TRUE OR FALSE?
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TRUE OR FALSE?
The prescriptive period for collection of tax shall be made within three (3) years from the time the final assessment was released.
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- Deferred tax assets should be reported as current if these will reverse in the next twelve months Required: True or FalseIdentify deferred tax assets/liabilities of this year and previous yearin this figure and explain on what basis it is recognised*see attached problem REQUIRED: What is the deferred tax balance at year-end?
- 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 Equality15-Which one of the following represents the provisional tax return? a. Tax return prepared on the basis of the information available at the date of preparation. b. Tax return submitted within six months of the end of the tax year c. None the options d. Tax return submitted within five months of the end of the tax yearAccording to the statistic in the case study, what percentage of tax returns are selected for examination each year?
- What is the total deferred tax liability at December 31, 20x6? What is the total deferred tax asset at December 31, 20x6? What is the current income tax expense for the year ended December 31, 20x6? What is the total income tax expense for 20x6?FUTA TAX MUST BE DEPOSITED WHEN THE CUMULATIVE QUARTERLY TAX LIABILITY EXCEEDS?Assume that a pretax operating loss was reported for the third quarter of the current year and that prior quarters reported pretax income that was taxed at an effective tax rate of 30%. What are the likely explanations as to why a tax benefit was not recognized on the entire third-quarter loss?
- As a general rule, which of the following is to be included in the annual tax return as an income for the taxable year? * Earned, accrued or received under cash basis of accounting. Earned and received under accrual basis of accounting excluding receivables. Earned including those not yet received under accrual basis of accounting. Earned, accrued or received either under cash or accrual basis of accounting.Under a self-assessment system, taxpayers are required to: i. file estimated income tax returns. ii. make quarterly estimated payments. iii. file final annual income tax return; and pay the difference between the estimated income tax return and the final tax return, if any. iv. Wait until the Commissioner sends an assessment to pay their taxes.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.