WMAC7893 Module 12 RRM

What is the tax advantages and tax disadvantages of Sarbanes-Oxley in relations to the extent to which increased regulation is helpful in preventing fraud, and to analyze the point at which it becomes counter-productive – particularly for small businesses.

3.3) You work for the Chartered Accountancy firm Bevan&Bevan Ltd, which has, for many years, been engaged to perform accounting and corporation tax work. Currently, you have discover that some practices are incorrect, and some behaviours could even be label as tax evasion. Required: Explain the code of conduct and its importance for preventing such behaviours and actions that could be taken.

Anti-avoidance provisions _______. a.eliminate tax planning by taxpayers. b.are provisions in the tax laws to prevent certain harmful tax avoidance practice. c.will eliminate all tax avoidance. d.will always prevent tax evasion.

Which of the following best describes the objectives of internal controls? O Ensuring the compliance with tax regulation O Enhancing the health of the employees O Safeguarding assets and improving the accuracy and the reliability of financial information. O Ensuring the business is profitable. ASUS f3 f7 f8 f11 f6 X f4 f5 f9 f10 4. 5 7 9. E Y U D F G J K 08 田 近 96 图

Tax avoidance vs. tax evasion = Over time, these concepts have become somewhat blurred.  Define tax avoidance Define tax evasion Companies like Apple, Starbucks, etc. have enlisted the aid of CPA and law firms to assist them in minimizing their worldwide taxes.  Afterwards, it was discovered that such companies had an effective tax rate of 5 - 10% for US tax, well below the 21% tax rate.  There are numerous articles detailing what these companies did to achieve such low tax rates.  Summarize what one of these companies did to achieve such a low effective federal tax rate.  Were such actions legal? If so, why did the Organization for Economic Cooperation and Development (OECD) and various countries propose new tax rules? Please respond to all questions above.

(1) Do you agree that giving companies tax breaks forcharitable contributions distorts public spending byindirectly giving companies and activists control overhow tax revenues are spent? Why or why not? (2) IfCompany A takes a cynical approach to CSR andCompany B takes a proactive approach, but theymake identical contributions to society, is onecompany “better” than the other? Why or why not?

D3) Finance 11. Deferred income taxes arise because a. corporations often make errors in their tax estimations. b. companies can use accounting methods that minimize net income for tax purposes and other methods that maximize net income for reporting to shareholders. c. the IRS owes a company a refund from last year. d. large corporations generally have operations in foreign countries whose tax law is quite different from U.S. tax law.

4.      The Bureau of Internal Revenue filed a case against Prorealty Corporation due to non-compliance with the said agency and delinquent tax payer. What could be the possible action of the Corporation? Discuss and relate it to the Political Risk.

Hi, can you please answer question 4 for me please.

“[A] taxpayer has no obligation to pay more taxes than are legally owed, and a [CPA] has a duty to the taxpayer to assist in achieving that result.” – SSTS No. 1, ¶ 11. This statement comports with what CPAs more commonly say, which is that tax avoidance is perfectly fine while it’s tax evasion that’s criminal. As a future CPA (or business / financial professional), do you agree with this philosophy? Why or why not?

A simple solution to the problem of high corporate tax rates on investment incomewould be to apply a different, lower corporate tax rate directly to this type of income.Instead, the Canadian tax system uses refundable taxes to lower the rate of taxationon investment income of CCPCs.  Why?  Lower rates would provide a significant deferral of taxes on investment income. refundable taxes encourage early filing of corporate tax returns. lower rates would create a situation where the payment of dividends to shareholders would result in double taxation refundable taxes provide a reason to retain funds in the corporation.

Consider again Milton Friedman’s article. 1. What does Friedman mean by “ethical custom”? 2. If the laws of the society are limiting the company’s profitability, would the company be within its rights to disobey the law? 3. What if the law is “on the books,” but the company could count on a lack of enforcement from state officials who were overworked and underpaid? Should the company limit its profits? Suppose that it could save money by discharging a pollutant into a nearby river, adversely affecting fish and, potentially, drinking water supplies for downstream municipalities. In polluting against laws that aren’t enforced, is it still acting “within the rules of the game”? What if almost all other companies in the industry were saving money by doing similar acts?

21. Which is FALSE in withholding tax system? S1 It is one method by which the government collects money from taxpayers S2 - It is a source of third-party information S3 - The withholding tax collected may be used by the company for working capital provided the money is remitted on time 54 - A withholding agent is the agent of the government A. S1 B. S2 C. S3 D. S4 23. Nicanor sold his residential lot located in Iloilo City. The Deed of Absolute Sale is dated January 31, 2021. When is the respective deadline of the payment of the capital gains tax and documentary stamp tax? A. March 1, 2021, February 5, 2021 B. February 28, 2021, February 5, 2021 C. March 1, 2021 and March 5, 2021 D. February 5, 2021 and March 5, 2021 24. It is a certification issued by the Commissioner or his duly authorized representative attesting that the transfer has been reported and the taxes have been fully paid. A. Electronic Certificate of Authority to Register B. Electronic Certificate of Authority for…