Which of the following will not require reporting of taxpayer’s income on a calendar basis? *   If the taxpayer is a corporation operating in a fiscal year; If the taxpayer does not keep books

Q: f a business owner paid for the business expenses with their personal account, and those expenses…

A: Business expenses are the rightful expenses which can be deducted on tax return as these expenses…

Q: A sole proprietor may use both cash basis and accrual basis accounting, but only when the business…

A: Cash Method of accounting:  It is a very easy-to-use accounting method, where the incomes are…

Q: A taxpayer received Form 1099-A with box 5 checked, indicating recourse debt. This informs the tax…

A: Form 1099-A includes the particulars relating to transfer of a property that is already disclosed.

Q: Tax Drill - Interest Applicable to Federal Tax Underpayments Complete the following statements…

A: IRS stands for Internal Revenue Services that implies the revenue service in the United States…

Q: when congress changes the tax laws or rates, a corporation's deferred tax liability and asset…

A: A deferred tax liability is the tax due for a current period but not paid by a company. It is paid…

Q: All employees are required by law to deduct an amount of tax know as

A: The individuals in United states enjoy medicare and social security schemes for which certain taxes…

Q: Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To…

A: Introduction Taxpayer Bill of Rights are the group of 10 fundamental rights initiated by United…

Q: Mr. Encina is a government employee. He is not engaged in business nor has any other source of…

A: Tax refers to the amount of tax which is imposed through the government authorities on the taxable…

Q: Every citizen or resident of the United States is required to file a federal tax return if his or…

A: Lets talk about the federal law enacted. As per federal tax law,  Every citizen or resident of the…

Q: Taxpayer Y fails tjo file his tax return until 3 months past the due date and it is deemed…

A: The question is related to penalty for delay filing of return due to fraudulent reasons. The current…

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: The following reasons may be given by a taxpayer in refusing to pay his tax liability. Which is not…

A: Tax liability refers to the amount of tax to be paid to the government or tax authority on the…

Q: Mabel's Food Service, Inc., is a calendar-year corporation. What is the original due date for the…

A: The dude date for filing returns as per IRS for the corporations following the calendar year is on…

Q: What of the following is not considered practice before the IRS per Circular 230? A. Corresponding…

A: All things related with a representation to the IRS, or any of its officers or staff, pertaining to…

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: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the…

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the…

Q: The following expenses are non-deductible, except:

A: Nonprofit organization is the business that has been granted tax-exempt status by the Internal…

Q: Regarding the statue of limitations on additional assessments of tax by the IRS, determine the…

A: The statue of limitations to the IRS in accessing the taxes gets expired from three years from the…

Q: Which of the following is wrong?   Exempt corporations are subject to income tax on their income…

A: Last option i.e. None of the above, is the correct answer.

Q: Which of the following are not deductible by a CPA who prepares tax returns? a. Subscription to the…

A: CPA is the Certified Public Accountant who is also known as the qualified accountant expert in the…

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 sole proprietor may use both cash basis and accrual basis accounting, but only when the business…

A: Sole proprietorship refers to the individual entrepreneur which is a kind of enterprise owned as…

Q: Briefly explain how the Internal Revenue Code treats an annual loss incurred by an individual who…

A: The W-2 form is only applicable when the person is an employee. Schedule C of IRC is used to account…

Q: Supposed Rowan, a businessman did not pay his income taxes last year since the BIR did not demand…

A: Meaning of Income from business and profession:- The term Income from business and profession means…

Q: If a taxpayer chooses to have his dividends automatically reinvested in the corporation's stock,…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following instances is not a ground for the BIR Commissioner to inquire or examine the…

A: The answer is stated below:

Q: How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?

A: Under CREATE Law if the taxpayer is a domestic corporation the tax rate will be 25% for large…

Q: Which of the following statements is incorrect?     Some corporations can use the cash-basis of…

A: Corporation: The form of business entity ,which is incorporated by state law into a separate legal…

Q: True or False Corporations are required to file a tax return annually regardless of their taxable…

A: A tax return is documentatiion filed with a tax authority that reports income, expenses, and…

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: 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: Which of the following statements is true? Deductions are amounts allowed by the NIRC to be deducted…

A: Losses from wagering transactions shall be allowed only up to the extent of the gains from such…

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

A:

Q: A calendar year corporation must file its tax return no later than March 15 of the following year.…

A: A corp[oration is an operation of a business that is run by an individual or group of individual. A…

Q: remedy in recovering the overwithholding? a. Claim the overwithholding as tax credit for the year b.…

A: Tax is a liability for the company calculated on the income earned by the company and paid to the…

Q: The IRS does not have the authority to: a.Summon taxpayers to make them appear before the IRS.…

A: The IRS or Internal Revenue Service’s is the tax collection agency of the nation that administers…

Q: Which of the following statements is the most correct regarding The Taxpayer Bill of Rights? a.It…

A: The Taxpayer Bill of Rights inform taxpayers with more details on specific taxpayer rights by…

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 taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not…

A: An Individual who is eligible to pay taxes on his) her income towards the government, as being the…

Q: Which of the following statements is TRUE? A separate row of Form 8949 must be completed for each…

A: Form 8949 is filled through those who sell the capital assets or even who exchanges the asset such…

Q: Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?

A: Calculating the taxable income of a Domestic tax payer                 Particulars Amount…

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: Which of the following statements about extensions of time to file certain business income tax…

A: As per U.S. Internal Revenue Service: It is required of most entities to use electronic funds…

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: An allowable capital loss realized in a year can first be deducted in the current year against…

A: Answer with explanation are as follows.

Q: Which of the following statements, if any, is false? O An individual can get lower Federal tax rates…

A: Taxable income: It is the portion of the income on which individual or corporation is required to…

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…