A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?

Q: Question 44 of 50. While preparing a 2021 return for a taxpayer, Tyreek, a paid preparer, determined…

A: Facts provided: While preparing a 2021 return for a taxpayer it was determined that the taxpayer had…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: In April 2022, Ellis, a calendar year cash basis taxpayer, paid the state of Kansas additional…

A: False. The payment of additional state income tax in April 2022 for the tax year 2021 does not…

Q: For investment interest expense in 2022, the deduction by a taxpayer is:

A: The objective of the question is to determine the deduction for investment interest expense by a…

Q: The Section 1231 look-back rule indicates that when a taxpayer recognizes a net Section 1231 gain…

A: Section 1231 gains are those that are earned from the sale of depreciable assets or property and…

Q: n the absence of an extension, what is the due date of the federal estate tax return (Form 706)?

A: The federal estate tax return, also known as Form 706, is a tax form filed with the Internal Revenue…

Q: for what minimum period must a self-employed taxpayer retain business documents supporting her…

A: The business makes money by selling goods and services. Self-employment refers to when the…

Q: Eligible taxpayers may qualify to take the full 20% deduction for Qualified Business Income (or 20%…

A: Taxable Income refers to the part of total income received by an individual or corporation which is…

Q: to claim in the current taxation year, the full amount of a tuition credit made in that year.…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital…

Q: Rent payments that are processed through a third-party net work after March 11, 2021, should be…

A: GIVEN   Rent payment that are proceed through a 3rd party network after March 11,2021 should be…

Q: The following data pertain to a taxpayer’s request for refund: Date tax erroneously paid, January…

A:

Q: John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that…

A: A tax return is the form which is to be submitted to a taxing body that includes all the details…

Q: Whether their taxable income in 2021 is? Eligible taxpayers may be allowed to claim the entire 20%…

A: Taxable Income refers to the part of total income received by an individual or corporation which is…

Q: For the tax year 2023, what is the earned income threshold at which the Earned Income Tax Credit…

A: The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a tax break…

Q: Under 2020 tax law, a child no longer qualifies a taxpayer for the Child Tax Credit in the year the…

A: For the 2020 tax credit, a child must have been under age 17 (i.e., 16 years old or younger) at the…

Q: ____________ is the return filing deadline for an individual taxpayer who has no self-employment or…

A: Every Taxpayer should submit the details of its income through filling the return and should also…

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: omissions  and  Advise the of yhe consequences  of not amending the previous  years  return  Make…

A: Answer are as follows

Q: Christina and javier a married couple  filing  a jojng return recieve  in a state income refund 2030…

A: Taxable additional income 1.As state tax overpaid in 2019 is used as deduction for reducing their…

Q: Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June…

A: As given Dora Burch prepares her tax return for the year 2020 on March 2, 2021. On June 3, 2021, she…

Q: When a change in anticipated tax occurs because of personal circumstances, when should an employee…

A: W-4 form is a document used for the taxation purpose which is filled out by an employee and…

Q: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the…

A: The taxable income is to be determined and to report on the basis of the cash-basis for the year…

Q: Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the…

A: Introduction A user should make out and file an Income Tax Returns to the Indian Tax Authority. It…

Q: In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000 (this…

A: Income tax: Income tax iS the tax that a person iS liable to pay on the income generated during the…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the…

A: Penalty for Late filing of return is not levied if you have been given extension for filing return…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: Penalties are levied on late tax return filings unless an extension is filed by the tax payer. These…

Q: A-17. A taxpayer (civilian) was transferred by his employer from Miami to Los Angeles in 2022 and…

A: When a taxpayer undergoes a job-related relocation, the reimbursement for moving expenses is a…

Q: In 2020, depending on the amounts of income and other tax information, some individuals may report…

A: Depending on the amounts of income and other tax information, some individuals may report their…

Q: Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Using the facts below, determine Prance’s 2019 deferred tax expense and any deferred tax asset or…

A: Deferred tax is created when book profit is different from income tax profit. So is there is…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.