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Accounting
A sole proprietor may use both cash basis and accrual basis accounting, but only when the business and personal tax year ends are different. True

A sole proprietor may use both cash basis and accrual basis accounting, but only when the business and personal tax year ends are different. True

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 34P
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Accounting A sole proprietor may use both cash basis and accrual basis accounting, but only when the business and personal tax year ends are different. True False Educational expenses incurred to qualify to get a new job are 50% deductible by the employer who reimburses a new employee upon signing an employment contract. True False All expenses incurred while traveling away from a tax home during a business trip are deductible True False If an employee has the chance of receiving cash in lieu of lodging when traveling for legitamate business reasons, the amount is still deductible but at a reduced % True False A simple majority of the twenty factors of Rev-Rul 87-41 must be present to classify a worker as an employee versus an independent contractor. True False The cost of any personal related expenses (i.e. pleasure vs.business) incurred during travel is never deductible by the employer. True False
Transcribed Image Text:Accounting A sole proprietor may use both cash basis and accrual basis accounting, but only when the business and personal tax year ends are different. True False Educational expenses incurred to qualify to get a new job are 50% deductible by the employer who reimburses a new employee upon signing an employment contract. True False All expenses incurred while traveling away from a tax home during a business trip are deductible True False If an employee has the chance of receiving cash in lieu of lodging when traveling for legitamate business reasons, the amount is still deductible but at a reduced % True False A simple majority of the twenty factors of Rev-Rul 87-41 must be present to classify a worker as an employee versus an independent contractor. True False The cost of any personal related expenses (i.e. pleasure vs.business) incurred during travel is never deductible by the employer. True False
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