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?
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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?
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- If the IRS owes a taxpayer a refund, the law generally provides that the IRS must pay interest on the refund if it is not paid within __________ days of the tax-payer filed his or her tax return or claim for refund. 30 45 60 90 None of the aboveWhich 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 individualsIf during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P3M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.
- Failure to furnish a completed copy of a prepared tax return no later than the time such return is presented for taxpayer signature may be subject to a penalty of?The following data pertain to a taxpayer’s request for refund:Date tax erroneously paid, January 2, 2020Petition for request for refund filed, January 10, 2020Documents supporting the request for refund submitted, January 22, 2020.The Commissioner of Internal Revenue has not acted on the request. When is the last day to appeal to the Court of Tax Appeals?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.
- An individual taxpayer can adopt either the calendar or fiscal year period forpurposes of filing his income tax return. TRUE OR FALSE?A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. 1. What are the options of the taxpayer in relation to its unutilized or excess CWT? 2. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?Before selecting the Open or Begin Return button, which of the following statements starting a new return in regarding BlockWorks is INCORRECT? A new return is started on the BlockWorks home screen. The taxpayer's SSN and date of birth must be entered. The Tax Professional must type in the taxpayer's SSN and name. The tax year defaults to the current year and the return type defaults to 1040.
- Lump sum payments in respect of the termination of employment of a person may be relieved from tax. What are the conditions that must be met for these payments to be made without the deduction of tax.A cash basis taxpayer can defer income by not depositing a year-end bonus. True FalseA non-VAT taxpayer recorded the following for the first three quarters of 2021.1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August?2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?