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Orgnizational Tax Research and Planning

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  • Post Date 2018-11-07T11:00:44+00:00
  • Post Category Essays

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Orgnizational Tax Research and Planning

Orgnizational Tax Research and Planning

INSTRUCTIONS:
A wealthy couple has hired you to advise them on protecting their estate from taxes upon death. They own a farm and several businesses that they would like to pass on to their children. Using the internet research the IRS`s current level of interest and audits conducted related to estate taxes and proposed changes to legislation related to estate taxes. 1. Based on the research related to the current level of interest of the IRS related to estate taxes, assess how this information may factor into your advice and level of aggressiveness with minimization related to estate taxes and planning for your clients. Provide support for your position. 2. Based on your review of the recent or current legislative proposals related to estate taxes, evaluate the proposal you believe to be more viable. Indicate how such a change may be implemented into the tax law. Provide support for your rationale. 3. Research the impact of estate taxes on a taxpayers ability to transfer wealth to their children and tax planning tools used to minimize estate taxes. Indicate the effectiveness of these tools. 4. Propose a strategy to your clients to mitigate or eliminate estate taxes and transfer as much wealth as possible to their children within the current estate tax laws and given level of IRS interest in this area. 5. Evaluate and discuss which estate tax provisions would most likely be abused by taxpayers and eleate the potential risk of an IRS audit. Provide support for your position. 6. Imagine that you are appointed by Congress to simplify the estate tax code related to estate taxes. Suggest changes that would be fair to both taxpayers and the federal treasury, indicating how such taxes would be implemented.
CONTENT:
ORGANIZATIONAL TAX RESEARCH AND PLANNING Name Institution Affiliation Course Date of Submission Organizational Tax Research and Planning Tax payment is a legal requirement that is required by any person who owns property that is worth tax according to the tax authorities. The revenue department is concerned with this vital role hence works towards accomplishing the role of government revenue collection for the purpose of redistribution. Parents are always advised to pay tax for the duties owed to the revenue department to avoid loss of some property after their death when the executors are playing their role of distributing their wealth. There are various penalties which are associated with failure to pay for the tax. The Internal Revenue Service calculate the all the penalties and accompanying interest amount owed and totals to ask for the required amount as a result in addition to the initial amount of tax. There are three penalties involved and they include: Failure to file penalty, failure to pay penalty and finally interest which is also a form of penalty. Each of the penalties is accounted for differently (Internal Revenue Service, 2012). One, failure to file penalty is counted right from the time of deadline of tax return. The deadline includes even the extension period. The penalty is 5% each month that tax return is late. The total maximum that can be paid as penalty is 25% that is, five months beyond which no the balance is multiplied by 25% to get the figure to be paid. Second one is the failure to pay penalty. This is calculated depending on amount of tax was supposed to pay. The penalty is that is given here is 0.5% for each and every that is not paid in full. The penalty has no maximum limit. The penalty is calculated right from date of the deadline until the total balance is fully settled. The interest is the last penalty. The tax that one owes is the base of calculation. The current rate is 4% per year an...

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