Tax Manager Career Guide and Counseling

Question: What do you need, an MB&T and/or a CPA to move up as a Tax Manager for an audit/tax firm like E&Y, GT, etc..?? ANYONE who works or had experience working in a big or regional audit/tax firm, is an MB&T helpful or just a CPA is enough....btw my firm is paying for the Masters in Business & Tax but its just hard to go back to school once I start working fulltime

Answer: I totally get it. However in today's world many colleges and universities offer online courses and MBA type programs for under 2 years. If your company is going to pay for it. I would do it. This could make the difference between you being an accounting manager and a financial executive. Typically a MBA costs about $30K to get depending on the school. Best Of Luck!

Question: If you go from renting your own home to having a property manager rent it , what changes on income tax form ? We lost a long term renter, so we fixed up the property and handed the management over to a property manager. We had to spend a lot on remodeling, but now the income has doubled, even including the property manager's share. What forms or changes need to be filled out when I do my income tax? It had previously been our primary residence that we were renting while abroad, and would be still, if we ever return to that area.

Answer: If you were previously reporting your rental income/loss on a schedule E (Supplemental Income from rental real estate, royalties, yadda, yadda) as part of your personal income tax return, there would be no changes. The fees paid to your property management company would be reported on line 11 (management fees 2006 form) as an expense and deducted from your rental income.

Question: How do I file business tax returns when manager lost all the book keeping of last two years?

Answer: The bottom line is you can't. My advice would be to contact your local tax office, explain your situation, and ask them for advice on the way forward. A similar thing has happened to me, when my accountant disappeared with all my accounts, and my cash, and left me in the proverbial. The Inland Revenue were brilliant, not the horrid people we expect them to be. Just be honest and talk to them. Hope this helps, good luck.

Question: Can anybody tell the salary of a Tax Manager in Dubai of a reputed Oil co. I have an offer as Tax Mngr - Dubai? I am presently working in Big Four in Taxation Department - Mumbai and wish to reallocate to Dubai and not aware of the range of salary offered in Dubai

Answer: I suggest you do a Google search on Dubai. There have been a few articles in Business Week & Fortune about Dubai becoming less and less of a wealthy place where folks earn lots of money. Mentions foreigners there returning in droves, abandoning their luxury cars at the airports ( because Dubai law is that you go to jail if you cannot repay a debt ). In any case, do your research before making such an important decision.

Question: How should we compute the withholding tax for a manager who is a head of the family without dependent?

Answer: If you're in the US, you go by what he puts on his W-4. If he fails to file one, you withhold at Single and 0.

Question: Should I be expecting some kind of tax form from my property manager? I own a home, which I am renting, in another state. The money from that is considered income, correct? So shouldn't I be expecting something from my property management company?

Answer: YES! You should receive a Form 1099 showing rental income. This was supposed to have been mailed by 1/31/2008. Call them to get his document.

Question: Does and apartment manager have to pay income tax? On the rental value of his/her apartment?

Answer: Probably not. Housing provided for the convenience of the employer is not subject to income tax but is subject to Social Security and Medicare taxes.

Question: I am a factory manager. I want to know about service tax payments details of our company .? I did not get service tax challans on correct time. I am doubt about these payments. How do I clear my doubts?

Answer: contact the department concerned.

Question: What is the TAX manager Role?

Answer: Here's one typical role: To manage the tax burden of the company through research, planning, preparation, and review of federal and international tax returns. Assist with formulation, development, and implementation of strategic tax planning to support the overall financial objectives of the company. Responsible for the coordination and administration of the return preparation process. Oversee preparation of quarterly and annual financial accounting for income taxes.

Question: Can anyone think of a good bail out plan for Tax payers who are constantly mugged by the bank manager? And the like to pay for their scams? Also How on earth is it we have to pay for an EX-Prime Ministers Pension Plan including current MP's, and government staff??? (Insert over-sized list here) They saw us coming yes?

Answer: Americans are working harder and harder just to not even get by...and all to help pay off the foolishness of the mega-wealthy. This bailout is nothing less than the government putting on a ski mask and holding a gun to the heads of every man, woman,and child in the U.S. and demanding that we pay the bill that all the bankers and other THIEVES have run up. Tell your elected officials to VOTE NO ON THE BAIL OUT!! http://www.votenobailout.org/

Question: What is a Tax Credit Property? What are the duties of a Property Manager when dealing with a tax credit prope I'm interested in a Assistant Property manager position. But, I've never worked for a company that was a tax credit company. They would like someone with Tax credit experience. Please elaborate.....Thank you.

