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assignment1[1].Authority - 1 Welcome to Tax Research!...

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Unformatted text preview: 1 Welcome to Tax Research! Thanks to Dr. Kulsrud for these materials!!! 2 In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin Letter, November 13, 1789 If so, then the art of living is to postpone both as long as possible! So figure out how 3 Taxes permeate virtually everything we do. Think of a question and there is probably some tax implication that should be considered. Here are a few: Should we operate the business as a corporation or a partnership? Should we open an overseas office? How long should we rent out our vacation home? If we buy the business, should we buy stock or assets? How should we structure the divorce? Should I exercise my stock options now or later? 4 Remember! The IRS is a silent partner in EVERYTHING you do 5 TOP TEN REASONS FOR KNOWING HOW TO DO TAX RESEARCH Youve got to be kidding 6 Top 10 Reasons for Learning About Tax Research 10. Keep yourself out of jail and malpractice 9. Help get Richard Hatch out of jail 8. Help keep Wesley Snipes out of jail (oops!) 7. Have a good reason to get out of your cubicle and go to the library 6. Determine how George Bush could claim the home office deduction 5. Learn cool acronyms like CCH, RIA, BNA 4. Maybe wont have do 1040s 3. Find out how to deduct the cost of your car or dog or cat or something 7 WHY WHY TAX TAX RESEARCH? RESEARCH? 8 CPA 9 AVOID MALPRACTICE 10 AVOID PENALTIES 11 WHY TAX RESEARCH? 12 Regardless of how much expertise a tax professional possesses, he cannot know everything about the complex, ever changing tax law. Therefore, what separates successful tax professionals from those who are not is their ability to effectively and efficiently research tax issues. A parable explains that you can feed a hungry man but it is better to teach him to fish. We cant teach you all there is to know about the tax law. However, we can help you learn how to do tax research! [adapted Eric Lee, Deloitte LLP)] 13 Billionaire Leona Helmsley, who ran a vast real estate empire that included the Helmsley Hotels, was sent to prison in 1993 for evading taxes. She served 18 months. Dubbed "The Queen of Mean" by the media, and known for her over-the-top excesses and rich- bitch attitude, she endeared herself to the American people with such quips as "Only the little people pay taxes. These early excesses now pale in comparison to those of the Enron, Worldcom and Tyco executives. O ther Facts: Her husband, Harry, was not put on trial because he was found incompetent due to memory deficiencies. Harry Helmsley died in 1997, and Leona put the couple's estimated $5 billion in real estate holdings up for sale....
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assignment1[1].Authority - 1 Welcome to Tax Research!...

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