There are a variety of compensation and financial planning issues that can be addressed by nonqualified deferred compensation (NQDC) arrangements. NQDC is essentially a compensation arrangement that provides for the payment of cash, property or benefits and does not come within one of the categories of deferred compensation arrangements which are "qualified" under applicable tax statutes. Written by specialists in the field, Taxation and Funding of Nonqualified Deferred Compensation defines the perspective of both the employee and employer in using this sophisticated planning tool. In this primer, the authors demonstrate how NQDC can provide solutions to complex compensation issues and provide up-to-date information on: The ways that NQDC can be tailored to serve the needs of employers and employees, and the tax consequences for each Differences in the timing of NQDC benefits under income tax and FICA rules The requirements for a NQDC plan to be exempt from some or all of ERISA Opportunities to minimize potential estate and income taxes on death benefits paid under NQDC How Section 457 of the IRC is applicable to NQDC arrangements for tax-exempt organizations and the unique burdens this puts on state and tax-exempt employers and their employees How NQDC impacts social security benefits, and when the risk of forfeiture should be structured to lapse in order to avoid substantial reductions in these payments Using NQDC with other plans, including split-dollar and 401(k) wrap plans Issues with financial accounting and securities laws"
The UK and the USA have historically represented opposite ends of the spectrum in their approaches to taxing corporate income. Under the British approach, corporate and shareholder income taxes have been integrated under an imputation system, with tax paid at the corporate level imputed to shareholders through a full or partial credit against dividends received. Under the American approach, by contrast, corporate and shareholder income taxes have remained separate under what is called a 'classical' system in which shareholders receive little or no relief from a second layer of taxes on dividends. Steven A. Bank explores the evolution of the corporate income tax systems in each country during the nineteenth and twentieth centuries to understand the common legal, economic, political and cultural forces that produced such divergent approaches and explains why convergence may be likely in the future as each country grapples with corporate taxation in an era of globalization.
Taxpayer compliance is a voluntary activity, and the degree to which the tax system works is affected by taxpayers' knowledge that it is their moral and legal responsibility to pay their taxes. Taxpayers also recognize that they face a lottery in which not all taxpayer noncompliance will ever be detected. In the United States most individuals comply with the tax law, yet the tax gap has grown significantly over time for individual taxpayers. The US Internal Revenue Service attempts to ensure that the minority of taxpayers who are noncompliant pay their fair share with a variety of enforcement tools and penalties. The Causes and Consequences of Income Tax Noncompliance provides a comprehensive summary of the empirical evidence concerning taxpayer noncompliance and presents innovative research with new results on the role of IRS audit and enforcements activities on compliance with federal and state income tax collection. Other issues examined include to what degree taxpayers respond to the threat of civil and criminal enforcement and the important role of the media on taxpayer compliance. This book offers researchers, students, and tax administrators insight into the allocation of taxpayer compliance enforcement and service resources, and suggests policies that will prevent further increases in the tax gap. The book's aggregate data analysis methods have practical applications not only to taxpayer compliance but also to other forms of economic behavior, such as welfare fraud.
The subject of this book is the Federal Income Taxation of individuals, meaning human beings. It briefly touches on the taxation of partnerships, trusts and corporations, largely for the purpose of enhancing your understanding of how individuals are taxed when they own interests in such entities. The Federal Income Tax on individuals provides the great preponderance of the federal government's revenues. The other primary sources of government revenue, aside from borrowing money and Social Security taxes, are corporate income taxes, transfer taxes imposed on gifts and the estates of decedents, and so-called excise taxes. The latter are usually in the nature of sales taxes on particular items, such as gasoline and diesel fuel, and some are just penalties under a gentler name. This book is limited to taxation of U.S. citizens who reside in the United States, subject to some sideways glances at the implications of departing the United States or coming to it as an alien. This book is traditional in nature, and has many of the usual landmark cases on the subject. It contains numerous study problems and requires selected readings of the Internal Revenue Code and the Treasury Regulations.
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