Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 11, Problem 10MCQ
To determine
Introduction: To operate a business, a taxpayer generally chooses between individual trading,
To choose: The false statement regarding corporate tax return due dates.
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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 15
Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liability
1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency tax is 25,000 that
is due last April 15. Upon receiving the notice the tax payers immediately filed and pay his tax on August 15.
How much would be the total amount due?
2. Income tax return for the calendar year 2019 was due for filing on April 15, 2021 but the tax payer voluntarily
filed his return without assessment notice from the BIR on June 30, 2021. The tax due per return amounts to
280,000. How much would be the total amount due?
3. The taxpayer's 2020 income tax return is to be filed through authorized agent bank under the jurisdiction of
RDO East Manila. Without prior authorization from the BIR, the taxpayer filed his tax return and paid the tax
through the authorized agent bank under the jurisdiction of RDO Laoag City? The tax due per return is 100,000.
How much would be the total amount due?
4. In connection with problem number 3, the taxpayer also filed his return 3 months…
Chapter 11 Solutions
Income Tax Fundamentals 2020
Ch. 11 - Ironwood Corporation has ordinary taxable income...Ch. 11 - Tayla Corporation generated $400,000 of taxable...Ch. 11 - Prob. 3MCQCh. 11 - Harrison Corporation generates capital...Ch. 11 - Prob. 5MCQCh. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - The purpose of Schedule M-1 on the corporate tax...Ch. 11 - Prob. 9MCQCh. 11 - Prob. 10MCQ
Ch. 11 - Prob. 11MCQCh. 11 - Prob. 12MCQCh. 11 - Prob. 13MCQCh. 11 - Prob. 14MCQCh. 11 - Prob. 15MCQCh. 11 - Prob. 16MCQCh. 11 - Prob. 17MCQCh. 11 - Prob. 18MCQCh. 11 - Prob. 19MCQCh. 11 - Prob. 20MCQCh. 11 - Prob. 21MCQCh. 11 - Quince Corporation has taxable income of $485,000...Ch. 11 - Prob. 2PCh. 11 - For its current tax year, Ilex Corporation has...Ch. 11 - DeMaria Corporation, a calendar year corporation,...Ch. 11 - Fisafolia Corporation has gross income from...Ch. 11 - Prob. 6PCh. 11 - Prob. 7PCh. 11 - The Loquat Corporation has book net income of...Ch. 11 - Caloundra Corporation has book income of $ 40,000....Ch. 11 - Prob. 10PCh. 11 - Prob. 11PCh. 11 - Prob. 12PCh. 11 - Prob. 13PCh. 11 - Grevilla Corporation is a manufacturing company....Ch. 11 - Prob. 15P
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Similar questions
- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.arrow_forwardA C corporation has a fiscal year-end of August 30. It requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of: April. March. May. June.arrow_forwardA C corporation has a fiscal year-end of August 30. In tax year 2022, it requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of: Multiple Choice March. June. April. May.arrow_forward
- A C corporation has a fiscal year-end of November 30. It does not request an extension of time to file its income tax return. It must file its return no later than the 15th day of: Multiple Choice March. January. April. February.arrow_forwardWhich of the following statements is incorrect? A calendar year corporation must file its tax return no later than March 15 of the following year. C corporations must annually file a Form 1120 tax return. A corporation with average annual gross receipts of $30 million must use the accrual basis of accounting. A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.arrow_forwardThe tax rates in effect are 2019, 40%; 2020 and 2021, 45%. All tax rates were enacted into law on January 1, 2019. No deferred income taxes existed at the beginning of 2019. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31.2019 Dec. 31, 2020 Account Titles and Explanation Debit Creditarrow_forward
- For tax year 2020, the due date for filing paper forms with the SSA is: a. December 31 b. January 31 c. February 28 d. January 15arrow_forwardWhen a change in anticipated tax occurs because of personal circumstances, when should an employee provide a new Form W-4, Employee's Withholding Certificate? By January 15th of each year. By December 31st of each year. Within ten days after the change occurs. Within sixty days after the change occurs.arrow_forwardRegarding the statue of limitations on additional assessments of tax by the IRS, determine the applicable period in each of the following situations. Assume a calendar year individual with no fraud or substantial omission involved. a. The income tax return for 2017 was filed on February 19, 2018 b. The income tax return for 2017 was filed on June 25, 2018. c. The income tax return for 2017 was prepared on April 4, 2018, but was never filed. Through somen misunderstanding between the preparer and the taxpayer, each expected the other to file the return. d. The income tax return for 2017 was never filed because the taxpayer thought no additional tax was due.arrow_forward
- Under the Special COVID tax provisions in 2020, Basalt Corporation elected to defer a portion of their payroll taxes. Which of the following best describes when Basalt must pay the deferred payroll taxes? A) the deferred payroll tax payments were to be included in the normal payroll tax payments for 2021 and were due June 30, 2022. B) The deferred payroll taxes must have been repaid by December 31, 2021. C) The deferred payroll taxes must be repaid by December 31, 2022. D) The deferred payroll taxes were forgiven in 2021 and thus are not required to be paid.arrow_forwardWhich of the following statements is not correct? Multiple Choice Corporations must estimate and prepay their income taxes through quarterly tax deposits. At the end of the year, when the worksheet is prepared, the Income Tax Expense account is adjusted only if the corporation owes additional taxes. Income Tax Expense may be shown as an operating expense on a corporation's income statement. The Income Tax Expense account may be either debited or credited in the adjusting journal entry for income tax at year-end.arrow_forwardWhich of the following statements is false? Select one: O A. In general, individual taxpayers are required to file a tax return only if their gross income exceeds the standard deduction OB. The penalty for failure to file is more severe than the penalty for failure to pay OC. Taxpayers may file a tax return even when they are not required to do so to obtain a refund of income taxes withheld OD. Individual tax returns are always due on April 15 for calendar-year individualsarrow_forward
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