SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Go to https://taxfoundation.orgLinks to an external site. . Find a current article published in the Tax Foundation website on the current issues in taxation and tell us about it.
How does this impact the future of tax?
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1. Internet users can go to http://www.irs.gov/ and:
a.Use a search function to find forms and publications.
b.Find links to other useful IRS pages.
c.Download tax forms and publications.
d.All of these choices are correct.
2. Electronically filed tax returns:
a.Have error rates similar to paper returns.
b.Offer faster refunds than paper returns.
c.May not be transmitted from a taxpayer's home computer.
d.Constitute less than 50 percent of the returns filed with the IRS.
3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of wages from a part-time job at the college book store. What is Ann's filing status for 2021?
a.Married, filing separately
b.Head of household
c.Qualifying widow(er)
d.Single
e.None of these choices are correct.
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- Access the Internet and go to www.irs.gov and select News in the upper right hand corner (on mobile devices, select Menu in the upper right hand corner and select News). Select IRS Guidance(on mobile devices, hit the plus on more News, then scroll down until you see IRS Guidance) and then select IRS Guidance in Plain English.Which of the following is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts? Private letter ruling Revenue ruling Revenue procedure Notice Regulationarrow_forwardAssuming that you were a tax consultant of a certain company, discuss the specific provisions of the TRAIN LAW which you can use in tax planning. Apply your knowledge in tax saving strategies.arrow_forwardIndividual tax filing requirements and circumstances can change, so it is important to be familiar with the research tools available to you as a tax practitioner. In this discussion, you will consider research resources available for tax preparers and how they can be used in the field. What are the available commercial and noncommercial tax resources that you could utilize as a tax practitioner? Refer to Section 2-2A through 2-2C (specifically, exhibit 2-7) in your textbook for options. Which commercial resource do you think is the most beneficial to a tax practitioner? (Note that you will not be able to access the commercial resources but can find their features on their website.) Which noncommercial resource do you think is the most beneficial to a tax practitioner? How might you use the tax research process (refer to Section 2-3 in your textbook) for utilizing tax resources in preparing individual tax returns. (Think about ways you could use this process to support you in…arrow_forward
- Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax law Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.arrow_forwardWhich of the following is NOT an option to file a federal tax return? Fill out the paper version of the IRS tax form and mail it in. File taxes online using tax program. Hire a human tax preparer to complete the return and assist with filing. Fill out a paper version of the IRS tax form and fax it in. Next Mark For Reviewarrow_forwardExplain what is the most beneficial, or useful piece of tax information we can learn from tax courses. Explain why.arrow_forward
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