Provide an explanation of the current federal estate tax law. Create a brief scenario using a hypothetical client who may need estate tax planning services soon. Provide a rationale for your responses.
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Provide an explanation of the current federal estate tax law. Create a brief scenario using a hypothetical client who may need estate tax planning services soon. Provide a rationale for your responses.
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- Propose ethical suggestions to reduce estate tax and gift taxes on property transfers.Discuss the ethical implications of the estate, inheritance, and gift taxes.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.
- Assuming that you were a tax consultant of a certain company, discuss the specific provisions of the TRAIN LAW which you can use in tax planning. Apply your knowledge in tax saving strategies.Kindly help on these questions. 1. What are some recommendations methods for raising sufficient capital.? 2. What are some recommendations for retirement plans and employee benefit options.?Explain what is the most beneficial, or useful piece of tax information we can learn from tax courses. Explain why.
- As a taxpayer referring to the information provided by your classmates related to the informational needs of the user group you have chosen, state whether the objectives of financial reporting they have listed meet your needs, whether any additional information is needed by your user group, and why this information would be beneficial to the financial decisions you would need to make. Are there any additional objectives that should be listed for your user group, if so what are they? How do your needs differ from the other user groups? how would I respond to the following: In reviewing the FASB concepts, I will address them from the school department point of view, which operates under the city government. Concept no.1 requires that financial statements help users to assess whether to donate to an organization, and to understand how (if they choose to donate) their resources will be used. For a school department it is imperative that the public know what their tax dollars are used for,…Individual tax filing requirements and circumstances can change, so it is important to be familiar with the research tools available to you as a tax practitioner. In this discussion, you will consider research resources available for tax preparers and how they can be used in the field. What are the available commercial and noncommercial tax resources that you could utilize as a tax practitioner? Refer to Section 2-2A through 2-2C (specifically, exhibit 2-7) in your textbook for options. Which commercial resource do you think is the most beneficial to a tax practitioner? (Note that you will not be able to access the commercial resources but can find their features on their website.) Which noncommercial resource do you think is the most beneficial to a tax practitioner? How might you use the tax research process (refer to Section 2-3 in your textbook) for utilizing tax resources in preparing individual tax returns. (Think about ways you could use this process to support you in…1. What do you think about estate taxes at the state level? How do we see this play out with retirees? 2. How does the Estate Tax affect the Business valuation/estate planning industry?
- In estate planning, setting ul a trust account in the name of beneficiaries may help to _______ a. Improve the faith of the beneficiaries b. Maximise the estate tax obligation c. Protect the beneficiaries against future inflation d. Protect the beneficiaries from the creditors of the donorWhat is Social Security and what are some of the benefits/advantages? There are different types of beneficiaries. Name as many as you can. What age can you begin drawing for old age Benefits? What are some of the reasons that you may want to WAIT to begin drawing Social Security?Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax law Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.