Note: Form SS-4 begins on the next page of this document.
Change to Domestic Employer Identification Number (EIN)
Assignment by Toll-Free Phones
Beginning January 6, 2014, the IRS will refer all domestic EIN requests
received by toll-free phones to the EI
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An Introduction to Tax
1) Who cares about taxes and why?
2) What qualifies as a tax
a) Definition of a tax
i) Key components of definition: payment is required, imposed by a government
Tax Compliance, the IRS, and Tax Authorities
1) Taxpayer filing requirements
a) Filing requirements by entity
i) Individuals (Exhibit 2-1)
b) Tax return due date and extensions
i) Individuals and partnerships
Business Income, Deductions, and Accounting Methods
1) Business Deduction
a) Provision Authorizing Business Deduction
i) IRC 162, the provision authorizing business deductions is relatively broad and ambiguous:
There shall be all
1) Deductions for AGI
a) Congress allows taxpayers to claim a variety of deductions for AGI.
b) Deductions directly related to business activities
i) Work through Example 6-1
ii) Refer to Exhibit 6-1 for Ind
Retirement Savings and Deferred Compensation
1) Employer Provided Qualified Plans
a) Classified as defined benefit plans and defined contribution plans
b) Must meet certain requirements to be considered a qualified plan
Property Acquisition and Cost Recovery
1) Cost Recovery
a) For financial accounting and tax accounting purposes, businesses must capitalize the cost of
assets with a useful life of more than one year rather than expense the cost
1) Investments Overview
a) Taxes are levied on investment income, and thus, it would be unwise to make an investment
without considering the tax cost.
b) Two investments with identical before-tax rates of return will g
Individual Income Tax Computation and Tax Credits
1) Regular Federal income Tax Computation
a) Tax Rate Schedules
i) Schedule depends on filing status.
ii) Each separate range of income subject to a different tax rate is referred
a) Every asset disposition triggers a realization event for tax purposes.
b) To calculate the amount of gain or loss taxpayers realize when they sell assets, they must
determine the amount r
Chapter 13. Retirement Plans. Assume the tax year is 2016, unless the question specifies another year.
Part I. 1. Page 13-3. Describe the tax and nontax aspects of employer-provided defined benefit plans
from both the employers and employee's perspective.
12/2/2016 Assignment Print view
1 . Award: 12.50 out of12.50 points
Jacquiiine is unmarried and age 32. Even though she participates in an employer-sponsored
retirement plan, Jacquiline contributed $3,000 to a traditional IRA during the year. Jacquiline f
1212/2016 Assign-nerd Print Mew
1 . Award: 3 out of 3.00 points
Chuck, a single taxpayer. earns $75,000 in taxable income and $10,000 in interest from an
investment in City of Heflin bonds. (Use the US tax rate schedule.) (Do not round intermediate
12012016 Assignment Print \ew
1_ Award: 12.50 out of12.50 points
Irene is disabled and receives payments from a number of sources. The interest payments are from
bonds that Irene purchased over past years and a disability insurance policy that irene purch
Gross Income and Exclusions
1) Realization and Recognition of Income
a) What is included in Gross Income?
i) Reg. 1.61-(a) provides further insight into the definition of gross income as follows:
Gross income means all income fro