The deadline to file a gift tax return is December 31 of the year after the calendar year in which the gift is made. True False
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The deadline to file a gift tax return is December 31 of the year after the calendar year in which the gift is made. True False
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- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.Which of the following statements about extensions of time to file certain business income tax returns is true? a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits. b) The IRS will send taxpayers a notification if their request for an extension is approved. c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed. d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.When a change in anticipated tax occurs because of personal circumstances, when should an employee provide a new Form W-4, Employee's Withholding Certificate? By January 15th of each year. By December 31st of each year. Within ten days after the change occurs. Within sixty days after the change occurs.
- A non-VAT taxpayer recorded the following for the first three quarters of 2021.1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August?2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?If an individual taxpayer is unable to file a tax return by its original due date, the tax payer can be request an automatic 9 month extension to file the return. True or False?TRUE OR FALSE Because the taxation year of an individual must be based on the calendar year, all individuals will have the same filing due date.
- The following data pertain to a taxpayer’s request for refund:Date tax erroneously paid, January 2, 2020Petition for request for refund filed, January 10, 2020Documents supporting the request for refund submitted, January 22, 2020.The Commissioner of Internal Revenue has not acted on the request. When is the last day to appeal to the Court of Tax Appeals?A sale of principal residence to purchase a new principal residence shall be exempt from tax of done: Once every 10 years and reported to BIR within 1 month from sale. Once every ten years and reported to BIR within 18 months from sale. Once every 10 years and reported to BIR within 2 months from sale. Once every 18 years and reported to BIR within 10 months from sale. Substituted filing of income tax returns is a manifestation of which principle of a sound tax system? Theoretical justice Fiscal adequacy administrative feasibility EqualityContributions to a traditional IRA made between January 1 and April 15 may generally be deducted in the previous tax year. True False
- For what minimum period of time must a tax return preparer make a client taxpayer's e-file sign A. Until the end of the calendar year B. For three years c. For five years D. For seven yearsGiven that private corporations can select any date within the year as their year-end date, when is the tax payment deadline after the private corporation’s selected fiscal year end? _____________In the filing of income tax returns for non-individual taxpayers (assuming the taxpayer employs calendar year), which is TRUE in terms of deadline? 1st statement April 30 August 29 November29 Apr 15 2nd statement 60 days after qtr 60 days after qtr 60 days after qtr Apr 15 a. Only the 1st statement is true b. Only the 2nd statement is true c. Both of the statements are true d. Both of the statements are false