We believed we would sell this advice come our legislators as we go into the 2012 conference of the Maryland general Assembly. 3 of the peak four worries facing CPAs in the basic Assembly relate to taxes (and this is true at the federal level together well). Below are the peak 10 Criteria for efficient tax … ongoing
We believed we would sell this advice come our legislators as we enter the 2012 conference of the Maryland basic Assembly. Three of the peak four worries facing CPAs in the general Assembly relate to taxes (and this is true at the federal level as well).
You are watching: The three criteria for effective taxes are
Simplicity: The tax law should be straightforward so that taxpayers understand the rules and can comply withthem correctly and in a cost-efficient manner.Fairness: similarly situated taxpayers must be taxed similarly.Economic growth and efficiency: The tax system should not impede or reduce the productive capacity that the economy.Neutrality: The effect of the tax legislation on a taxpayer’s decisions as to how to carry out a specific transaction or whether to connect in a transaction have to be kept to a minimum.Transparency: Taxpayers should recognize that a taxes exists and how and when the is imposed upon them and also others.Minimizing non-compliance: A tax should be structured to minimization noncompliance.Cost-effective collection: The prices to collection a tax have to be kept to a minimum for both the government and also taxpayers.Impact on government revenues: The tax mechanism should enable the government to determine how much taxes revenue will likely be collected and when.Certainty: The taxation rules should clearly specify as soon as the taxation is to it is in paid, just how it is to be paid, and also how the amount come be payment is to it is in determined.Payment convenience: A tax have to be due in ~ a time or in a manner the is most likely to be practically for the taxpayer.
Today marks our 112th CPA job in Annapolis — yep, us were over there (not me, the course) when Gov. Man Smith signed the legislation for Maryland's CPA statute on April 10, 1900. Maryland to be the third state to produce the CPA designation in the U.S.
We have record attendance of almost 200 CPAs who will visit v their legislators to discuss the issues that are crucial to ours profession. Us will also be asking for ideas about how us can aid Maryland's economy and business atmosphere (See the grand opening of ours Idea Store).
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Here is our flyer developed by our State taxes Committee that we space distributing come our 188 Maryland legislators at CPA Day.