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ACCT9011 Advanced Taxation (CPA) Assignment Sample Ireland

ACCT9011 Advanced Taxation is an important course for students who are seeking to become certified public accountants (CPAs). The course covers topics such as federal taxation, state and local taxation, international taxation, and tax research. This course provides students with the skills and knowledge necessary to prepare tax returns for clients and to advise them on tax planning matters. Additionally, the course helps students build a strong foundation for more advanced study in taxation.

ACCT9011 Advanced Taxation is offered by the School of Accounting and Finance at Dublin City University. The course is open to all students who have completed ACCT9008 Taxation 1 or its equivalent.

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Apply the computational rules for Income Tax in the preparation of Income Tax returns and advise on appropriate tax planning measures, including the use of available reliefs and allowances.

It is important to follow the computational rules for Income Tax when preparing Income Tax returns and advising on appropriate tax planning measures. Among other things, these rules ensure that the correct amount of tax is calculated and paid.

There are various ways to calculate Income Tax, but the simplest and most common method is known as the gross income approach. This involves taking your total annual income and subtracting any allowable expenses. The resulting figure is your taxable income. From this, you can then calculate your Income Tax liability.

If you are advised on appropriate tax planning measures, it is also important to take into account any relevant concessions or deductions that may be available. These can significantly reduce your tax bill, so it is worth investigating what is available to you.

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Assignment Task 2: Apply the computational rules for Corporation Tax in the preparation of Corporation Tax returns and advise on appropriate tax planning measures including the use of available reliefs.

When preparing Corporation Tax returns, it’s important to be aware of the computational rules that apply. In particular, several tax planning measures can be taken to reduce the amount of tax payable. For example, by making strategic use of capital allowances and reliefs, it may be possible to claim back some of the expenditure that has been incurred.

Additionally, it’s worth considering the impact of any changes in trading activity on the Corporation Tax liability. For example, if a business undergoes a restructuring or experiences a dip in sales, this could affect the amount of tax that is due. By taking proactive steps and planning where possible, it’s often possible to minimize any adverse tax consequences.

Assignment Task 3: Apply the computational rules for Capital Gains Tax in the preparation of Capital Gains Tax returns and advise on appropriate tax planning measures including the use of available reliefs.

Computational rules for Capital Gains Tax in the preparation of Capital Gains Tax returns: 

  • Capital gains are taxable as income and must be reported on your tax return
  • The gain is the difference between the sale price and the purchase price, minus any costs associated with the sale 
  • You can use your capital losses to offset any capital gains, and you may also be able to deduct up to $3,000 of capital losses against other types of income 
  • If you have more than one type of property (e.g. shares and property), you need to calculate your gain or loss for each type of asset separately 
  • There are different rates of tax for different types of assets, and the rate of tax you pay will depend on your marginal tax rate.

When it comes to Capital Gains Tax, several reliefs and concessions can be used to reduce the amount of tax payable. For example, if you are disposing of an asset that has been held for a long time, you may be eligible for the ‘indexation method’. This allows you to increase the cost base of the asset by an amount that is based on inflation, which can significantly reduce the capital gain.

Another relief that may be available in the ‘active asset’ exemption. This exempts certain types of assets from Capital Gains Tax, including those that are used in a business or are held for investment purposes. If you are thinking of disposing of an asset, it’s worth investigating whether this exemption applies.

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Assignment Task 4: Advice on the requirements of a Revenue Audit to enable client/employer compliance.

A Revenue Audit is an examination of a company’s or individual’s financial records to ensure compliance with tax laws. The requirements for a Revenue Audit are extensive and include but are not limited to: maintaining accurate financial records, substantiating all income and deductions claimed on tax returns, and appointing an authorized representative.

Companies and individuals must comply with all tax laws to avoid costly penalties and audits. Measures that can be taken to maintain compliance include: keeping accurate financial records, consulting with a qualified accountant or tax specialist, and being familiar with the current tax laws.

If you are selected for a Revenue Audit, it is important to be prepared and to cooperate with the auditors. The audit process can be complex and time-consuming, but it is important to remember that the goal of the audit is to ensure compliance with tax laws.

Assignment Task 5: Advise clients and or management on the operation of the VAT system and provide appropriate tax planning advice concerning VAT.

