Discuss how the Tax Cuts and Jobs Act of 2017      changed the individual AMT. There have been several articles written on the      projected solvency of the Social Security System. When is the fund      projected to run out of money? What are some options to improve the      solvency of the system? How does this potential insolvency impact tax      planning for young individuals? Several states have rules about the taxability of      payments received under a defined benefit plan that are in contrast to the      federal rules. First, discuss why some states choose not to tax those      payments. Next, choose a state that has an income tax and discuss that      state’s laws for taxing this type of income. Do Discussion and do the response below Posted 1 The Tax Cuts and Jobs Act (TCJA) of 2017 changed the individual AMT.  With the changes to the Alternative Minimum Tax, the IRS estimates the number of filings will decrease from 10 million filings to 1 million filings annually (York & Muresianu, 2018).  The TCJA increased the AMT exemption to $109,400 for couples filing joint tax returns and increased the phaseout exemption to $1 million dollars for couples filing joint returns (York & Muresianu, 2018). Under its current status in the tax law, the TCJA of 2017 will return in tax year 2026 when the TCJA expires unless congress makes changes and or extends the law (Tax Policy Center, n.d.)  If these changes are not made before the TCJA of 2017 expires, then the Tax Policy Center estimates that 6.7 million tax payers will have to pay the AMT in 2026 (Tax Policy Center, n.d.). With the changes to both Congress and the President, there is speculation that there will be changes to the previous administration’s Tax Cuts.  Congress will be looking at ways to make up for the lost revenue due to the loss in AMT revenue by either changing it or finding other places to supplement the income.  There are several ideas from writing the AMT out of the tax code, letting the changes expire which would be disastrous for the middle class, to extending them and leave the limits on mortgage deductions and tax deductions (McClelland, 2019).  The Tax Policy Center estimates this will raise revenues by over $97 billion in 2027 (McClelland, 2019).  No matter what is decided, there is some difficult decisions coming down the road with AMT that could affect millions of taxpayers if left to expire in 4 years.  Posted 2  The AMT is the alternative minimum tax system created to make my life as a tax provider more difficult. Seriously, it was enacted by Congress to ensure taxpayers who did not pay tax because they used deductions and incentives provided for in the Internal Revenue Code would pay some tax, at a minimum. It really is a second federal tax system that works alongside the regular federal tax system. Regular federal tax is calculated, and then AMT is calculated, removing some of the incentives, benefits and deductions that are allowed under the federal tax system. The taxpayer pays the regular tax liability plus the AMT if the taxpayer owes AMT after removing the benefits of tax-favored treatments provided for in the Internal Revenue Code (Everett et al., 2016). Over the past several years, millions of taxpayers have found themselves being subject to AMT. That was not the intention of the law. The Tax Cuts Job Act of 2017 (TCJA) changed the AMT system favorably for taxpayers, reducing the number affected by the AMT. This was done, in part, by increasing the AMT exemption.  Additionally, the income at which the AMT exemption phases out was also increased. Some of the incentives and benefits (tax preference items) that needed to be added back or were disallowed for AMT purposes were repealed or scaled back (Tax Policy Center, 2020). The treatment of those tax preference items (personal exemptions and miscellaneous 2% deductions, for example, which were eliminated under the TCJA) reduced the impact of the AMT. As a result of the changes made to the AMT by the TCJA, the number of taxpayers who paid AMT fell from more than 5 million in 2017 to just 200,000 in 2018. It should be noted that the provisions of the TCJA related to AMT will “sunset” at the end of 2025. Unless Congress acts to extend the provisions, we will see a rise in the number of taxpayers affected by the AMT to pre-TCJA levels.    Posted 3 Starting out the purpose of the alternative minimum tax (AMT) was to ensure that high income earners pay their fair share of taxes. Majority would abuse the tax system by avoiding paying taxes using deductions and tax credits (Everett et al., 2016). Over the years, many middle-income individuals were affected by the AMT also. With the passing of Tax Cuts and Jobs Act (TCJA) 2017 the individual AMT remained the same; however, the exemption levels and income threshold amounts increased resulting in a decrease of taxpayers subject to the AMT making it less likely to affect lower income levels. (Be Tax Ready, 2019). “Primarily as a result of the changes enacted by the TCJA, TPC projects that the number of AMT taxpayers fell from more than 5 million in 2017 to just 200,000 in 2018 and will remain roughly constant through 2025” (How did the TCJA change AMT, 2020).   Be Tax Ready – understanding tax reform changes affecting individuals and families |             Internal Revenue Service. (2019, February). IRS. https://www.irs.gov/newsroom/be-tax-ready-understanding-tax-reform-changes-affecting-individuals-and-families Everett, J. O., Hennig, C., & Nichols, N. (2016). Contemporary Tax Practice: Research,       Planning and Strategies (4th ed.). CCH Inc. How did the TCJA change the AMT? (2020). Tax Policy Center. https://www.taxpolicycenter.org/briefing-book/how-did-tcja-change-amt-0

