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仁壮陈
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1 US Tax Introductory and Enrolled Agent ( 美国税法与美国注册税务师简介 ) September 19, 2015 Katie Chen Hou, CPA Tax Director, KCH & Co, P.C.

2 讲座目的美国税法简介美国注册税务师 (Enrolled Agent) 简介 1

3 In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin,

4 美国税法与中国税法的差异中国 : 不用自己报税美国 : - 从公司到个人每年都要向税务机关申报所得税 - 会计师, 税务师的重要性 3

5 [on filing income tax returns] This is too difficult for a mathematician. It takes a philosopher. Albert Einstein,

6 Governing Structures ( 美国税法管理体制 ) United States of American (USA) 50 states, 1 federal district & territories Counties o Cities & Villages 5

7 What is a Tax? ( 什么是税?) A forced payment made to a governmental unit that is unrelated to the value of goods or services provided by the government 您听说过的美国的税种有哪些? 6

8 Brief History of U.S. Income Tax ( 美国所得税法简史 ) th Amendment to U.S. Constitution 1939 income tax laws codified as the Internal Revenue Code 1954 recodification of IRC 1986 no recodification, but Code renamed Internal Revenue Code of

9 Objectives of Taxation Goals raise revenue, redistribute wealth, stabilize prices, foster economic growth, and promote social goals Horizontal equity persons in similar circumstances should face similar tax burdens Vertical equity persons with higher incomes should pay not only more tax but also higher percentages of their income as tax 8

10 Taxing Units Three types of persons subject to income tax in the U.S. Individual C corporation Fiduciary (estate and trust) 9

11 Individual Income Tax Model Gross income Less: Deductions for adjusted gross income Equals: Adjusted Gross Income (AGI) Less: Deductions from AGI (greater of itemized or standard deduction) Less: Exemptions (personal & dependency) Equals: Taxable income (loss) 10

12 Individual Model (continued) Taxable income Times: Tax rates Equals: Gross income tax liability Plus: Additions to tax Less: Tax credits or prepayments Equals: Tax owed or refund due 11

13 How to Prepare a Form 1040? Step 1: Download the Form from Step 2: Fill-in your personal information 12

14 How to Prepare a Form 1040? (Continued) Step 3: Determine How Many Exemptions You re Eligible For 13

15 How to Prepare a Form 1040? (Continued) Step 4: Lines 7-22: (Income) 14

16 How to Prepare a Form 1040? (Continued) Step 5: Lines (Deductions to Arrive at Your Adjusted Gross Income ) 15

17 How to Prepare a Form 1040? (Continued) Step 6: Lines (Tax and Credits) 16

18 How to Prepare a Form 1040? (Continued) Step 7: Lines (Other Taxes) 17

19 How to Prepare a Form 1040? (Continued) Step 8: Lines (Payments, and Refund/Amount Owed) 18

20 How to Prepare a Form 1040? (Continued) Step 9: Sign Your Return 19

21 Corporate Tax Model Gross revenues Less: Cost of goods sold Equals: Gross income Plus: Other includible income items Less: Deductions Equals: Taxable income (loss) 20

22 Corporate Tax Model (continued) Taxable income Times: Tax rates Equals: Gross income tax liability Plus: Additions to tax Less: Tax credits or prepayments Equals: Tax owed or refund due 21

23 Gross Income Gross income for services & sales of goods Taxable interest Dividends Tax refunds (except federal income tax refunds) Gains on capital assets (losses subject to limits) Gains & losses on other property transactions Income & losses from ownership interests in partnerships Income & losses from rental real estate 22

24 Additions to Tax Corporate Alternative Minimum Tax (Corporate AMT rate is 20%) Individual AMT (Individual AMT rates are 26% on first $175,000 of AMTI and 28% on excess above $175,000) Self-employment taxes Penalty for premature withdrawal from pension plans Employment taxes for household help 23

25 Tax Prepayments & Credits Tax Prepayments Taxes withheld Estimated tax payments Credits are a direct reduction in the tax liability Credits available to all taxpayers AMT credit Foreign tax credit General business credits 24

26 Other Entities Sole proprietorship Partnerships Limited liability partnerships Limited liability companies S corporation Fiduciaries Trusts Estates 25

