Why are taxpayers emphasizing Federal, state and local tax planning? Evaluate the relationship of taxes with general economic goals of most tax payers. How might a tax adviser, ignoring the present value approach to tax planning, arrive at an improper conclusion? Explain and illustrate.
Provide examples of U.S taxes that employ proportional, progressive, and regressive tax structures. How might a tax planning practitioner divide his/her time among planning, compliance, research and litigation during an engagement? Summarize the most important planning services that a tax professional can offer to a client. Validate the objective of tax planning. Include a minimum of three (3) additional scholarly references.