SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Assume your client wants to include travel and entertainment expenses in their tax deductions.
Explain the type of documentation needed to support your client’s claim for including travel expense as business expense.Provide a circumstance where such a claim could trigger an IRS audit. Make sure you support your argument with clear tax rules and regulations.Your client is claiming the concert tickets he purchased as a business expense.Use your understanding of the tax laws to explain a situation where your client can claim the expense deduction as a business expense and another example where your client cannot.
Which of the following statements about extensions of time to file certain business income tax returns is true?
a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits.
b) The IRS will send taxpayers a notification if their request for an extension is approved.
c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed.
d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
What makes the refund of state taxes taxable on the federal tax return?
a. moving to Texas before your refund gets sent to you
b. paying state taxes the year before and getting a refund
c. claiming taxes as an itemized deduction and using standard deduction
d. claiming taxes as an itemized deduction and itemizing
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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?arrow_forwardWhat are the specific requirements of paid tax return preparers? In other words, what must they obtain from the IRS in order to charge money for tax preparation? What is the statute of limitations for income tax returns? Are there any exceptions to the general rule?arrow_forwardThe IRS requires anyone who prepares or assists in preparing federal income tax returns for a fee to: O Apply for, and receive a Preparer Tax Identification Number from the IRS. O Pass a Qualifying Education course that is approved by the California Tax Education Council. Pay an annual fee of $50 to the Internal Revenue Service. O Apply for, and receive a Preparer Tax Identification Number from the California Tax Education Council.arrow_forward
- Example 1 concludes that Miranda cannot deduct her annual CPA license fee because her mother paid it for her. Correspondingly, Example 2 concludes that Marty’s mother cannot deduct her annual property taxes since Marty paid them for her. Are these two examples consistent with the Tax Court’s reasoning in Lang? Why or why not? plzzz and asap..... (Hint: Example1 Miranda is a public accountant and is required by state law to have a license to practice public accounting. When the state license renewal fee comes due, Miranda is short of money and cannot renew her license. Miranda’s mother pays the license renewal fee for her so she can continue working as a public accountant. Can Miranda deduct the fee as a business expense? Discussion: The license renewal fee is Miranda’s business expense, and only she can deduct the payment of the fee. Because Miranda does not pay the license renewal fee, she is not allowed a deduction for the business expense. Because the license renewal fee is not…arrow_forward2. 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_forwardA friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these temporary differences relate only to the future and that accounting is based on ‘historical cost.’ In addition, the government frequently changes the tax laws, so no one knows what the future tax laws will be.” Required: Prepare a written response for your friend that explains why deferred tax assets and deferred tax liabilities are recognized and reported on a corporation’s balance sheet. Include a discussion of a valuation allowance.arrow_forward
- If the tax payer's claimed capital allowance for a car that registered under his personal name and the car was used in his business. What should I do to this issue as a tax agent?arrow_forwardCalculator Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To grant to taxpayers the right to choose the time and method of payment of delinquent taxes b.To inform taxpayers of their rights in dealing with the IRS c.To inform taxpayers of the methods for properly completing their income tax returns d.To provide the IRS with additional enforcement powers e.None of these choices are correct.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT