a.
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government, it also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To differentiate: The tax return preparer’s between enrolled or non-enrolled preparer.
b.
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government, it also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To differentiate: The tax return preparer’s between enrolled or non-enrolled preparer.
c.
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government, it also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To differentiate: The tax return preparer’s between enrolled or non-enrolled preparer.
d.
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government, it also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To differentiate: The tax return preparer’s between enrolled or non-enrolled preparer.
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Chapter 12 Solutions
Income Tax Fundamentals 2020
- 2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.arrow_forwardCASE (A): A group of recent passers of the licensure examination for Certified Public Accountants are registering for the Philippine Institute of Certified Public Accountants (PICPA). The registration officer asks each of them which sub-organization under the umbrella of PICPA they would also like to be registered to. The registration officer provided them with the following choices: A. Association of Certified Public Accountants in Public Practice (ACPAPP) B. Association of Certified Public Accountants in Commerce and Industry (ACPACI) C. Government Association of Certified Public Accountants (GACPA) D. National Association of Certified Public Accountants in Education (NACPAE) For each of the certified public accountants listed below, determine which organization they would fit into considering their job profile. ____________1. Joseph is hired as an internal auditor for a fastmoving consumer goods manufacturer. ____________2. Laurence works for an auditing firm engaged in providing…arrow_forwardList four circumstances where a CPA licensee from another state would require approval from the California board of Accountancy before practicing public accounting in California. In cases where prior approval is not necessary, what are the requirements for the out of state licensee to practice public accounting. Express your opinions on these requirements. Under what circumstances is a CPA required to notify a client that a CPA is licensed by the California Board of Accountancy? What are the permissible means of making this notification? Why do you think this is a requirement? Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation impose these restrictions? Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations? If…arrow_forward
- What requirements are usually necessary to become licensed as a certified public accountant?a. Successful completion of the Uniform CPA Examination.b. Experience in the accounting field.c. Education.d. All of the abovearrow_forwardWhile assisting the accounting department with completing the current year's financial statements, you have been asked to review a list of contingent liabilities. How would a manager, review the list of contingent liabilities and determine their probability?arrow_forwardWhich of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms? a. Employer’s Quarterly Federal Tax Return (Form 941) b. 401k plans c. Wage and Tax Statement (Form W-2) d. Employee’s Withholding Allowance Certificate (W-4)arrow_forward
- (Students should visit the SEC website, www.sec.gov, for supplemental resources.) What is a wraparound filing?arrow_forwardK You are provided with the following amounts for Diane Welsey for the current year: View the amounts. Based on the amounts, what is the net income reported by Diane Welsey pursuant to ITA 3 for the current year? A. $49,660 OB. $65,460 OC. $57,560 OD. $51,560 Ask my instructor Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) $ 54,000 8,700 1,460 6,000 7,900 12,600 $ Iarrow_forwardCompilation and Review Procedures. The following numbered items 1–10 state procedures accountants should consider in review engagements and compilation engagements on the annual financial statements of nonissuers (performed in accordance with AICPA Statements on Standards for Accounting and Review Services).Required:For each item (taken separately), tell whether the item is required in all review engagements and/or required in all compilation engagements. For each item, give two responses, one regarding review engagements and the other regarding compilation engagements.1. The accountants should establish an understanding in writing with the entity’s management regarding the nature and limitations of the services to be performed.2. The accountants should make inquiries concerning actions taken at the board of directors’ meetings.3. The accountants, as the entity’s successor accountants, should communicate with the predecessor accountants to obtain access to the predecessors’ audit…arrow_forward
- Which of the following professional services is an attestation engagement?(1) A consulting service engagement to provide computer-processing advice to a client.(2) An engagement to report on compliance with statutory requirements.(3) An income tax engagement to prepare federal and state tax returns.(4) The preparation of financial statements from a client’s financial records.arrow_forwardWho are the "accelerated filers," and what criteria are used to determine their eligibility (number of employees, revenue, etc.)?arrow_forwardMost states require 150 semester hours of college credit for which professional certification? A. Certified Management Accountant (CMA) B. Certified Internal Auditor (CIA) C. Certified Public Accountant (CPA) D. Certified Financial Planner (CFP)arrow_forward
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