Answer: You need to hire a Bookkeeper or CPA. If you are the owner of a Tax Credit Property then you should already know the answer to this question and have your filings in order. Good Luck http://www.irs.gov/instructions/i8582cr/ch01.html#d0e142

Question: why is my tax manager running 100%? My task manager has been running 97 - 100%. Since this started I constantly get booted off. running ex. Should I empty task manager or ???

Answer: Something on your machine is causing your problem. Start at the top of this list. Install the products one at a time and then install all of their updates. Have each one complete a full scan before proceeding to the next one. One of these *should* fix your problem. Keep in mind that everyone of these things is either free of charge or open source. When you're done, be sure to go to Windows Update and apply ALL of the patches. 1) Spybot Search & Destroy http://www.safer-networking.org/en/index.html 2) Windows Defender - http://www.microsoft.com/athome/security/spyware/software/default.mspx 3) Lavasoft Adware - http://www.lavasoftusa.com/products/ad_aware_free.php 4) Clamwin Antivirus - http://www.clamwin.com/ 5) Fsecure Black Light - http://www.f-secure.com/blacklight/

Question: how much (what percentage) tax does a self employed or a manager of a charity shop pay in the UK? what about NI?

Answer: It does not make any difference what a person's job is, we all pay the same rate of tax. Over £5225 and under 2650 its 10%, then 22% on the next £32k or so. EDIT: NI is the same - everyone pays 11% on earnings.

Question: Is this tax deductable? My husband donated around 150 hours as an engineer project manager at church? ? He bills out at just over 100 per hour. He donated around 150 hours of work developing a project for the church in 2008. Can all of his donated time be taken off our taxes? If so what form do we use? I had no luck searching the IRS website.

Answer: Donated time? No. Mileage? Yes. Donated items? Yes. From Pub 526: http://www.irs.gov/publications/p526/ar02.html#d0e1139 (look specifically at number 4) Contributions You Cannot Deduct There are some contributions you cannot deduct. There are others you can deduct only part of. You cannot deduct as a charitable contribution: 1. A contribution to a specific individual, 2. A contribution to a nonqualified organization, 3. The part of a contribution from which you receive or expect to receive a benefit, 4. The value of your time or services, 5. Your personal expenses, 6. A qualified charitable distribution from an individual retirement arrangement (IRA), 7. Appraisal fees, 8. Certain contributions to donor advised funds after February 13, 2007, or 9. Certain contributions of partial interests in property.

Question: Caifornia Limited Liability Company & Paying an owner/manager's salary? Tax-Advisors' comments recommeded. Say, for example, I get a loan from a private investor in the amount of $50,000, and deposit that into a bank checking account under a multi-owner LLC (I am part owner). To pay myself a salary/wage, should the LLC just write me a check from the account on a bi-monthly basis? How would I be classified for tax purposes? (Employee?/ Self-Employed?, Etc.) I know this is a complex question; any contribution is much appreciated?

Answer: You can decide how you want to handle it. Even if you are a partnership you can pay yourself a salary (not guaranteed payments). If you pay it as salary you will have to file payroll taxes. If you take distributions that are not taxed as wages they are considered "guaranteed payments" and when you file your tax return you will end up paying self-employment taxes. There are problems involved if one owner puts in property and you take that property out as compensation. Get help from a CPA if you plan on doing things like that.

Question: If I am established in Kentucky as a non-profit, and I go to Ohio to purchase something, am I tax-exempt? I went to a computer store to purchase a computer, and went to a store in Ohio. My non-profit business is based in KY and I was purchasing something for it in OH. The store said it was policy that I have to have Ohio's stamp to be tax-exempt. The manager said quote "Our policy is tougher than other places." Can they do this, I was under the impression that being tax-exempt in KY and federally, I would be okay.

Answer: States have different rules. KY can not exempt you from Ohio taxes. If you make purchases in Ohio, you need an Ohio exempt certificate. Sounds like that computer store had a fairly recent sales tax audit and had to fork over a bunch of money for uncollected sales tax.