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WHY VITA (Volunteer Income Tax Assistance)
Volunteer Income Tax Assistance (VITA) is a great tax preparation service provided to lower income families. The IRS set up this service as a way to provide free tax work for those who generally could not afford to have their taxes prepared professionally. I've evenofferd this service at the Muncie Ivy-Tech location for the past 3 years.
The IRS expenses to run this service includes sending out all the training materials (which consists of a large text book plus other booklets), any forms each site may need, contracting out a professional tax software company to provide the software as well as many other costs. One would think if the IRS put this much money into a free service, they would expect quite a windfall of taxes to come in. However, just the opposite generally happens. During the first day we were open, estimated the refunds of those to be about $20,000 in total. Why do you think the IRS goes to the trouble to provide this free service when most lower income individuals receive a refund?
What amount of property tax revenue could the county report in its government-wide statements for 2012 and 2013? Describe.
Purpose a Tax Research Memo in good form regarding the $25,000 relocation loan that Joanne Black described.
A consumer would prefer to have his or her income doubled rather than prices of all goods halved and decrease in price simply represents a transfer from suppliers to consumers.
Is the purpose of Religious Publications a tax exempt purpose? Would it make any difference if Religious Publications had been established by a definite religious group and worked only for that group?
Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.
He has the subsequent items pertaining to his income tax return for the present year
Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will allow the government to minimize the deadweight losses from the tax?
Suppose that the data are the same, except that the fair market value of property is 2,525,000. Thus, when terry deeds the property to creditor, she also receives 25,000 from the creditor. What are the tax consequences to terry?
Compare the tax advantages of debt versus equity capital formation of the corporation for the client and debt or equity for capital formation of thenew corporation, based on your research
What it the totla amount of FICA tax that would have been withheld for Edwards wages? I came up with the answer 1,247 if it is wrong could you show me why?
Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text).
Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why do companies use different depreciation methods for tax and financial reporting?
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