Can someone take this and enhance it. Provide specific references to IRC code sections, Treasury Regulations, and specific IRS forms and schedules.Discuss in detail the requirements of the relevant code sections as well as any limitations that may exist.Be sure to include your analysis why you feel these benefits or incentives were created, and how the rules affect our society and economy. Rubric is attached

Assignment #3 - Tax Research Paper Length: 5 pages plus (using Times Roman 12 point font and standard 1\" margins) Due: Week 7, Thursday by Midnight Value: 120 points Post: Blackboard - Assignments Folder Week 7 Students are to write a three to five page research paper that highlights three to five ways that the U.S income tax law would benefit you if you were 1) Starting a new business, 2) Attending school (undergraduate or graduate program) or 3) buying a new home (students choose one to address). In your analysis, you will be graded on your ability to describe and analyze the benefits of the specific tax law and provide specific references to IRC code sections, Treasury Regulations, and specific IRS forms and schedules. Discuss in detail the requirements of the relevant code sections as well as any limitations that may exist. Be sure to include your analysis why you feel these benefits or incentives were created, and how the rules affect our society and economy. Evaluation Rubric Students will be graded on their ability to cite examples from the text or websites (except Wikipedia). Students are to follow the strict guidelines for papers (which means all papers will have three sections: Introduction, Analysis and Conclusion). All papers are to use APA standard. Evaluation Criteria for: Tax Research Paper Elements of PaperTax Research Paper, 120 Points Introduction (10%) Analysis (50%) WD Dev NSW \"A\" 120 to 108 Points \"B\" 107 to 96 Points \"C or lower\" 95 to 84 Points or lower Provides an interesting introduction to the work. Clearly states the purpose of the work briefly explains the three to five main points of analysis. Provides a somewhat clear introduction to the work. Somewhat explains the three to five main points of analysis Provides no clear direction for the paper. Does not explain the three to five main points of analysis to follow. 12 to 10.8 Points 9.4 to 8.4 Points 9.5 Points and lower Clearly and fully states the three to five main points of analysis. Properly explains the Somewhat describes the three to five main points of analysis. Does not provide a complete Provides no real clarity and does not properly describe the three to five main points of analysis. relevant IRC code sections and applicable regulations and IRS forms. Analyzes the limitations of the rules, and provides a clear view as to why these incentives were created 60 to 54 Points Conclusion (20%) Connects to the introduction in an interesting way. Is short and encompasses all of the main points in the paper. 24 to 21.6 Points explanation/analysis of the relevant IRC code sections and applicable regulations and IRS forms. Does not fully analyze the limitations of the rules and does not provide a clear opinion as to why these incentives were created. (Or may leave one or two of these out). Does not make provide an an analysis of the relevant IRC code sections and applicable regulations and IRS forms. Does not analyze the limitations of the rules and provides not opinion as to why these incentives were created. 53.5 to 48 Points 47.5 Points and lower Brings in new ideas that are not highlighted in the paper. Somewhat connects with the introduction and the analysis sections of the paper. Brings in new ideas that are not highlighted in the paper. Does not connect with the introduction and analysis sections of the paper. 19 Points and lower 21.4 to 19.2 Points Grammar, Speech Patterns, Punctuation and APA (20%) Clearly uses proper grammar, APA for in text citations and for all references. The paper is interesting and easy to read. Has more than three errors in APA, grammar and or punctuation. Has more than four errors in APA, grammar and or punctuation. 21.4 to 19.2 Points 19 Points and lower 24 to 21.6 Points N S W = Needs Significant Work D = Developing WD = Well Developed name Institution Course title Date of submission 2 U.S INCOME TAX LAW The U.S income tax law is one of the laws in the United States that play an integral role in ensuring that country obtains economic stability in all its aspects. The income tax law for that reason provides the government of United States with the guidelines that show how the tax will be imposed on different classes of the people in the country (Shay, 2015). This law defines all the taxable income and deductibles in the process of collecting taxes from the individuals or the organization. More so, the law was developed when the sixteenth amendment to U.S was ratified. The amendment stated that all the citizens and residents of United States of America were subjected to income tax. The law also outlined that not every individual should file returns. The main purpose for enacting the United States tax law was to enable the government to generate revenue that would be used in financing the budget. Furthermore, the amount of revenue collected is essential in shaping the market economy of United States. Benefits of the U.S income law to the a new business The United States tax law plays an integral role in starting the new business. This is to mean that the law has various benefits to the starting new business in terms of the tax subjected to it. One of the benefits of the United States Tax Law to a new business is that it allows the payment of taxes at the shareholders level instead of higher corporate rates. This act is to ensure the growth of small business in the region which in turn may lead to high investors in the