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Last summer in a grand celebration of literature Harvard Square and Harvard Yard historically known as the place for hallowed halls filled with books was transformed into Hogwarts Square this summer festival celebrated the midnight release of Harry Potter and the Deathly Hallows the seventh and final installment in the wildly popular series hoards of people children and adults alike dressed in elaborate wizard costumes stood in line for hours at the coop to purchase copies of the book dozens of restaurants and stores stayed open late and posted Harry Potter themed specials and a three hour concert capped off the evening and impact true centenary theater today tercentenary theatre is once again packed with children and adults and we are pleased to welcome one of the most successful authors of our time her books have set sales records and have won many awards probably because the Harry Potter stories pra familiar backdrop for readers who can empathize with the young protagonists adrift in a sometimes cruel and challenging world in addition to her vast contributions to literature she is also noted for the social moral and political inspiration she has given her fans a notable philanthropist she has established the Volant charitable trust which donates millions of dollars to aid women and children and to combat poverty and social inequality the the fund also gives to organizations that aid children one parent families and multiple multiple sclerosis research she herself has noted that a person has a moral responsibility when you've been given far more than you need to do wise things with it and to give intelligently and now I give you MS JK Rowling president first members of the Harvard corporation and the Board of Overseers members of the faculty proud parents and above all graduates the first thing I would like to say is thank you not only has half had given me an extraordinary honor but the weeks of fear and nausea I have endured at the thought of giving this commencement address have made me lose weight a win-win situation now all I have to do is take deep breaths squint at the red banners and convince myself than up that I am at the world's largest Gryffindor reunion delivering a commencement address is a great responsibility or so I thought until I cast my mind back to my own graduation the commencement speaker that day was the distinguished British philosopher Baroness Mary Warnock reflecting on her speech has helped me enormous Lee in writing this one because it turns out that I can't remember a single word she said this liberating discovery enables me to proceed without any fear that I might inadvertently influence you to abandon promising careers in business the law or politics for the giddy delights of becoming a gay wizard you see if all you remember in years to come is the gay wizard joke I've come out ahead of Baroness marijuana achievable goals the first step.


What is the best way to determine what salary to pay me working at an S corporation?
Dear Entrepreneur, First off I want to congratulate you on your first step as an entrepreneur. As you take on this journey of entrepreneurship you must make sure that you assemble the right team of advisors. I mention advisors because no one truly knows everything and if they say that they do then they are probably not the ones you want on your team. As an entrepreneur you have to know how to be humble enough to accept criticism and instruction but wise enough to know which information to follow. You are the business owner an ultimately it is your decision what you do but just make sure that it is legal and documented.  Never take an advisors guidance blindly because we all are works in progress. With that being said here are some suggestions: 1. Don't file the Subchapter S election: When you file as a corporation you are automatically a Class C corporation and you must file additional documentation to become a S corporation. Most accountants advise business owners to become a class S corporation for two main reasons: 1. To claim business losses against any personal income: In the beginning of every business their tends to be losses that are incurred. The S corporation is a flow through entity and as such income and losses are passed through to you on a personal level. There is a lot of inaccurate information on the internet about the differences between entities. "If you see it on the internet it must be true." More than likely not. Here is the info directly from the IRS website: S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. Internal Revenue Service The next answer is two fold and will be answered as such:2.1 To prevent the business owner from being double taxed: This is in relation to the business owner filing as a Class C corporation which files a separate business return. (Form 1120) The Corporation then pays a wage or salary to the officer/owner that pays taxes on that income personally. In a class S corporation the business filing is no longer required because the income is distributed to the owner on a personal level. 2.2 To prevent the business owner from paying self-employment taxes as a sole proprietorship or an LLC. LLC's and sole proprietorships are both flow through entities but have to pay a self-employment tax on their income. When filing a Class S corporation the self-employment tax is eliminated.  