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What is tax accounting?
Tax accounting involves the preparation of tax returns. It is a sub-area of accounting. The term "tax accounting" refers to the process of assuring that taxes are reported and paid timely, correctly, and completely under various taxation systems around the world. Tax accountants may specialize in a particular industry or business segment, tax laws (such as income taxes), or type of product sold by clients (such as retail sales). Tax accountants must follow specific guidelines established by governing bodies and applicable to their industry.
Actually, we group tax accounting, taxation law assignments, and tax return assignments in the same segment (accounting assignment help) while providing tax accounting homework help to college students. Review the examples set below and decide whether you need cheap assignment writing help services.
Tax accountants typically work with accountants who prepare financial statements for the client's internal use. The accountant who prepares the final set of financial statements will also provide an opinion or disclaimer on whether those numbers are prepared using generally accepted accounting principles.
Tax accountants work with the Internal Revenue Service (IRS), state and municipal tax agencies, and state and federal Departments of Revenue to make sure that business transactions are properly recorded during the accounting period and reported accurately on tax returns for both income taxes and sales taxes. Tax accountants often audit accounting records to ensure they comply with ongoing government regulations, which may include laws known as SOX, FACTA, FCPA or other statutes.
Companies that are publicly traded in the U.S., such as banks, utility companies, insurance firms, retailers and manufacturers must file certain reports with regulatory bodies in order to maintain their status as a "going concern."
In some jurisdictions tax advisors represent taxpayers at audits or similar proceedings, which are civil or criminal proceedings where the taxpayer may be subject to fines, penalties and other sanctions. In some jurisdictions, tax advisors may petition a court to have taxpayers excused from performing certain payment obligations under their tax return based on an inability to reasonably perform those obligations without causing undue hardship resulting from circumstances beyond their control; these provisions are normally known as "equity relief" or "hardship relief".
Tax accountants maintain records regarding:
1) all financial transactions of a company (or individual) associated with income taxes and sales/use taxes;
2) accurate accounting entries can only be made if the person who records them has documentary evidence in support of that entry for items such as receipts, cancelled checks, bills, credit card statements, purchase orders and packing slips. Tax accountants maintain detailed records of what was paid for each transaction and how much was paid (in US dollars or another local currency).
Tax accountants may also be involved in tax proposal preparation which involves the identification of potential tax avoidance opportunities as well as performing routine business transactions such as payments to vendors, paying employees and depositing cash receipts.
Tax advisors work with individuals, businesses, corporations, partnerships etc. who are required to pay taxes on their income/sales conducted within a particular geographic region. They produce all forms including self-assessment tax returns (personal) corporation tax returns; partnership return (company); non-resident company returns; VAT returns; corporation/partnership year end accounts; tax appeals and non-resident withholding tax calculations where applicable.
Tax accountants provide advice to businesses on how to structure their business to minimise taxes, i.e., Limited Liability Company (LLC), Subchapter S Corporation or other entity type. They also determine the taxes that must be paid on income from each source such as cash sales, payroll, fringe benefits etc. Tax accountants will review income received by a company from various sources including interest, dividends, rents and royalties before determining if withholding taxes are required to be paid by the company on those payments under an Income Tax Treaty at source or not. This is referred to as Withholding Tax Agreements in many jurisdictions around the world with treaties concluded between countries who need to ensure that taxes are paid in both the source and destination countries to which a payment is made between residents of source country and business in destination country.
Tax accountants review income tax returns and provide advice on how they might be improved to save their clients money when filing the annual return for each entity type (e.g., partnership, limited liability company, corporation). For example, one individual who earns $300,000 per year may elect to create a Limited Liability Company where he places his medical practice in. The aim is that by paying himself as an employee rather than as a salary from the LLC it will reduce taxable income by reducing self employment tax. Withholding taxes of foreign companies continue to apply which means fewer dollars out of pocket compared to a higher salary paid to an S-corp or LLC.
There are many ways in which taxes can be reduced for both individuals and businesses. Tax accountants help by developing strategies that minimize their clients' taxable income either through lower salaries from corporate entities, donating a percentage of total company profits to not-for-profit organizations (which is deductible and may reduce the owner's gross income thereby lowering tax rates), reducing capital gains through sales of assets (i.e., stock) which would normally result in more taxable income, and planning for retirement where tax savings have been maximized prior to retiring; this is especially important when the individual has been earning self employment income on behalf of the business entity as they will automatically convert to an employee once they retire.
