We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byReagan Sneary
Modified over 2 years ago
©2003 South-Western College Publishing, Cincinnati, Ohio Chapter 12 Tax Administration and Tax Planning Tax Administration and Tax Planning
© 2003 South-Western College PublishingTransparency 12-2 Objective Be familiar with the organizational structure of the Internal Revenue Service
© 2003 South-Western College PublishingTransparency 12-3 Organization of IRS rCongress creates tax law and the IRS enforces it
© 2003 South-Western College PublishingTransparency 12-4 Organization of IRS rHeadquartered in Washington DC rRegional Commissioners oversee four regional offices in Atlanta, Dallas, New York and San Francisco rDistrict offices are located throughout US and report to their respective regional offices rTen service centers are responsible for processing information
© 2003 South-Western College PublishingTransparency 12-5 IRS Restructuring Act of 1998 rDue to persistent problems with taxpayer service, this act sought to structurally & operationally change the IRS (thereby making it more accountable to the taxpayer)
© 2003 South-Western College PublishingTransparency 12-6 Objective Have a general understanding of the IRS audit process
© 2003 South-Western College PublishingTransparency 12-7 IRS Audits rIRS has right to examine taxpayers’ accounting records in a process called an audit
© 2003 South-Western College PublishingTransparency 12-8 Audit Appeals rThere are three possible results from an audit
© 2003 South-Western College PublishingTransparency 12-9 Objective Know the common penalties for taxpayers and tax preparers and be able to calculate them
© 2003 South-Western College PublishingTransparency Interest rInterest is charged to taxpayer for late taxes (for example, prior year audit reveals tax due) rInterest is paid to the taxpayer for refund (prior year audit reveals refund due) rInterest received from IRS is income; interest paid to IRS by taxpayers is nondeductible consumer interest rInterest rate is set at 3 points above the short term federal rate and is adjusted quarterly
© 2003 South-Western College PublishingTransparency Failure to File Penalties rIf a tax return is not filed by its due date (with extensions)
© 2003 South-Western College PublishingTransparency Other Penalties rFailure to Pay Penalty
© 2003 South-Western College PublishingTransparency Other Penalties (continued) rPenalty for failing to file informational returns on a timely basis (1099s, W-2s, etc) rPenalty for filing a frivolous tax return rPenalty for filing false withholding information rPenalty for writing a bad check for taxes rPenalty for underpaying estimated taxes
© 2003 South-Western College PublishingTransparency Objective Know the general rule for the statute of limitations on tax returns
© 2003 South-Western College PublishingTransparency Statute of Limitations rA taxpayer may not amend, nor may the IRS assess additional taxes, on a tax return for which the statute of limitations has expired
© 2003 South-Western College PublishingTransparency Tax Preparers rAny person compensated for preparing another person’s tax return is “paid tax return preparer” rOnly CPAs, attorneys or enrolled agents may represent clients at IRS proceedings rThere are a multitude of penalties if preparer does not conduct business with due diligence, sign returns, provide copy to clients, etc. rThe attorney-client privilege has been extended in limited circumstances to non-attorneys who are authorized to practice in front of the IRS (i.e., CPAs and enrolled agents)
© 2003 South-Western College PublishingTransparency Objective Be familiar with the process of filing tax returns electronically
© 2003 South-Western College PublishingTransparency e-Filing rElectronic filing is a process of transmitting tax returns by an ERO (electronic return originator) directly to IRS rForm 8453 (US Individual Income Tax Declaration for Electronic Filing), with original signatures and forms that cannot be electronically transmitted, must also be mailed rTax preparers may only transmit 5 returns without officially requesting approval to be part of electronic filing system via Form 8633
© 2003 South-Western College PublishingTransparency Refund Anticipation Loans rTaxpayer can arrange a refund anticipation loan (RAL) at many places that transmit electronic returns
© 2003 South-Western College PublishingTransparency Taxpayer Bill of Rights rDocument addresses taxpayers rights rRequires the IRS to inform taxpayers of their rights when dealing with the Service
© 2003 South-Western College PublishingTransparency Objective Know the basic concepts of tax planning
© 2003 South-Western College PublishingTransparency Tax Planning rAverage tax rate equals total tax paid divided by total income rMarginal tax rate is the tax rate on the “next” dollar of income
© 2003 South-Western College PublishingTransparency Tax Planning (continued) rTax evasion refers to the taxpayer avoiding tax in a manner that is illegal and can result in penalties and/or incarceration rGood planning helps the taxpayer avoid “tax traps”
© 2003 South-Western College PublishingTransparency Finished!
©2003 South-Western College Publishing, Cincinnati, Ohio Chapter 8 Capital Gains and Losses.
© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.
Chapter 15 Business Financial Records 1 Chapter 15 Business Financial Records ©2008 Thomson/South-Western.
FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7345 IRS Form 8027, Employer's Annual Information Return of Tip Income and Allocated.
Chapter 7 Federal Income Tax. Our Tax System Types of Taxes Progressive taxes Regressive taxes Proportional taxes Components of the Tax System The IRS.
Federal Aviation Administration Clarification to Policy and Procedures Concerning Use of Airport Revenues; Proceeds from Taxes on Aviation Fuel Presented.
© 1997 South-Western College Publishing LHM Slides Created and Designed by Apple Mountain Software, Inc. Marketing Charles.
©2003 South-Western College Publishing, Cincinnati, Ohio Chapter 11 Corporate Income Tax.
