Tax Director Career Guide and Counseling

Question: Does anyone know who the corporate tax director is at Liz Claiborne?

Answer: Does this help?

Question: board director tax filing requirements? I have been asked to be on the board of directors of a small corporation. Would being a board director require any additional US federal tax disclosures, forms or filing? In case it makes any difference, the company is based and operates outside of the US.

Answer: No disclosures unless the company is publicly traded.If you are a US citizen, and you are paid as a board member, you must report the income on your 1040

Question: How many years after getting a bachelors degree or becoming a CPA, can you get hired as a tax manager/director?

Answer: A bachelor degree alone won't cut it. You'll have to become a CPA. And the most important part is work experience. One could become a tax manager after 5 years of experience in a growing firm.

Question: I am a director of a company. Is it more tax beneficial to treat myself as an employee or take dividends? I have recently started a restaurant business and want to know would it be better to put myself on the payroll and take a salary of say £1000 per month or take a dividend of say £10,000 at the end of the tax year? Or can I do both? Would would be better? Please advise.

Answer: I dont agree with the previous answer. As a director, you are an employee of the company - nothing can change that. You can draw a salary and pay yourself a dividend. However, this has nothing to do with the CGT exemption limit which applies when you sell assets. The reason for paying yourself dividends is to avoid NIC's. You income tax liability would be the same as with a salary.

Question: Can i legally be a director of two private limited companies? If so, How does this work with my tax status? I am currently a co-director of a construction company that produces my maximum dividend allowed. Just looking for other ways to make money......

Answer: Not sure if you're in the UK....if you are, you can be a director of any number of private limited companies. The income you draw from these (either salary as an employee, and/or dividends as a shareholder - you can be/have both) will be consolidated on your annual tax return and you will be taxed on your total income.

Question: I was self-employed then I became a director of my company in 07/08 tax year. How do i work out my tax & NI? HMRC have told me to use tax code 522L on a cumlative basis is this correct?

Answer: In my experience, this area of tax law is a nightmare! In all seriousness, get advice from an accountant, if possible, just pay them to do your books.

Question: Can a US Corporation aquire an EIN (Tax ID) when it's only Owner/Director is a Canadian Citizen? I am incorporating an online retail business in Delaware, but I require an EIN (Employer Identification Number) from the IRS in order to purchase wholesale goods from most US suppliers. I need to know the steps involved and if it is possible. I have done extensive research but always come to a point where I need to enter a US Social Security number, which as a Canadian citizen, I do not have. I have tried numerous times to contact the IRS directly but have not been able to even reach them by phone. Please help!

Answer: Absolutely. You may not be lucky enough to have to pay for health care but your business is an American Entity. Easiest way around getting the job done is to go through a service like a leagalzoom.com or any of the countless others out there. For a small fee they do all of the leg-work. You are also going to have to assign a local agent to receive all legal correspondence for your corp and have it forwarded to you. They take care of that as well. It will cost you about an extra $100 a year.

Question: what is the tax free threshold on the salary income of a Ltd Company Director in the UK? Am I right in presuming that a Company Directots can personally be earning £6,000 a year, so about £500 a month tax free?

Answer: Company directors have the same tax allowance as anyone else, and that figure has already been given on here, £6035. Although company directors in practice act as though they are self-employed, legally they are employees of the company. One answer says £6035 is for a single man. It is the same for married men and/or parents. There are possibly two differences regarding remuneration. One is that a director may take dividends in payment instead of salary, and the tax on that is a non-refundable 10%. So if his only income is, say, £10000 in dividends, he will be due tax £1000 on the lot, with no personal allowance. The other is that he will be taxed on benefits in employment, even if salary below £8500. Class 1 National Insurance contributions are also due.

Question: How comes a Director of a Company pays tax twice? once as an employee of the Company and once as a employer?

Answer: With companies, you need to separate out the taxation suffered by the company and the taxation suffered by an individual within that company (such as a director or an employee). When a company employs someone they pay them a salary. The individual suffers income tax and employees national insurance out of that salary, which the company collects on the tax man's behalf and sends on to HMRC. So the company has in this case suffered no tax, but the employee has. However on top of the salary the company has to pay employers National Insurance - which is not paid for by the individual but by the company itself. The total salary plus the employers national insurance is a cost to the company which can be deducted before the company works out its profit - on which it has to pay Corporation Tax. The profit after tax can then given out as dividends - the company pays no further tax. If the shareholder is a basic rate taxpayer they pay no further tax. If the shareholder is a higher rate taxpayer they will have to pay some additional income tax on the dividend received.

