South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 2, Problem 4RP
To determine
Explain what should be done for the recovery amount received for false imprisonment.
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A tax preparer has a client tht recently asked him about the probability ofthe IRS detecting cash transactions not reported on tax return. What are some of the issues the tax preparer should discuss with this client?
John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn’t declare income. Therefore, the income tax return that John’s prepared understated income tax liability.Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery.
remedy in recovering the overwithholding?
a. Claim the overwithholding as tax credit for the year
b. File for a tax refund with BIR
c. File for a civil suit against the erring client
d. Collect the overwithheld amount from the client
Chapter 2 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 2 - Prob. 1DQCh. 2 - Why do taxpayers often have more than one...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Rank the following items from the lowest to...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
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