TRUE OR FALSE?
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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.
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- Required: Use the following information to complete Rhonda Hill's federal income tax return. If any information is missing, use reasonable assumption to fill in the gaps. Prepare this return for the year ending December 31, 2021 You may use any tax software program to complete the return, or you can do them manually by downloading fillable forms from the IRS website (www.irs.gov). The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter & Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in her home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information. Rhonda does not want to…Assuming a 35% statutory tax rate applies to all years involved, which of the following situations will give rise to reporting a deferred tax liability on the balance sheet?I. A revenue is recognized for financial reporting purposes but not for tax purposes.II. An expense is deferred for financial reporting purposes but not for tax purposes.III. An expense is deferred for tax purposes but not for financial reporting purposes.IV. A revenue is deferred for tax purposes but not for financial reporting purposes. Group of answer choices items I and II only items II and III only item II only items I and IV only1.
- Eight Independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 5. 6. 7. 2 The Income Statement Revenue 3 4 5 6 7 8 ($ in millions) Temporary Differences Reported First on: The Tax Return $24 19 19 19 Expense $24 Situations Taxable Income 1 24 24 24 24 Revenue $24 19 9 Expense Required: For each situation, determine taxable income, assuming pretax accounting income is $140 million. (Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) $24 14 14Subject: acountingIf an individual taxpayer is unable to file a tax return by its original due date, the tax payer can be request an automatic 9 month extension to file the return. True or False?
- 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 15Among the following transactions: municipal bond income. accrual of a loss contingency. a balance in the Unearned Rent account at year end. a fine resulting from violations of regulations. Which one(s) will result in a permanent difference in pretax financial income and taxable income? Enter 1, 2, 3, or 4 that represents the correct answer. b & c. d only. a & d. a, c, & d.For what minimum period of time must a tax return preparer make a client taxpayer's e-file sign A. Until the end of the calendar year B. For three years c. For five years D. For seven years
- Chris Green, CPA, is auditing Rayne Co.’s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Rayne’s controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate at December 31, 2019, will be increased for 2020. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.Which of the following statements concerning the classification of deferred tax assets and liabilities is true? Multiple Choice A deferred tax asset is classified as noncurrent only if the company expects the future tax benefit to be received more than 12 months from the balance sheet date. All deferred tax assets and liabilities are treated as noncurrent. A deferred tax asset related to a bad debt reserve is classified as current if the related accounts receivable is classified as a current asset. A deferred tax asset related to inventory capitalization is classified as noncurrent only if the company uses a FIFO accounting method and the inventory to which the deferred tax asset relates will not be treated as sold within 12 months from the balance sheet date.The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts either earned by, or paid to, an employee during a calendar year. b. all amounts paid to an employee during a calendar year up to the limit defined by Congress. c. all amounts paid to an employee during a calendar year. d. all amounts paid to an employee during a calendar year up to the limit defined by the IRS. e. all amounts earned by an employee during a calendar year.
