Question

1. List and discuss one change in the tax law that you believe will make the United States a better place to live and work.

2. Describe and discuss one type of job/career in the world of taxation (i.e. tax auditor, corporate tax accountant). Please focus on the opportuntities and responsibilities of the job/career.

Answer 1

Answer:-

1.) List of Tax Laws and one change in tax laws:-

Change:- In the Income tax rate will be better to improve the living standard of peoples. Change in rate of tax will motivate people to earn more, which will increase the per capita income of people and when per capita increase then automatically standard of living will improve in unites states.

• Capital gains tax is a tax on the sale of an investment, usually stocks, bonds, precious metals and property.
• Corporate tax is levied on the earnings or profits of a corporation.
• Dividend tax is a tax on dividends paid to shareholders of a company.
• Excess profits tax is a tax on unusually high profits levied on a corporation. This was largely levied in the United States in times of war to prevent war profiteering, but has been proposed at other times.
• Flat tax, an income tax where everyone pays the same tax rate.
• Gift tax, a tax on gifts received.
• Gross receipts tax, a tax on revenues received by a corporation, even if they don't profit.
• Hall–Rabushka flat tax, a flat tax on income that excludes investments.
• Inheritance tax, a tax paid on money gained through inheritance
• Negative income tax, an income tax where the poor receive payment from the government, instead of owing taxes.
• Windfall profits tax is a tax on profits gained by a company that has some kind of large unexpected profit.

2.) Responsibity and duties of tax auditor:-

Maintain all required paperwork according to required policies and procedures.Maintain all procedure manual and ensure efficient corporate procedures for same and prepare quarterly reports for same.Administer all internal audits and ensure compliance to all transaction tests and documents.

Ensure compliance to all statutes and analyze accounting systems and evaluate all tax controls to assist to reduce taxes.Ensure adherence to all code and assist to manage all data develop from audits and provide required training to all auditors and evaluate all audit files as per requirement.Analyze all pre audits and develop required audit plans according to procedures and establish appropriate guidelines.

Provide support to all activities and maintain implement of all audit plans and supervise implementation of all tax audits within required timeframe.Prepare and submit various comprehensive reports and administer all tax statutes and assist tax payer to complete all audits.Assist to perform all complex audits for all businesses.Analyze all accoutnign system to administer all additional liabilities.

Evaluate all refunds and perform required calculations for all tax assessment and participate in all closing conference and prepare audit reports.Maintain knowledge on all tax laws and strategies and prepare reports for same.Submit all results according to all internal procedures and evaluate all issues to provide assistance to all clients.