Imagine you are a CPA and your foreign client currentlyuses an agent for its U.S. operations. She has askedfor information on the tax advantages anddisadvantages of establishing branch operations in theUnited States instead of using an agent.Please respond to the following:• Write a letter to your client comparing at least twoadvantages and disadvantages of establishing branchoperations or using an agent to conduct business in theUnited States.• Provide your client with a recommendation that cites.applicable tax laws for support.

Branch Operations in the United StatesBranch operations refer to the physical presence of a foreign…

Answered: Imagine you are a CPA and your foreign…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one…
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Which of the following is true?
According to the PCAOB, which of the following tax services would impair independence? A. Tax consulting B. Providing a tax opinion where the opinion is not considered an aggressive position or listed transaction by the IRS C. Tax returns prepared by BDO Spain for the controller's dependent children living in Spain while attending school abroad D. Tax consulting for the CFO of an IPO candidate completed before the start of the professional engagement period for the audit of the financial statements to be included in the IPO registration
Ghana has not entered into Double Taxation Agreement (DTA) with the government of Nigeria. Kumuga, a resident person of Ghana approached you this morning to explain to him whether foreign tax credit relief covers those residents trading in Nigeria.RequiredState your responses to Kumuga on the above issue? b. Amafiman Rural Bank commenced operation on 1st January, 2018, preparing account to 31st December each year. The Income statement for the year ended 31st December, 2019 is shown below.Income statement for the year ended 31st December, 2019 GH¢Profit before tax 700,000
IndustryCo, resident in Member State A has developed a patent and is thinking of transferring this patent to its permanent establishment on the Cayman Islands. What could be the tax implications arising from such transfer?
Can you help me with this one, clear explanations so I can understand.
Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not given
US Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.
PAQ1B Ghana has of late signed a number of double taxation Agreements with some countries. The concerns people are raising is whether the country is deriving any benefits from these agreements. As a business tax consultant, you have been requested to deliver a paper to critically analyze the advantages and dis advantages of entering into double taxation agreements.
Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…
Reaction paper about the Legality of The Assault on Tax Avoidance Practices in the Philippines

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