A tax is a mandatory financial charge or levy imposed on a taxpayer by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800 BC. Taxes consist of direct or indirect taxes and may be paid in money or as labor equivalent.
The United States has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP.
Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares.
Joseph Myron Segel was an American entrepreneur. He was the founder of over 20 American companies, most notably QVC, an American television network, and the Franklin Mint, a producer of mail-order collectibles. Segel was named to the Direct Marketing Association's Hall of Fame in 1993. He was honored with a Lifetime Achievement Award from the Electronic Retailing Association and an honorary doctorate from Drexel University.
Sidley Austin LLP is an American multinational law firm with approximately 2,300 lawyers in 21 offices worldwide. It was established in 1866 and its headquarters is at One South Dearborn in Chicago's Loop. It is one of the largest law firms in the world in terms of revenue. Among its alumni are former President Barack Obama and former First Lady Michelle Obama as well as Vice President-Elect J.D. Vance.
Michael J. Saylor is an American entrepreneur and business executive. He is the executive chairman and co-founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services.
Eckhard Pfeiffer is a businessman of German ancestry, who served as president and CEO of Compaq from 1991 to 1999. He was named as one of Time's "Cyber Elite Top 50" for 1998.
The Indian Revenue Service, often abbreviated as IRS, is a civil service that is primarily responsible for collecting and administering direct and indirect taxes. As a central civil service under Group A of the executive branch of the Government of India, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance.
Privatized tax collection occurs wherever the state passes on its obligation to collect taxes to private companies or firms in return for a fixed or ad valorem fee. This contrasts with tax farming where a private individual or organization pays off a predetermined tax debt, and subsequently recoups that payment by collecting money from the people within a certain area or business.
Major General George Hamden Olmsted was an American military officer and insurance executive. Throughout Olmsted's career, he was a champion of the concepts of better education, jobs, and opportunities for all people. In the fields of banking and insurance, he brought availability and affordability of products and services to a market that was battered by the Great Depression. He carried on the dream of Arthur J. Morris, the founder of Financial General Corporation, that "anyone who has a steady job can qualify for installment credit from a bank".
Internal Revenue Service, Criminal Investigation (IRS-CI) is the United States federal law enforcement agency responsible for investigating potential criminal violations of the U.S. Internal Revenue Code and related financial crimes, such as money laundering, currency transaction violations, tax-related identity theft fraud and terrorist financing that adversely affect tax administration. While other federal agencies also have investigative jurisdiction for money laundering and some Bank Secrecy Act violations, IRS-CI is the only federal agency that can investigate potential criminal violations of the Internal Revenue Code, in a manner intended to foster confidence in the tax system and deter violations of tax law. Criminal Investigation is a division of the Internal Revenue Service, which in turn is a bureau within the United States Department of the Treasury.
Otis "Mason" Hawkins is an American value investor and the founder, chairman, and former chief executive officer of Southeastern Asset Management, Inc. In 1975, Hawkins founded Southeastern Asset Management, a $35 billion employee-owned, global investment management firm and the investment advisor to the Longleaf Partners Funds, a suite of mutual funds and UCITS funds.
Charles Waterhouse "Chip" Goodyear IV is an American businessman and the former CEO of BHP. He is a member of the Goodyear family that had extensive business interests in lumber and railways, as well as significant philanthropic endeavors.
Douglas H. "Doug" Shulman is president and chief executive officer of OneMain Financial. Shulman is a former U.S. commissioner of Internal Revenue.
In business dealings, transactions often occur that include variables based on future events that can be difficult to ascertain As these transactions are contingent on payments that occur in the future, and the total selling price cannot be determined as of the end of the taxable year of the sale, they are known as Contingent Payment Sales. Because of the uncertainty surrounding the final amounts of these transactions, they are difficult to evaluate for the purpose of tax liability. Section 483 of the Internal Revenue Code provides descriptions for the handling of contingent payments and interest on contingent payments.
Paulus Gerardus Josephus Maria Polman, is a Dutch businessman and author. He was the chief executive officer (CEO) of the British/Dutch consumer goods company Unilever. Polman is also the co-author of Net Positive: How Courageous Companies Thrive by Giving More Than They Take.
The Ghana Revenue Authority (GRA) is the Ghana administration charged with the task of assessing, collecting and accounting for tax revenue in Ghana.
Under the federal law of the United States of America, tax evasion or tax fraud is the purposeful illegal attempt of a taxpayer to evade assessment or payment of a tax imposed by Federal law. Conviction of tax evasion may result in fines and imprisonment. Compared to other countries, Americans are more likely to pay their taxes on time and law-abidingly.
The Indian Revenue Service (Income Tax) (IAST: Bhāratīya Rājasva Sevā), often abbreviated as IRS (IT), is the administrative revenue service of the Government of India. As a Central Service, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance. The IRS is primarily responsible for collecting and administering direct taxes accruing to the Government of India.
