Question

As a Tax Agent, identify and describe 5 features you would include in your policy and procedures when preparing tax documentation for different types of legal entities.

Answer 1

These are the policy and the procedure to be followed while preparing the tax documentation for the legal entities which fulfilled all tax obligation:

-Must review all the Annual tax and corporate registrations to identify the gaps or any lapped registration

-Person should be responsible for the compellation of the registration and are accountable

-From time to time proper record should from the retiring staff and also admission of the employees for tax calculation also for the certain payroll deduction which is compulsory fro the government for various states

-Tax risks are properly factored into the decision makings

-Proper account for the acquisitions and the disposition of the business assets for proper depreciation and income purpose from the transfer of the assets.

-Policies and procedure are largely depend upon the size and nature of the business

-Make a proper policy and procedure in the incorporate governess with the overall governess to meet the tax liabilities in time for proper filling of the tax return in time in order to avoid any complication. that affects the goodwill of the organization.