Class1_Jan25 - An Introduction to Tax Spring 2010 Class No....

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An Introduction to Tax Spring 2010 Class No. 1 Prof Steve Gill 1
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Today’s agenda Quiz #1 Overview of ACCTG321 - Taxes Lecture Group Exercise Lecture 2
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Learning Objectives 1. Demonstrate how taxes influence basic business, investment, personal, and political decisions 2. Discuss what constitutes a tax and the general objectives of taxes 3. Describe the different tax rate structures and calculate a tax 4. Identify the various federal, state and local taxes 5. Apply appropriate criteria to evaluate alternate tax systems 3
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Learning Objectives 1. Identify the filing requirements for income tax returns and the statute of limitations for assessment 1. Outline the IRS audit process, how returns are selected, the different types of audits, and what happens after the audit 2. Evaluate the relative weights of the various tax law sources 3. Describe the legislative process as it pertains to taxation 4
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Learning Objectives (Cont.) 1. Perform the basic steps in tax research and evaluate various tax law sources when faced with ambiguous statutes 1. Describe tax professional responsibilities in providing tax advice 2. Identify taxpayer and tax professional penalties 5
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Who cares about taxes? Businesses : What organizational form should a business use? Where should the business locate? How should business acquisitions be structured? How should the business compensate employees? What is the appropriate mix of debt and equity for the business? Should the business rent or own its equipment and property? How should the business distribute profits to its owners? 6
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Who cares about taxes? Politicians : Politicians often distinguish themselves from their opponents based on their tax rhetoric. Voters must have basic knowledge of taxes to evaluate the merits of alternative tax proposal. 7
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Who cares about taxes? Individuals : Would you like to own a home? Tax deductions for home mortgage interest and real estate taxes can reduce the after-tax costs of owning a home. Would you like to retire? Understanding the tax-advantaged methods of saving for retirement can increase the after-tax value of your retirement nest egg. 8
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What qualifies as a Tax? A Tax is a payment required by a government agency that is unrelated to any specific benefit or service received from the government agency. Key components of a tax: Payment required Payment imposed by government agency (federal, state, local) Payment not tied directly to benefit received by the taxpayer. 9
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Tax Question? Which of the following constitute a tax? Payment for drivers license? (Not a tax) Payment for required (by government) house appraisal? (Not a tax)
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This note was uploaded on 11/03/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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Class1_Jan25 - An Introduction to Tax Spring 2010 Class No....

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