The following powers are classified as primary powers of the Commissioner of the BIR. Which of these powers is the Commissioner’s secondary power? Power to interpret tax laws Power to assess and collect the amount of tax Power to make arrest and seizures Power to examine books of accounts.

Indicate whether the following statements are "True" or "False" regarding letter rulings. a.   Letter rulings have the force and effect of law and provide guidance and support for taxpayers in similar transactions.   b.   A letter ruling represents the current opinion of the IRS on the tax consequences of a transaction with a given set of facts.   c.   Letter rulings not only help promote a uniform application of the tax laws but also may reduce the potential for litigation or disputes with IRS agent

Audit Procedures for Income Taxes and Deferred Tax Assets/Liabilities:   Auditing income taxes and deferred tax assets/liabilities involves verifying the accuracy of a company's tax reporting and assessing the timing and amounts of deferred tax assets and liabilities. Here's a detailed breakdown of the audit procedures:   1. Review of Tax Returns and Financial Statements:   Impact: Auditors compare the information reported in the company's tax returns with its financial statements to identify any discrepancies or inconsistencies.   Procedure: Auditors examine tax returns, schedules, and supporting documentation to ensure that income tax provisions in the financial statements are consistent with tax filings.   2. Evaluation of Deferred Tax Assets and Liabilities:   Impact: Deferred tax assets and liabilities represent future tax consequences of transactions that have already occurred but have not yet been recognized for tax purposes.   Procedure: Auditors assess the validity…

A Revenue Procedure issued by the IRS is an example of: Group of answer choices legislative authority administrative authority judicial authority none of the above

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

The Manualian Revenue Authority ( MRA) is considering whether, and how, to amend its system of relief from juridical double taxation. You are required to outline the various systems that are available, and the main policy considerations involved in adopting each option.

Briefly describe the difference between primary and secondary authority in tax law. Using the tax research tool of your choice, locate and cite an example of each and describe the differences between the two sources.

Aside from professional audits of income tax returns, who does the separate non-tax audit program audit? Amendments to the Internal Revenue Code Statewide measures Locally imposed business license fees

What is a key step in the tax audit process? a) Submitting financial statements to the tax authority b) Reviewing the taxpayer's records and documents c) Negotiating a settlement with the tax authority d) Publishing the audit findings to the public

1. A member of the city commission insists that the city’s internal fund prepare and submit a budget for commission approval. The commissioner argues that it is only through the budget that the commissioners will be able to ensure control over the internal service fund. Do you agree or disagree with the commissioner’s argument? Explain your answer. 2. Describe the basic activities conducted by a tax custodial fund. What are some of the issues that make tax custodial accounting complex?