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Unformatted text preview: Social objectives also depend on tax policies, such as itemized deductions or credits. 2. State: Sales Tax (taxed on purchases); Excise/franchise tax (taxed on privilege to operate in that state; often not based on income of company) Local: Real Estate tax (taxed based on value of property) 4. It is important for businesses to understand tax implications of various tax purposes. When making decisions, like buying, selling or expanding a business, the business must consider the tax implications of each deal. 5. Tax Compliance- preparing and filing tax returns; Tax Consulting-assisting taxpayer in properly planning/structuring a transaction; Tax Litigation Support- defending a client in a dispute with the tax authority. I am most intrigued by the tax litigarion support career path. I have always considered going to law school, and this path would bring me close to the law side of taxes....
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- Spring '11