Consider the readings for this module concerning the analysis of case study data.  In your post, address the following: What three key ideas were most significant from the readings; Two analytic techniques that you would like to explore or discuss further; and One element/issue/concept that you found difficult in your understanding or application of action research  In your responses to other students, focus on questions 2 and 3. This assignment is a discussion, so remember to join the conversation early in the module. Remember to cite sources—particularly in your initial post. Finally, respond to several of your classmates. Module 4 - Background Action Research Implementation and Data Collection The following readings are required for Module 4.  Optional readings can be found at the end of each section and while not required, may help you understand the material better and be useful to you if you choose to conduct a case study research method for your doctoral study.  All readings can be accessed in the Trident Online library, unless linked to another source. Methods of Data Collection in Action Research Action research, in the same manner as case study research, is fundamentally an inductive undertaking that makes use of an array of qualitative research and data collection techniques.  Since the objective of action research is to answer questions, reflect, and to take steps to solve problems—it is essential to build a holistic view of the situation and context. Multiple sources of evidence are brought together, compared and contrasted, and assessed in such a way that the specific nature of the problem and required action becomes clear.  The specific categories of the data collection effort will depend upon the specific context under study, but will likely include at least several of the following: Stakeholder interviews: Recorded in-depth interviews of those involved in the context of the problem under study. Thematic analysis is then applied to interview transcripts. Documentary analysis: Samples of documents such as meeting minutes, presentations, memos, or emails are sorted and catalogued for thematic analysis. Focus groups: Focus groups may function as a validation step to review and provide input to data collected from other sources. Further, focus groups may function as a source of primary data collection. In this case, the focus group is presented with situations and issues related to the problem under study. The focus group discusses the problem—and possibly performs brainstorming analysis. Thematic analysis is then applied to the transcript of the focus group (or groups) that meet. Surveys/questionnaires: Survey instruments are often associated with quantitative research. Action research, however, does not test hypotheses. Instead, it employs an inductive worldview to build up the “big picture” systems view of the problem under consideration. Surveys or questionnaires therefore provide one data point among many in the quest to understand and prepare for problem-solving action. For this reason, open-ended survey questions are likely to add more value than the traditional Likert-like questions typically employed by quantitative research. Observations: What research subjects actually do in practice may differ from what is stated in interviews and focus groups. Observation of behaviors and activities therefore add an additional data point to further ground the action research in reality. Observation may also shed light on process weaknesses and conflict that contributes to the problem under study. Observation is therefore one qualitative data collection technique that action researchers may wish to consider.  Researchers employing this technique typically take copious notes and use the resulting observation notes as an input to thematic analysis.  (Coates, 2005: Miles & Huberman, 1994) Ethics in data collection A common thread observed throughout Action Research is the involvement of and interaction with people.  Researchers therefore have a responsibility to maintain the highest levels of ethics and integrity when interacting with research subjects.  