0encesIndicate whether each of the following items of IRS administrative guidance should be cited and relied on in researching a tax issue fora taxpayer to whom the item was not directly issued.a. Revenue ruling.YesNob. IRS Publication.YesNoc. Technical advice memorandum.YesONOd. Private letter ruling.YesNoe. Revenue procedure.

The IRS administrative guidance relates to the different types of documents and guidance issued by…

Answered: Indicate whether each of the following…

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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What is a key step in the tax audit process? a) Submitting financial statements to the tax authority b) Reviewing the taxpayer's records and documents c) Negotiating a settlement with the tax authority d) Publishing the audit findings to the public
Indicate whether the following statements are "True" or "False" regarding the administrative powers of the IRS. a. If the taxpayer meets the record-keeping requirement and substantiates income and deductions properly, the IRS bears the burden of proof in establishing a tax deficiency during litigation. b. The Code permits the IRS to assess a deficiency and to demand payment for the tax. However, no assessment or effort to collect the tax may be made until 30 days after a statutory notice of a deficiency (a 30-day letter) is issued. c. If the taxpayer neglects or refuses to pay the tax after receiving the demand for payment, a lien in favor of the IRS is placed on all property (realty and personalty, tangible and intangible) belonging to the taxpayer.
In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for preparation of tax returns, GAAP shall prevail over the tax law 3. The courts shall resolve the issue Tax laws shall prevail over the GAAP 4. Both tax laws and GAAP shall be enforced
Please share an exclusion from gross income. Describe the exclusion along with the section of the IRS code that pertains to the exclusion. Please also state whether the exclusion is unlimited or capped at a certain amount.
Which of the following statements best describes the anti-avoidance provision in Part IVA of the ITAA 1936? a. Voluntary disclosure of tax avoidance, the non-lodgement of the income tax return, and tax evasion. b. Fraud, non-disclosure, and non-lodgement of an income tax return. c. A financing arrangement, a deduction, and tax evasion. d. A scheme, a tax benefit, and has the dominant or principal purpose of obtaining a tax benefit.
According to the AICPA's Statements on Standards for Tax Services, what duties does the tax practitioner owe the client? (If an input field is not used leave the input field(s) empty.) not to disclose tax-related errors without the client's consent. to inform the client of corrective measures to be taken. C to inform the client of errors in a previously filed tax return. to inform the client of how the client can avoid a penalty through disclosure. to inform the client of the potential adverse consequences of a tax return position. to inquire of the client when information provided by him or her appears incorrect, incomplete, or inconsistent on its face. to inquire of the client when the client must satisfy conditions to take a deduction. to instruct the client to file an extension based on refunds that are expected. to instruct the client whether or not to file a tax return.
The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False
Question 51 of 100. Which of the following statements is TRUE? A separate row of Form 8949 must be completed for each transaction for which the taxpayer did not receive a Fom 1009-8 (uniess A taxpayer must tile a separate Schedule D for each Form 1099-B transaction with basis reported to the IRS Short-term transactions are reported on Form 8949 and long-term transactions are reported on Schedule D The lotals from each Schedule D are combined on Form 8949 OMark for follow up Back Save / Return Later Summary Next»
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.
20. A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reportedin financial income Before it is reportedin financial income No Yes No No Yes No Yes Yes
For a cash basis taxpayer, income that has not actually been received by the taxpayer is taxed as though it had been received, thus income is considered constructively received when (mark apply that apply): A. The constructive receipt doctrine does not apply to income the taxpayer is not yet entitled to receive. B. The purpose of the constructive receipt doctrine is to prevent a cash basis taxpayer from deferring the recognition of income that, although not yet received, has been made practically available to the taxpayer. OC. The taxpayer's actual receipt is not subject to substantial limitations or restrictions. D. The amount is made readily available to the taxpayer. E. None of these are true.
Directions: Rad cach sentence carefully and determine whether the statement is TRUE or FALSE. 1. A taxpayer that clerived income solely from business is required to file BR Fonm1700. 2. A business income eamer is required to file an income tax retum if his or her taxable income @xceeds P250,000. 3. Ome a business is registered with the B IR, it is not requirod anymore to renew its registration annually. 4. A business income caner whose gross sales or gross reccipts and other nDIFOPAating income do ot exceed P3M has the option to be taxed at the optional 8% tax on gross sales/receipts arnd other non-oparating income. 5.The optional stanrlard decuction is computed as 60% of net sales. 6. A sole proprietor business acquired a vehicde for use in business during the year. The business is ot allowed to decluct the acquisition cost of the vehicle for taxation puiposes but is allowed to decduct the depreciation experse therefrom. 7. The parsonal exparses of the sole proprietor are allowed as…

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