country. The paying of the taxes at the level of the shareholders makes the income of the organization to be subjected to the tax at smaller rate hence minimum tax liability will be 3 experienced in the organization because the income was subjected to individual rates but not the higher corporation rate. Another benefit is that the law allows the business to deduct a good number of expenses with the aim of maximizing its profit. According to the law the business is allowed to deduct all the expenses that deemed to be ordinary and necessary. These expenses are the ones that the business incurs in performing specific in the organization. The maximized profit after the deduction of a good number of expenses has motivated the establishment of businesses in the country which is may help the country in ensuring that the unemployment problem is well taken care of in the region. With the available employment opportunities, the country is also in a position to obtain a large amount of tax revenue that may be used in financing the budget thereby making the development projects of the complete. The U.S income tax law allows the business to deduct wide array of startups expenses before the income tax is subjected to it. This approach has given the opportunity to many businesses to grow in the region because the amount of the taxes that will be subjected to them are minimal hence large amounts of profits are experienced in the normal operation of the business. The deduction of a wide array of expenses will provide the business with an opportunity to increase its operation in the region hence increase the amount of revenue that the business may use to finance its profitable operations. Also the deduction of large amount of expenses will give the business opportunity pay less amount of tax because the taxable income of the business becomes small making the tax liability to be very minimal in the period of filing the tax return for the organization. The deduction of the expenses allowed by the law has provided the businesses with the opportunity to 4 expand their operation in the region hence large market share which may stabilize the market economy of the country. The U.S income tax law is beneficial to the new business because it excuses the business from making estimated tax payment in the first year of its operation instead the law allow it to submit the accurate tax payment quarterly in the subsequent years. This is advantageous to the new business because the law provides it with an opportunity to expand its operation hence increasing its sales revenue as well as the profit that may be used in financing the profitable operation of the business. With this benefit of the United States income tax law, the business is able to operate efficiently and effectively during the period the business was excused from making estimated tax payment. In conclusion, the U.S income tax law is important in ensuring the growth of infant business in the country. This is because the law allows the income of the organization be subjected to the individual tax rate which lower than the corporation rate. The law is also important because it allows the organization to deduct ordinary expenses which would increase the amount of the taxable income hence high amount of tax to be paid by the starting business. The deduction of plenty of expenses will give the business opportunity pay less amount of tax because the taxable income of the business becomes small making the tax liability to be very minimal in the period of filing the tax return for the organization (Becker, 2015). The deduction of the expenses allowed by the law has provided the businesses with the opportunity to expand their operation in the region hence large market share which may stabilize the market economy of the country. 5 References Becker, J., Reimer, E., & Rust, A. (2015). Klaus Vogel on Double Taxation Conventions. Kluwer Law International. Shay, S. E., Fleming, J. C., & Peroni, R. J. (2015). Designing a 21st Century Corporate Tax--An Advance US Minimum Tax on Foreign Income and Other Measures to Protect the Base. Running head: U.S INCOME TAX LAW 1 U.S Income Tax Law Name Institution Course title Date of submission U.S INCOME TAX LAW 2 U.S INCOME TAX LAW Agreeably, the U.S has one of the intricate tax systems as stipulated in the income tax law. Business operations and decision making is significantly affected. The prevailing complexity presents significant challenges for companies and entrepreneurs' in the doing business in the U.S; these precluding challenges include piloting the law and managerial processes, administration risk interrelated to tax issues, and evading pitfalls that can trip up even the most sophisticated without constant and thorough vigilance. This requires the corporate entities to allocate significant resources in order to comply with the governance and tax law matters. For certain, the business environment that organizations are operating in helps to understand and address the challenges and endeavor for finances and increased profits. Conversely, the income tax law presents opportunities for firms pursuing to conduct business in the United States. Drawing from a feasibility study conducted by the PwC (2014) the insourcing survey suggested that U.S has one of the best business environments in comparison with other developed nations especially for newly formed corporations. Within duration of 12 months investment in America sharply increased which resulted to creation of more job opportunities. Proper understanding of the potential benefits and incentives that come in play with implementation of the tax policies and its applicability the economy has a greater potential to enhance after-tax results derived from the business operations. Considering the effect of income tax rules corporations