Why I suggest you to exist as a Class C corporation?Class C corporations give the business owner greater flexibility in terms of tax planning, fringe benefits, fund raising, etc. Year EndA Class S corporation has to file on a calendar year end of December 31. (Their are very rare exceptions and it is not recommended by the IRS but must be approved by filing Form 1128 Application To Adopt,  Change, or Retain a Tax Year. This permission is sometimes granted for businesses that are seasonal in nature.) Class C corporations on the other hand at their initial EIN filing can choose what time of the year they would like to file their corporate taxes. (Personal taxes must still be paid regularly.) There are many benefits to having a fiscal year but one of the main benefits is that you can handle business and personal filings at different times which allows you greater tax planning flexibility. (For greater insight into year ends please contact an experienced local tax accountant or consultant in your area.) Fringe BenefitsAs an employee of your corporation you can set up certain fringe benefits that are tax free and do not have to be filed under your income personally. *Special note: not all fringe benefits are tax free and will be seen as taxable income unless the tax law specifically excludes it from taxation. The taxable fringe benefits should be included on the W2 of the employee and are subject to withholding.* Here are a list of the tax free fringe benefits: Health Saving Accounts, Accident insurance, Health insurance( up to a certain amount), achievement awards, commuting benefits, educational assistance, dependent care assistance, moving expense reimbursements, group term life insurance coverage (based on policy value),working condition fringe benefits such as services and property that may be provided so that the employee can do his or her job, business premise lodging, cafeteria plans that will allow the employees to choose from two or more benefits consisting of cash and qualified benefits, employee discounts on the goods or services that the business/employer sells, employee stock options, supplemental unemployment benefits, qualified employee benefit plans which include stock bonus plans, money purchase plans as well as profit-sharing plans. There are also some other cool fringe benefits:De minims fringe benefits: (low cost) Such as coffee, soft drinks, event tickets, low cost holiday or birthday gifts, traditional awards, and other special occasion gifts. For more information on fringe benefits please visit the IRS website and find IRS Publication 15-B, Employer’s Tax Guide to Fringe  Benefits. (Make sure your accountant has knowledge of fringe benefits and the difference between taxable and non-taxable benefits.)  2. Contact a Local Employment Agency: This section returns me back to the focus of proper documentation as a business owner. I will suggest that you contact a local employment agency in your area and supply them with a total amount of hours worked as well as your management responsibilities. Have the employment agency put into writing for you the cost that it would take to hire a person to fill your role in case of you could no longer fill the role. Take the document that they prepare and file it in the same place that you keep a copy of your tax returns in case you are ever audited. Other things to consider: Please make sure that you understand the differences between distributions and wages as a Class S Corporation. This is very important because if you do not fully understand these concepts you can be at a higher risk of having your distributions reclassified as wages which could in turn cause you to pay more in taxes and penalty. (Make sure that you and your accountant speak annually about the balance between your wages/distributions.) Although the subject can be more complex than what I am sharing here are some tips: 1.Make sure that you do not make more than one monthly distribution.2. Make sure that when the distribution is made it is documented in your corporate minutes each time a payment is made.3.Make sure that you state the distribution payment in terms of dollars per share. (Round to the nearest whole number) x Total shares.There are many other suggestions but those suggestions should be discussed between you and your account. After all, that is why they are accountants. The issue of reasonable compensation can be a tricky one and should be something that takes into account many different factors such as the size of the business, state of the business, volume of business handled by the employee, complexities of the business, similar company employee comparisons(companies in your area that prsimilar services), salary policy, employee salary history, local living conditions, employee performance, and the employees overall contribution to the company. In most cases you just need to use common sense, be reasonable, and document everything. *Keep a record in your corporate minutes that goes over your logic when determining your salary which should include the facts and circumstances that brought you to your ultimate decision.* Last Thoughts: There is so much surrounding this subject that one can write on it for hours but this is a good start. In most cases use your better judgment and act as a reasonable agent of your corporation. If you feel as though you are out of line with your actions then you probably are so correct it. Don't let this or any other issue keep you from flourishing as a business owner. These guidelines are only given to help prevent abuse. I believe the government has a true desire for businesses to succeed and as such wish to help more than control. In conclusion, Trust your gut, seek advice from your tax team, and learn continuously. Good luck and make it happen. Warmest Regards, J.R. McNairMeticulous Entrepreneur   ps: If you have any other questions please feel free to reach out to me at info@jrmcnair.com or visit me online at http://www.JRMcNair.com
What is the use of filling an ITR?
