If a calendar year S Corporation does not request an automatic extension of time to file its income tax return, the original due date of the return is: January 31 March 15 April 15 June 15
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If a calendar year S Corporation does not request an automatic extension of time to file its income tax return, the original due date of the return is:
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- January 31
- March 15
- April 15
- June 15
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- TRUE OR FALSE? The prescriptive period for collection of tax shall be made within three (3) years from the time the final assessment was released.In the filing of income tax returns for non-individual taxpayers (assuming the taxpayer employs calendar year), which is TRUE in terms of deadline? 1st statement April 30 August 29 November29 Apr 15 2nd statement 60 days after qtr 60 days after qtr 60 days after qtr Apr 15 a. Only the 1st statement is true b. Only the 2nd statement is true c. Both of the statements are true d. Both of the statements are false8. In a proceeding under Chapter 7, which of the following claims incurred within 30 days of the petition will be paid last? A) Back taxes owed to the state government. B) Utility bills arising in the ordinary course of the debtor's business incurred during the twoweek period following the filing of the petition. C) Up to ($ 2,000) per employee in wages. D) Up to ($ 2,000) per employee in employer contributions to an employee pension fund.
- Ivanhoe Company discovered the following errors made in January 2022. 1. A payment of Salaries and Wages Expense of $890 was debited to Equipment and credited to Cash, both for $890. 2. A collection of $7,400 from a client on account was debited to Cash $740 and credited to Service Revenue $740. 3. The purchase of equipment on account for $460 was debited to Equipment $640 and credited to Accounts Payable $640. Correct the errors without reversing the incorrect entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation 1. Salarles and Wages Expense Equipment 2. Cash 3. Service Revenue Accounts Receivable Debit 890 740 180 Credit 890 7400 180PS Swim Inc has a year end of November 30. It is a small CCPC. For its 2019 taxation year, its income tax return is due on Qulz naw of Select one 1011 O a February 28, 2020. b. May 31, 2020. Frish OC. April 30, 2020. Tl O d. None of the above O e. January 31, 2020. The balance due date for a corporation is: Select one O a April 30 ot the following year. Ob The same as the tiling deadiine. Oc. Two months after the end of the fiscal year, or three months after the end of the fiscal year if the corporation is a small CCPC O d. Three months after the end of the fiscal year, or two months after the end of the fiscal year if the corporation is a smal CCPC36-Nizwa Steels LLC received an assessment order (AO) from the income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 150,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 31st January 2021? O a. RO 150,500 O b. RO 150,000 O c. RO 150,750 O d. None of the options
- The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sheridan Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Sheridan makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.Please answer ASAP 12. Loss is generally considered a tax relief and can be carried forward to the following trading year and offset against the profit for that year. A company operating in Country A with the following tax loss rules. i. There is no cap on the number of years for which losses may be carried forward. ii. There is no cap is applicable for the first five years of assessment next following the year of assessment in which the taxpayers started a trade, business, or profession. iii. There is no cap available where a taxpayer (whether individual or company) whose gross turnover is below $10,000,000 per annum. iv. The deduction allowed for prior year losses (PYL) is 50 percent of the net income for the respective year. In 2022, ABC Limited, a company registered in Country A, had a trading profit of $3,000,000. The company started business in 1997 and its gross revenue was $15,000,000 for the tax year. Prior year tax losses are $4,000,000. It's loss relief for that year is.…11. Jan Stephanie Corporation filed its income tax return for calendar year 2022 and paid on time its income tax amounting to P100,000. Upon verification of its accounting records, it was disclosed that its deduction did not meet all the statutory requisites for deductibility. The corporation was duly notified of the said discrepancy through a Preliminary Assessment Notice (PAN). The income tax due after investigation amounts to P170,000. Failing to protest on time against the PAN, a formal letter of demand and assessment notice was issued on May 31, 2024, requiring payment of the assessment not later than July 15, 2024. How much amount is due on July 15, 2024? 12. Denmark Torralba did not file his income tax return for the calendar year 2022 which was due for filing on April 15, 2023. He was notified by the BIR of his failure to file the tax return, for which reason, he filed his tax return and paid the tax only after the said notice on July 15, 2024. Excluding compromise penalties,…
- 27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the optionsOn January 1, year 1 $1,000,000 was collected in advance for rental of a building for a five-year period. The entire $1,000,000 was reported as taxable income for the year. The enacted tax rate for this year is 44%. The enacted tax rate for all future years was 46%. As the result of a change in the tax law, the enacted tax rate for years all years after year 3 is 45%. Make the journal entry to record income tax expense at December 31, year 2, assuming income tax payable is $1,749,000. SHOW COMPUTATIONSEgolf 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
