Egolf Corporation failed to include $380,000 of taxable interest income on its 2022 calendar year Form 1120. The gross income reported on the return was $6.0 million, and the return was filed on February 20 2023. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2022 taxable year? b. Assume Egolf only reported $1.3 million in gross income on its 2022 calendar year return. What is the last date on which the IRS may assess additional tax for 2022? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2022 taxable year? Due date for assessment of additional tax is Required A Required B >

Egolf Corporation failed to include $380,000 of taxable interest income on its 2022 calendar year Form 1120. The gross income reported on the return was $6.0 million, and the return was filed on February 20 2023. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2022 taxable year? b. Assume Egolf only reported $1.3 million in gross income on its 2022 calendar year return. What is the last date on which the IRS may assess additional tax for 2022? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2022 taxable year? Due date for assessment of additional tax is Required A Required B >

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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Ms. Dela filed an unextended 2021 Form 1040 on November 2, 2022, and had no reasonable cause for the delinquency. The return showed a $22,840 balance of tax due. Compute Ms. Dela's late-filing and late-payment penalty. $5,938 $7,994 $4,568 $5,710
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At the end of 2019, Sentry Company reported a deferred tax liability of $9,724 based on an income tax rate of 26%. On January 2, 2020, Congress changed the income tax rate to 35%. Required: 1. Calculate the amount of the adjustment to Sentry’s 2019 year-end deferred tax liability. 2. Prepare the journal entry to correct Sentry’s deferred tax liability.
Egolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax is
At December 31, 2022 Mindoro Corporation’s taxable profit is P5,000,000. The following items are the temporary differences that caused Mindoro’s income in the income tax return to differ from the amount reported in the income statement: Future deductible amounts expected to reverse in 2023 of P400,000 and future taxable amounts expected to reverse in 2023 and 2024 of P500,000 and P900,000, respectively. Mindoro’s income tax rate is 35%. The income tax expense reported by Mindoro in its December 31, 2022 income statement is a. P2,100,000 c. P1,750,000 b. P1,400,000 d. P1,785,000
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Force Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $36,000 in 2021, $45,500 in 2022, and $50,000 in 2023. Force's pretax financial income for 2020 is $196,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. 1. Compute taxable income and income taxes payable for 2020. 2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.