Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Students are required to answer the following question. The essay must be fully referenced with in text citations and a bibliography.
You assisted Pamela to prepare her income tax return in 2009 when you were employed as an accountant for Dragon Taxation Services Pty Ltd. At that time your supervisor told you to ignore a transaction that Pamela mentioned which involved income of $220,000 being paid from a business in India to a bank account in Hong Kong. It seemed to you at the time that as Pamela was living in Australia at that time that this money was taxable income. However after your boss told you to ignore it you did not mention it again and you did not talk to Pamela about it. You signed the 2009 income tax return and lodged it with the Australian Taxation Office (ATO).You resigned from that company shortly afterwards and set up your own accounting business which you still operate. At all times you were a registered tax agent.
Last week Pamela's solicitors contacted you. They informed you that she has been contacted by the ATO which has amended her assessment for 2009 and included the $220,000. As a result she has to pay extra income tax of $105,000 plus penalties and interest totalling $195,000. She has also incurred legal and accounting fees of $15,500 already in negotiating with the ATO about this problem. The solicitors claim that this is all your fault and have demanded that you pay the monies owing to the ATO and reimburse Pamela for her legal and accounting costs. What are the liabilities of Dragon Taxation Services Pty Ltd and your former supervisor and you? You should discuss responsibilities under the common law (i.e in negligence and contract). You will need to consider vicarious liability of the employer. If it is possible to argue successfully with the ATO about the amended assessment and penalties and interest, how will that affect your liability ?
You will also need to consider the liabilities that arise because of the specific laws that cover tax agents. This would include liability to Pamela and any possible problems with your tax agents licence.
You also know that the total return on the stock is evenly divided between a capital gains yield and diviend yield. If the company's policy to always maintain a constant growth rate in its dividends, what is the current dividend per share?
How much total combined income tax do Black and George pay in the current year and how much is Sparrow's tax liability for 2011 and How much qualifies for the charitable contribution deduction
Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014 and how would your answer to (a) differ if Emma used the $50,000 to purchase the shares hers..
Develop a department budget. The accounting department has supplied you with the following projected information about how this year, 20XX, will end up for your department's spending.
1. what is the breakeven point in cards 2. What sales volume is needed to earn an after-tax net income of $13,028.40 3. How many cards must be sold to earn an after-tax net income of $18,480
Tax Project - Past tax season and two sets of colorful clients have come in with tax problems seeking your advice
questionuse the given information to complete phillip and claire dunphys 2012 federal income tax return. if information
Create a tax plan for the future redemption of the client's stock owned in the construction company that will not be taxed according to Section 301 of the IRC.
In addition, you should discuss the 401k limits and special treatment for highly compensated employees. Prepare a response (750-1,000) words documenting how, as a tax analyst, you see this program, and note any tax implications related to the prog..
Calculate tax liability.
theft losses on on december 17 2010 kellys business office safe is burglarized. the theft is discovered a few days
questionalex is a tax resident of australia. he is employed as a mechanic at fix-a-car pty ltd with a salary of 60000
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd