A tax return is flagged by the computer. What is the chance that it actually contains mistakes, given that the computer flagged it?
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- 1. Internet users can go to http://www.irs.gov/ and: a.Use a search function to find forms and publications. b.Find links to other useful IRS pages. c.Download tax forms and publications. d.All of these choices are correct. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of wages from a part-time job at the college book store. What is Ann's filing status for 2021? a.Married, filing separately b.Head of household c.Qualifying widow(er) d.Single e.None of these choices are correct.Mf1. One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.A major responsibility of the Government Accountability Office is to audit taxpayers’ returns to determine whether they have complied with the tax laws Select one :- a_ true b_ falus
- Which is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income EarnersStatement 1: Filing reference number is the system developed and maintained by the BIR for electronically filing tax returns, including attachments, if any, and paying taxes due thereon, specifically through the internet Statement 2: Electronic filing and payment system number is the control number issued by the EFPS to acknowledge that a tax return, including attachments, has been successfully filed electronically. This shall serve as evidence of filing and the date of filing of the return Group of answer choices False; False True; True False; True True; FalseWhich of the following statements is false? Select one: O A. In general, individual taxpayers are required to file a tax return only if their gross income exceeds the standard deduction OB. The penalty for failure to file is more severe than the penalty for failure to pay OC. Taxpayers may file a tax return even when they are not required to do so to obtain a refund of income taxes withheld OD. Individual tax returns are always due on April 15 for calendar-year individuals
- Please assist with the below. Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your tax research utilizing Checkpoint for each of the exercises. See Chapter 2 for guidance. 1) Give the title and brief description (no more than two sentences) of each of the following Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231 2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt. 3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s…Performance standards: Accomplish the BIR (Bureau of Internal Revenue) forms MELCS: Explain the procedure in the computation of gross taxable income and tax due. Mr. Sabado need to pay his tax. You are an agent hired by Mr. Sabado to compute his taxable income and tax due. The BIR agent will check and evaluate based on accuracy of the information prepared. Instructions: From the given information below compute the total taxable income and total income tax due on each scenario. Mr. Sabado, Production Manager of M.A.R Corp., earned annual compensation in 2020 of P 2,333,000, exclusive the 13h month and other benefits in the amount of P250,000 but net of mandatory contributions to SSS and Philhealth. Aside from employment income, he owns a convenience store, with gross sales of P3,555,000. His cost of sales and operating expenses are P1,500,000 and 800,000, respectively, and with non-operating income of P250,000. а. Mr. Sabado signified his intention to be taxed at 8% income tax rate on…The AICPA has issued standards for CPAs in tax practice, called Statements on Standards for Tax Services (SSTS). Download the Statement on Standards for Tax Services No. 1-7Links to an external site.. What does the SSTS say about a CPA relying on information supplied by the client (see SSTS #3)? Are estimates ever permitted to be used in preparing a tax return (see SSTS #4)?
- 1. Key filed a fraudulent income tax return for the year 2021 on April 11, 2022. The BIR discovered the fraud on February 20, 2023. The last day for the BIR to collect or to send an assessment notice is a. 4/15/2032 b. 4/11/2025 c. 2/20/2033 d. 4/15/2025After Bill and Mercedes' tax return was selected for audit, Bill read on the Internet speculation that filing a paper tax return (instead of filing electronically) and extending a tax return deadline decrease the chance of IRS audit. Bill has convinced Mercedes that they need to use these strategies in the future and look for other ways to avoid audit. Questions for discussion include: 1. What are the timing requirements for filing a tax return and paying taxes owed? 2. Does Bill's action likely violate any IRS regulation? 3. If Bill's action does not violate IRS rules, it is ethical? Please make sure to respond to other students' discussion answers, especially if they have a different point of view than yours.Briefly compare and contrast the traditional home-office deduction with the new (since 2013) “simplified” home office deduction. Would you recommend one vs. the other to most of your tax return clients? Why or why not? Note: Mysteriously, your textbook authors do not mention the new simplified method. But see Schedule C [previously posted in eLearning], line 30. And search irs.gov for Form 8829 if you care to see the traditional method for computing the deduction.