What do you know about tax evasion, tax avoidance, and tax exemption? Please elaborate youranswer and give example of these activities.
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- Effective tax planning. Explain the key elements of effective tax planning. What are some of the most popular tax management strategies?Discuss the basic principles of income taxes and determine your filing status.If you will be a taxpayer, how do you want to pay your taxes? Focus on the administrative feasibility among the principles of sound tax system.
- What about the tax return preparation?In your opinion, should “tax arbitrage” be made legal? Discuss and provide examples.Distinguish between tax avoidance and tax evasion. What are the ethical responsibilities of the tax practitioner in dealing with tax avoidance? What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
- Give an idea or opinion on how to catch those practicing tax evasion.What are the specific requirements of paid tax return preparers? In other words, what must they obtain from the IRS in order to charge money for tax preparation? What is the statute of limitations for income tax returns? Are there any exceptions to the general rule?Identify some of the reasons why accounting for income taxes is complex?