8-2 Discusssion - Tax talk (CH)

You are a CPA and do tax returns for individuals. A woman enters your office and asks you to complete her tax return. During your meeting, she mentions that she is expecting about $5000 in refund, and needs that to pay off a debt, that will result in a $1000 fine if she does not pay in the next month. You complete her tax return, but the refund is much lower than she expected, only $1000. She is very mad, and consults with another CPA. The other CPA determines that you made a significant mistake, but the period to file returns has passed. It will cost $500 to file an amendment. What damages is the woman likely entitled to? Group of answer choices A. None, because accountants can't be perfect B. $500, because that is all that is needed to make it right C. $500, and potentially $1000, because of the consequential damages of not being able to pay off her loan on time D. $4000, because that is the difference between the proper refund and your mistake.

Your qualitative answers should be written in full sentences with depth to your responses when needed. For questions and problems requiring computations, you need to share your supporting calculations. 1a. Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties? 1b.  Why is income-shifting considered such a major tax planning concept?  1c.  Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon receipt of her 30-day letter, she phones you, a CPA, for advice regarding possible future action on the matter. What options would you discuss with Olivia? 1d.  Compute the taxable income for 2020 under each of the following circumstances:     Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and…

A CPA prepares tax returns for clients and bills them after the work is completed. It usually takes two weeks of work to prepare the tax returns. It takes 30 days on average to receive payment from the clients. The CPA uses cash-basis accounting. The revenue should be recorded when the CPA: O A. receives payments from the clients O B. bills the clients. OC. starts working on the tax returns O D. completes working on the tax returns. Click to select your answer. 11-50nm 99+

not use ai please

A new client has just contacted you to prepare their business tax return for the current year. He just opened his small landscaping business during the current fiscal year. The client owns equipment, travels from one place to another, has 3 employees and 20 landscaping clients. The owner does not keep records and has no accounting experience. He discusses how he would handle this situation taking into account any ethical and professional considerations.

You did your taxes online last night. Today, you realized you did not report the employment insurance income that you received last year. Can you request a change to your tax return right away? Yes No Please explain your answer: 2. If you do your taxes online, the certified tax software will calculate your final result. This amount could be a refund, a balance owing, c a zero balance. If you are entitled to a refund, the CRA will send you the amount the software calculates. True False Please explain your answer: 3. List the common reasons to request a change in your tax return. 4. A notice of assessment is a tax document the Canada Revenue Agency (CRA) sends you after processing and assessing your income tax and benefit return. What important piece of information does your notice of assessment show? The final result of your tax return Your sign in information for My Account Information about your goods and services tax / harmonized sales tax (GST/HST) credit payments Your registered…

Cheepie Freund is a dear friend of yours, and of course she knows you are a tax accountant working for a large local accounting firm. April 15 ^ (th) is soon approaching, and you and Cheepie just happen to be sharing some friendly gossip when she asks you to consider preparing her tax return. You are more than happy to help out your friend and schedule an appointment to do her return in a couple of days. You meet later in the week, and you complete her return while at home. She has a somewhat complicated tax return, and you decide to charge her $250 for the work. She is very happy with both the return and your work and pays you in cash. Find three ethical dilemmas and explain your reasoning.

Basic Scenario 8: Zoe Watson Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Zoe is single and 47 years old. • Zoe has two children. Yvonne, age 19, has a job and earned wages of $5,200. Joshua, age 26 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. Zoe paid all the cost of keeping up the home and more than half the support for her children. • Zoe received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. • She does not have enough expenses to itemize for the 2023 tax year. Zoe, Yvonne, and Joshua are U .S. citizens and have valid Social Security numbers. They…

1. Electronic filing (e-filing): a.Generally results in a slower refund. b.Reduces the chances that the IRS will make mistakes when inputting tax return information. c.Requires the services of a professional. d.Can be done only by telephone.   2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows:   Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350   How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct.   3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.

Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…