Chapter 1, Problem 39DQ

A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?

Indicate the date that the statute of limitations would run out on each of the following 2018 individual tax returns: a. A fraudulent tax return that was filed April 15, 2019 ________________ b. A tax return that was filed May 19, 2019 ________________ c. A tax return that was filed February 12, 2019 ________________ d. A tax return that was filed March 1, 2019, and omitted $15,000 in income. The total gross income shown on the tax return was $50,000 ________________

1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency? A. December 31, 2019 B. April 15, 2020 C. June 15, 2020 D. June 30, 2020   2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X?   a. Surviving spouse and legitimate child only b. Surviving spouse, legitimate child, and parents c. Surviving spouse, legitimate child, and recognized illegitimate child d. Legitimate child only   3. In donor’s taxation, which is not considered in determining the taxability of donation?   A. Tax classification of the donor B. Location of the property C. Relationship of the donee to the donor D.…

Tax Drill - Interest Applicable to Federal Tax Underpayments Complete the following statements regarding the interest applicable to Federal tax underpayments and overpayments. IRS interest is compounded  . IRS Deficiency Assessments Interest usually accrues from the   until   days after the taxpayer agrees to the deficiency by signing Form 870. If an overpayment is refunded to the taxpayer within   days after the date the return is filed or is due, no interest is allowed. When the taxpayer files an amended return or makes a claim for refund of a prior year's tax, interest is authorized from the   due date of the return through the date when the

Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been filed on or before April 15, 2020. The BIR sent him a notice to file his return and pay his tax on or before July 18, 2020. Mani Pakyaw filed a return showing a basic tax due of P1,000,000.   Compute the following:    Surcharge Interest Compromise Total amount paid

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.

Norman Foster filed his 2020 tax return as was required on June 15, 2021. His Notice of Assessment dated August 28, 2021, indicated that his return was accepted as filed. On March 15, 2022, he receives a Notice of Reassessment dated March 8, 2022 indicating that he owes additional taxes, as well as interest on unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v BIUS Paragraph Arial 14px Q E E E E x X2 T Te - 田 田田国 Ť (i} 田 田 田

The process for employee withholding involves: a. using only a 2020 Form W-4 for all employees to calculate income tax withholding. b. using a 2020 Form W-4 for new employees (all existing employees must use a pre-2020 Form W-4) to calculate income tax withholding. c. the employee provides filing status and the employer completes the Form W-4 and submits to the IRS for proper withholding. d. Existing employees may use either their previous Form W-4 or may complete a new 2020 Form W-4 and new employees must complete a 2020 Form W-4 and the employer uses those forms to calculate income tax withholding.

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