Taxation - Assignment 1 Example | Topics and Well Written Essays - 500 words

Taxation - 1 - Assignment Example   Consumptive taxes are levies on sales of commodities that are subject to use by a business or an individual. While some people understand that a small fee is added on to the buying of commodities in stores, many overlook additional taxes. An example of a consumptive tax is hunting or fishing. Travel fees and toll road levies are also part of consumptive taxes. The IRS carries out three different types of audits: fields audit, office audits, and correspondence audits. If one is audited, the IRS notifies them in writing indicating the type of audit they are conducting. In an office audit, a taxpayer physically takes their documentation to an IRS branch office where IRS examiners review the details of the taxpayer’s documentation. Instances of IRS office audits include circumstances where a taxpayer claims abnormally high deductions and the IRS wants to see the conforming support documents to verify that the information is accurate. A correspondence audit is the mildest audit and normally occurs due to minor mistakes on a taxpayer’s tax returns. Usually, a taxpayer mails the relevant forms and documentations to IRS to complete correspondence audit. The IRS then reviews the full information send by the Customer and closes the audit after addressing all issues. Under Field audit, IRS auditors visit the office or home of the taxpayer to verify that the tax returns were accurate. The main dissimilarity between a field audit and an office audit is that a field audit happens on the premise of the taxpayer while an office audit happens in the IRS branch office. Individuals may request the IRS to perform the field audit at the premise of the taxpayer’s accountant. The main aim of audits from a government’s point of view is to ensure that every taxpayer adheres to the same tax laws and that the taxpayers are reporting and paying taxes correctly. IRS Tax Audits

U04d1 Critique Case Essay Example | Topics and Well Written Essays - 500 words

U04d1 Critique Case - Essay Example rtant that the boards focus on testing and challenging the various strategic options before choosing the options and stepping in blindly into the options. The reason being, the architecture of the organizations are unique in their own ways and it is essential to note that the strategy that might work on one organization may not work as effectively on other firms as well. The firms need to work towards building a successful rapport between the employees and management as well as the suppliers and management as well. Also the customers and the network of the firm need to also be constantly engaged in the firm and the related activities as well (Velasquez, 2006). As explained well by Prahlad, it is clear that the strategic architecture’s blue print needs to be discussed with complete focus on the functionalities and the inclusion of newer competencies and the improvements of the interface with the customers. Together all the aspects of the business can build up and become a success. Another important explanation by Prahlad also explains, â€Å"A core competence is a bundle of skills and technologies that enables a company to provide a particular benefit to customers† (Hamel & Prahalad, 1996). The core competencies are a gateway to the successful future and the continuous improvements of the investments and also the company growth. Hence it is very important to consider these and to work towards improving these aspects of the business as well (Mill, 1995). Also a few other questions that need to ba answered and to be considered for the case include the following. What is the foresight for the development of various external factors for the company? The main justification for this question is to realize that a successful business is one which concentrates not only on the sales and revenues but equally on the various factors that enclave it. What is the importance that is given to the governing boards on the issues of the ethical boundaries? It is important to