vv 42 – business english vocabulary: corporate taxes 2
TRANSCRIPT
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corporate income tax
TAXES
CO
MPL
IAN
CE
Exemption
Tax Credits
Tax Breaks
AUDIT
.
Tax Shelter
Tax Rebate
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In an audit, a tax agency examines and evaluates the financial statements of a person or company.
Audit
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An audit may reveal mistakes or inconsistencies that result in tax penalties or legal action.
Audit
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Example“A company may be selected for an audit randomly or if its tax return appears to contain mistakes.”
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Compliance
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Compliance
If a person or company follows tax laws correctly, then they are in compliance with those laws.
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Example“Our company spends a lot of
time and money on making
sure we are in full compliance
with federal tax laws.”
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Tax Exemptions
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Exemptions
Government may give an
exemption from tax on
some income, meaning
that income is not taxed.
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Exemptions are often given to organizations, such as charities and schools.
Exemptions
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Example“ In many t ax s y s t ems ,
property that is inherited or
received as a gift is given a
tax exemption.”
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Tax Credits
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Tax Credits
A tax credit reduces the amount of tax that a person or company must pay.
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Tax CreditsThe government may
give credits to businesses
in certain industries, like
oil exploration, to
encourage investment.
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Example“The s t a te gove rnment
grants our company a tax
credit for employing people
formerly on welfare.”
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Tax Break
A tax break, which includes credits and exemptions, reduces a person or company’s taxes.
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Tax Break
Companies may be given tax breaks for specific expenses, investments, or activities, such as manufacturing or research.
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Example“Many people are upset that
large corporations receive
greater tax breaks from the
government than individuals.”
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Tax Shelter
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Tax Shelter
Tax shelters, which may be legal or illegal, are methods that reduce a company’s taxes.
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Tax Shelter
Tax shelters include
offshore companies,
retirement plans, &
investment incentives.
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Example“With very low tax rates, Bermuda and the Caymans are popular tax shelters for U.S. companies.”
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Tax Rebate
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Tax Rebate
When the government
gives a tax rebate, it
returns tax money to
people or companies.
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Example
“We have already paid more tax
than we actually owe, so this year
we’re getting a big tax rebate.”
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Now, it’s your turn
to practice!
Practice
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For example, if you hear…
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Our accountant helps make sure
we are in <beep> . . . . … .. . . . with tax laws.
Example
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ExampleYou can say ...
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Our accountant helps make sure we
are in compliance with tax laws.
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get ready to speak
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Question 1
If you have ever been selected for
a tax . .. . . <beep> . . . , you know it is stressful.
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Answer 1
If you have ever been selected for a
tax audit you know it is stressful.
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Question 2
The government is offering a tax . . . . … .. . . .
<beep> . . . . … .. . . . for new mining operations.
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Answer 2
The government is offering a tax
break for new mining operations.
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Question 3
Thanks to the recent tax cuts, I should get a big tax . . . . … <beep> . . . . … .. . . . at the end of the year.
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Answer 3
Thanks to the recent tax cuts, I should get a big tax rebate at the end of the year.
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