If a tax preparer fails to perform due diligence for a return filed in 2022 and all of these benefits were claimed, the EIC, CTC/ACTC/ODC, AOTC, and head of household, the total penalty for that return is? $540 $545 $2,180 $3,270.

If a tax preparer fails to perform due diligence for a return filed in 2022 and all of these benefits were claimed, the EIC, CTC/ACTC/ODC, AOTC, and head of household, the total penalty for that return is? $540 $545 $2,180 $3,270.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section4.2: Eight Steps In Calculating Your Income

Problem 6CC

See similar textbooks

Related questions

Q: Denmark Torralba did not file his income tax return for the calendar year 2022 which was due for…

A: A tax is generally defined as a mandatory expense that is imposed on the income of particular…

Q: A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter.…

A: Here discuss about the details of registered VAT and non registered VAT difference in the payment of…

Q: A resident citizen has the following data in 2022: Gross receipts from services, P800,000 Cost of…

A: Optional Standard Deductions A deduction equivalent to no more than 40% of their gross sales or…

Q: 13. Taxpayers get a choice to use their standard or itemized deduction, whichever one is higher.…

A: Step 5 shall be Taxable income = Adjusted gross income - standard deduction , since it lowers your…

Q: Required: a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return,…

A: Introduction A user should make out and file an Income Tax Returns to the Indian Tax Authority. It…

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file…

Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…

A: As per our protocol we provide solutions to one question only but you have asked multiple questions…

Q: P486,000

A: P486,000 The taxpayer's taxable net income would be P486,000. This is calculated by taking the gross…

Q: The following data pertain to a taxpayer’s request for refund: Date tax erroneously paid, January…

Q: V5. Ms. Schmidt didn’t request an extension of time to file a 2021 income tax return and didn’t mail…

A: Penalty for Late filing of return is not levied if you have been given extension for filing return…

Q: What is the latest date that the Internal Revenue Service can assess tax and assert a notice of…

A: It has been given in the question that the return for the year which is 2022 has been filed on the…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: The net operating loss (NOL) is incurred in business when the total deductible expenses are more…

Q: A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR in event when a person fails to file…

Q: Question 49 of 50. Max, a self-employed taxpayer, did not have all the information he needed to…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021…

A: The tax is given as,

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: Introduction Net Operating Loss Carryover Deduction (NOLCO) is available to the companies who have…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In…

Q: Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been…

A: Since the questions have four subparts, we will be solving only the first three of them. Income tax…

Q: Ms. Schmidt didn't request an extension of time to file a 2022 income tax return and didn't mail the…

A: It is the punishment for violating laws. The violation includes non-filing of return, incorrect…

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31,…

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…

Q: A tax prepare may be subject to a $540 preparer penalty under IRC $6695(g) Select one: Oa For…

A: Any tax preparer who fails to comply with the due diligence obligations is liable to a penalty under…

Q: Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the…

A: Introduction A user should make out and file an Income Tax Returns to the Indian Tax Authority. It…

Q: A tax preparer may be subject to a $540 preparer penalty under IRC 56695(g) Select one: O a. For…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Dear…

Q: Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax…

A: Income tax return is the return of income which have to filled with in the due date decided by…

Q: Ms. Dela filed an unextended 2021 Form 1040

A: From $ sign and Form 1040 it is clear that the tax jurisdiction is USA and we…

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31,…

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…

Q: What is the amount of the credit that they can claim for this excess on their State return? (

A: California wages are subject to SDI (State Disability Insurance) or VDPI (Voluntary Plan Disability…

Q: taxpayer received a notice from the BIR to file his 2019 income tax return not later than January…

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: . A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled…

A: For computing interest the days of delinquency begin from the date when the tax return is to be…

Q: 10. A taxpayer filed his income tax return on October 28, 2020. The deadline for the return was…

A: Penalties in the form interest : Effective from January 1, 2018 the interest penalty is 12 % per…

Q: Assuming that the basic tax is PHP 120,000, the total amount payable is

A: Given in the question: Taxpayer has not filed his return for the taxable year 2019 on time. The…

Q: 11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430…

A: Tax preparation expense: Fees for professional advice, preparation of tax return, fees for e-filing,…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…

Q: taxpayer pulled out $85,0

A: A coronavirus-related distribution is a distribution that is made from an eligible retirement plan…

Question

$540
$545
$2,180
$3,270.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Inroduction

VIEW

Step 2: Answer and Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Denmark Torralba did not file his income tax return for the calendar year 2022 which was duefor filing on April 15, 2023. He was notified by the BIR of his failure to file the tax return, forwhich reason, he filed his tax return and paid the tax only after the said notice on July 15, 2024. Excluding compromise penalties, the tax due per return is P100,000. How much is the total amount due?
A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 ADD EXPLANATION, THANKS
Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been filed on or before April 15, 2020. The BIR sent him a notice to file his return and pay his tax on or before July 18, 2020. Mani Pakyaw filed a return showing a basic tax due of P1,000,000. Compute the following: Surcharge Interest Compromise Total amount paid
24.
1.
The following data pertain to a taxpayer’s request for refund:Date tax erroneously paid, January 2, 2020Petition for request for refund filed, January 10, 2020Documents supporting the request for refund submitted, January 22, 2020.The Commissioner of Internal Revenue has not acted on the request. When is the last day to appeal to the Court of Tax Appeals?
V5. Ms. Schmidt didn’t request an extension of time to file a 2021 income tax return and didn’t mail the completed return to the IRS until August 8, 2022. Ms. Schmidt enclosed a check for $2,380, the correct balance of tax due with the return. Required: Assuming that Ms. Schmidt can’t show reasonable cause for filing a delinquent return, compute the late-filing and late-payment penalty. Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
ss
4. A taxpayer did not file his income tax return for taxable year 2019 on time. On March 12, 2022, he was notified by the BIR of his failure to file the return. The taxpayer filed the return and paid the tax on April 15, 2022. Assuming that the basic tax is PHP 120,000, the total amount payable is a. PHP 210,000 b. PHP 208,800 c. PHP 156,000 d. PHP 180,000
3. Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax on August 15, 2024. When should the deficiency tax assessment be served? a. On or before August 15, 2027 b. On April 15, 202 c. On or before June 30, 2026 d. On or before April 15, 2026