ACC612-Describe the tax advantages of Sarbanes-D1

Research in detail regarding the following topics   1. Adoption Tax Credit   2. Non Business Casualty and Theft Losses

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 functions that accounting and finance professionals may assist clients with include all but the following A. Tax compliance B. None of these O c. Tax evasion O D. Tax planning E. Cash management to ensure timely payment of taxes

Which of the following is a provision of the Sarbanes-Oxley Act? a. Lessens penalties for corporate fraud b.Developed the Consumer Financial Protection Bureau c. Recommends codes of ethics for financial reporting in corporations d. Makes fraudulent financial reporting a civil offense e.Requires greater transparency in financial reporting

Federal Income Tax I   How does the cash basis method of accounting benefit small business owners, if at all?   Under what condition would the cash method of accounting be advantageous as compared with using the accrual methods? Explain.   Using your knowledge of GAAP and financial reporting, list and explain one good reason that GAAP should not be used for tax purposes and one good reason that it should be used.

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.

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.

Tax accounting is a service offered by public accounting firms that involves both tax planning and which of the following?   Multiple Choice   A.)tax compliance   B.)tax avoidance   C.)tax elimination   D.)tax payment.    Please explain incorrect and correct option without plagiarism

What type of organization primarily offers tax compliance auditing and consulting service A. Corporation B. Public accounting firms  C. Government entities D. Universities

Objective Question: What is a crucial step in the tax return process for businesses that involves identifying eligible expenses and activities to optimize their tax liability? Data collection and organization Compliance with tax laws Depreciation and amortization Strategic tax planning

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 always prevent tax evasion. d. will eliminate all tax avoidance.

Distinguish between tax avoidance and tax evasion. What are the ethical responsibilities of the tax practitioner in dealing with tax avoidance? What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?

Question Content AreaKrista is a CPA who helps her clients minimize their overall tax liability. What function is she performing? a. Tax evasion b. Tax planning c. Tax deferral d. Tax preparation

18. The following are examples of corporate expenses deductible from gross income, except one a. Expenses paid to an advertising firm in order to create a favorable image for the corporation b. Contribution to drum up business like contribution of softdrinks to barrio fiesta c. Premiums on life insurance covering the life of an employee if the beneficiary is his heir d. Representation expenses designed to promote business

Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax law Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.

17. When a business engages in corporate social responsibility, it hopes to engender greater goodwill among its various stakeholders. a. How are these expenditures accounted for? b. If the resulting goodwill was capitalized under GAAP, do you believe that acts of corporate social responsibility would increase? (Book: Ethics in Accounting, A Decision Making Approach Author: Gordon Klein CHAPTER 7)

_______________ has internal and external stakeholders and the communication needs to be in line with the established tax strategy of the business and corporate governance regulations.  Choose an answer: a. legal b. taxation c. strategic management d. procurement

This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting         Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company         Accounting involves communication. Select one: a. False b. True