A researcher who is using human subjects in research is expected to use the following guiding principles: Informed consent: All participants in research must provide consent to participate. No observations, interviews, or any other form of data collection may be undertaken without such consent. Confidentiality and anonymity: The personal information that may arise from data collection from research subjects must be protected. The researcher is expected to have means to code and secure the data so that confidentiality is maintained. Another approach to providing security for the research subject is to maintain anonymity so that no connection is made between the collected data and any particular individual. Integrity: At no time should the researcher lie to a research subject or “trick” a research subject in any way in the course of seeking particular responses or behaviors. (Arango, 2016) These principles are a few of many that are considered by the University Institutional Research Board (IRB). The function of the IRB is to examine all proposed research methodologies for validity as well as acceptable ethical practice. Finally, at no time may research proceed without IRB approval. Results, reflection, and intention The qualitative results that are developed from the applied methodology provide significant data upon which to consider and reflect. This is the time to ask again, “What problem is it that I am trying to solve?”, “Have I gotten to the bottom of the issues?”, and “What steps do I need to take as a result of my analysis?” These are questions that require significant thought—hence the focus on reflection within action research. Eventually though it is time to put your findings in action. Principles of project management provide tools to aid in acting upon findings. For example, proposed actions arising from action research data collection may be thought of as a project. They may be scoped out (i.e., deciding what specifically must be done or delivered), planned (who performs the actions, and how and when they are performed), executed or carried out, monitored and controlled through completion, and then closed. It should be remembered however that action research is iterative in nature. When an action is completed—data is once again collected for reflection in order to determine if further action is required.  It may well take more than one cycle of data collection, reflection, action plan, and implementation in order to complete the action research activity. Is action research for you? Problem-solving is an important skill required of senior managers and consultants. A traditional difficulty of problem-solving is the tendency for management to fail to grasp the totality of the issues under study and as a result, devise a plan that “solves the wrong problem”. Action research is both a research as well as a management technique that has the potential to equip managers with the ability to work with stakeholders within organizations to identify, analyze, and reflect upon problems or known systemic issues—and devise and refine sophisticated solutions. Action research therefore has the potential for the manager to demonstrate both research as well as management and leadership skills in a concrete manner.  If you are ready to “get your hands dirty” and demonstrate your intellectual and management capacities—action research may well be for you.

Question 13 ptsBrittCo bought a building for new warehouse operations. It needs work. He’s tech savvy, so Britt knows he needs wiring for the computers he’ll be running. The roof was partially blown off in a storm. So that needs fixing. All interior rooms are painted green. Britt wants blue and will repaint. Which of the following statements is true? Group of answer choicesa.)The cost of the building will include the cost of wiring and the roof.b.)The cost of the building will include the repainting costs.c.)The cost of the building is the purchase price of the building, while the additional expenditures are not warranted or capitalizable.d.)The wiring is part of expense, not the building cost.Flag question: Question 2Question 23 ptsWhat happens to the income statement after an asset is fully depreciated?Group of answer choicesa.) a reduction in future expense.b.) difficult as the asset must be replaced expeditiously.c.) a loss due to increased expenses.d.) a credit balance to the AFDA.Flag question: Question 3Question 33 ptsNot all freight is paid by the buyer. When it is though, the amount of freight-in paidGroup of answer choicesa.)is a permanent account.b.)is contra to the Purchases account.c.)is added to the cost of inventory purchased.d.)has a normal credit balance.Flag question: Question 4Question 43 ptsThe Allowance for Doubtful Accounts is classified as a(n)Group of answer choicesa.)asset account.b.)contra asset account.c.)expense account.d.)contra revenue account.Flag question: Question 5Question 53 ptsNot all sales are for cash. What do the terms 3/15 and n45 describe?Group of answer choicesa.)when title is transferred.b.) an expected rate of return on Accounts Receivable.c.)the standard shipping terms.d.)an early payment incentive.Flag question: Question 6Question 63 ptsChad Corp. purchased land for $250,000 cash for a building valued at $300,000. Real estate brokers’ commission was $15,000 and $4,000 was spent for demolishing an old building on the land before land could be used. Under the cost principle, the cost of land would be recorded atGroup of answer choicesa.)