How many years can a taxpayer go back to request a change to a previously filed tax return using the form T1-ADJ7 03 years O 10 years O 12 years O 15 years
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- When is an individual's tax year end? Question 6 options: a) Calendar year end b) Quarterly year end c) Semi-annual period end d) Every 9 month endAlthough you should generally keep tax records for 3 years from the date you file your return, you may be held responsible for providing back documentation up to: Multiple Choice 3 years 4 years 5 years 6 years 10 yearsFor what minimum period of time must a tax return preparer make a client taxpayer's e-file sign A. Until the end of the calendar year B. For three years c. For five years D. For seven years
- A taxpayer received a notice from the BIR to file his 2019 income tax return not later than January 15, 2021. The tax due per his return is P80,000. How much is the surcharge penalty? a. P9,600 b. P20,000 c. P40,000 d. P16,000 e. Answer not givenIf a taxpayer does not have enough tax liability to use all the available adoption credit, the unused portion may be carried forward for how many years? a. Two b. Three c. Five d. There is no carryforwardQuestion 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up
- A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January 15, 2022. The tax due per his return is P100,000. What is his total interest penalty? P6,500 P14,740 P7,900 P15,068 ADD EXPLANATION THANKS1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency? A. December 31, 2019 B. April 15, 2020 C. June 15, 2020 D. June 30, 2020 2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X? a. Surviving spouse and legitimate child only b. Surviving spouse, legitimate child, and parents c. Surviving spouse, legitimate child, and recognized illegitimate child d. Legitimate child only 3. In donor’s taxation, which is not considered in determining the taxability of donation? A. Tax classification of the donor B. Location of the property C. Relationship of the donee to the donor D.…If an individual taxpayer is unable to file a tax return by its original due date, the tax payer can be request an automatic 9 month extension to file the return. True or False?
- 10. A taxpayer filed his income tax return on October 28, 2020. The deadline for the return was April 15, 2020. If he has P40,000 net tax due, compute the penalties in the form of interest. * О а. Р 2,564 O b. P 2,590 O c. P 2,538 O d. P 2,578A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 ADD EXPLANATION, THANKSA single person has taxable income of $85,000 per year. She earns $1,800 in interest from a certificate of deposit. How much federal income tax expense will be calculated on these earnings? Tax year 2019. Deduction amount 12,200. Tax rate 24%