has the advantage to enhance firm delivery. U.S income tax law plays an integral role in ensuring the business environment is conducive for the nation to achieve economic stability through attracting investments. In that regard, income tax law provides both the federal and state government of United States with the U.S INCOME TAX LAW 3 guidelines which dictate the most appropriate technique to impose tax on the vast stratified corporate sector without comprising the law and investments in the country (Shay, 2015). The law stipulates the taxable income and deductibles to collect revenue from the corporate sectors, working class and proprietors following the ratification of U.S law in its sixteenth amendment. The amendment stated that all the citizens and residents of United States of America were subjected to income tax, and moved on to state that not every individual was required to file returns. The intent of the enactment of the income tax law was to enable the government to generate revenue in financing the budget. Furthermore, the amount of revenue collected is essential in shaping the market economy of United States. Benefits of the U.S income law to the a new business Referring to the PwC study in 2014, United States has welcoming business environment for doing business. The phenomenon is attributable to the enactment of the income tax law that has played an integral part in attracting investments. Analyzing the opportunities of the tax law, new businesses are presented with vast opportunities to enhance productivity, functionality and profitability. The law subjects new business to a competitive environment and make the social responsibility more logic. One of the benefits of the United States Tax Law to a new business is that it allows the payment of taxes at the shareholders level instead of higher corporate rates. As such, small to medium business settings have the opportunity to expand and grow to large corporate. This not only benefits the investments but also the nation since as productivity increases the file returns increases thus a rise in the revenue. The paying of the taxes at the level of the shareholders makes the income of the organization to be subjected to the tax at smaller rate U.S INCOME TAX LAW 4 hence minimum tax liability will be experienced in the organization because the income was subjected to individual rates but not the higher corporation rate. Through the law business are able to undercut the expenditure and focus put to maximizing productivity so as to increase the profit margin. Income tax law stipulates that business enterprises ensure only necessary expenditure is allowed and do away with expenses deemed as redundant. It is through the reduction of the expenditure that a business is able to perform specific functions within the organizations that would however been neglected if an excessive expenditure was incurred. Maximizing the profits by reducing the expense deductions has continued to motivate the establishment of new business enterprises helping to solve the prevalent issue of unemployment and providing opportunity for capacity building within the country. With the available employment opportunities, the country is also in a position to obtain a large amount of tax revenue that may be used in financing the budget thereby making the development projects of the complete. Abolishing the start up expenses in the U.S in as provided by the income tax law have set a pace in creating a welcoming business environment which has proliferated new investments in the country. The approach has given opportunity to many businesses to grow in the region because the amount of the taxes that will be subjected to them are minimal hence large amounts of profits are experienced in the normal operation of the business. The deduction of a wide array of expenses provides a growth opportunity that translates to increased productivity thus increasing the revenue collection and enhancing the business profitability. The U.S income tax law has become beneficial to new businesses as it reprieve businesses from making estimated tax payment in the first five years of operations. Impressively, U.S INCOME TAX LAW 5 companies are required to submit the precise tax payment accorded to each business level on a quarterly basis in the subsequent years after five years of operation (Becker, 2015). As the law dictates, companies are benefiting from this as they are provided with an opportunity to expand their operations thus increasing productivity as well as maximizing profits to finance other business operations. With this benefit provided by income tax law, new businesses finds it easy to operate efficiently in new business environments and allows enough time to accustom to the markets since they have been excused from estimated tax payment. Bestowing on the tax code, the government have in years amended it in an attempt to spur innovation in the corporate sector and foster investment in the research and development in the tax credit in favor of the manufacturing sector to enhance productivity and attract investments for more job opportunities. The attempt has proven ineffective as it further complicates the tax code due to the tendency of temporary provisions. Legislators amended the tax law to lure investors by making new ventures worth through minimal taxation. The move has increased the rate for intellectual property and has caused increased business establishments promoting more employment opportunities for domestic economic development. According to the U.S income tax law and its significance for new businesses established the formulation of determining tax payable is guided through the Internal Revenue Service's (IRS) and Internal Revenue Code (IRC). Conversely, it is the obligation of the business personnel to evaluate