What is the IRS (Internal Revenue Service) and what does it do?
What will be an ideal response?
The Internal Revenue Service (IRS) is the federal agency tasked with enforcing the tax code. They do not write the tax law–that is done by Congress–but they are the ones who enforce it. They will write regulations to help clarify the law, detail the rules governing the taxpayer, notify taxpayers if they qualify for tax-exempt status in some instances, and so forth. Everything related to federal taxes in one way or another goes through the IRS. They are a powerful agency, since they have the power to audit any individual or business, take a taxpayer to court for fraud or failure to pay taxes owed, and shut down businesses that owe taxes. They are even powerful enough that they can garnish wages and seize the bank accounts, retirement accounts, house, car, or boat of someone who owes taxes, and sell the property to satisfy their tax debt. When someone is behind on their taxes, or they paid less than owed, we say that they "owe the IRS," but really they owe the money to the federal government. The IRS is simply the agency that collects what is owed. Think of the IRS as the debt collector for the federal government.
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If the partnership cannot pay a bill, creditors will expect payment from the personal assets of the partners
a. True b. False Indicate whether the statement is true or false
Which characteristic is not part of being a manager?
a. Visionary b. Trains and develops c. Promote stability d. Ensure operations run smoothly
Jabriel just got hired to be in charge of all social media presence for Gibson's doughnut shop. His two ultimate goals for the shop's social media presence (according to your text) should be building deeper customer relationships and ________.
A. Post humorous content B. Get more retweets C. Positive word-of-mouth-communication D. Responding to complaining customers E. Get more followers
Betsy's elderly father gave her written authority her to sell the family house. Her father lived in Arizona and she lived in Minnesota. After about two months she found a buyer for the house and signed an acceptance of the offer on March 21 . Later that
same day she learned her father had died the day before (March 20). Other members of the family did not want the family house sold and claimed that the acceptance Betsy signed was void. The buyer of the house claims Betsy had the legal authority to sell the house and that the contract is binding. Who is right?