What is taxation? Are there any benefits to filing early? And what happens if I file after the deadline

Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?

A: Tax evasion is a criminal crime in which a person or corporation intentionally avoids paying a…

Q: Hi can you help me come up with answers.    Question:  Among the essential characteristics of…

A: Answer: The tax is another important part of the taxation system in any country. There are various…

Q: ETHICS While vacationing you find a $100 bill on the report it as taxable income? Why or why not?…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What to do if you are missing a W-2?

A: Form W-2 (stated as Wage and Tax Statement), it is a tax form of IRS (Internal Revenue Service)…

Q: To be registered as a tax agent you need to meet the fit and proper person test. True or False

A: A registered tax agent seems to be a professional accountant who studied tax to register with the…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

Q: What are some examples of income shortages when one retires?

A: Retirement planning means the process of planning the financial benefits during the work life and…

Q: Give an idea or opinion on how to catch those practicing tax evasion.

A: In this question . we will explain that how to catch those practicing tax evasion.

Q: Why would a taxpayer file a tax return if not required to do so?

A: A person is required to file the income tax return as per their respective country’s taxation law.…

Q: Some people earn money that is paid to them in cash and then do not include this as income when they…

A: All people require to pay tax on all income they earn either in cash or through any other mode when…

Q: Regarding taxpayers having a tough time of volume of tax regulations. What does the concept…

A: Substance over form: It is an accounting concept, which means that the business must record those…

Q: A person does not have to complete a return form if he has no income or chargeable income. Select…

A: As per the protocol and instruction we provide solution to the one question only but you have asked…

Q: You are assisting a client with a transaction that produces a most favorable tax result. The client…

A: Answer: We have situation where the client has told that the outcome is dependent on one court case…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: Is the IRS appearing to be socially responsible when it excludes from gross income, living expenses,…

A: Given: The IRS appearing to be socially responsible that gets excluded from the gross income, living…

Q: Work through the self-study problem in this section if you need to, but do not post your answer.…

A: Taxation on income is a type of direct taxation which is paid by citizens of a nation on the income…

Q: Briefly compare and contrast the traditional home-office deduction with the new (since 2013)…

A: Home office deductions refers to deductions available for making use of your home for business…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: An individual taxpayer can adopt either the calendar or fiscal year period for purposes of filing…

A: Tax return:- A tax return is referred as the form or forms that is filled with a tax authority and…

Q: Will you be imprisoned for non-payment of tax? Is it absolute?

A: Income Tax- Income tax is a tax levied on a person's or a company's earnings for the previous year.…

Q: Although Margaret's tax return has been prepared, she is unable to pay the balance owed. She ought

A: The Internal Revenue Service (IRS) is delaying the filing deadline for all individual tax returns…

Q: What are some common taxpayer penalties?

A: Common taxpayer penalties are those fines or penalties which are to be paid in case of non…

Q: Which of the following will not require reporting of taxpayer’s income on a calendar basis? *   If…

A: Correct option is A.If the taxpayer is a corporation operating in a fiscal year    Companies are…

Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…

A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…

Q: For each of the following situations, indicate the amount of the penalty that could be imposed on…

A: The penalty imposed on the given situations can be explained as follows. 1. f a tax return preparer…

Q: Why is recordkeeping so important as a taxpayer and tax preparer?

A: Record keeping is the process of maintaining and keeping all the accounting records of the business…

Q: All expenses incurred while traveling away from a tax home during a business trip are deductible…

A: Expenses incurred in relation to business will be allowed as deductible.

Q: Failure to furnish a completed copy of a prepared tax return no later than the time such return is…

A: Every Tax return filer has to submit a copy of the tax return after certification with signature to…

Q: When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if…

A:

Q: What is an uncertain tax position, and what are the ­general guidelines for accounting for uncertain…

A:

Q: A CPA –    (a)  may use a client’s estimate of dollar amounts in preparing a tax return only if…

A: A CPA may use a client’s estimated amounts in preparing a tax return subject to condition that the…

Q: How much are the deductible expenses for temporary business travel away from home?

A: If you travel away from home overnight on business, you can deduct these travel expenses: Airline,…

Q: Which of the following may not result to a short period filing or tax return?     Death of a…

A: Many of the situations results in short filing of return for tax return but in many situations it is…

Q: What is the statute of limitations for income tax returns

A: Given: The concept of a statute of limitations for the income tax returns.

Q: A borrower had submitted a loan application and was approved. She submits a change to her…

A: Correct answer is option (D) The borrower assumes additional debt that was not previously reported.

Q: What are some of the issues the tax preparer should discuss with this client?

A:

Q: What will be the effect after To complete a successful tax-deferred exchange for the investor?

A: Tax Deferred : It refers to the instances when the tax payer delays payment of tax for some future…

Q: Taxpayers are having a difficult time due to the large number of tax rules in place. To put it…

A: Introduction:   Substance over form: It is an accounting concept, which says that the company must…

Q: What are the powers of the Commissioner-General, if a taxpayer fails to file tax return on time?

A: Solution- Commissioner Of Income Tax :- He is an important income tax authority which has executive…

Q: Are they entitled to a refund or do they owe additional taxes?

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: What is “Head of household” filing status? Who can claim it and who can’t? Is it helpful or not, and…

A: There are five filing statuses as mentioned under the Federal taxes:- 1. Single 2. Head of household…

Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…

A: Investment income cannot be more than $3,500 for the 2018 tax year to claim the earned income…

Q: A taxpayer’s tax-exempt status justifies the non-keeping of books of accounts and other accounting…

A: Tax-exempt can be defined as the income free from taxation at the local, state, and federal levels.…

Q: Someone receives an IRS notice regarding a math error, what does that mean? Is there any advice or…

A: Under Sec. 6213(g) (2), math errors include:An error due to addition, subtraction, multiplication,…

Q: Under what circumstances would the Commissioner-General of Ghana Revenue Authority may, by notice,…

A: Solution- What are the compliance requirements for tax returns in Ghana? Residents and non-residents…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.