List some of the differences between taxable items for NY State tax purposes and IRS tax purposes

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…

Q: Which of the following is not tax deductible? Gift tax Local income tax Real estate tax…

A: The objective of the question is to identify which among the given options is not tax deductible.…

Q: Examples for the permanent differences between financial reporting and reporting for the IRS in…

A: Answer:- Financial reporting meaning:- The process for recording and communicating financial…

Q: Explain the differences between a tax credit and a tax deduction. Which is better? List three…

A: Tax credit and tax deductions are often considered same but they are not interchangeable even though…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: All of the following are calculated on Form 990-PF, EXCEPT:    Excise tax on investment income.…

A: It is the return of private foundation or Section 4947(a)(1) Trust Treated as Private Foundation.

Q: Not all types of income are subjected to income tax. Provide with an example the types of income…

A: The Income Tax Act 1967 is a piece of legislation in Malaysia that governs the taxation of income.…

Q: Can you cite IRS Publication 17 in a formal legal tax memorandum? Why or why not?

A: The answer for the theory question on the citation of IRS Publication 17 is discussed hereunder :…

Q: 3. Choosing the standard deduction or itemized deductions The IRS allows you to reduce your adjusted…

A: Standard Deductions:- These are those deductions for which taxpayers are eligible as per income tax…

Q: What is the principle behind IRS tax free or tax deferred transaction

A: An individual retirement account is a financial instrument created for people to save for their…

Q: Which type of income typically receives preferential tax treatment in many tax jurisdictions? a)…

A: Preferential tax treatment refers to the advantageous tax treatment given to certain types of income…

Q: Briefly explain your understanding of exempt income and state twelve (12) types of exempt income…

A: Exempt income refers to income that is not subject to taxation under the relevant tax laws or…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Explain the informational benefit from required disclosure of tax abatements provided by state and…

A: Statement 77 rules the tax abatement. Tax abatement is generally offered by the government as a…

Q: What was the federal tax refund

A: This is the follow-up question and now the question is regarding the federal tax refund. This is the…

Q: An individual taxpayer can adopt either the calendar or fiscal year period for purposes of filing…

A: Tax return:- A tax return is referred as the form or forms that is filled with a tax authority and…

Q: What are the advantages of claiming the standard deduction versus itemizing deductions on your…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: What is the statute of limitations for income tax returns?

A: Given: The concept of a statute of limitations for the income tax returns.

Q: What are some of the other types of income that must be reported on an taxpayer's tax return? How is…

A: Taxable income is any remuneration received by a person or corporation that is utilized to evaluate…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: Briefly explain the recognition criteria of deferred tax assets and deferred tax liability and the…

A: Both deferred tax liabilities and assets should be recognized gross in the balance sheet unless the…

Q: What types of organizations qualify for section 199a of the 2018 tax law

A: QBI stands for Qualified business income which is defined as the net amount of the qualified items…

Q: taxpayer must always include his or her state income tax refund in income. True or False

A: Income tax:-  Income tax  means whenever an assessee, in a financial year earns certain income which…

Q: What are the three different kinds of income tax systems? (Explain each)

A: Income tax is a direct tax which is levied on the income. Taxes are the fees which are charged by…

Q: deferred tax asset and deferred tax liability

A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…

Q: Which is used by the government to determine eligibility for the Federal GST/HST credit payment? A…

A: For GST/HST credit, the individual must be Canadian resident for income tax purposes. It is designed…

Q: Explain deferred tax assets.

A: Temporary Difference: Temporary difference refers to the difference of one income recognized by the…

Q: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…

A: If you have other substantial income in addition to socoal security  benefits, then you have to pay…

Q: Lists some common expense-related deferred tax liabilities.

A: Deferred Tax Liability: It refers to the obligation that is to be paid in the future time period.…

Q: Explain one difference between the W2 and 1099 tax forms.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: What is a deferred tax liability?

A: Deferred tax liability arises due to the difference in the amount of accounting income and taxable…

Q: How do you calculate State Tax? How do you calculate FICA Tax

A: State tax:   State income tax is a direct tax. State tax is levied by a state in the state the…

Q: What is the statute of limitations for income tax returns

A: Given: The concept of a statute of limitations for the income tax returns.

Q: The tax law refers to gross income, yet the term gross income is not found on Form 1040. Explain.

A: Tax: A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization to…

Q: Discuss how tax residence and non-residence are generally charged to tax

A:

Q: Which of the following statements are correct? i. A VAT invoice should be pre-numbered and must show…

A: A VAT (Value Added Tax) invoice is a document that is used to record a transaction between a…