Proposal For Dynamic Deliverable

Proposal Dynamic Deliverable

HSA4113 – Spring 2017 – Dr. Frank Fan – Proposal & Dynamic Deliverable Review Student: Topic: Final Project Proposal (100 – points) 10pts: APA Format Followed? Y/N 10pts: Intro to Problem Addressed & Supported by Research? Y/N 10pts: Causes & Maintaining Forces Addressed & Supported by Research? Y/N 10pts: Background & Justification Addressed & Supported by Research? Y/N 10pts: Sufficient Detail of New Deliverable Provided? Y/N 10pts: Evaluation Measures Outlined? Y/N 10pts: Global Awareness Highlighted via Deliverable as outlined? Y/N 10pts: Global-Perspective-Taking Highlighted via Deliverable as outlined? Y/N 20pts: Overall Quality of proposal (Thorough Expansive Research/Critical Analysis; Demonstrative of Knowledge/Problem Understanding; Well-written with sufficient detail; Creativity of Proposed Solution & Incorporation of Technology and/or Artistic Media) Y/N Assigned Final Project Proposal Grade: /100 Dynamic Deliverable (100-points) 10pts: Dynamic Deliverable – Final Project Proposal Match? Y/N 10pts: Specifics of Proposed Deliverable Executed (Tech/Medium)? Y/N 10pts: Length/Detail Requirements Met? Supplemental Material Provided? Y/N 10pts: Target Audience Reached/External Dissemination? Y/N 10pts: Oral and/or physical presentation of Dynamic Deliverable? Y/N 10pts: Global-Awareness Highlighted via Deliverable as Executed? Y/N [Detailed according to Global Learning Rubric] 10pts: Global-Perspective-Taking Highlighted via Deliverable as Executed? Y/N 30pts: Overall Quality of Deliverable (Thorough Expansive Critical Commentary; Demonstrative of Knowledge/Problem Understanding; Creativity of Solution & Incorporation of Technology and/or Artistic Media) Y/N Assigned Dynamic Deliverable Grade: /100 Taking this Federal Taxation class has given me a comprehensive understanding of the complex tax laws and regulations that govern the United States. Although the course only basically covered Form 1040, there was a lot of information to be retained! I have developed a solid foundation in tax principles, learning how to navigate the ever-changing tax landscape and make informed decisions. I have gained practical skills in interpreting tax codes, preparing tax returns, and analyzing tax implications for individuals and businesses. Navigating the IRS website and the USCODES website was helpful for me. Additionally, learning key concepts such as taxable income, deductions, credits, and tax incentives, and which ones are “above the line” and which are “below the line” will be helpful to me in my personal financial world. Strategizing over maximizing tax benefits and minimizing liabilities might come a little easier to me now. The hardest thing for me to understand was how much the IRS information changes and the way it is explained and distributed on the website. It felt like a crossword puzzle most of the time! I will most likely stay in the Non-profit Accounting world, so this class won’t affect my professional world, but I appreciate the information for my personal financial world. Good Luck to everyone! Kathy I have always said it’s so hard to figure out what you want to do when you grow up. I am 31 and still ask myself this daily! When you find something you love to do it helps your days and your life be brighter, but then what? Is there more to it? Is there any advancement? Or would you just be ok with where you are now for the rest of my career? There are days when I ask myself these questions and I answer one way and other days that my answers changed from the last time I thought about it. I don’t necessarily think that I would prefer a career in relation to taxes, however, I will never say never. I am big on trying to learn as much as I can in order to be an asset to a company. I love to learn and I love change, so taxes could be something that are in my future. Right now, I think my goal would be to move into a management position, possibly Accounts Payable Manager or Accounting Manager, and see where that takes me. That’s what I like to do most out of the tasks I currently have. Then after that, if my career advances, I would love to see a Controller position someday, however I don’t have my master’s degree and I don’t know at this point in my life if that is something I want to pursue. There is so much to learn in accounting and at the start of my certificate program I had mentioned to my boss that I didn’t feel like I was learning anything because there is just SO much material and so many details. He said a lot of accounting knowledge is gained hands on. You learned the things from a book, but once you put them into real life situations, it all starts to make sense. And so far, he is right. The position that appeals to me most in accounting, currently, is the Controller position. There is still so much to learn, but at that point, your accounting knowledge is pretty fair, you oversea departments, and help them problem solve. You work on internal controls and make sure they are in place, as well as creating policies to help maintain consistency throughout the company; as well as making sure everything is being done correctly, per the auditors. Looking at the link provided, the position that appeals to me most would be the Management Services/Consulting Senior (6+ years). Again, going back to the Controller position, this position resembles a lot of the things our Controller is currently doing and those are all the things that I would be interested in learning and doing. I like my job best when it puts my mind to the test. To go into work and do the same thing every single day out of repetition would bore me (not everyone, I understand that). I want to think. I want to problem solve. I took a class before this class that discussed budgeting and at first, I was like, “this is going to be awful,” but after learning and doing some projects, it was something that I really enjoyed doing and this position mentions “operational budgets.” There was a lot I didn’t know about taxes before I took this course. We don’t have children, but we do have a rental property. So, all things child credit related, I was clueless about. I had no idea there were so many options as to what can be deducted and credited. I didn’t know there was an option between standard and itemized deductions, I didn’t realize all the things you could deduct on your Schedule A, and didn’t realize that there were caps on the deductions. I was literally clueless. With our rental property, we have learned a lot about taxes as to what we can deduct and how the rental income affects our income taxes. There were a lot of things I took from this course, again because I was clueless on a lot of it. My mom has always done our taxes, so I never really took the time to learn the forms or understand what she was doing for us. Professionally, this could help me in my current position as we talk about sales tax and use tax often. There are times that the inside sales professionals add tax when they shouldn’t, or don’t add when they should, so it becomes a learning activity for all of us. This is actually something we just went over about 2 weeks ago. Personally, I will be able to understand our own personal taxes and make sense of what we are doing; specifically, when it comes to the deductions for our rental property. We will be able to better plan for those in order to get the most out of our deductions, legally.

