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- If the IRS owes a taxpayer a refund, the law generally provides that the IRS must pay interest on the refund if it is not paid within __________ days of the tax-payer filed his or her tax return or claim for refund. 30 45 60 90 None of the aboveWhat is the standard deduction? Explain its relationship to a taxpayers itemized deductions.Why would a taxpayer file a tax return if not required to do so?
- A taxpayer must always include his or her state income tax refund in income. True or FalseWhat are the specific requirements of paid tax return preparers? In other words, what must they obtain from the IRS in order to charge money for tax preparation? What is the statute of limitations for income tax returns? Are there any exceptions to the general rule?Can you explain the difference between a deferred tax asset, a tax receivable, and a prepaid tax account?
- Explain the Taxpayer Bill of Rights . What is the statute of limitations for income tax returns? Are there any exceptions to the general rule?Failure to furnish a completed copy of a prepared tax return no later than the time such return is presented for taxpayer signature may be subject to a penalty of?Which of the following statements is the most correct regarding The Taxpayer Bill of Rights? a.It states that a taxpayer is responsible for payment of only the correct amount of tax due, no more, no less. b.It explains the examination, appeal, collection, and refund process. c.It directs taxpayers to other IRS publications with more details on specific taxpayer rights. d.All of these statements are correct. e.None of these statements are correct.
- Which of the following statements is correct? a.The taxpayer has the right to object to a tax assessment anytime after receiving an Assessment Notice. b.The taxpayer must state the grounds of objection in his/her Notice of Objection c.The Tax Commissioner must accept a Return once it is filed on time. d.The Taxpayer has the right to object to an assessment within the timeframe specified on the Assessment Notice.How are the electronic tax deposits transferred from the employer’s account to the IRS?Describe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions?