$300,000.b.)$269,000.c.)$265,000.d.)$250,000.Flag question: Question 7Question 73 ptsKaia makes and sells crispy treats. She purchased 600 pounds of cornflakes for $500. Freight cost to her production facility was $50 for the barrel of cornflakes shipped FOB destination. She paid $75 for other ingredients and also paid $25 for 100 one-pound biodegradable plastic bags into which the product is placed. The cost of her one-pound bag of treats is:Group of answer choicesa.)$1.00.b.)$1.25.c.)$1.60.d.)$1.75.Flag question: Question 8Question 83 ptsOne of these is false regarding diluted earnings per share. Which one?Group of answer choicesa.)Reporting diluted earnings per share is required by GAAP when dilution of EPS exists.b.)Diluted earnings per share can be used to reflect the extent of potential share dilution.c.)Diluted earnings per share is not reported by some companies.d.)Diluted earnings per share is always the same as basic earnings per share.Flag question: Question 9Question 93 ptsWhen writing journal entries for recording assets, what is the end result in the account:Group of answer choicesa.)Proceeds paid.b.)Cost, net of preparation costs.c.)Net depreciable costs.d.)Aggregate cost.Flag question: Question 10Question 103 ptsMost Cost of Goods is generated at point of journal entry. How do you compute it manually?Group of answer choicesa.)beginning inventory - cost of goods purchased + ending inventory.b.)sales - cost of goods purchased + beginning inventory - ending inventory.c.)sales + gross profit - ending inventory + beginning inventory.d.)beginning inventory + cost of goods purchased - ending inventoryFlag question: Question 11Question 113 ptsThe Balance Sheet has ending inventory. In periods of rising prices, the method giving the inventory value at closest to current cost is which?Group of answer choicesa.)FIFO method.b.)LIFO method.c.)average-cost method.d.)tax method.Flag question: Question 12Question 123 ptsAn income statement may have Comprehensive Income. What could that be?Group of answer choicesa.)Foreign currency translation, unrealized gains on investments, goodwillb.)Amortization of intangibles, Foreign currency translation, unrealized gains on investmentsc.)Foreign currency translation, unrealized gains on investments, pension gains or lossesd.)Items with deeper impact than regular incomeFlag question: Question 13Question 133 ptsA receivable is written off. What happens net receivables under the Allowance method?Group of answer choicesa.)will increase due to bad account being eliminated.b.)will decrease as the allowance amount goes down.c.)remains the same.d.)will increase based on allowance account going up.Flag question: Question 14Question 143 ptsTo be considered a Cash and cash equivalent, the account must hold: Group of answer choicesa.)Checking account, petty cash, certificate of deposit bought 3/1/XX, due 5/15/XX, note due in 120 days.b.)Checking accounts, petty cash, certificates of deposit bought 3/1/XX, due 7/31/XX.c.)Checking account, petty cash, certificate of deposit bought 3/1/XX, due 5/15/XX, note due in 75 days.d.)Checking account, petty cash, certificate of deposit bought 3/1/XX, due 5/15/XXFlag question: Question 15Question 154 ptsChadCo disposes of some equipment at the end of 4 years. It had a 5-year useful life. The cost was $520,000, with salvage value estimated at $20,000. He used the straight-line method to depreciate. He was lucky and got some cash for selling it. $32,000. What’s the complete journal entry for the sale?Note: Make sure to format your entries properly, whether you are using a table or plain text entry.Flag question: Question 16Question 165 ptsVNN, Inc. sold product to Kona, Inc. for $110,000 at 3/10, net 15. Inventory costs were $30,000. Record the journal entries VNN would record just at the time of sale.Note: Make sure to format your entries properly, whether you are using a table or plain text entry.Flag question: Question 17Question 176 ptsMake sure to answer BOTH parts of the question below.Kaia Co is reviewing inventory at the end of the period. She sees the following cost and market data at 12/31/XX. ProductCostMarketSilicon part 48z35$23,000$35,000Silicon part 48y75$18,000$12,000Silicon part 47g44$74,000 $61,000Silicon part 32b12$56,000 $48,000total$171,000A. What, if any, is the amount of the lower cost or market adjustment? B. What is the journal entry to record the adjustment?Note: Make sure to format your entries properly, whether you are using a table or plain text entry.View keyboard shortcutspView keyboard shortcutsAccessibility Checker0 words</>Switch to html editorFullscreenFlag question: Question 18Question 1816 ptsHere we take a