Question: Are there tax implications for offering Company shares to a Director in return for their service as Director?

Answer: I would love to know the answer to this question, so I hope someone answers who ACTUALLY knows.

Question: Was director Steven Spielberg in the Blues Brothers as the tax assessor clerk at the end of the movie?

Answer: Yes, that was him. There were a lot of cameos in that movie. The prison guard at the beginning was Frank Oz of Muppet fame, and the guy dancing on the table in prison at the end was Joe Walsh of the Eagles.

Question: Obama names AIG director to tax task force? Wtf is that? Strange bedfellows? WASHINGTON (CNN) -- One of the people named this week to President Obama's new Task Force on Tax Reform is a member of the AIG board of directors. Martin Feldstein, a professor of economics at Harvard University, has been on the board of American International Group since 1988. He also was a prominent economic adviser to Presidents Ronald Reagan and George W. Bush. Asked about the AIG connection, a senior administration official said Friday that the White House declined to comment on the story. "The task force's job description is to propose ways to simplify the tax code, reduce tax evasion, close loopholes and make changes in corporate tax breaks." When I hired people, I seldom (read: never) hired someone who had caused me "outrage". How outraged could Obama have been? Illia, thank you for the suggestion. Very enlightening and frightening. Yes, I am aware this is happening. Hide and watch. Then, just hide. Thank you, everyone, for your responses.

Answer: Well, the administration is certainly grateful to the AIG execs for the contributions to the politicians, and they've been richly rewarded. Obama seems to not care about honesty or integrity of those he has in his own administration, as evicenced by the attempted appointment of Daschle, and the appointment of Geithner, who is also involved in the AIG bonus scandal. Good politicians are ones who stay bought, evidently. And America has the best politicians that money can buy.

Question: If a new company builds up stock with profits and pays 30%, does the director then pay full tax when..........? If a new company builds up stock with its profits and pays 30% on the profit (the stock), does the director then pay full tax when they actually pay a wage or dividend in years to come? Or is the amount somehow deducted so your not paying tax twice? Meaning if you had 50k more stock due to profit of 50k then you would pay say 15k in tax (30%). Then when you take a wage in years to come and say your on a lower tax bracket then 30% company tax, do you get that difference as on 50k I would have personally only paid 20.7%?...BUT I would need to build stock initially...... I know I dont understand fully so I am just asking. Just thinking about business. Have not ventured yet and I will get an accountant but this is bugging me so I had to ask here now :) Thanks Just ask as it seems like a waste if I pay 30% and then 20% on top again? But I would need to build stock..... So whats the good answer :) Actually compny tax might be 31.5%?

Answer: I am only answering half of the questions - the first answerer has everything covered already anyway. I am just adding bits... Company tax is not 31.5%. Company does not pay Medicare Levy (that 1.5%) only 30% flat. You won't end up paying tax twice when you pay dividend out (30% and 20%) The key is in the franking credit system that we have. I was told that the franking credit system is unique to Australia. Thus, maybe it can get confusing if you are applying the logic from other countries to understand how this system works?

Question: what is the best way to report board of directors to revenue office for tax evasion? i live in canada ontario. i live in co ownership bulding for 30 years. our board of director is paying themself out of our money illegaly and all the contractors so called are being paid cash no t4 no contract all cash. i reported them to canada revenue office but nobody is doing investigation or audit of this establishment. i even wrote to prime minister of canada and my concern was forwarded to somebody else. how can i get the governamet to listen. we need to get rid these people. i have been trying this for the pas 3 years and my complaint or report is bouncing all over the governament without any results.

Answer: Misappropriation of funds is a crime, not necessarily tax evasion, and therefore outside the jurisdiction of CRA. If you are SURE of the wrongdoing, contact the OPP and report the fraud. They will do an investigation, and if warranted, lay charges and contact CRA if there is a taxation aspect.

Question: What are the tax implications for my UK Ltd. company doing business for a Canadian company? I will be working for a Canadian company but will be based here in the UK. I'm wondering what the tax implications are. I'm the director of the limited company that I work for. thanks.

Answer: First if you are working in UK, you need to have a valid visa. You need to have either work permit, HSMP or PR visa. Tax will be deducted at source. you will get salary after deducting tax. But if your company pays without deducting tax, you are supposed to file a tax return. Take an appointment with Inland revenue, they will help you out. These inland revenue people are quite helpful.

Question: What percentage of every check should a freelance art director take out for taxes?

Answer: Eighteen percent.