the business ability to raise an income to ensure a gross profit. Evaluating the capital a business can manage helps the business to select a schedule that befits it. Section 162(a) of the Internal Revenue Code (26 U.S.C. 162(a) provides the guidelines on how to institute the deductions of the business expenditure (Yalamarthi et al., 2016). Its implication to business entities offers a reflection of a healthy environment for new business as each is U.S INCOME TAX LAW 6 categorized in its ability to manage the deductibles through filing of the tax as an obligation to the revenue law. Schedules are provided and explicitly defined for the business owner to fill the forms that fits the description and level of their business which has two way benefits. The business cushioned against over taxation and on the government part business entities have submitted and filed their returns in protection of the Treasury Regulations. In conclusion, the U.S income tax law is important in ensuring the growth of infant business establishments. The growth opportunities provided by the law allows the income of the organization be subjected to the individual tax rate which is lower than the corporation rate. In addition, the significance of the law has resulted to reduction of organizational expenditure which would further increase the taxable income prompting an increase of the payable tax. The U.S income tax law has become a critical aspect in creating growth opportunities for businesses thus contributing to the country's development towards economic progression. References Becker, J., Reimer, E., & Rust, A. (2015). Klaus Vogel on Double Taxation Conventions. Kluwer Law International. Shay, S. E., Fleming, J. C., &Peroni, R. J. (2015). Designing a 21st Century Corporate Tax--An Advance US Minimum Tax on Foreign Income and Other Measures to Protect the Base. Yalamarthi, P., Wang, F., Shen, J., Hong, X., Hampton, C. P. A., & Grey, A. (2016). Summaries for the Fourth Annual IRS/SJSU Small Business Tax Institute. The Contemporary Tax Journal, 6(1), 7. Running head: U.S INCOME TAX LAW 1 U.S Income Tax Law Name Institution Course title Date of submission U.S INCOME TAX LAW 2 U.S INCOME TAX LAW Agreeably, the U.S has one of the intricate tax systems as stipulated in the income tax law. Business operations and decision making is significantly affected. The prevailing complexity presents significant challenges for companies and entrepreneurs' in the doing business in the U.S; these precluding challenges include piloting the law and managerial processes, administration risk interrelated to tax issues, and evading pitfalls that can trip up even the most sophisticated without constant and thorough vigilance. This requires the corporate entities to allocate significant resources in order to comply with the governance and tax law matters. For certain, the business environment that organizations are operating in helps to understand and address the challenges and endeavor for finances and increased profits. Conversely, the income tax law presents opportunities for firms pursuing to conduct business in the United States. Drawing from a feasibility study conducted by the PwC (2014) the insourcing survey suggested that U.S has one of the best business environments in comparison with other developed nations especially for newly formed corporations. Within duration of 12 months investment in America sharply increased which resulted to creation of more job opportunities. Proper understanding of the potential benefits and incentives that come in play with implementation of the tax policies and its applicability the economy has a greater potential to enhance after-tax results derived from the business operations. Considering the effect of income tax rules corporations has the advantage to enhance firm delivery. U.S income tax law plays an integral role in ensuring the business environment is conducive for the nation to achieve economic stability through attracting investments. In that regard, income tax law provides both the federal and state government of United States with the U.S INCOME TAX LAW 3 guidelines which dictate the most appropriate technique to impose tax on the vast stratified corporate sector without comprising the law and investments in the country (Shay, 2015). The law stipulates the taxable income and deductibles to collect revenue from the corporate sectors, working class and proprietors following the ratification of U.S law in its sixteenth amendment. The amendment stated that all the citizens and residents of United States of America were subjected to income tax, and moved on to state that not every individual was required to file returns. The intent of the enactment of the income tax law was to enable the government to generate revenue in financing the budget. Furthermore, the amount of revenue collected is essential in shaping the market economy of United States. Benefits of the U.S income law to the a new business Referring to the PwC study in 2014, United States has welcoming business environment for doing business. The phenomenon is attributable to the enactment of the income tax law that has played an integral part in attracting investments. Analyzing the opportunities of the tax law, new businesses are presented with vast opportunities to enhance productivity, functionality and profitability. The law subjects new business to a competitive environment and make the social responsibility more logic. One of the benefits of the United States Tax Law to a new business is that it allows the payment of taxes at the shareholders level instead of higher corporate rates. As such, small to medium business settings have the opportunity to expand and grow to large corporate. This not only benefits the investments but also the nation since as productivity increases the