices all over the United States. This practice by a non-CPA firm can encourage its employees not to serve the public interest as the firm is not subjected to as many regulations as a CPA firm would be. A financial firm providing accounting services poses a conflict of interest for its CPA employees. For example, the CPA provides accounting services along with financial services like insurance sales. The CPA would be endorsing the insurance products of the company which can affect the CPA’s objectivity with respect to the product being offered to third-parties (Ponemon, 1996). The scope and nature of the services performed influence the accountant to great lengths.
Negligence, as defined in Pearson’s Business Law in Canada, is an unintentional careless act or omission that causes injury to another. Negligence consists of four parts, of which the plaintiff has to prove to be able to have a successful lawsuit and potentially obtain compensation. First there is a duty of care: Who is one responsible for? Secondly there is breach of standard of care: What did the defendant do that was careless? Thirdly there is causation: Did the alleged careless act actually cause the harm? Fourthly there is damage: Did the plaintiff suffer a compensable type of harm as a result of the alleged negligent act? Therefore, the cause of action for Helen Happy’s lawsuit will be negligence, and she will be suing the warden of the Peace River Correctional Centre, attributable to vicarious liability. As well as, there will be a partial defense (shared blame) between the warden and the two employees, Ike Inkster and Melvin Melrose; whom where driving the standard Correction’s van.
Primarily, corporate America has begun to feel the wrath of the government’s excessive debt. Corporate America has felt the flames of increased tax rates, the potential for disruption of their salaries, and protests regarding the overall tradition of business proceedings. Fully, with the character and direction of the American businesses fluttering over the edge of heartache, Christian lawyers who possess admirable integrity are needed to uphold the standard of big business. I intend to aid the American system of corporations by providing all employers with the service of honorable representation. J...
Taxes in the United States include payroll taxes, property taxes, sales taxes, and a multitude of others. These taxes may be imposed on individuals, business entities, estates, trusts, or other forms of organizations. In general, there is a lot of inquiry on the current tax system. With endless loopholes, a regressed economy, and corruption there has been widespread anger on the current structure of taxation. Consequently, the wealthy have managed to become even richer despite the economic crisis. Furthermore, many taxpayers in the upper class have found loopholes to avoid substantial taxation or otherwise known as tax evasion. (Stewart 2013) Tax evasion has only grown over the years and with the national debt has become a major issue. What is more, is the intense complexity of the entire taxation process. Addressing all the issues and problems regarding the taxation structure is a meticulous and arduous process. With this in mind, politicians from both parties have tried to address individual issues within the taxation paradigm. Being that the United States has the highest corporate tax in the globe, politicians have tried to change policy regarding taxation on businesses. (Sullivan 2013) How...
There are 3 types of corporate income taxes as follows: National 30% of taxable income, Local 20.7% of National Tax, and Enterprise 10.08% of taxable income. The calculated effective tax rate of 42.05% although they simply add up to 46.29% (30.0% + 30.0%X20.7% + 10.08%). It is because Enterprise tax is deductible for the other tax purposes only when it becomes due. Tax evasion involves fraudulent or criminal behavior, conduct involving deception, concealment, or destruction of records. Tax evasion occurs when the taxpayer fraudulently or criminally avoids the payment of taxes otherwise due and owing under the tax laws. There are many tax crimes under the Internal Revenue Code. The criminal violations cover the same territory as the civil fraud penalties, although the government has a higher burden of proof in the criminal cases. The criminal cases, however, reach a far greater spectrum of potential defendants. Unlike the civil penalties which target only the taxpayer, the criminal penalties reach anyone engaging in the defined offense, including employees, accountants, lawyers and tax preparers. Under IRC Sec. 7206(2), a person is guil...
When starting a business an important question arises, how to finance the company. The steady economic growth combined with low interest rates has produced a lot of liquidity in debt and equity markets. For example, in 2005, non-financial corporate business borrowing increased dramatically to $289 billion, compared to the mere $174 billion it was in 2004 and the $85 billion it was in 2003 (Chung). The outcome of using only debt financing or only equity financing is mostly direct. Businesses run ino the issue when a company’s finance requires both debt and equity characteristics, changing the tax effects greatly (Hanke).
Review the scenario below. Consider the legal principles influencing the likelihood of any successful action against Steve in negligence.
Nurses will, sometime during their career, be faced with legal issues. Legal issues in nursing are important because nurses have the legal obligation to respond to the request for care (Muse, 2015). As nurses, we are expected to practice at a high professional standard with the best interest in our patients (Muse, 2015). Failure to exercise at a high level of care can lead to litigation and can result in the loss of a nursing license (Muse, 2015). In nursing, an example that can lead to litigation is malpractice. Malpractice is defined as the failure of a person with professional training to act in a reasonable and prudent manner (Marquis & Huston, 2009). According to the National Practitioner Data Bank (NPDB), between the years of 2004 to 2014, there were 106,745 adverse actions taken against registered nurses in the United States and