Here are some benefits of filing ITR:1. To claim refund: If you have a refund due from the Income Tax Department as Tax has been deducted at source , you will have to file returns, without which you will have to forgo the refund.2. For Loan Purpose: For appling for a vehicle loan (two-wheeler or four-wheeler) or Home Loan. All major banks can ask for a copy of tax returns.3. Visa processing: If you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate. This is especially true if you plan to travel to the US, UK, Canada or Europe, not so stringent for South East Asia or Middle East. Producing ITR receipts show that one has some source of income in India thus, strengthening your case as someone who will not leave the country for good but will return. When traveling to foreign countries, whether on a business or leisure trip, experts suggest you always carry income-related proofs along --- salary slip, Form 16 and ITR receipts. Consulates specify these requirements in most cases.4. Buying a high life cover: Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more. The sum insured one can get with a term cover depends on many factors one of which is the income of the insured.5. Government tender: For applying for a government tender or two as tax return receipts of the previous three to five years are necessary as they show the financial status of the applicant and whether the applicant can support the payment obligation or not. However, this is no strict rule. It may vary depending on the internal rules of the government department.6. Self-employed: ITR receipts are the only proof of income and tax payment for those who do not get Form No. 16. ( self-employed e.g businessmen, consultants and partners of). For all sorts of financial transactions.
What is the benefit, need and effect of asking the students to fill out feedback forms?
Yes, in almost all IITs course feedback system is implemented. Here at IIT-M , it's popularly known as TCF. For a certain physics course, our instructor was not upto the mark and hence we filled the TCF accordingly, I dont know if he/she has been questioned, but we did get a better instructor this semester,for yet another physics course.  TCF is an open way to vent out anger, by shading the omr bubbles in a certain form to resemble written text( I lost the picture), and thus trolling the course.
How can I fill out Google's intern host matching form to optimize my chances of receiving a match?
I was selected for a summer internship 2016.I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join.I even was very open in the  location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience).Do a search on the potential team.Before the interviews,  try to find smart question that you are going to ask for the potential host (do a search on the team  to find nice and deep questions to impress your host). Prepare well your resume.You are very likely not going to get algorithm/data structure questions like in the first round. It's going to be just some friendly chat if you are lucky. If your potential team is working on something like machine learning, expect that  they are going to ask you questions about machine learning, courses related to machine learning you have and relevant experience (projects, internship). Of course you have to study that before the interview. Take as long time as you need if you feel rusty. It takes some time to get ready for the host matching (it's less than the technical interview)  but it's worth it of course.
When talking to a girl, I try to fill up the silent moments by talking about something of low importance, and that's how I come out as desperate. How do I overcome this problem?
OK listen very closely cause I'm about to break some knowledge to you.When there's a silent moment while you're chatting up the girl, just end the conversation.Seriously though never ever try to fill the silent gaps between your conversations, it never works and you come out looking desperate. Just keep it casual and only talk about stuff that you both find as common grounds. Then if there's a silent moment that's your signal that it's time to stop talking with her.That way you'll seem like a genuine guy who's options are wide and you won't have to look desperate.Hope this helps. Cheers!
What is the importance of toss in Pro Kabaddi? How does a toss winner team gets benefit out of toss?
In other sports like Cricket, being an outdoor sports toss can play a crucial role based on the conditions. In some indoor sports like badminton who will serve first and which side of the court is decided by the toss.Kabaddi has a similar toss where both captains will be looking for getting the toss because winning the toss gives you the option to choose court side or raid first , the first a definite advantage, Choice of which side of court to start in first half, now you might think what is so special about that! The opposition will be raiding first and that automatically creates the first do- or-die raid for them giving the toss winners the first advantage. It depends upon the team to capitalize on the opportunity with their skill. The second advantage being they get to raid first in the second half, so if the numbers in the side are low at the end of first half, raiding first naturally gives you an opportunity to increase the strength of your side by getting touch points. So, usually unlike other sports where winning toss means the captain can choose either of the two options, in Kabaddi the captains go for choosing the court.Captains and referee during tossIn PKL Season 5, 98% of the time toss winners chose court over raiding first.
How do I fill out the form of DU CIC? I couldn't find the link to fill out the form.
Just register on the admission portal and during registration you will get an option for the entrance based course. Just register there. There is no separate form for DU CIC.
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