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Navigating Tax Compliance: The Role of the IRS and Tax Authorities in 2023 Current Trends in Tax Compliance: IRS Guidelines and Regulations from 2023 Onward

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Navigating Tax Compliance: The Role of the IRS

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Navigating Tax Compliance: The Role Of The IRS

Navigating Tax Compliance: The Role of the IRS and Tax Authorities in 2023 Current Trends in Tax Compliance: IRS Guidelines and Regulations from 2023 Onward Navigating Tax Compliance: The Role of the IRS and Tax Authorities in 2023 Current Trends in Tax Compliance: IRS Guidelines and Regulations...

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navigating tax compliance
navigating tax compliance the role of the irs
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Vak Navigating Tax Compliance: The Role of the IRS

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Navigating Tax Compliance: The Role of the IRS and Tax
Authorities in 2023
Current Trends in Tax Compliance: IRS Guidelines and
Regulations from 2023 Onward

Outline the fundamental principles of code of ethics

- Confidentiality

- Objectivity

- Professional behaviour

- Professional competence and due care

- Integrity.

Ethical principle of confidentiality definition:

A duty to:

- Respect the confidentiality of information acquired from professional and business relationships.

- Refrain from disclosing without proper and specific authority unless there is legal or professional right
or duty to disclose.

- Refrain from using such information for their personal advantage or theirs party advantage.

Ethical principle of Objectivity.

Not allowing bias, conflict of interest or the undue influence of others to override professional or
business judgement.

Ethical principle of integrity.

Being straightforward and honest in all professional and business relationships.

,Ethical principle of professional competence and due care.

A continuing duty to:

- Maintain professional knowledge and skill at the level required.

- Act diligently in accordance with applicable technical and professional standards.

Ethical principle of professional behaviour

Complying with relevant laws and regulations and avoid any action that discredits the profession.

Outline the threats to fundamental principles.

- Advocacy threat

- Self review threat

- Self interest threat

- Independence threat

- Familiarity threat

Define Self Interest Threat

A threat to objectivity / professional behaviour / integrity due to potential personal gain.

Define Self-review threat

Threat to objectivity of the re-evaluation of previous work by the person who performed the original
work.

Define Advocacy Threat

,The threat to objectivity of advocating for a client. (E.g. in a court case)

Define Familiarity Threat

The threat to objectivity of over-Familarity with a particular client.

Define Intimidation threat

The threat to objectivity of intimidation by or threat from a client.

Summarise income tax rates

Basic rate first £37,700 of income taxed @ 20% income. @8.75% for dividends.

Higher rate excess income up to £150,000 is taxed at 40% @33.75% for dividends.

Additional rate income over £150,000 is taxed @ 45% @ 39.35% for dividends.

Gift Aid Scheme

Income tax relief given for donations to UK registered charities.

HMRC gross up the donation by 100/80.

To obtain higher / additional rate relief the taxpayer extends basic rate band by gross donation.

Marriage allowance

Can transfer max £1260 of allowance.

, Both the giver and receiver has to be basic rate tax payers.

Child benefit tax charge

1% of each £100 over £50k adjusted net income

Tax deductible interest payments

Interest on loan to:

- Buy plant or machinery for partnership

- Buy plant or machinery for employment purposes

- To buy an interest in: A close company, or employee controlled company.

- To invest in or lend to partnership

- To pay inheritance tax.

- To buy shares in or lend money to a co-operative (if you are an employee)

Exam assumption on property income receipts

Where property receipts do not exceed £150,000 assume that cash basis applies unless you are
specifically told otherwise.

Allowable property expenditure

- Legal, professional and administrative costs

- Interest paid eg on loans to buy or improve non-residential property

- Rates and taxes paid by the landlord eg council tax, water rates.

Domestic items - Replacement relief

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Navigating Tax Compliance: The Role of the IRS and Tax Authorities in 2023 Current Trends in Tax Compliance: IRS Guidelines and Regulations from 2023 Onward

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