The Value-Added Tax (VAT) is a consumption tax levied on the sale of goods and services. The VAT system is designed to ensure that businesses charge the correct amount of tax on their sales and that consumers only pay VAT on the products and services they consume. Businesses can claim back any VAT they have paid on their purchases, so the net effect is that only businesses and final consumers bear the burden of the tax.

When advising clients or management on how the VAT system operates, there are a few key points to keep in mind:

  1. The basic principle of value-added taxation is that tax is levied at each stage in the production and distribution chain, but businesses can recover any VAT they have paid on their purchases.
  2. The VAT rate is set by the government and is applied to the sale price of goods and services.
  3. businesses must register for VAT if they are making taxable supplies (sales) above a certain threshold.
  4. businesses must charge VAT on their sales and file periodic VAT returns showing the VAT they have charged and the VAT they have paid on their purchases.
  5. businesses can reclaim any VAT paid on their purchases, so the net effect is that only businesses and final consumers bear the burden of the tax.
  6. The government sets the VAT rates and can change them at any time.
  7. businesses must comply with extensive record-keeping and reporting requirements.

When providing tax planning advice concerning VAT, it is important to keep in mind the client’s or business’ particular circumstances. For example, businesses that are heavily reliant on imported goods may be more affected by changes in VAT rates than businesses that only sell locally produced goods. Similarly, businesses with large numbers of customers may be more affected by changes in the VAT rate than businesses with only a few customers.

The most important thing to remember when advising on VAT is that the rules and regulations can change at any time, so it is important to keep up to date with the latest developments.

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Assignment Task 6: Advise clients and or management on the operation of the Capital Acquisition Tax (CAT) system and provide appropriate tax planning advice concerning CAT.

The Capital Acquisition Tax (CAT) is a tax on the value of certain property acquired by a person resident in the State. The tax is levied on the purchaser at a rate of 12.5% on the consideration paid or borne for the property. CAT is also payable on ‘occasions of the charge ability, which broadly speaking, are where there is a change in beneficial ownership of chargeable property. 

When advising clients and management on the operation of CAT, it is important to remember that both commercial transactions and gifting situations can be caught by the tax. It would therefore be wise to obtain professional advice in advance of any sale or transfer of property, to ensure that any potential liability is minimized. In addition, it is important to be aware that the CAT rules can be complex, and that the tax authorities can impose significant penalties for non-compliance.

When providing tax planning advice concerning CAT, it is important to take into account the particular circumstances of the client or business. For example, businesses that are engaged in property development may be more likely to be liable for CAT on the sale of property than businesses that are not engaged in property development. Similarly, businesses that make large gifts to family members or other individuals may be more likely to be liable for CAT than businesses that do not make large gifts.

Assignment Task 7: Discuss the principles of Stamp Duties and calculate any duty tax payable having optimized the use of any available reliefs.

Stamp duty is a tax that is levied on legal documents. It is generally payable on instruments of transfer of property, such as deeds and leases. The amount of stamp duty payable depends on the value of the property involved. In some cases, relief from stamp duty may be available.

The calculation of stamp duty payable can be complex, as several different rates may apply, depending on the type of transaction involved. However, certain reliefs may be available in certain situations. For example, first-time buyers of residential property may be eligible for relief from stamp duty on properties worth up to €500,000.

When calculating any stamp duty which may be due, it is important to take into account all of the relevant factors, to ensure that the correct amount of duty is paid. In addition, it is important to be aware of any reliefs that may be available, to minimize the amount of stamp duty payable.

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Assignment Task 8: Integrate their learning across the various (examinable) tax heads in the appraisal of complex tax issues to provide clients and or management with optimum tax planning advice that is within the legal and ethical frameworks.

When providing tax planning advice, it is important to take into account all of the relevant factors across the various tax heads. This includes considering the implications of any changes in the law, as well as the particular circumstances of the client or business. In addition, it is important to ensure that any advice given is within the legal and ethical frameworks.

When providing advice on complex tax issues, it is important to have a detailed understanding of the law and the various tax heads. In addition, it is important to be able to take into account the particular circumstances of the client or business. This includes considering any potential risks and liabilities, as well as any opportunities that may be available.

It is also important to be aware of any reliefs that may be available, to minimize the amount of tax payable. In addition, it is important to ensure that any advice given is within the legal and ethical frameworks.

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