Tax avoidance is the legitimate minimizing of taxes, using methods included in the tax code. Businesses avoid taxes by taking all legitimate deductions and by sheltering income from taxes by setting up employee retirement plans and other means, all legal and under the Internal Revenue Code or state tax codes. Most taxpayers use some form…
Zero-rated supply – refers to items that are taxable, but the rate of tax is nil on their input supplies. The government doesn’t tax its retail sale but allows credits for the value-added tax (VAT) paid on inputs. This reduces the price of a good. Governments commonly use zero-rated goods to lower the tax burden…
ACCOUNT RELATED DISPUTE If you don’t agree with a penalty due to the late payment of taxes and the related interest, follow these three easy steps: Step 1: Request remission for the penalty by providing reasons for the late payment of tax by submitting a ‘Request for Remission’ via eFiling. Step 2: If the request for…
Please take note of the following rare scenarios: An individual can have an income tax number from birth if he / she becomes liable to submit an income tax return or becomes liable for any normal tax. For example, a child born into a wealthy family may be registered for income tax if his /…
(PATC does not charge for the preparation of Wills if Gavin Bacon / PATC will be the executor) A.) For a basic straight forward Will: – Both full names and surnames – we’ve got this therefore ignore Your ID No’s. – we’ve got this therefore ignore Confirmation that Gavin Rennie Bacon of PATC will be…
In Community of Property Out of Community of Property Out of Community of Property with accrual. IN COMMUNITY OF PROPERTY: If you are married in community of property, this means that current and future assets are shared equally.
In an audit engagement, the auditor gives his opinion on the financial information disclosed by your business. The auditor’s report is an integral element of your business’s audited financial statement. At the culmination of the audit engagement, the auditor expresses his opinion in the auditor’s report, which can be qualified or unqualified.
