How does the cash basis method of accounting benefit small business owners, if at all?   Under what condition would the cash method of accounting be advantageous as compared with using the accrual methods? Explain.

In your own words, describe the similarities and differences between tax credits and tax deductions.  Your response must include two (2) examples of each kind and a discussion on why you think credits are better than deductions, or if deductions are better than credits, or maybe you think they are equal!  Tell us why you feel this way.

Examine the income source rules discussed in the textbook and suggest at least two current tax rules that can prevent the manipulation of the source rules to eliminate taxes.

Tax functions that accounting and finance professionals may assist clients with include all but the following A. Tax compliance B. None of these O c. Tax evasion O D. Tax planning E. Cash management to ensure timely payment of taxes

Briefly explain what factors significantly affect tax avoidance

When entering tax classes for the sales transaction type, what two items must you enter the tax classes for? What about the purchases transaction type? What information is included in tax groups? What is the purpose of defining vendor groups? How do you change the tax class in individual vendor profiles? List the three methods by which an invoice can be distributed, and give an example of each method. Explain the purpose of each method. What was the purpose for deleting the Accounts Payable opening balances batch in the General Ledger module for Omni Electrical Supplies Ltd.? Which accounts are affected and what must be done to ensure no errors are created?

What 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?

How is a business activity distinguished from an investment activity? why is this distinction important for the purpose of calculating federal income taxes? What types of losses may potentially be characterized as passive losses?

Tax accounting is a service offered by public accounting firms that involves both tax planning and which of the following?   Multiple Choice   A.)tax compliance   B.)tax avoidance   C.)tax elimination   D.)tax payment.    Please explain incorrect and correct option without plagiarism

Which of the following would not be considered to be tax planning.  An arrangement that: Group of answer choices Reduces or defers assessable income. Maximises or accelerates deductions. Utilises different tax rates. Maximises tax offsets. Splits or diverts income. Does not disclose income.