file returns increases thus a rise in the revenue. The paying of the taxes at the level of the shareholders makes the income of the organization to be subjected to the tax at smaller rate U.S INCOME TAX LAW 4 hence minimum tax liability will be experienced in the organization because the income was subjected to individual rates but not the higher corporation rate. Through the law business are able to undercut the expenditure and focus put to maximizing productivity so as to increase the profit margin. Income tax law stipulates that business enterprises ensure only necessary expenditure is allowed and do away with expenses deemed as redundant. It is through the reduction of the expenditure that a business is able to perform specific functions within the organizations that would however been neglected if an excessive expenditure was incurred. Maximizing the profits by reducing the expense deductions has continued to motivate the establishment of new business enterprises helping to solve the prevalent issue of unemployment and providing opportunity for capacity building within the country. With the available employment opportunities, the country is also in a position to obtain a large amount of tax revenue that may be used in financing the budget thereby making the development projects of the complete. Abolishing the start up expenses in the U.S in as provided by the income tax law have set a pace in creating a welcoming business environment which has proliferated new investments in the country. The approach has given opportunity to many businesses to grow in the region because the amount of the taxes that will be subjected to them are minimal hence large amounts of profits are experienced in the normal operation of the business. The deduction of a wide array of expenses provides a growth opportunity that translates to increased productivity thus increasing the revenue collection and enhancing the business profitability. The U.S income tax law has become beneficial to new businesses as it reprieve businesses from making estimated tax payment in the first five years of operations. Impressively, U.S INCOME TAX LAW 5 companies are required to submit the precise tax payment accorded to each business level on a quarterly basis in the subsequent years after five years of operation (Becker, 2015). As the law dictates, companies are benefiting from this as they are provided with an opportunity to expand their operations thus increasing productivity as well as maximizing profits to finance other business operations. With this benefit provided by income tax law, new businesses finds it easy to operate efficiently in new business environments and allows enough time to accustom to the markets since they have been excused from estimated tax payment. Bestowing on the tax code, the government have in years amended it in an attempt to spur innovation in the corporate sector and foster investment in the research and development in the tax credit in favor of the manufacturing sector to enhance productivity and attract investments for more job opportunities. The attempt has proven ineffective as it further complicates the tax code due to the tendency of temporary provisions. Legislators amended the tax law to lure investors by making new ventures worth through minimal taxation. The move has increased the rate for intellectual property and has caused increased business establishments promoting more employment opportunities for domestic economic development. According to the U.S income tax law and its significance for new businesses established the formulation of determining tax payable is guided through the Internal Revenue Service's (IRS) and Internal Revenue Code (IRC). Conversely, it is the obligation of the business personnel to evaluate the business ability to raise an income to ensure a gross profit. Evaluating the capital a business can manage helps the business to select a schedule that befits it. Section 162(a) of the Internal Revenue Code (26 U.S.C. 162(a) provides the guidelines on how to institute the deductions of the business expenditure (Yalamarthi et al., 2016). Its implication to business entities offers a reflection of a healthy environment for new business as each is U.S INCOME TAX LAW 6 categorized in its ability to manage the deductibles through filing of the tax as an obligation to the revenue law. Schedules are provided and explicitly defined for the business owner to fill the forms that fits the description and level of their business which has two way benefits. The business cushioned against over taxation and on the government part business entities have submitted and filed their returns in protection of the Treasury Regulations. In conclusion, the U.S income tax law is important in ensuring the growth of infant business establishments. The growth opportunities provided by the law allows the income of the organization be subjected to the individual tax rate which is lower than the corporation rate. In addition, the significance of the law has resulted to reduction of organizational expenditure which would further increase the taxable income prompting an increase of the payable tax. The U.S income tax law has become a critical aspect in creating growth opportunities for businesses thus contributing to the country's development towards economic progression. References Becker, J., Reimer, E., & Rust, A. (2015). Klaus Vogel on Double Taxation Conventions. Kluwer Law International. Shay, S. E., Fleming, J. C., &Peroni, R. J. (2015). Designing a 21st Century Corporate Tax--An Advance US Minimum Tax on Foreign Income and Other Measures to Protect the Base. Yalamarthi, P., Wang, F., Shen, J., Hong, X., Hampton, C. P. A., & Grey, A. (2016). Summaries for the Fourth Annual IRS/SJSU Small Business Tax Institute. The Contemporary Tax Journal, 6(1), 7