The following data pertain to a taxpayer’s request for refund: Date tax erroneously paid, January 2, 2020 Petition for request for refund filed, January 10, 2020 Documents 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?

Required: Use the following information to complete Rhonda Hill's federal income tax return. If any information is missing, use reasonable assumption to fill in the gaps. Prepare this return for the year ending December 31, 2021 You may use any tax software program to complete the return, or you can do them manually by downloading fillable forms from the IRS website (www.irs.gov). The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter & Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in her home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information. Rhonda does not want to…

For tax year 2019, the IRS assesses a deficiency against David for $500,000. a.  Disregarding the interest component, enter David's penalty if the deficiency is attributable to negligence: $fill in the blank 00862dfde01c05d_1.   b.  Disregarding the interest component, enter David's penalty if the deficiency is attributable to civil fraud: $fill in the blank c83f71023f93fbc_1.

Describe the advantages and disdvantages of the payroll tax deferral. Explain what is positive or negative; about who benefits or does not benefit. What problems might this create? Think about it in terms of timing, tax rate structures, income levels, payroll systems, administration.  Hint: In August, President Trump issued a Memorandum regarding deferring payroll tax for certain taxpayers during from September 1 - December 31, 2020. The fact that payroll tax is deferred for the next 4 months for certain taxpayers.

Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment of an income tax refund receivable. Only a note to the financial statements. The establishment of a deferred tax liability. O The establishment of a deferred tax asset.

Which of the following statements regarding the home mortgage interest expense deduction is false for a single taxpayer?   Taxpayers may deduct all of the interest paid on up to $1,000,000 of acquisition debt if the debt occurred in January of 2017.   Taxpayers may deduct all of the interest paid on up to $750,000 of acquisition debt if the debt occurred in January of 2018.   If, in 2021, a taxpayer refinances acquisition debt that was originally incurred in January of 2017, the taxpayer may deduct the interest on up to only $750,000 of the refinanced loan.   None of the choices is false.

Which of the following statements is incorrect?     A calendar year corporation must file its tax return no later than March 15 of the following year.     C corporations must annually file a Form 1120 tax return.     A corporation with average annual gross receipts of $30 million must use the accrual basis of accounting.     A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.

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?

Required information [The following information applies to the questions displayed below] Determine the amount of the late filing and late payment penalties that apply for the following taxpayers c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $13,200 in taxes for several years Late filing and late payment penalties $ 9,900

Chris Green, CPA, is auditing Rayne Co.’s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Rayne’s controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate at December 31, 2019, will be increased for 2020. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.