Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the VAT-threshold may register as non-VAT taxpayer. b. A person with vatable sales or receipts not exceeding the VAT-threshold may register as VAT taxpayer. c. A person who commences business with an expectation to exceed the VAT-threshold may register as VAT taxpayer. d. All of the above

Q: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…

A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…

Q: Discuss and explain how a revenue account for one taxpayer may be of a capital nature for another…

A: Taxable Income- Taxable income is a specific portion of the revenue earned by an organization or an…

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: Aneto productions uses a predetermined overhead recovery rate based on hours. A summary of the…

A: This question deals with the calculation of budgeted level of machine hour. We have been given…

Q: The object of distraint may either be personal and/or real properties of a delinquent taxpayer

A: Delinquent taxpayers are those taxpayers who did not pay the amount of taxes due till the deadlines.…

Q: which taxpayer(s) should file schedule c(form 1040) to report business activity?

A: INTRODUCTION:- This is a question about tax reporting requirements for individuals who have earned…

Q: Which of the following taxpayers is required to file a form 8862 to claim certain credits after…

A: An exemption known as a withholding allowance lowers the amount of income tax that an employer…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: If you discover a client has not complied with the tax laws, or made an error in or omission from a…

A: Tax return is the return which is filed by the tax practitioner on behalf of the client which…

Q: The registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), the output tax is the tax…

Q: In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI…

A: Taxpayer can choose itemized deduction in lieu of standard deduction. Itemized deduction means those…

Q: at income be recognized when it is made available to the cash basis taxpayer even though there are…

A: The correct answer is  True    Explanation:  ruling is applicable only to the taxpayer who would…

Q: To be registered as a tax agent you need to meet the fit and proper person test. True or False

A: A registered tax agent seems to be a professional accountant who studied tax to register with the…

Q: he following individuals are required to file an income tax return, except: a. Non-resident aliens…

A: Answer: All individuals are required to file income tax return except correct answer is option ( d)…

Q: Among the highlights of train law, which do you think is disadvantageous for the taxpayer? Explain

A: TRAIN is an acronym popularly used for The Tax Reform for Acceleration and Inclusion Act. It is an…

Q: deductions from gross income? *

A: Correct Answer :- C   discounts given to senior citizens on certain goods and services.

Q: Section 6-5 of ITAA 199

A: Under Section 6-5 of ITAA 1997, the income accessible is derived directly or indirectly from every…

Q: Louis spent $200 playing bingo at his church. Since the profits went to the church, Louis can deduct…

A: Games are generally organised by charitable institutions. Bingo is a game and which is organised by…

Q: A taxpayer uses

A: There are two basis in accounting  acrual and cash.                In accural basis…

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…

A: An itemised deduction is expense that can be deducted from adjusted gross income to lower  taxable…

Q: Work through the self-study problem in this section if you need to, but do not post your answer.…

A: Taxation on income is a type of direct taxation which is paid by citizens of a nation on the income…

Q: (True/False) Private letter rulings only pertain to the specific taxpayer. (Applies only to the…

A: Private letter rulings is a document which is sent by internal revenue service to the taxpayer…

Q: the registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), output tax refers to the…

Q: In what circumstances can a taxpayer challenge an assessment outside the ordinary appeal process.…

A: In matters determined by the Regional Trial Court in the exercise of its original jurisdiction, an…

Q: Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes…

A: Filling out Form 990-T is how exempt organizations:declare any unrelated business revenue.Determine…

Q: Define the term constructive receipt. Explain its importance. Explain three restrictions on the…

A: Constructive receipt- Under this concept, it is assumed that a taxpayer has received income, even if…

Q: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially…

A: Net Income The net earnings a corporation receives from its business operations are known as net…

Q: The following person is not required to file income tax returns. a. A sole trader b. An individual…

A: Tax is a mandatory financial charge that is imposed on individuals, businesses, and organizations by…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: For tax purposes, one of the requirements to recognize income is: A) The transaction does not have…

A: For tax purposes, recognizing income typically involves the realization of income, which means the…

Q: Tax laws, being imposition of burden, shall be strictly construed against: *         A person who…

A: The rules and regulations that govern how, when, and how much taxes must be paid to local, state,…

Q: hich of the following statements NOT correct? a.

A: Tax is a financial charge or levy imposed by a government on individuals, businesses, or other…

Q: In addition to the basic tax assessed on the taxpayer, the following civil penalties will also be…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified…

A: Business is the operation carried by sole owner or partners that include trade and commerce and they…

Q: Which of the following statements are correct? i. A tax resident is normally liable to tax on their…

A: A tax resident is an individual or entity that is considered to be subject to the tax laws of a…