Going back to Week 1, what differences do you see between individual and corporate income taxes? Do you believe corporate income taxes are complex and if so, why?
#2.
E&P ( Professor Post)
What difference do you see between current and accumulated E&P? Why is this difference relevant ?
Generally, double taxation means being taxed twice on the same transaction or being taxed on a tax paint. There are a number of instances where double taxation can occur. One common example is where someone is taxed on a source of income in two different countries. For example, a US citizen resident in the UK is taxable on his worldwide income both in the UK (because he is resident here), and in the US (because he is a citizen). In practice, in this example the UK-US double tax convention would reduce or eliminate the double tax.
Personal income taxes are generally reported on a Form 1040, however with a business there are several forms that are used for returns depending on the business. Sole proprietors use the related 1040 form, as do any businesses with a pass-through structure. C Corporations must use Form 1120 and S Corporations must use Form 1120S. General partnerships use Form 1065. Filing deadlines differ between individuals and businesses. With an individual return, the deadline for filing is generally in April; however, with businesses there are quarterly estimated tax payments due the 15th days of January, April, June, and September.
Reference: https://www.legalzoom.com/articles/personal-taxes-vs-business-taxes-what-are-the-biggest-differences
APA
538 words
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