Powers of Congress Chapter 6, sections 1 and 2. Types of Powers Enumerated/Expressed US Constitution, Article 1; Section 8, Clauses 1-18 Clause.
1 Chapter 6 Price Ceilings & Price Floors 8/16/2014 © ©1999 South-Western College Publishing Principles of Economics 2nd edition by Fred M Gottheil PowerPoint.
Tax Basics Tax Money collected by a government from its citizens to operate the government Gross pay The total amount of money you earn Net Pay The amount.
1 04/03/02 01:30 utc IR. 2 04/03/02 02:00 utc IR.
©2000 South-Western College Publishing Cincinnati, Ohio Daft, Organizational Theory and Design, 7/e 9-1 Chapter Nine Organizational Culture and Ethical.
Objective 4.1 Structure of the Executive Branch ARTICLE II EXECUTIVE BRANCH.
1 Chapter 5 Practice Quiz Tutorial Price Elasticity of Demand and Supply ©2000 South-Western College Publishing.
By: Blake Burress. Q: What is the length of a term of office for members of the U.S. House Representatives? A: 2 years.
Copyright ©2004, South-Western College Publishing International Economics By Robert J. Carbaugh 9th Edition Chapter 4: Tariffs.
Chapter 7 Guided Reading Activity 7-1 A More Perfect union.
The heads of the executive branches are known as the Cabinet A cabinet is a group of advisors to the President.
The President’s Executive Agencies. Of these, how many agencies are you already familiar with? Federal Bureau of Investigation (FBI) Central Intelligence.
Chapter 1 – Business and Personal Law. Judicial Decisions In the American legal system, judicial (court) decisions are primary sources of law, in addition.
Chapter 23 Mrs. Sorrell Paychecks and Taxes. Payday Pay period The length of time for which an employee’s wages are calculated. Usually weekly, biweekly,
© 2011 South-Western | Cengage Learning Government and Global Business Political Environment and Global Business How Government Discourages.
Kirt C. Butler, Multinational Finance, South-Western College Publishing, 2e 1-1 Multinational Finance by Kirt C. Butler u This book takes the perspective.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 8: Real Estate Taxes and Liens.
One type of lien is the mechanic’s lien, commonly found in home construction, rehabilitation, and addition projects. Chapter 10 Real Estate Taxes and Other.
Click on the pictures for the details. introduction approach topic method questiondissertation Ismo M Kuhanen Getting Started Data Collection Literature.
Copyright ©2001, South-Western College Publishing Contemporary Economics: An Applications Approach By Robert J. Carbaugh 1st Edition Chapter 9: The Mixed.
Taxes & Government Spending Chapter 14 Section 4 State & Local Taxes and Spending.
Chapter 12 Tax Administration & Tax Planning Income Tax Fundamentals 2013 Student Slides Gerald E. Whittenburg Martha Altus-Buller Steven Gill 2013 Cengage.
Administration, Law, and Accounting (CHAPTER 19).
Copyright © 2006, The American College. All rights reserved. Used with permission. Planning for Retirement Needs The Retirement Field Chapter 2.
Chapter 16 vocabulary. Any tax in which each step in the rate schedule is geared to the taxpayer’s ability to pay.
College of Engineering Namir Suidan Born 8/28/1989 in Urbana, Illinois Moved to Cincinnati, Ohio, at 9 months of age Attended Walnut Hills High School,
Copyright © 2007 Pearson Education, Inc. Publishing as Pearson Addison-Wesley Chapter 5 Part 1 Conditionals and Loops.
CHAPTER 16 HEALTH, SAFETY, AND SECURITY. Chapter 16 HEALTH, SAFETY, AND SECURITY Human Resource Management, 9E Mathis and Jackson © 2000 South-Western.
Copyright © 2009 Pearson Education, Inc. Publishing as Pearson Addison-Wesley Chapter 13 INCOME INEQUALITY.
THE PARKER ORGANIZATION, LLC “An African American Legacy” INTRODUCING.
1 Computational Geometry Chapter Range queries How do you efficiently find points that are inside of a rectangle? –Orthogonal range query ([x 1,
ACHS State of the Association Mission To build a visibly cohesive community of national and international honor societies, individually and collaboratively.
©2001 South-Western College Publishing Cincinnati, Ohio Daft, Organizational Theory and Design, 7/e Chapter Thirteen Contemporary Trends in Organization.
American Government Chapter 1 Section 1. What Is Government Institution through which society makes and enforces its public policies Made up of those.
© 2010 Pearson Education, Inc. All rights reserved.
1 PowerPoint Exhibit Slides to Accompany Principles of Economics Fred M. Gottheil Chapter 4 ELASTICITY.
Learning The Basics Housing Tax Credit 101 March 5-6, 2009 The Blackstone Hotel Chicago, IL Susan Pristo Reaman.
Week of 12/10-12/16. Finish E-portfolio Cover one chapter of Business Law Complete Accounting homework Get familiar with the Accounting project.
Copyright © 2003 Pearson Education, Inc. Slide 1.
©2003 South-Western College Publishing, Cincinnati, Ohio CHAPTER 1 TheIndividual Income Tax Return TheIndividual Income Tax Return.
Greystone Elementary School Southern Association of Colleges & Schools National Study of School Evaluation Rubrics & Surveys Fall 2003.
McGraw-Hill /Irwin© 2009 The McGraw-Hill Companies, Inc. ACCOUNTING FOR INCOME TAXES Chapter 16.
© 2017 SlidePlayer.com Inc. All rights reserved.