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- Section 6-5 of ITAA 1997: a. Both (A) and (B) are correct. b. Seeks to assess the taxpayer’s income when it is received. c. Seeks to assess the taxpayer’s income when it is derived. d. Both (A) and (B) are incorrect.2. Describe the points to consider a tax practitioner must consider while determiningwhether a taxpayer is employed or self-employed. Elaborate the answer according to the question. Answe should not be less than 400 words. Thank you for your afford.Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of Notice S2 – A taxpayer is required to reply to the Preliminary Assessment Notice (PAN) within 15 days from receipt of the PAN S3 – A taxpayer is required to protest to the Formal Letter of Demand / Final Assessment Notice (FLD/FAN) within 30 days from receipt of the FLD/FAN otherwise the assessment shall become final, executory and demandable S4 – A taxpayer is required to file an administrative or judicial appeal within 30 days from receipt of the Final Decision on Disputed Assessment (FDDA) otherwise the assessment shall become final, executory and demandable. Group of answer choices d. S4 c. S3 a. S1 b. S2
- n situations where there is no requirement for the taxpayer to provide documentation to substantiate their Earned Income Credit claim, tax preparers can protect and prepare the taxpayer by advising them on the documentation that will substantiate their claim. Specifically, which form is most helpful to substantiate this type of claim? Form 886-DEP. Form 886-HOH. Form 886-EIC. Form 8887.3. Which one of the following are valid deductible educational expenses? A. Professional development courses required by an employer for retaining a position. B. A tax seminar attended for reasons unrelated to one’s present job. C. A college or vocational course necessary to be considered for a job. D. A professional continuing education program that qualified the taxpayer for a new job.Question 3 of 15. A taxpayer must file Form 8862 to claim certain credits after disallowance by the IRS. Which credit is affected by this requirement? Adoption Credit. Child and Dependent Care Credit. Earned Income Credit. Residential Energy Credit. Mark for follow up
- All tax practitioners who prepare tax returns for a fee are subject to whichof the following?I. IRS Circular 230 II. AICPA Code of Professional Conduct III. Statements on Standards for Tax Services IV. American Bar Association Code of Professional Conduct Only statement I is correct.Statements I, II, and III are correct.Statements II and III are correct. Statements II and IV are correct. Statements I, II, III, and IV are correct.Calculator Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To grant to taxpayers the right to choose the time and method of payment of delinquent taxes b.To inform taxpayers of their rights in dealing with the IRS c.To inform taxpayers of the methods for properly completing their income tax returns d.To provide the IRS with additional enforcement powers e.None of these choices are correct.Theme: Adjusted Gross Income as determined by IRS of USA. Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file. Case 4 Rosa Hernández was born on May 2, 1979, is a veteran, secretary, divorced, and her W-2 shows a salary of $55,000 and tax withheld of $4,000. Rosa is studying and paid $8,000 for her college tuition for her bachelor's degree. She has a son who was born on April 24, 2008.
- Theme: Adjusted Gross Income as determined by the IRS of USA. Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file.6.Fill out Form 1040.Case 2 Carlos Martínez was born on January 9, 1967, is a teacher and is married. He had a salary of $50,000 and a tax withheld of $5,000. Carlos pays an individual retirement account (IRA) for himself of $7,000. His wife, Carmen Flores, was born on April 22, 1971, she works from home selling clothes, from which she had an income of $12,000. The couple have no children and have a joint bank account from which she earned $2,500 in interest from the bank.17. As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Name TaxLiability TaxCredits OtherTaxes Payments Refund/Owe(Select one) Amount Hayward $3,559 $650 0 $3,460 $Task 3. Under the provision of ITO, 2001 list down the person required to file income tax return and what Are the due dates of filing if income tax returns?