27 Choice of Business Entity Sole Proprietorships Partnerships C Corporations S Corporations 26

28 Business Entity type Is business separate from owners? Taxation Sole Proprietorship No Income/loss reported by owner General Partnership No Income/loss reported by owners LLC Yes Income loss/reported by owners C Corporation Yes Corporate tax paid. Second tax paid by owners if corporate income is distributed to owners in the form of dividends (double taxation). Tax forms filed with the IRS Schedule C or Schedule C-EZ to Form 1040, Individual Income Tax Return Form 1065, Return of Partnership Income (info only) and Form 1040, Individual Income Tax Return Form 1065, Return of Partnership Income (info only) and Form 1040, Individual Income Tax Return Form 1120, Corporation Income Tax Return Dividend income reported on Form 1040, Individual Income Tax Return S Corporation Yes Income/loss reported by owners Form 1120S, Income Tax Return for S Corporation (info only) and Form 1040, Individual Income Tax Return 27

29 Sole Proprietorships A one-owner business (independent contractor) No formal filing required by state Owner is considered self-employed Must pay self-employment tax on net profit of business Not eligible for tax-free employee fringe benefits Income and expenses reported on owner s Schedule C of Form 1040 (no separate business tax return) 28

30 Comparison of Business Entities Conduit entities are attractive in early years when operating losses are likely to occur C corporation losses do not provide a tax benefit until the corporation becomes profitable C corporation tax rates may be lower than tax rates for individual owners resulting in lower taxation for profits that remain in the business 29

31 Comparison of Business Entities Employee tax-free fringe benefits are available to employee-shareholders of C corporations Self-employed individuals (including partners and greater than 2% shareholders in S corporations) are not eligible for most tax-free employee fringe benefits Changing from one type of entity to another can be difficult and expensive 30

32 Other Types of Taxes Wealth taxes (real property tax) Wealth transfer taxes Gift tax (assessed on lifetime gifts in excess of $1 million) Estate tax (assessed on transfers at death in excess of $1.5 million) Consumption taxes (sales and use taxes) Tariffs and duties 31

33 什么是美国注册税务师 (EA)? 由美国财政部 (The U.S. Department of the Treasury) 授权与认证在美国国税厅代理纳税人权益的税法专家 32

34 工作范围税务报告 (Preparing Tax Return) 税务计划 (Tax Planning Services) 被稽查代理 (IRS Tax Audit Representation) 提供税务咨询 (Providing Tax Information) 33

35 EA vs CPA 注册税务师 (EA) 美联邦财政部税务注册会计师 (CPA) 各州会计师协会会计与稽查 34

36 EA 考试概要应试条件无资格要求无年龄, 学历, 身份等制约条件合格标准 scale 合格 : 大于 105 考试地点 CBT 可任意选择在美国的 300 多家 Test Center 35

37 EA 考试科目 3 个部分, 每个部分 100 道单项选择题 1. 个人所得税 (Individual tax) 3.5 小时 1) Preliminary Work and Taxpayer Date 15 题 2) Income and Assets 25 题 3) Deductions and Credits 25 题 4) Taxation and Advice 20 题 5) Specialized returns for individuals 15 题 2. 商业所得税 (Business tax) 3.5 小时 1) Business 45 题 2) Business Financial Information 40 题 3) Specialized returns and taxpayers 15 题 3. 规章制度与实务 (Representation/Practice/Procedures) 3.5 小时 1) Practices and Procedures 33 题 2) Representation before the IRS 25 题 3) Specific Types of Representation 25 题 4) Completion of the Filing Process 17 题 36

38 EA 考试应试顺序考试时间每年 5 月 - 次年 2 月自主决定考试时间每科考试 1 年有 4 次重考机会 * 同科需等 2 周可单独参加各科考试有效期所考科目考试当日起 2 年确认成绩考试结束后离开考场前即可确认该科合格与否 37

39 为什么要选择 Plus Career 课程? 仅需 3 个月就能全部合格的教案设计与 AICPA 签署 License Agreement 实务教育与就业服务 38

40 就业方向进入 CPA/EA 事务所或成为会计法人进入美国一般企业的会计, 税务部门进入银行, 保险, 金融机关 39

41 课程费用综合班 - $599 Part 1: $350 Part 2: $350 Part 3: $250 40

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