look at depreciating long lived assets. CMK’s Surfing Company purchased a brand new board shaper for $295,000. The oven was shipped from Australia at a cost of $25,000 and while importing it, CMK paid $4,000 in foreign fees. The shaper also had to be mounted in a permanent housing at a cost of $6,000. It is estimated that the machine will have a $30,000 salvage value at the end of its 4-year useful service life. The maximum estimated board production is 30,000 boards: 10,000 in year one, 9,000 in year two, 7,000 in year three, and 4,000 in year four, respectively. Instructions: Compute the total cost, then using the straight line and units of activity methods, prepare a schedule that shows the 1) annual depreciation expense, 2) annual accumulated depreciation, and 3) net book value on the machine for each of the years in its 4-year life.Important: Do NOT enter dollar signs, extra spaces, punctuation, or trailing zeroes. For example, enter $100,000 as 100Depreciation Expense(in thousands of dollars)Accumulated Depreciation(in thousands of dollars)Net Book Value(in thousands of dollars)S/LYr 1Yr 2Yr 3Yr 4ActivityYr 1Yr 2Yr 3Yr 4Flag question: Question 19Question 1912 ptsBJN had the following purchases and sales during September. On Sept. 3, he purchased 60 units at $52.On Sept. 10, he purchased 210 units at $57.On Sept. 17, he purchased 40 units at $60.On Sept. 25 he sold 345 units.Note that on Sept 1, BJN had beginning inventory of 110 units that were purchased at $42 per unit.Instructions: Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO, (b) LIFO, and (c) Average cost. Important: Do NOT enter dollar signs or punctuation. For example, enter $5,500 as 5500A. FIFO Cost of goods sold $ Ending inventory $ B. LIFOCost of goods sold $ Ending inventory $ C. Average Cost of goods sold $ Ending inventory $ Flag question: Question 20Question 204 ptsLet’s take a look at some Intangible assets. First, identify the period of amortization. Then, if there is no period of amortization, state why.PatentsCopyrightsTrademarksGoodwillFlag question: SpacerQuestions 21-24Use the following information to answer the next four questions.BVC Supplies Inc. sells exercise equipment. BVC notes that at December 31, 20XX, it has the following aging schedule of Accounts Receivable. 20XX Sales were $6,000,000. The amount in the allowance account at 12/31/XX is a credit balance of $15,500, prior to the review.TotalCurrent1–3031–6061–90Over 90Accounts receivable$1,100,000800,000150,00075,00050,00025,000% uncollectible1%5%10%20%50%Flag question: Question 21Question 216 ptsImportant: Do NOT enter dollar signs or punctuation. For example, enter $5,500 as 5500A. Net receivables using aging method (after adjustment): B. Bad debt expense to be recorded using aging method: Flag question: Question 22Question 226 ptsImportant: Do NOT enter dollar signs or punctuation. For example, enter $5,500 as 5500A. What would the bad debt expense be using the sales method instead of aging method, if the expected uncollectible rate was 2.0%? B. Net receivables using the sales method (after adjustment): Flag question: Question 23Question 232 ptsBVC wrote off a $20,000 receivable on 11/15/XX. Record the journal entry for the write-off.Note: Make sure to format your entries properly, whether you are using a table or plain text entry.Flag question: Question 24Question 244 ptsOn January 29, 20XY, BVC collected cash for a $8,000 receivable previously written off. Record the appropriate entries.Note: Make sure to format your entries properly, whether you are using a table or plain text entry. Flag question: Question 25Question 2518 ptsThis question has four parts. Make sure you enter your answers for all four questions.The following information is available from certain balance sheet and all income statement general ledger accounts for Markai Co., a Delaware Corporation, for the fiscal year ended September 30, 20XX: Cost of Goods Sold 900,000Patents Capitalized 60,000Sales Returns 50,000Product Sales 2,000,000Allowance for Doubtful Accounts 100,000Trademarks 15,000Sales Department expenses 190,000Engineering Expenses 400,000Accounts Payable 65,000Losses on division scheduled for closing 50,000 before tax.G&A Expenses 110,000Goodwill 150,000Marketing Department Expenses 180,000Sales Discounts 15,000Sales Tax Payable 5,000Tax rate 30%Copyrights 30,000Interest Expense 12,000Gain on investments 7,000Contributed Capital 300,000Wages payable 100,000There are 900,000 average common shares outstanding and 100,000 equivalent shares.A. Using only the income statement accounts, prepare a proper income statement.Don't forget to include section captions, properly labeled totals, and subtotals. If you have done this properly, you should have 22 rows. You can use a table or a plain text entry, or you can copy/paste your statement from another program such as Microsoft Word or Excel. B. What is the Gross Margin %?C. What is Basic EPS? Round to the nearest cent.D. What is Diluted EPS? Round to the nearest cent.