how to fill out the irs form 1120 for this problem?Please and thank you. 16. Go to the IRS website (www.irs.gov) and determine which IRS publicationaddresses the topic of corporate taxation. Print out the page with the Table of Contentsof this IRS publication.11.9OUP 3:MPREHENSIVE PROBLEMS1. Floyd Corporation was formed and began operations on January 1, 2020. The corpora-tion is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111.The corporation's income statement for the year and the balance sheet at year-end arepresented below.The Floyd Corporation Income Statementfor the Year Ended December 31, 2020$ 320,000Gross income from operationsQualified dividends received from a 15 percent-owned domestic corporationTotal gross incomeCost of goods soldTotal incomeOther expenses:Compensation of officersSalaries and wagesBad debts (direct charge-offs)RepairsDepreciation for book (tax depreciation = $90,000)AdvertisingPayroll taxesTotal other expenses(140,000)130,00025,200$104,800Pretax book incomeIncome tax expenseNet income Corporate Income TaxThe Floyd Corporation Balance Sheetas of December 31, 2020Assets:Cash$140,600Accounts receivableInventory (at cost)EquipmentLess: accumulated depreciationTotal assetsLiabilities and owners' equity:Accounts payableOther liabilities(10,000)16,800Note payable (due in 10 years)Common stockRetained earningsTotal liabilities and owners' equity104,800The corporation made estimated tax payments of $9,000. Complete Form 1120 forFloyd Corporation on Pages 11-43 through 11-48.

Introduction: In financial reporting, a balance sheet is a summary of a balance of an individual…

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FINANCIAL ACCOUNTING

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Required Information [The following Information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $173,210 (which consists only of salary) for purposes of this problem. December 31, 2023 To the friendly student tax preparer: HI, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Let me tell you a few more things about my life. As you may recall, I am divorced from my wife, Alice. I know that it's unusual, but I have custody of my son, Shady Jr. The judge owed me a few favors and I really love the kid. He lives with me full time and my ex-wife gets him every other weekend. I pay the vast majority of my son's expenses. I think Alice should have to pay some child support, but she doesn't have to pay a dime. The…
Prepare a research presentation on the Tax Legislation Process using these resources: https://csuglobal.libguides.com/ACT406Links to an external site. and the future of tax using Artificial intelligence. Provide an analysis of how a piece of tax legislation becomes a tax law, based on the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021. Choose the six most important changes (select three for businesses and three for individuals) between the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021. Your research should: Explain the various components and levels of government involved in the process. Discuss the reasons for your choice of six key changes between the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021 for businesses (3) and for individuals (3). (Note: Anti-Abuse Tax (BEAT), Global Intangible low-tax income…
Which of the following statements is the most correct regarding The Taxpayer Bill of Rights? a.It states that a taxpayer is responsible for payment of only the correct amount of tax due, no more, no less. b.It explains the examination, appeal, collection, and refund process. c.It directs taxpayers to other IRS publications with more details on specific taxpayer rights. d.All of these statements are correct. e.None of these statements are correct.
write me a summer describing federal tax code 102 and provide an example situation involving the code
2
A tax preparer has a client tht recently asked him about the probability ofthe IRS detecting cash transactions not reported on tax return. What are some of the issues the tax preparer should discuss with this client?
A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these temporary differences relate only to the future and that accounting is based on ‘historical cost.’ In addition, the government frequently changes the tax laws, so no one knows what the future tax laws will be.” Required: Prepare a written response for your friend that explains why deferred tax assets and deferred tax liabilities are recognized and reported on a corporation’s balance sheet. Include a discussion of a valuation allowance.
Please choose one of the duties of a tax professional practicing before the IRS, discussed in the Treasury Department Circular 230 and: Describe the concepts and objectives of the duty. Discuss how a tax professional needs to conduct themselves in order to comply with the responsibility. Explain what kind of challenges and pressure an accountant could face in complying with the responsibility.
14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
As a taxpayer referring to the information provided by your classmates related to the informational needs of the user group you have chosen, state whether the objectives of financial reporting they have listed meet your needs, whether any additional information is needed by your user group, and why this information would be beneficial to the financial decisions you would need to make. Are there any additional objectives that should be listed for your user group, if so what are they? How do your needs differ from the other user groups? how would I respond to the following: In reviewing the FASB concepts, I will address them from the school department point of view, which operates under the city government. Concept no.1 requires that financial statements help users to assess whether to donate to an organization, and to understand how (if they choose to donate) their resources will be used. For a school department it is imperative that the public know what their tax dollars are used for,…
Provide an explanation of the current federal estate tax law. Create a brief scenario using a hypothetical client who may need estate tax planning services soon. Provide a rationale for your responses.
(Note this question is from the Topic 11 Lecture: Tax Avoidance, General Anti-Avoidance Provisions, Income Tax Returns, Assessments, Rulings, etc) Briefly explain what factors significantly affect tax avoidance. (At least two journal papers from google scholar, from 2019 onwards, must be used with Harvard intext citation and referencing style. Please note that you must include the link of your chosen journal papers when referencing them. No direct copy and paste are allowed and you must answer in your own words. You can choose the country or context, meaning the research should not necessarily be done in Australia or for Australia).

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$ 320,000 20,000 340,000 (70,000) 270,000 $80,000 20,000 9,000 3,000 10,000 3,000 15,000 (140,000) 130,000 25,200 $ 104,800