What kind of constraints would arise in an accounting firm during personal income tax seasion when all the income tax returns have to be prepared and filed with Canada Revenue Agency by the April 30 deadline? How could any constraints be relaxed?
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- Under what circumstances would the Commissioner-General of Ghana Revenue Authority may, by notice, require a person to file a tax return before the due date for filing of tax returns?A company’s new outside CPA determines that the company underpaid its income taxes due to an omission on last year’s tax return, which was prepared by the prior accountant. According to the Statement on Standards for Tax Services, the CPA preparing this year’s tax return: Must report immediately to the IRS. Must advise the client of the omission and recommend appropriate action. Should refuse to sign the current tax return. Is not expected to address issues that relate to previous tax returns.Which of the following is a challenge for payroll accountants? A. Electronic tax filing requirementsB. Employees based only in one countryC. Outsourced payroll processing as a defaultD. Lack of security available for online programs
- ethics question based on AICPA standards: Assume that the CPA firm of Packers and Vikings audits Chai Bears Systems. The controller of Chai, a CPA, happens to be a tax expert. During the current tax season, Packers and Vikings get far behind in reviewing processed tax returns. It does not want to approach clients and ask permission to file for an extension to the April 15 deadline so the firm approaches the controller of Chai and offers him a temporary position as a consultant for the tax season. Was it ethical for the firm to make the offer? Would it be ethically acceptable for the controller to accept the position?You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation. Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP). The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better. You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting. You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5. For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item. There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation. Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP). The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better. You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting. You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5. For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item. There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…
- You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation. Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP). The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better. You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting. You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5. For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item. There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…The Tax Administration has the right to refuse to provide evidence of the source (s) of income used for a best judgement assessment if requested by the Tax Appeal authority. Select one: True or fales If the annual turnover for a person is less than a certain limit (the threshold) the person is not required to register for VAT. Select one: True False VAT is a charge borne only by businesses. Select one: True False When the Input VAT is lower than the Output VAT you are entitled to a refund (VAT Refund)/ VAT credit? Select one: True False A tax is any deduction taken from a person’s salary by the government: true or FalseWhich is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income Earners