Identify one major exclusion and one tax credit. Find the relevant Internal Revenue Code Section that provides for the exclusion or credit using IRS.GOV, copy the first paragraph, including the Code Section, and paste it into your post. Please answer this question for each: Did Congress enact this exclusion or credit for a social or economic purpose? Or both? For your third post this week, identify one of your colleagues' posts and respond to their observations with a concurrence or not; either way, support your position. Discuss which provides a greater tax advantage to the taxpayer, deductions or tax credits.
Tax Credit:
Sec. 25A. Hope and Lifetime Learning credits
TITLE 26, Subtitle A, CHAPTER 1, Subchapter A, PART IV, Subpart A, Sec. 25A.
The Lifetime Learning Credit for any taxpayer for any taxable year is an amount equal to 20 percent of so much of the qualified tuition and related expenses paid by the taxpayer during the taxable year (for education furnished during any academic period beginning in
…show more content…
(2) Transfer for valuable consideration
In the case of a transfer for a valuable consideration, by assignment or otherwise, of a life insurance contract or any interest therein, the amount excluded from gross income by paragraph (1) shall not exceed an amount equal to the sum of the actual value of such consideration and the premiums and other amounts subsequently paid by the transferee. The preceding sentence shall not apply in the case of such a transfer -
(A) if such contract or interest therein has a basis for determining gain or loss in the hands of a transferee determined in whole or in part by reference to such basis of such contract or interest therein in the hands of the transferor,
It is a function of staffing, making sure that the company has the right number of employees with the right knowledge and skills in the right place in the organization. The recruitment department will seek to fill the vacancies within the organization. It will advertise vacancies, screen applicants, perform initial interviews, undertake necessary background checks, extend offers of employment and assist in the onboarding of new employees.
I work closely with other employees and Partner of the firm. All questions raised by employees on the files regarding the accounting and tax are answered by myself. If I am not sure I will consult with Partner. This allows me to regularly update my knowledge with any new update. Therefore, it is important that I develop and maintain a positive relationship with both employees and Partner. It also assists in the company to create a positive environment where I am available to answer the questions asked by employees and resolve the problems.
Chapter one started off with an interesting case about a married couple, who are doctors and decided to work within the same hospital. Soon after they started to work there, their marriage started to suffer and in the end they decided to get a divorce. Mr. Whittamore decided that he was going to leave the hospital and was thinking about opening his own clinic, even though it was against his contract. He thought that he would go talk to Singson and explain the situation to him and see if the contract could be overlooked and allow him to open his clinic. Singson told Whittamore that the contract would stand. Singson responds made Whittamore upset and the conflict between Singson and Whittamore started. The chapter continued talking about the approaches that people may use in order to
To meet the requirements desired by the President and Vice President of the Acme Corporation, I believe that they will only need four servers, considering it is such a small business of less than 20 people. All of the servers will be running Windows Server 2008 R2. The following servers will be: a file and printer server, an email and web server, and an SQL server.
If you review table four and reference the savings from year one to year two you can determine the potential return on investment. The clinic did not obtain the full impact of the revenue in year one because having to account for initial cost of implement billing system that has the feature of e-statements. I used the total financial return from year one as a starting point. I did not move over the one-time costs to the second year and other one-time costs. For example, the one-time cost of the new billing system would only apply to year one. The clinic then would utilize the $208,960 savings per year going forward. The savings that I determined her would be calculated at a minimum amount for what the entire billing system would do for the clinic. The clinic has other departments that would benefit from this billing system and the new features the system has to offer. I would recommend the clinic go with this product and new workflow that I have identified.
The board of directors met to discuss the possibility of changing our pricing and making a couple changes to the policies. The board decided to make the following changes:
Being one of our brightest client’s we feel that our ability to communicate with each other on a more personal basis is acceptable. Resolving an open issue, by completely terminating all female technicians over the age of 45 and replacing them with male employees under the age of 25 will not be in your best interest. Therefore, I am brining to your attention our thoughts and concerns with your conclusions on this manner.
we take the time to listen to our employees regarding their concerns and needs for performing their jobs. We talk with each employee individually about the conflicts they may have with other employees by rectifying conflicts right away by coming up with viable solutions. we also try to Encourage us employees to make recommendations that may help increase company's performance and
Summarize and discuss your activities at work during each week. Be sure to note any new on-the-job experiences and any unusual events. Discuss any work-related problems, and state how you resolved them. You may write about your activities each day or for a week. Your summaries may be longer than the space allowed below.
Market live is an online game that helps to educate students in making real life business decisions and seeing their results. The game included five teams that were starting new companies entering the microcomputer business. They were given investment money to help them start their business. By using that capital to open sales offices, web sites, design their brand, and build their factory. Since microcomputer industry was in the introductory stage of the product cycle there was no previous history nor established competitors. The teams were given six quarters to get their companies up and running. In those quarters each team should have become self-sufficient and earned substantial profits from their operating decisions. The team’s cumulative performance
ASC 820 requires that the measurement of fair value of assets acquired and liabilities assumed should be based on the
Internship week 5, I chose this week to do my training with Finance department since I know it’s one of the most important departments in any organization. So I started it by attending a meeting that was between the employees from different departments to discuss and to update with each other’s for the coming event “the flag day”. They had to find solutions for the issues they’re facing and give suggestions to improve it. After the meeting the director of finance department asked me to call some suppliers that have to work with the foundations in their big project. I and the suppliers agreed that they will come and will meet them to explain more about the project. Met them and gave them soft and hard copies of the exact details to work on
Ms Keeling called to report that she never received the credit of -$187.80 of August 2018. She explained the light flicked that caused the register to close down. She was told that her transaction did not process, so they processed again, but because the charged processed she received a decline, therefore she had to remove some of her items. She charge to her Amex was never credited back. I was unable to locate a receipt for the charge on the Amex.
The three questions that need to be addressed within staffing planning are how many people should be recruited, what resources are needed, and how much time will it take to hire employees ( Phillips & Gully, 2015). In regards to how many people should be recruited, it has been suggested that by having more applicants, it allows an organization to be more selective. This can allow the company to identify the candidate who will be the best fit for the position as opposed to hiring the only applicant who applies. Phillips & Gully (2015) mention that staffing yields are the best source of information for determining how many people to recruit and it comes from data being collected during a company’s previous recruiting efforts. Also, one way is
Question 4: What did you learn about the relationship between workforce management and business results?