Tax accountants advise on how much tax needs to be paid and provide reports at year end on the amount due and payable on what is called a tax return.
For example, in the United States there are two key forms that must be submitted each year (for an LLC, Subchapter S Corporation or other entity) – a Form 1040 which is similar to a T4 on Canada Revenue Agency (CRA) form for individuals which specifies their salary/wage income earned from working as well as any capital gains/losses and contributions made to not-for-profit organizations etc., and the Schedule K-1 which indicates all of the company's pass throughs including distributions received by owners from dividends, interest, rent, royalties etc. Tax accountants will also likely be audited by the IRS (or equivalent in other countries) as they are skilled at finding tax write-offs and gaps to reduce taxable income. The IRS offers a voluntary program called Voluntary Examination Program which gives the tax payer an option to discuss any legitimate tax issue(s) with a qualified Internal Revenue Service (IRS) employee trained in evaluating issues relating to questionable returns or filings. There may be circumstances where it is not possible to settle an audit through this process, and if so, there is usually an appeal process whereby the taxpayer can present evidence of their position before higher level officials in order to have their case reviewed on its merits.
Tax accountants review non-resident withholding calculations and prepare those returns for individuals and companies who receive interest, dividends or capital gains on investments from foreign countries. These calculations require an understanding of the tax treaties in place between the source country and Canada as well as how each treaty describes certain types of income (i.e., interest withholding tax rates are usually lower than dividend or capital gain withholding rates). Some countries do not have a tax treaty with Canada so there is no incentive to forego withholding taxes.
Tax accountants can also help business owners incorporate in order to limit their personal liability in non-corporate entities like sole proprietorships which helps protect their assets in case of lawsuits made against the company by customers or vendors but often provides more flexibility for business owners (ownership can be as few as one).
Further, tax accountants often prepare the required forms for individuals to file their state and federal taxes using software such as TurboTax (a program similar to STATUS in Canada) where the taxpayer's information is stored on a computer or even online but are retained by tax accountants as they have a better understanding of when and how to write off certain expenses. Tax accountants are also privy to what changes are being considered or made at the Federal level which would affect their clients' business entities. For example, currently there is an ongoing discussion about "tax expenditures" which refer to deductions, exemptions and credits available only for corporations; some people feel this money should be distributed more evenly among all taxpayers through rate reductions. It has suggested that it would be more equitable to reduce corporate tax rates and broaden the tax base (lower the taxes on all taxpayers by taking away some of the deductions that corporations can claim) as this would increase fairness.
Tax accountants also help ensure compliance with Employee Retirement Income Security Act (ERISA), a set of laws designed to protect pensions from being mismanaged and provide seniors with timely information concerning their pension plans so they can make informed decisions regarding their benefits; businesses are required to periodically file an Annual Information Form which is a disclosure document to employees about any retirement plans they offer. The Pension Benefits Standards Act requires employers to register their pension plan within 30 days of its establishment; failure to do so can result in fines, imprisonment or both.
Tax Accounting in Canada
Addition to the income tax, Canada and the provinces each have their own sales taxes which are collected by businesses. The most common form of these is the GST or Goods and Services Tax. This tax is a simple tax levied on the value of goods and services being bought at retail (the business selling those items has to collect it from you prior to purchase).
In Canada, this tax rate was set at 5% until June 30 2013 when it jumped to 6%; in some provinces it is 10%. It should be noted that only four Canadian provinces charge a provincial sales tax but as of July 1 2012 all Canadians can now claim back all or part of this amount using Form GST524 (Goods and Services Tax Credit) which would reduce your federal income taxes owed.
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What is taxation, and why is it important?
Taxation is the system by which a government takes money from people to fund services and fund sectors that are crucial for the wellbeing of its citizens. For example, through tax, a government can develop human capital through education and protect the environment.
The concept of taxation is also essential to businesses as the government pumps this money back into the economy in the form of loans or funding forms, which leads to raising the standards of living in a country. Taxes are essential, and every citizen reaps its benefits.
Some of the common tax homework questions and answers include;
- Hotel and occupancy taxations
- Local taxation
- Profits taxation
- Properties taxation
- Accumulated earnings
- Asset taxation
- Goods and services taxes
- Environment taxes
- Shipping and aircraft taxation
- Sales taxes
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