PPT-Tax Administration

Diagnostic Assessment Tool David Kloeden Head of TADAT Secretariat 2 A framework that is designed to deliver objective assessments of the most critical outcomes of a tax administration A tool that allows for repeated measurement over time . Delivering better results from revenue administration reform interventions requires . explicit evidence . to enable measuring these results in practice. Revenue administration reform is . highly-context dependent. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial futures. What? You Don’t believe this? All you need do is listen to and read all the various quotes from IRS directors, commissioners and former agents, not to mention all the quotes from congressmen and women. Whether you’re new to the world of taxes as a business owner or individual, an accountant is generally considered to be the best person to help you with your financial information, and they can be thought of as professional tax collectors. With the 2019 tax year looming on the horizon, you’re probably already thinking about preparing for this time to try and get the maximum out of the changes that were introduced with the TCJA, or Tax Cuts and Jobs Act. Credits have been adjusted, exemptions and tax bracket have altered, making it the perfect time to take a step back and look at your finances before the end of the fourth quarter. Keeping that in mind, here are just a few intelligent money manoeuvres to think about before December 31st, that could help you stay a step ahead of the tax filing season: With 2018 fast coming to an end, it’s time to ask yourself if you’re ready for the new tax season? 2019 brings in a variety of changes and each of these could go on to affect how you file and Form 1040. Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that. As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible: Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So, here is the first part of a brief guide that attempts to answer some of the most common tax queries: Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud. Taxes are a hassle no matter how you tackle them, but there are ways of simplifying the whole process by planning in advance to help minimize your stress levels when your taxes are due: When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are responsible for implementing them and helping to explain how the new rules can be applied to specific situations. Treasury Regulations and Revenue Rulings are the written regulations and procedures in which the new tax codes will appear, and they are almost four times as long as the tax code itself! Here’s a little more about the relationship between the IRS and the tax code: From SpONSor’s DISCUSSION PAPER. Cannabis Administration & Opportunity Act. Senate Bill Discussion Draft. – Sponsors, Booker, Wyden, Schumer. Long Title: To decriminalize and deschedule cannabis, to provide for reinvestment in certain persons adversely impacted by the War on Drugs, to provide for expungement of certain cannabis offenses, and for other purposes.