Answered: The Internal Revenue Service (IRS) is… | bartleby

SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 2BCRQ

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The Internal Revenue Service (IRS) is requesting the federal income tax withholdings from XYZ Company's employees' pay. Which component of the accounting information system
(AIS) will provide this information?
O a. financial accounting
O b. forensic accounting
Oc. management accounting
O d. public accounting

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What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?
When a credit is made to federal income taxes withholding payable account related to taxes withheld from an employee, the corresponding debit is made to a. Wages Expense b. Taxes Expense c. Taxes Payable d. Cash
Indicate which of the following statements are true or false: ________The IRS is a division of the Treasury Department. ________The IRS has four major divisions. ________The IRS local offices process most individual tax returns. ________IRS Campus Processing Sites are the locations that taxpayers should call to obtain tax information. ________Taxpayers should have their CPAs keep their tax records to prevent the IRS from being able to summon their records. ________Most IRS audits are conducted through the mail.
Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
The Internal Revenue Service (IRS) is requesting the federal income tax withholdings from XYZ Company's employees' pay. Which component of the accounting information system (AIS) will provide this information? O a. financial accounting O b. forensic accounting O c. management accounting O d. public accounting
This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. True
The AICPA has issued standards for CPAs in tax practice, called Statements on Standards for Tax Services (SSTS). Download the Statement on Standards for Tax Services No. 1-7Links to an external site.. What does the SSTS say about a CPA relying on information supplied by the client (see SSTS #3)? Are estimates ever permitted to be used in preparing a tax return (see SSTS #4)?
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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.
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