Either Katy or an employee for the firm of accountants from which she is subcontracted can fill out the ESI to assess whether HMRC would consider Katy employed or self-employed. Based on the information in accordance with the main criteria set for establishing an employment status, HMRC would consider Katy to be employed as the factors which indicate employment outnumber the indicators of self-employment. Question 2 The UK Tax system is split into two classifications of taxes; direct and indirect. Income tax would be categorised as a direct tax. Taxable persons are residents of the UK during the tax year.
Chapter 2 Problems 33. Assumption A: If the company were a sole proprietorship, all operating income and expenses on Schedule C of an individual return. The long term capital gain would be taxed on the individual return as well, at a maximum rate of 15%. Assumption B: If the company were a corporation, income and expenses would be taxed at the corporate level and reported on Form 1120. No special tax rates for capital gains apply to corporations, the entire gain is included in income subject to normal corporate rates.
Discuss. BSA 310 Week 2 Individual Assignment BSA 310 Week 2 Supporting Activity BSA 310 Week 3 DQ The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use? Why did you choose this legal form? Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others.
MEMORANDUM TO: Outside Certified Public Accountants FROM: CPA DATE: April 8, 2013 Re: CPA Report In response to the examination of the subsidiary that has been set up as a corporation, the explanations to the deferred tax methods, procedures for accounting changes and corrections, and the reasoning for setting up the corporation as a subsidiary will be addressed. Deferred Tax Methodology Financial and tax reporting creates temporary differences between the amounts reported for income taxes and on the financial statements because an accrual basis is used for financial reporting and a modified cash basis is used for tax reporting. Deferred taxes reported contain a temporary difference between the tax basis of a liability or
Defendant Mark A. Prygocki, Sr., Prygocki, was the Chief Financial Officer, Treasurer, Executive Vice President until April 2008 when he became the Chief Operating Officer and Executive Vice President. As senior executive officers, agents, and/or directors of Medicis and its subsidiaries and affiliates, all defendants were privy to non-public information in regards to Medicis’ business, finances, products, markets, and present and future business prospects. Not only were the Defendants privy to sensitive information but all three of them were in
TABLE OF CONENTS INTRODUCTION PG 1 COMPANY EVALUATION PG 2 COMPLIANCE AND RECOMMENDATION PG 4 SUMMARY / CONCLUSION PG 5 REFERENCES PG 6 Introduction The primary objective of Accounting Ink, is to provide LJB Company with the required information to consider the regulations for converting to a publicly traded company. Within this analysis we will identify internal controls currently being used within business operation and the required mandated internal controls enforced by the Sarbanes Oxley Act. Internal Controls are established and or regulated by the Sarbanes-Oxley Act. There are six principles of internal controls 1) Establishment of responsibility, 2) Segregation of Duties, 3) Documentation Procedures, 4) Physical Controls, 5) Independent Internal Verification and 6) Human Resource Controls (Keller, 2012). Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles.
1.) What evidence is available to the police? Reference: Criminal Investigation The Art And The Science Custom Edition by Michael D. Lyman-Chapter 12, pg.318 The evidence that would be available to the police is the defendant’s fingerprints that were found on the passenger’s door panel. The value of fingerprints at a robbery crime scene is immense, so it is essential to conduct a thorough search of all surfaces in or near the scene that the robbers might have touched. These surfaces include countertops, doors and handles, cash registers and computers, and any furniture encountered by the suspects.
The prosecution must without a reasonable doubt prove the defendant is responsible for committing the crime. And in doing so must remain within the regulations of the courts. Sometimes the prosecution’s personal, ethical. Organizational, or political beliefs can becomea driving force into a trail which can have negative effects on the courts when misconduct occurs or mistakes are made. When misconduct or mistakes are made it can have very damaging effects on individuals and their lives, but also to the credibility of the criminal justice system.
XXXX XXXXX 555 Garth Street Omaha, NE 66345 May 29, 2012 Rob Talbit President LJB Company 1000 Main Street Omaha, NE 66225 Dear Mr. Talbit: I have recently been appointed to the role of evaluating LJB Company’s internal controls. If the company decides to go public there are additional internal controls that will need to be implemented and some that will need modified to meet the Sarbanes-Oxley Act requirements. First all officers of the company will have to establish a set list of internal control procedures. Those procedures should focus on steps that LJB Company can follow to ensure the accuracy of the financial reports. It would need to be reviewed and signed off on by all responsible officers.
Report an expression or opinion regarding financial statements. Financial audits are performed in coordination with GAAP and other established criteria when obtaining evidence about a company’s presentation of its financial position. Most states have developed laws that say only certified public accountants (CPAs) can perform financial statement audits. Many corporations hire external auditing firms to obey these laws. Operational Audits