Klawz received a 1099-DIV from Nike Corporation for $1,000 and a 1099-INT fromhis Bank of $500. If Klawz's neglects to enter the 1099-DIV on his US Income TaxReturn (Form 1040), which audit program likely adjusted Klawz's tax return?Document perfection.None of the choices are correct.Deduction Detective.Information matching.DIF system.

Information matching.Explanation: Document perfection: This audit program focuses on ensuring that…

Answered: Klawz received a 1099-DIV from Nike…

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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Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie Corporation. This led the BIR to recover P20,000,000 unpaid taxes. How much net tax informer's reward shall be paid to Mr. Curandang?
Rev. Rul. 2004-32, 2004-12 IRB 621, 3/1/2004 is about a.Possible criminal penalties for raising frivolous claims for expenses related to fictitious home-based businesses. b.Possible criminal penalties for claiming entitlement to a tax credit based on ethnic or racial classifications. c.Possible criminal penalties for taxpayers or preparers who claim that they have been “removed” or “redeemed” from the federal tax system. d.None of the above
On April 15, 2021, the Bureau of Internal Revenue is in the process of examining Chala’s tax returns for 2018 and 2019 but has not proposed a deficiency assessment. Management feels an assessment is reasonably possible and if an assessment is made, an unfavorable settlement of up to P5,000,000 is reasonably possible. 1. Chala will accrue (disclose) in relation to the BIR examination an amount of:
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Mr Rahman is a professional accountant who works in a big corporation. While filling his income tax, he deliberately hid the information that he received some income from his part-time consultancy service to a scall company. This action of Mr Rahman can be termed as _______ a. Tax planning b. Tax avoidance c. Tax hiding d. Tax evasion
1
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Tax Drill - Types of Audits Complete the following statements regarding the types of audit conducted by the IRS. Taxpayers usually are able to settle routine tax disputes (e.g., queries involving the documentation of deductions) through with the IRS. However, are conducted in an office of the IRS. In most instances, the taxpayer is subject to . A is conducted by IRS agents at the office or home of the taxpayer or at the office of the taxpayer's representative.
Describe what the IRS means by “both ordinary and necessary.”
Determine the effect of the following item on the reconciliation of Net Income for Accounting Purposes to minimum Net Income for Tax Purposes (NIFTP). Additions in reconciliation should be entered in the box as a positive number (write only numbers, do not write "+" sign). Deductions in reconciliation should be entered in the box as a negative number. If the item would have no effect on the reconciliation, enter the number 0 (zero) in the box. Business Meals and Entertainment in the amount of $7,000 were deducted in the calculation of Net Income for Accounting Purposes. Your Answer:
Subject: acounting
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