SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Which of the following statements about extensions of time to file certain business income tax returns is true?
a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits.
b) The IRS will send taxpayers a notification if their request for an extension is approved.
c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed.
d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
Assume your client wants to include travel and entertainment expenses in their tax deductions.
Explain the type of documentation needed to support your client’s claim for including travel expense as business expense.Provide a circumstance where such a claim could trigger an IRS audit. Make sure you support your argument with clear tax rules and regulations.Your client is claiming the concert tickets he purchased as a business expense.Use your understanding of the tax laws to explain a situation where your client can claim the expense deduction as a business expense and another example where your client cannot.
Which of the following are not deductible by a CPA who prepares tax returns?
a. Subscription to the Kiplinger Tax letter
b. Subscription to CCH service online
c.Dues to the country club to entertain clients
d. Dues to the California Society of CPAs
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