Paper For Above instruction

Taxation is a critical aspect of any nation's economy, serving as a primary source of revenue that funds public services and infrastructure. In the United States, the complexity of federal tax laws has grown significantly over the decades, requiring both individuals and organizations to navigate a convoluted web of regulations and codes. As the tax landscape continues to evolve, understanding these laws is essential not only for compliance but also for strategic financial planning. This paper explores the intricacies of federal taxation, emphasizing its effects on individuals and businesses, the causes of its complexity, attempts at reform, and future implications.

One of the core problems in federal taxation lies in the complexity of the tax code itself. The Internal Revenue Code (IRC) encompasses thousands of pages of statutes and regulations, making it a daunting resource for most taxpayers. This complexity often results in unintentional errors, misunderstandings, and disparities in tax obligations. The primary causes of this complexity are legislative amendments, special interest provisions, and the sheer volume of regulations. The tax code has been amended multiple times to accommodate changing economic conditions, social priorities, and political interests. These amendments frequently create convoluted provisions that require specialized knowledge to interpret and apply.

Furthermore, the influence of special interest groups has played a role in maintaining certain loopholes and exceptions that benefit specific industries or classes of taxpayers. This legislative one-sidedness perpetuates confusion among the general populace and complicates the enforcement of tax policies. The complexity serves to benefit tax professionals and lobbyists who possess the expertise to interpret and exploit loopholes, thereby widening the gap between compliance and avoidance. As a result, the problem persists because of the systemic nature of legislative amendments and the lobbying power of influential sectors.

Efforts to reform the federal tax system have historically aimed to simplify the code and broaden the tax base. Notable attempts such as the Tax Reform Act of 1986 sought to overhaul the tax structure, reducing the number of deductions and closing loopholes. However, political disagreements and lobbying efforts have hampered sustained reform efforts. While proposals like the flat tax or consumption-based taxes have been introduced, their adoption remains elusive due to resistance from entrenched interests and concerns over revenue stability. The failure of comprehensive reform underscores the entrenched complexity and politicization of tax policy.

Despite these challenges, technological advancements present a promising avenue for simplifying tax compliance. Automated filing systems, real-time data sharing, and machine learning algorithms can streamline processes, reduce errors, and enhance taxpayer education. For example, electronic tax filing platforms such as IRS Free File provide direct pathways for individuals to file with minimal assistance if they have straightforward returns. Moreover, digital integration can improve enforcement by cross-referencing data from various sources, identifying discrepancies and potential fraud more effectively. These technological interventions can mitigate some systemic issues associated with legislative complexity.

In addition to technological reforms, policy proposals such as expanding the standard deduction, implementing a flat tax, or instituting a national sales tax have been suggested. These approaches aim to reduce the number of loopholes and simplify the tax filing process. For instance, a flat tax system would impose a single rate on all income levels, eliminating the need for numerous deductions and credits (Friedman, 2013). Similarly, a national sales tax could replace income taxes, broadening the tax base and simplifying collection. Nonetheless, these proposals face political hurdles and concerns over equity and fairness.

The role of public awareness and education is vital for meaningful reform. Many taxpayers are unaware of their rights or the complexities of the system, leading to mistrust and non-compliance. Increasing transparency, simplifying language, and offering accessible resources can foster trust and cooperation between taxpayers and tax authorities. Moreover, engaging the public in policy debates can generate support for reform initiatives that prioritize simplicity and fairness.

In conclusion, federal taxation in the United States represents a multifaceted challenge characterized by complexity, political influence, and technological potential. While systemic reform has often been thwarted by vested interests, advancements in technology and policy proposals offer avenues for meaningful improvements. Building awareness and simplifying the system are crucial steps toward a fairer and more efficient tax landscape. As the economic environment evolves, so must the tax system, balancing revenue needs with simplicity and equity.

References

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