Bob and Bill are preparers for the same tax preparation firm. Bob anticipates preparing 15 returnsduring the tax filing season and ends up preparing only 9. Bill anticipates preparing 10 returns butends up preparing 12. Under these circumstancesOnly the returns prepared by Bob must be e-filedOnly the returns prepared by Bill must be e-filedAll of the returns prepared by both Bob and Bill must be e-filedNeither the returns prepared by Bob nor those prepared by Bill must be e-filed

A tax return preparer is an individual who files returns for others. Tax return preparers working in…

Answered: Bob and Bill are preparers for the same…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mr Rahman is a professional accountant who works in a big corporation. While filling his income tax, he deliberately hid the information that he received some income from his part-time consultancy service to a scall company. This action of Mr Rahman can be termed as _______ a. Tax planning b. Tax avoidance c. Tax hiding d. Tax evasion
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Jolene filed her tax return by its original due date but did not pay the $1,700 in taxes she owed with the return until one and a half months later. Determine the amount of the late filing and late payment penalties that apply.
1. You are a Tax Consultant for an Accounting firm. Your client has emailed you with a question. She loaned $20,000 to a co-worker to begin a new business several years ago. If her co-worker declares bankruptcy on August 15 of the current year, is Amy allowed to deduct the bad debt loss this year? Additionally, she wants to know if she can deduct the loss, what is the character of the loss?
What would you do in this situation? Jack is a new tax client. He says he and his previous accountant did not get along very well. Jack owns an automobile Dealership with Sales of $12 Million. He has provided you wiht most of the information you need prepare his tax return, but he has not yet given you the year end inventroy value. You have completed much of the work on hi sreturn but cannot complete it without hte inventroy figure. You have called Jack three times about the inventory. Each time he has interrupted, and asked you what his tax liability will be at alternative innventory levels. What problems do you see and what would you do in this scenerio?
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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Warfield Name Filing Status single Using the standard deduction table above, complete the following table (in $). Income $12,000 $3,340 $24,000 $18,000 Varies (See www.irs.gov for information.) When finding your client's taxable income, which deduction did you use? standard deduction itemized deductions Adjustments to Adjusted Gross Income Income $49,160 Standard Deduction ---Select--- Itemized Deductions $13,160 tA Taxable Income
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.
Mr. Stanhope has an MBA degree from Stanford University and has successfully operated a business for 18 years. The revenue agent who audited Mr. Stanhope's Form 1040 discovered a glaring error resulting in a $16,200 underpayment of tax. When questioned by the revenue agent about the error, Mr. Stanhope just shrugged and offered no logical explanation. Required: a. If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. b. Is Mr. Stanhope's level of education and business experience likely to be a factor considered by the revenue agent in determining negligence? Complete this question by entering your answers in the tabs below. Required A Required B X Answer is complete but not entirely correct. If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. Accuracy-related penalty $ 3,440 X Required A Required B >
John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn’t declare income. Therefore, the income tax return that John’s prepared understated income tax liability.Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery.
Drag and drop the best response into the blank box. Shelley Bowman, CPA, obtained her designation in 2000. Since that time, she has built up a significant tax practice. In late 2021, a new client approached Shelley and asked her to perform an audit engagement. Believing this could lead to a substantial amount of tax work in the future, Shelley agreed, even though she had never completed an audit, nor taken any assurance courses since 1980. Violation of Competence No violation of the Rules of Professional Conduct Violation of Independence - self-interest Violation of the Charter of Conduct Violation of Independence - familiarity Violation of Independence - self review
Keep track of your work. Below is an Unadjusted Trial Balance for Brenner's Bonsai Tree Company, separate from Redwood City Party Supplies. Prepare the adjusting journal entry: The Unearned Bonsai Tree Maintenance account represents 5 (five) customer contracts that were paid in advance. The company provided service to 3 (three) of the 5 (five) customers.

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