LO 12.5 anning 17. Which of the following does not result in a minimum $55 fine for an income tax preparer? a. Failure to provide a tax preparer identification number b. Cashing a refund check for a customer c. Failing to keep any record of the returns prepared d. Failing to provide a copy of their prepared ret to a customer

LO 12.5 anning 17. Which of the following does not result in a minimum $55 fine for an income tax preparer? a. Failure to provide a tax preparer identification number b. Cashing a refund check for a customer c. Failing to keep any record of the returns prepared d. Failing to provide a copy of their prepared ret to a customer

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 11MCQ

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alculator Which of the following is not a preparer penalty? a.Tax preparers may be assessed a penalty for endorsing or cashing a refund check issued to a taxpayer. b.Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers. c.Tax preparers may be assessed a penalty for failing to keep a copy of the prepared return. d.Tax preparers may be assessed a penalty for failing to sign a tax return.
Note: Just provide the right answers no need for many information or explanations. 44 a penalty charged by a commercial bank on the early withdrawal of money from acertificate of deposit account can be deducted for adjusted gross incomeA true B false45 self-employed taxpayers deduct qualified moving expenses for AGI assuming theypass the distance and employment tests.A True B false46 when taxpayer are charged an early withdrawal penalty they reduce the amount ofinterest they include in gross incomeA True B false47 Deductible interest includes interest paid on a qualified home equity loanA True B False48 A taxpayer is allowed to take an itemized deduction for a loss resulting fromdamage to the taxpayers automobile caused by a collision, even if the taxpayer was atfaultAtrue B false49 To be deductible as an itemized deduction. Personal property taxes must be advalorum taxesA ture B false50 When an activity ( excluding horse activities) shows a profit in any three of fiveconsecutive…
8. The amounts charged to income for bad debts on accounts receivable will generally be the same for both tax and accounting purposes True or False? 9 A self employed individual cannot deduct CCA on a home office in his principal residence unless it is used exclavely for income producing purposes. True or False?
What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? j. Check for paychecks with no National Insurance or Income Tax deductions.
10 - From whom is VAT charged when a receipt is made from the cash register?A) FROM THE TAX OFFICEB) FROM THE CUSTOMERC) FROM THE SELLERD) EMPLOYEEE) NO VAT TAXES
1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial Product? a) All filing and product options available to the customer, including those with no additional costs b) The timing and costs associated with each refund option c) All fees and/or repayments that will be deducted from the refund d) All of the above e) Nothing. The tax preparer is not required to disclose anything to the customer.
What is the goal of a tax audit? A. To make sure you paying your imposed fines B. To make sure you are paying your taxes C. To investigate criminal activity D. Non
For each of the following situations, indicate the amount of the penalty that could be imposed on the tax return preparer A tax return preparer understates the taxpayer’s tax liability with a frivolous position and does not disclose the position. $ A tax return preparer fails to furnish his identifying number $ A tax return preparer aids a taxpayer in understating a tax liability $ A tax return preparer endorses and cashes a client’s tax refund check.
Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.
H6. 13 A claim for refund is a request for reimbursement of the overpayment of taxes paid in previous years. To be valid, a claim for refund must include which of the following features? Select one: a. The claim for refund can be made by telephone or in writing. b. The claim for refund must be signed only by the taxpayer c. The claim for refund must be filed within the set statute of limitations d. All of the above are correct Please explain also wrong options and explain with details
Question 11: When an employer remits a federal tax payment via a check sent through the United States Postal Service, the check must arrive by the form's due date. Answer: А. True В. O False
Which of the following statements is false? A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.