What is the status of House Bill No. 3902?
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- Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2019. He asks you if they can make a new S election now, in November 2020. Answer his questionPatrick is a senior public servant employed to the Ministry of Local Government for over twenty-years.Prior to this Patrick was employed to the audit firm PriceWaterhouseCoopers where he worked as a seniorauditor for over 10 years. In the final quarter of 2019 while performing his duties, which includes themonitoring of budgetary allocations from the Ministry of Finance and the Consolidated Fund, Patrickbecomes aware that the public’s funds are being used inappropriately, which includes: being used to paypersonal expenses of other Ministers and their families from other government Ministries, and paymentsto phantom workers for road projects that were approved by the Ministry of Finance’s ProcurementCommittee in 2019.While he is not directly responsible for this aspect of the budget, he raised his concerns about the use ofthe funds for these questionable payments to John, the head of Department.Patrick subsequently learnt that not only is John aware of these practices, but also that he…24. In 2020, Katrina filed her 2019 Form 1040. She mailed her extension on March 15 certified mail. The return receipt shows the IRS received it April 14. She mailed her return on October 1 certified mail. The return receipt shows the IRS received it October 21. Assume she filed a valid and true return. When was Katrina’s return filed? Select one: a. April 14 b. April 15 c. October 1 d. October 15 e. October 21
- A new client comes to you in June 2021 and indicates that she instructed her previous accountant in a letter dated January 2020 to file and S election for 2020. It now appears that the prior accountant failed to follow through and make the election. Is there any provision within the Revenue Procedures to have the election apply to the 2020 tax year like the client initially intended? Prepare a memo to the partner of your tax firm explaining the qualifications of an S-election and the procedure for making a late election. [Hint – Rev. Proc. 2013-30]Chris Green, CPA, is auditing Rayne Co.’s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Rayne’s controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate at December 31, 2019, will be increased for 2020. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.You are the new controller for Engineered Solutions. The company treasurer, Randy Patey, believes that as aresult of pending legislation, the current 40% income tax rate will be decreased for 2019 to 35% and is uncertainwhich tax rate to apply in determining deferred taxes for 2018. Patey also is uncertain which differences shouldbe included in that determination and has solicited your help. Your accounting group provided you the followinginformation.Two items are relevant to the decisions. One is the $50,000 insurance premium the company pays annuallyfor the CEO’s life insurance policy, for which the company is the beneficiary. The second is that EngineeredSolutions purchased a building on January 1, 2017, for $6,000,000. The building’s estimated useful life is 30years from the date of purchase, with no salvage value. Depreciation is computed using the straight-line methodfor financial reporting purposes and the MACRS method for tax purposes. As a result, the building’s tax basis…
- 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.In 2020, what would be some acceptable situations that an early (before age 59 ½) withdrawals from an IRA may be made without penalty? *As a hint- there should be more than one situation where this is true* In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.