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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Gloria Edwards is a consultant. For 10 years, until June 30, 2021, she had been employed by IBM Ltd., a national computer company. On July 1, 2021, she began to practise law as a sole proprietor from an office in her home. Required: Gloria would like you to calculate his Net Income for Tax Purposes (Division B income) for 2021. You should indicate why you did not include any of the above amounts in your answer. Show all your work to get full marks. At a recent meeting, you gathered the information provided in Exhibits I and II. EXHIBIT I Gloria Edwards Information Regarding Work at IBM and Law Practice 1. Gloria’s salary to June 30, 2021, was $80,750. From this, IBM deducted CPP and EI of $4,056, income tax of $21,000, and $600 for Gloria’s portion of the private group medical insurance premium. An additional premium of $400 was paid by IBM. Also, IBM paid the $700 premium for Gloria’s group term life insurance coverage of $100,000. Gloria also received a pro-rated amount under the…
According to the statistic in the case study, what percentage of tax returns are selected for examination each year?
Keyshawn Brown prepared and signed last year's tax return on April 3 but forgot to mail the return until the morning of April 20. Keyshawn enclosed a check for the $3,612 balance of tax due with the return. Required: Compute the late-filing and late-payment penalty. Note: Round your answer to the nearest whole dollar amount. Late-filing and late-payment penalty
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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As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below, Comment on whether the given calculations are correct or not by providing the necessary calculations. a-Government A decided to increase the income tax rate from 12% to 16% in year 2021. The total tax base for the year 2020 is $4,200,000. The government is expecting to collect $169,000 additional revenue in year 2021. Quarter of the individual taxpayers decided to quit. The government collected $ 169,000 additional tax revenue.
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.
2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.
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?
Fast answering please ? And Explain Proper Step by Step ?
Beth R. jordan lives at 2322 skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manfacturing Company, 1203 Western Avenue, Mesa, AZ85201(employer identification number 11-11111111). She also Writes computer software programs for tax practitioners and has a part-time tax practise. Beth is a single and has no dependents. Beths's birthday is july 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the President Election Campaign Fund. The following information is shown on Beth's Wage and Tax Statement (form W-2) for 2018. The following information is shown on Beth's Wage Tax Statement (form W-2) for 2018 Chapter 13, Problem 44CP, Beth R. jordan lives at 2322 Skyview Road, Mesa, AZ85201. She is Tax accountant with Mesa , example 1 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on Form 1099-INT. She received…
Ahmed does not have enough cash on hand to pay his taxes. He was excited to hear that he can request an extension to file his tax return. Does this solve his problem? What are the ramifications if he doesn’t pay his tax liability by April 15?

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