Mr. E is a business process outsourcing (BPO) employee in IT Park, Lahug, Cebu City. Prepare a very short story in the daily life of Mr. E to apply the theory of taxation and the basis of taxation. By the way, Mr. E lives in Minglanilla, Cebu.
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Mr. E is a business process outsourcing (BPO) employee in IT Park, Lahug, Cebu City. Prepare a very short story in the daily life of Mr. E to apply the theory of
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- Joy, a resident alien, works home online and submits her output to clients. She collected P800,000 service fee from foreign clients and P200,000 from Philippine resident clients. How much income is earned by Gareth outside the Philippines?Sarah is a local CPA who performs part-time bookkeeping services for local businesses and does tax returns during tax season. Sarah does not know about the AICPA Code of Conduct or the IRS Circular 230. Draft a memo for your files and an email to Sarah to answer the questions below. 1. Explain what parts of the AICPA Code of Conduct apply to Sarah. 2. Explain what parts of the IRS Circular 230 apply to Sarah.Mr. Amir Is engaged in the business of manufacturing and import of fast moving consumer goods (F MCGS) Recently he is planning to open a retail business across the different cities of Pakistan through various general stores. These general stores will supply the goods from wholesale to general consumers. Mr. Amir is intending to get registered each general store under the Sales Tax Act, 1990. Required: Briefly explain the following in the light of the relevant provisions of the Sales Tax Act, 1990: 1- Whether Mr. Amir will be required to obtain a separate registration for each general store? 2- Whether Mr. Amir will be classified as a retailer or he is required to comply with certain conditions?
- David is an accountant for a small company. As such, he participates primarily in _________ activities ?Mr. Chuang set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chuang wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to Good Home Limited and how it can avoid this if so. Advise Mr. ChuangMr. Chan set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chan wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to GoodHome Limited and how it can avoid this if so. Question: Advise Mr. Chan.
- In which of the following situations may the taxpayer take an education expense on Schedule C? a.John, a plumber by trade, is taking classes to qualify as an electrician so he may take on more complex contractor jobs. b.Henry, a self-employed administrative assistant, is taking an advanced Word computer program class through an adult school program. c.Ann Marie, a hostess at a restaurant, is taking a review course in order to pass the certified financial planner examination. d.Barbie, a salesperson, is flying on numerous commercial airplanes in order to observe the flight attendants so that she may improve her public relations skills.Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego Hotel charges while on business Restaurant meals while on business Car rental while on business Hotel charges while on vacation Restaurant meals while on vacation Car rental while on vacation Total $ 675 500 220 90 700 242 180 $2,607 Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2022. 1,406 XAnswer the questions after reading the passages. 1.Mario is engaged in a pharmaceutical business. One day, Mario unnecessarily bought from Dario a truckload of supplies and medicines to be sold in his pharmacy so that he could post the cost in his ledger as expense to reduce his tax liability. Is the contract of sale between Mario and Dario valid? Why or why not? 2. Joanna entered into a loan contract with Marie over Marie’s car where Joanna is the borrower and Marie is the lender. It was stated in the contract that the ownership will be transferred to Joanna. The title to the car was given to Joanna who registered the car in her name. Before the end date of the contract, Joanna expressed her intention to buy the car. But Marie refused to agree to Joanna’s intent. Was Marie correct in refusing to agree to Joanna’s intent? Why or why not 3. Scott requested Jenny to work with the Bureau of Internal Revenue (BIR) in further reducing the tax liability of the company believing her to be an…
