VV 42 – Business English Vocabulary: Corporate Taxes 2
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The document defines and provides examples of various tax-related terms: - An audit is when a tax agency examines financial statements for mistakes or inconsistencies that could result in penalties. - Compliance means a person or company follows tax laws correctly. - Exemptions mean some income is not taxed, often given to charities and schools. - Tax credits directly reduce the amount of tax owed. Credits encourage certain investments. - Tax breaks include credits and exemptions that reduce overall taxes, given for specific expenses or activities. - Tax shelters, legal or illegal, are methods to reduce taxes through offshore companies or retirement plans. - A tax rebate returns tax money when a person or company
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VV 42 – Business English Vocabulary: Corporate Taxes 2
- 2. corporate income tax TAXES COMPLIANCE Exemption Tax Credits Tax Breaks AUDIT Tax Shelter Tax Rebate
- 3. TextText
- 4. Text In an audit, a tax agency examines and evaluates the financial statements of a person or company. Audit
- 5. Text An audit may reveal mistakes or inconsistencies that result in tax penalties or legal action. Audit
- 6. Text Example “A company may be selected for an audit randomly or if its tax return appears to contain mistakes.”
- 8. Text Compliance If a person or company follows tax laws correctly, then they are in compliance with those laws.
- 9. Text Example “Our company spends a lot of time and money on making sure we are in full compliance with federal tax laws.”
- 11. Text Text Exemptions Government may give an exemption from tax on some income,meaning that income is not taxed.
- 12. Text Exemptions are often given to organizations, such as charities and schools. Exemptions
- 13. Text Example “In many tax systems, property that is inherited or received as a gift is given a tax exemption.”
- 14. Text Tax Credits
- 15. Text Tax Credits A tax credit reduces the amount of tax that a person or company must pay.
- 16. TextText Tax Credits The government may give credits to businesses in certain industries, like oil exploration, to encourage investment.
- 17. Text Example “The state government grants our company a tax credit for employing people formerly on welfare.”
- 18. Text
- 19. Text Text Tax Break A tax break, which includes credits and exemptions, reduces a person or company’s taxes.
- 20. Text Text Tax Break Companies may be given tax breaks for specific expenses, investments, or activities, such as manufacturing or research.
- 21. Text Example “Many people are upset that large corporations receive greater tax breaks from the government than individuals.”
- 22. Text Tax Shelter
- 23. Text Text Tax Shelter Tax shelters,which may be legal or illegal,are methods that reduce a company’s taxes.
- 24. Text Tax Shelter Tax shelters include offshore companies, retirement plans,& investment incentives.
- 25. Text Example “With very low tax rates, Bermuda and the Caymans are popular tax shelters for U.S. companies.”
- 26. Text Tax Rebate
- 27. Text Text Tax Rebate When the government gives a tax rebate, it returns tax money to people or companies.
- 28. Text Example “We have already paid more tax than we actually owe, so this year we’re getting a big tax rebate.”
- 29. Text Now, it’s your turn to practice! Practice
- 30. For example, if you hear… Text Our accountant helps make sure we are in <beep> . . . . … .. . . . with tax laws. Example
- 31. Example You can say ... Text Our accountant helps make sure we are in compliance with tax laws.
- 33. Text Question 1 If you have ever been selected for a tax . .. . . <beep> . . . , you know it is stressful.
- 34. Text Answer 1 If you have ever been selected for a tax audit you know it is stressful.
- 35. Text Question 2 The government is offering a tax . . . . … .. . . . <beep> . . . . … .. . . . for new mining operations.
- 36. Text Answer 2 The government is offering a tax break for new mining operations.
- 37. Text Question 3 Thanks to the recent tax cuts, I should get a big tax . . . . … <beep> . . . . … .. . . . at the end of the year.
- 38. Text Answer 3 Thanks to the recent tax cuts, I should get a big tax rebate at the end of the year.