1. Electronic filing (e-filing): a.Generally results in a slower refund. b.Reduces the chances that the IRS will make mistakes when inputting tax return information. c.Requires the services of a professional. d.Can be done only by telephone.
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1. Electronic filing (e-filing):
a.Generally results in a slower refund.
b.Reduces the chances that the IRS will make mistakes when inputting tax return information.
c.Requires the services of a professional.
d.Can be done only by telephone.
2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows:
|
Airfare |
$550 |
|
Taxis |
40 |
|
Restaurant meals |
150 |
|
Lodging |
350 |
How much may Barry deduct as travel expenses for the trip?
a.$0
b.$1,015
c.$940
d.$1,090
e.None of these choices are correct.
3. Which of the following is deductible as dues, subscriptions, or publications?
a.Subscription to the "Journal of
b.Dues to a health club for a doctor
c.Dues to the drama club for a student
d.Subscription to "Vogue" magazine for a corporate president
e.None of these choices are correct.
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- Your qualitative answers should be written in full sentences with depth to your responses when needed. For questions and problems requiring computations, you need to share your supporting calculations. 1a. Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties? 1b. Why is income-shifting considered such a major tax planning concept? 1c. Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon receipt of her 30-day letter, she phones you, a CPA, for advice regarding possible future action on the matter. What options would you discuss with Olivia? 1d. Compute the taxable income for 2020 under each of the following circumstances: Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and…Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) a. Paylate Corporation wrote the check and put it in Clyde's office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end. Amount to be included in gross incomeSophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission date
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