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To have all regular tax associates attend at least 15 CPD units sponsored by the accounting firm during the current year.
Determine whether
A. Financial
B. Nonfinancial
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- Trombone deducts employment taxes from its employees' wages on a monthly basis and pays these to the local taxation authorities in the following month. At the year-end the financial statements will contain an accrual for income tax payable on employment income. You will be in charge of auditing this accrual. Question: Describe the audit procedures required in respect of the year-end accrual for tax payable on employment income.GV is a small accounting firm supporting wealthy individuals in their preparation ofannual income tax statements. Every December, GV sends out a short survey to itscustomers, asking for the information required for preparing the tax statements. Basedon 50 years of experience, GV categorizes its cases into the following two groups:• Group 1 (new customers): 20 percent of cases• Group 2 (repeat customers): 80 percent of casesThis year, there are 50 income tax statements arriving each week.In order to prepare the income tax statement, GV has three resources.The activities are carried out by the following three persons:• An administrative support person who processes every tax statement.• A senior accountant (who is also the owner) who processes only tax statements fornew customers.• A junior accountant who only processes tax statements for repeat customers.What is the total demand rate for each of the three resources?With regards to the taxation year, which of the following situations is correct? a An individual taxpayer's taxation year ends on April 30th. b. A corporation's taxation is its fiscal period not exceeding 52 weeks. c. Corporations must use December 31st as the taxation year end. d. Taxation year ends must be considered for tax planning within business structures.
- With regards to the taxation year, which of the following situations is correct? a An individual taxpayer's taxation year ends on April 30th. b. A corporation's taxation is its fiscal period not exceeding 52 weeks. c. Corporations must use December 31st as the taxation year end. d. Taxation year must be considered for tax planning purposes within business structures.Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms? a. Employer’s Quarterly Federal Tax Return (Form 941) b. 401k plans c. Wage and Tax Statement (Form W-2) d. Employee’s Withholding Allowance Certificate (W-4)Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liability
- fleming inc is a c corporation that files its return using a fiscal year. for the return for the fiscal year ending April 30 2019. what corporate tax rates apply to flemings incomePetroleum, Inc. is in need of tax consulting services and wants to engage an accounting firm to perform these services on its behalf. The following events have occurred: On December 1, Petroleum, Inc., sent Brick, Waterhouse, & Co. (BW&C) a letter, via overnight delivery, offering to engage BW&C to review Petroleum’s tax situation for the current year for $10,000. In the letter, the company stated that BW&C had ten days to accept. On December 5, BW&C sent an e-mail message that stated, “The price for the tax analysis seems too low. We remain interested in the engagement. Would you consider paying $15,000?” Petroleum received the message without responding immediately. The next day, Smith & Taylor, a BW&C competitor, offered to conduct the tax services for $8,000. On learning of this offer, BW&C immediately e-mailed Petroleum, agreeing to do the work for $10,000. Petroleum received this message on December 7. Explain why BW&C and Petroleum do, or do…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.
- a. Compute the deferred tax expense and the balance of the deferred tax account for each year. b. Prepare all journal entries required to record Ashford's income tax provision for all 3 years.For the Corporation I have created I need to prepare the Corporation needs a Payroll Register and Payroll Tax Register for the three employees for the week ended August 31, 2024. August 2024 has 22 working days. The Corporation employs three employees, and pays time-and-a-half for overtime and monthly paychecks are distributed on the Friday following the last day of the month. The background imforation for the corporation I created: The Corporation withholds federal income tax at 18%, state income tax at 7%, FICA-OASDI at 6.2% for wages up to $118,500, and FICA-Medicare at 1.45%. The Corporation also pays payroll taxes for FICA-OASDI at 6.2% for wages up to $118,500, FICA--Medicare at 1.45%, and state and federal unemployment at 5.4% and 0.6% respectively for wages up to $7,000. August 2024 has 22 working days. Payroll data employees for the month ended August 31: Name Straight Time Rate Hours Worked Beginning Cumulative Earnings Tommy S $30 175 $52,000…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.