Assignment Tax essayEssay Writing Service

Assignment Tax essayEssay Writing Service Assignment Tax essay Assignment Tax essayOn 10 May 2013, the IRS issued regulations under section 336(e) that allow taxpayers in certain situations to elect to treat sales and distributions of 80Â  percent of a corporation’s (the target) stock as taxable sales of the target’s assets (Taxation of Cross-Border Mergers and Acquisitions, 2014). In such a way, the US fiscal policy aims at the enhancement of the transparency of fiscal operations and minimizes the risk of tax avoidance. The development of section 336(e) contributed to raising barriers on the way of international fiscal schemes that allow money laundering and transferring money off shore.Net investment income tax imposes 3.8% tax on net investment income of individuals, estates and trusts (Taxation of Cross-Border Mergers and Acquisitions, 2014). In such a way, the US fiscal policy aims at the accurate and effective taxation of investment incomes obtained by companies as well as individuals operating internationally. At this point , it is worth mentioning the fact that some companies have developed numerous schemes of tax evasion using their investments as the way to transfer their capital off shore or to other countries, where the fiscal legislation is more liberal and less restrictive. In such a way, the national legislation raises barriers for international schemes planned for tax avoidance and other schemes.Furthermore, the Foreign account tax Compliance act (FatCa) was enacted into law to address tax evasion by US taxpayers that hold unreported assets in financial accounts and undisclosed interests in foreign entities (Taxation of Cross-Border Mergers and Acquisitions, 2014). The tax evasion is a serious threat to the national economy. At the same time, international transfers are the most efficient way to complete tax evasions fast and effectively. Local law enforcement agencies have difficulties with the investigation of such crimes. The elimination of fiscal barriers and the enhancement of the foreign account tax policies help to minimize the risk of the violation of tax policies and prevents the problem of tax evasion.One of the major advancement in fiscal policies at the international level is the introduction of International Financial Reporting Standards. International Financial Reporting Standards introduce the common set of standards of financial reporting at the local and international level. In such a way, International Financial Reporting Standards help to balance the international legislation and fiscal policies, to harmonize them and develop common, transparent standards and principles that will contribute to the transparency of accounting and financial performance. International Financial Reporting Standards have been implemented since 2012. The first phase of the International financial Reporting Standards was introduced in 2013 and the preparation for the introduction of the second phase has started. 2014 involved the evaluation and assessment of the implementation of phase one of International Financial Reporting Standards. The accurate assessment is pivotal for the further implementation of phase two of International Financial Reporting Standards.Furthermore, the international cooperation in fiscal policies contributes to the tighter regulations and higher transparency of fiscal policies and accounting of businesses operating at the domestic and international market (Chernick Reschovsky, 2000). In this regard, the introduction of the automated information exchange international standard is an important step toward to the enhancement of the international fiscal policies and standards that facilitate the tax policy and tax accountability of businesses.At the same time, well-developed nations, including the US and the EU assist developing countries into the implementation of international accountability standards and fiscal policies that match international standards (Fighting Tax Evasion and Avoidance: A year of progress, 2014). In such a wa y, developed nations help developing ones to close fiscal gaps and help to introduce effective systems of monitoring and control. However, the key to the effective fiscal policies at the international level is the transparency of fiscal policies.However, one of the primary concerns of the international community in terms of fiscal policies was tackling tax heavens and aggressive tax planning that prevent the risk of the development of tax evasion schemes and transferring substantial financial resources offshore.3)International Financial Reporting Standards may become the tax framework within which international fiscal system can operate successfully. At the same time, the implementation of the common, global fiscal framework does not necessarily mean the resolution of the problem of tax avoidance. In fact, the tax avoidance occurs not only because of differences in fiscal policies and different policy standards but also because of the different in fiscal policies conducted by fiscal institutions of each country. At this point, the International Financial Reporting Standards can become a solid financial framework for well-developed nations with the solid legal system, well-established democracy, and low level of corruption. On the contrary, some developing nations, like Nigeria, for example, face the high risk of corruption. Even emerging economies, like China, suffer from the high level of corruption. Therefore, in case of the creation of the global tax framework after the implementation of International Financial Reporting Standards, countries with the high level of corruption may become new tax heavens for companies and individuals, who want to hide their profits and pay fewer taxes.At the same time, the risk of corruption is not the only obstacle for the successful introduction of the global fiscal framework. The implementation of the International Financial Reporting Standards and the elaboration of the common fiscal policy worldwide raises the problem the economic disparity in the global economy and the different dynamics of the economic development of different countries (Holzman, 2005). What is meant here is the fact that fiscal policies, including fiscal policies regulating international financial operations, are effective tools that help governments to stimulate business activities and balance the economic development. For example, in case of ‘overheating’ of the domestic economy, the government of a country may be willing to raise taxes to avoid the further ‘overheating’ that may lead to the crisis of overproduction and further economic decline. On the contrary, the government of a country that suffers from the economic recession may need to eliminate fiscal barriers and introduce more liberal fiscal legislation to attract more investors. In such a way, they can boost their economic development. However, the introduction of the International Financial Reporting Standards as the common, global tax frame work will become an obstacle for such independent policies conducted by governments. Obviously, at the moment, national governments are not ready to put international fiscal policies above their national economic interests. Therefore, even in case of the introduction of the International Financial Reporting Standards as the global tax framework, this framework will be unable to prevent the risk of tax avoidance.Nevertheless, the introduction of the International Financial Reporting Standards as the common, global tax framework can lay the foundation to the development of common fiscal policies and tax legislation. The introduction of the tax framework implemented internationally will stimulate the introduction of the common tax legislation that will help to prevent the risk of tax avoidance. Even though the International Financial Reporting Standards will not eliminate the problem of the tax avoidance point blank, but still such global tax framework helps to decrease such a risk. At this point, the elaboration of common international standards is an important step toward the effective prevention of tax avoidance at the international level. At any rate, the global tax framework helps to stimulate companies to introduce common strategies to match international fiscal standards. In the course of time, International Financial Reporting Standards can help to make the global business more transparent.In such a way, the International Financial Reporting Standards as the global tax framework will not bring immediate positive changes in terms of the tax avoidance minimization but still the global tax framework will have a positive impact on the development of international business and fiscal policies. Even though the International Financial Reporting Standards will not eliminate the problem of the tax avoidance, they will help to decrease the risk of the tax avoidance.

