ector of Insurance may revoke, suspend, or refuse to issue a producer license for failing to pay all the following EXCEPT: California taxes child support Director-levied civil penalties license renewal f

ector of Insurance may revoke, suspend, or refuse to issue a producer license for failing to pay all the following EXCEPT: California taxes child support Director-levied civil penalties license renewal f

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

The Director of Insurance may revoke, suspend, or refuse to issue a producer license

for failing to pay all the following EXCEPT:

California taxes
child support
Director-levied civil penalties
license renewal fees

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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?
Which of the following statements about the Commissioner’s powers is most correct? a. The Commissioner cannot request a taxpayer to provide information in writing. b. The Commissioner can remove documents from a taxpayer’s premises. c. The Commissioner is entitled to access a taxpayer’s premises at any reasonable time without notice. d. The Commissioner needs to obtain a search warrant in order to enter a taxpayer’s premises.
A CPA – (a) may use a client’s estimate of dollar amounts in preparing a tax return only if the client provides a sworn affidavit stating that supporting documents are lost. (b) generally may use a client’s estimated amounts in preparing a tax return sub-ject to determining that the amounts are reasonable based on all known facts. (c) may use her / his own estimate of some dollar amount if the client’s estimate is deemed to be either inadequate or excessive. (d) may never under any circumstances put an estimated amount on a client’s tax return and in fact would risk (i) losing her / his state CPA license and/or (ii) criminal sanctions imposed by the IRS for doing so.
The Following fringe benefits shall not be subject to basic tax or fringe benefit, except: a) Fringe benefits which are authorized and exempted from income tax under any special law. b) Benefits granted to the employee which are required by the nature of, or necessary to the trade, business or c) profession of the employer. c) De minimis benefits d) None of the choices.
Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that many taxpayers are unable to deduct any amounts, such as on medical and miscellaneous? Do you think this these provisions are biased against those in certain tax brackets?
Adrian is a salesperson who represents several wholesale companies. On January 2, 2019, she receives by mail a commission check from Ace Distributors in the amount of $10,000 and dated December 30, 2018. Adrian is concerned about the year in which the $10,000 is taxable. Although the check is dated 2018, she contends that it would have been unreasonable for her to drive the 50 miles to the Ace offices on a holiday to collect the check. Further, Adrian maintains that even if she had made the trip on a holiday to collect the check, by the time she returned home, her bank would have closed and she could not have received credit for the check until after the first of the year. Adrian would like you to determine whether she should include the $10,000 on her 2018 or 2019 tax return.
3
The government called uponitsresidents and citizens to pay taxes to the government so that thegovernment can carry outits functions. Mr. Juan refuses to pay the taxes. According to him, he does not care whether the government shall continue to exist or not. Is the contention of Mr. Juan justified?
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F
The IRS spends considerable time and effort trying to distinguish whether a person is an employee or an independent contractor. Why? What standards does the IRS use to determine whether a person is an employee or independent contractor? If self-employment tax and social security tax/medicare tax are equal in amounts, why does the IRS care whether a person is an employee or independent contractor? Please answer all questions.

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