Essays on Internal Revenue Service

THE IMPACT OF THE CHANGE OF TAX YEAR ON THE CORPORATION’S APPLICATION FOR A CASH GRANT ON THE INVESTMENT MADE IN QUALIFYING THERAPEUTIC DISCOVERY

In the Silver Medical, Inc. V. Commissioner of Internal Revenue (2016), the respondent, the commissioner of internal revenue, determined a deficiency in the Silver Medical, Inc.’s Federal income tax amounting to 41,032 US dollars for the fiscal year ending on 30th November, 2011 along with an accuracy related fine amounting to 8,206 US dollars (Leagle, Inc., 2016). The case was filed on 19th December 2016. The United States Tax Court held ...

Federal funding for the restoration and protection of coastal wetlands

The federal government has an exclusive jurisdiction over protection and restoration of coastal wetlands that are deemed by DEC as of local importance. The federal government is statutorily authorized to adopt and implement a coastal wetlands protection law wholly or partially within the federal government’s jurisdiction. The law prescribes specific funding and procedures be followed in determining the extent of the coastal wetlands hazard while seeking to assert its jurisdiction over its coastal wetlands. The systems of the coastal wetlands protection necessitate forwarding of the federal government’s regulation to DEC for the establishment of the competence of ...

Abstract

The study seeks elaborate on the nonprofit and for-profit hospital joint venture and giving growing similarities in their operation capacities. The growing need for improvement by nonprofit hospitals regarding healthcare delivery requires high capital generation and more funding. Overdependence on sponsors and well-wishers for grants do not support the community benefit fully. This makes nonprofit hospitals not to deliver high quality health care, and unable to settle bills and outsourcing high technology to support medication. The conversion from nonprofit to for-profit hospital, and joint venturing with for-profit hospital help in improving performance, delivery, and high-quality health care. The paper ...

1. United States v. Cesarini, 296 F.Supp. 3 (N.D. Ohio 1969), is a historical case that decided by United State District Court, the court ruled that property for treasure trove included in gross income for the tax year when realized. 2. § 1.74-1 Prizes and awards. b) Excluded from gross income. Section 74(b) it happens when such prize or award was made solely in recognition of achievements in the past of the recipient in religious, charitable, literary, educational, artistic, or civic fields (Arkin) 3. Yes. It's not common within the IRS, section 7430 of the Internal Revenue Code. IRC ...

Find and properly cite a case in which the taxpayer and the IRS disagreed as to whether the taxpayer was bound by the terms of a closing agreement entered into in connection with a prior audit.  Answer: United States v Booker 543 US 220 (2005) Find and properly cite a case decided after the year 2000 in which a Big 4 accounting firm litigated the issue of whether either (i) its work papers or (ii) its communications with a client were protected from discovery by the IRS (i.e., the IRS had issued a summons to the accounting firm). Also ...

Question OneDoes the IRS view the cost of laser eye surgery (“LASIK”) as a valid § 213 medical expense deduction – or, alternatively, is it nondeductible cosmetic surgery? Yes, it is viewed as a valid medical expense deduction as it promotes the proper functioning of the body under § 213(d) (9). (IRS Publication 502, 8) Question Two Brother and sister operate a farm as a family corporation inherited from their parents. Differences over how the farm should be operated have led to a serious breakdown in their relationship. Is this a sufficient “business purpose” to support a tax-free split-up per § 355?  ...

Would Pharma Corporation be eligible to be an S Corporation? If one of the shareholders objected, would the other two do a vote to become an S corporation without the third? Legally speaking, Pharma Corporation can become whatever type of corporation it wants to be. It is necessary, however, that it be able to fulfill all the regulatory and procedural requirements set by the federal and local government needed to obtain certification for being their chosen type of corporation. This means that Pharma can become an S Corporation. The United States Internal Revenue Service (IRS) defines S Corporations as “ ...

Over the last three years I have had the honor of managing several interesting people. As an Area Manager for Jackson Hewitt Tax Services, I spent a great deal of time working with franchise owners, general managers and tax preparers. There were times when it was both overwhelming and rewarding. As a part of the management team, I felt that anything could be accomplished. But, how quickly that can change. The area that I managed consisted of nine stores. My team consisted of 25 people who were to be able to prepare a certain amount of tax returns per ...

I. Introduction Now & Then Financial Services is a financial services company founded by Jason Mleczko, LaSand Kinnaird and Rebekah Ostby. The company, which is headquartered in Harrisburg, Pennsylvania, seeks to provide financial management products and services to new income earners such as recently graduated college and university students. Based on the company’s mission and goals, target market to be served, and inherent risks in establishing and running a start-up business, Now & Then Financial Services has decided to incorporate as a non-profit corporation. A non-profit corporation is defined as a business type where the purpose of the business is ...

Executive summary 1

Statement of problem 2 Controlling Authorities 5 Possible Solutions 6 Solution 1 6 Diversity in Expertise 7 Professionalism and Ethics 7 Increased Goodwill 7 Big Costs 7 Option two - hiring an in-house counsel. 8 Minimal costs 8 Accessibility to the documents 8 Shared Ethics and Value 8 Lack of Professionalism in Specific Areas 8 Continual training inadequacy 8 The legal model for XTRA Technologies 9 Conclusion 9

Works Cited 10

Executive summary The majority of business analysts agree on the idea that legal compliance is ...