How Vacancies in the US Congress are Filled

How Vacancies in the US Congress are Filled The methods for filling vacancies in the U.S. Congress vary greatly, and for good reason, between the Senate and the House of Representatives.   When a U.S. representative or senator leave Congress before the end of his or her term, are the people of their congressional district or state left without representation in Washington? Key Takeaways: Vacancies in Congress Vacancies in the U.S. Congress occur when a senator or representative dies, resigns, retires, is expelled, or is elected to another office before the end of their regular term.Most vacancies in the Senate can be filled immediately through an appointment made by the governor to the former senator’s state.Vacancies in the House can take as long as six months to fill, because representatives can only be replaced through a special election. Members of Congress; senators, and representatives, usually leave office before the end of their terms for one of five reasons: death, resignation, retirement, expulsion, and election or appointment to other government posts. Vacancies in the Senate While the U.S. Constitution does not mandate a method by which vacancies in the Senate are to be handled, vacancies can be filled almost immediately through an appointment made by the governor of the former senators state. The laws of some states require the governor to call a special election to replace U.S. senators. In states where replacements are appointed by the governor, the governor almost always appoints a member of his or her own political party. In some cases, the governor will appoint one of the states current U.S. representatives in the House to fill the vacant Senate seat, thus creating a vacancy in the House. Vacancies in Congress also occur when a member runs for and is elected to some other political office before his or her term is over. In 36 states, the governors appoint temporary replacements for vacant Senate seats. At the next regularly scheduled election, a special election is held to replace the temporary appointees, who may run for the office themselves. In the remaining 14 states, a special election is held by a specified date to fill the vacancy. Of those 14 states, 10 allow the governor the option of making an interim appointment to fill the seat until the special election is held.   Since Senate vacancies can be filled so quickly and each state has two senators, it is highly unlikely that a state would ever be without representation in the Senate. The 17th Amendment and Senate Vacancies Until ratification of the 17th Amendment to the U.S. Constitution in 1913, vacant seats in the Senate in the same way Senators themselves were chosen - by the states, rather than by the people. As originally ratified, the Constitution specified that Senators were to be appointed by the legislatures of the states rather than elected by the people. Similarly, the original Constitution left the duty of filling vacant Senate seats solely to the state legislatures. The framers felt that granting the states the power to appoint and replace senators would make them more loyal to the federal government and increase the new Constitution’s chances of ratification. However, when repeated lengthy Senate vacancies began to delay the legislative process, the House and Senate finally agreed to send the 17th Amendment requiring the direct election of senators to the states for ratification. The Amendment also established the current method of filling Senate vacancies through special elections. Vacancies in the House Vacancies in the House of Representatives typically take far longer to fill. The Constitution requires that member of the House be replaced only by an election held in the congressional district of the former representative. When vacancies happen in the Representation from any State, the Executive Authority thereof shall issue Writs of Election to fill such Vacancies. Article I, Section 2, Clause 4 of the U.S. Constitution According to the U.S. Constitution and state law, the governor of the state calls for a special election to replace the vacant House seat. The full election cycle must be followed including political party nominating processes, primary elections and a general election, all held in the congressional district involved. The entire process often takes as long as from three to six months. While a House seat is vacant, the office of the former representative remains open, its staff operating under the supervision of the Clerk of the House of Representatives. The people of the affected congressional district do not have voting representation in the House during the vacancy period. They can, however, continue to contact former representatives interim office for assistance with a limited range of services as listed below by the Clerk of the House. Legislative Information from Vacant Offices Until a new representative is elected, the vacant congressional office cannot take or advocate positions of public policy. Constituents may choose to express opinions on legislation or issues to your elected Senators or wait until a new representative is elected. Mail received by the vacant office will be acknowledged. The staff of the vacant office can assist constituents with general information concerning the status of legislation, but cannot provide analysis of issues or render opinions. Assistance With Federal Government Agencies The staff of the vacant office will continue to assist constituents who have cases pending with the office. These constituents will receive a letter from the Clerk requesting whether the staff should continue assistance or not. Constituents who do not have pending cases but require assistance in matters relating to federal government agencies are invited to contact the nearest district office for further information and assistance.