TRUE OR FALSE? A fraudulent return with 30% understatement of income reported is subject to a penalty of 25% based on the basic tax unpaid.
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TRUE OR FALSE?
A fraudulent return with 30% understatement of income reported is subject to a penalty of 25% based on the basic tax unpaid.
Step by step
Solved in 2 steps
- A taxpayer forgot to register his book of accounts on time. Which of the following penalties will be charged to him for the violation? * a. 25% surcharge penalty b. 12% annual interest penalty c. P1,000 compromise penalty d. All of these penalties e. Answer not givenIf a T1 or T2 return is filed late, certain charges apply. Which of the following statements is INCORRECT? O a. a. Penalties and interest are based on the balance of tax payable at the taxation year-end. O b. For the first offence, penalties are charged at a rate equal to 5%, plus 1% for each complete month that the tax due is outstanding. O c. For the second offence, penalties are charged at a rate equal to 10%, plus 2% for each complete month that the tax due is outstanding. O d. Interest is calculated at a prescribed interest rate, set by Canada Revenue Agency. O e. Late-filing penalties are charged but there are no interest charges.Which 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
- Listen The IRS can impose a tax that is attributable to fraud. A) 25% B) 75% OC) 50% OD) 5% blank penalty on any portion of understatement ofA company has accounts receivable of $300 000 and an associated doubtful debts allowance of $60 000. The revenue associated with the accounts receivable of $300 000 has already been included in taxable profit. The doubtful debts will be deductible when the amount is actually written off as bad with a related deduction to accounts receivable. REQUIRED a) Assuming that the tax rate is 30 percent, what is the amount of the temporary difference? b) Does this give rise to a deferred tax asset or a deferred tax liability, and what is the amount of the deferred tax asset/liability Please donot provide solution in image format provide solution in step by step format and asapThe Tax Administration has the right to refuse to provide evidence of the source (s) of income used for a best judgement assessment if requested by the Tax Appeal authority. Select one: True or fales If the annual turnover for a person is less than a certain limit (the threshold) the person is not required to register for VAT. Select one: True False VAT is a charge borne only by businesses. Select one: True False When the Input VAT is lower than the Output VAT you are entitled to a refund (VAT Refund)/ VAT credit? Select one: True False A tax is any deduction taken from a person’s salary by the government: true or False
- Indicate whether the following statements are "True" or "False" regarding the statute of limitations. a. If no return is filed or a fraudulent return is filed, assessments can be made at any time. b. If a taxpayer omits an amount of gross income in excess of 25 percent of the gross income stated on the return, the statute of limitations does not apply. c. In general, any tax that is imposed must be assessed within three years of the later of (a) the filing date of the return or (b) the unextended due date of the return. d. The statute of limitations may be extended for a fixed period of time by mutual consent of the IRS and the taxpayer.For each of the following situations, indicate the amount of the penalty that could be imposed on the tax return preparer: a. A tax return preparer understates the taxpayer's tax liability with a frivolous position and does not disclose the position. The greater of $ percent of the income derived by the tax preparer for an undisclosed unrealistic position. or b. A tax return preparer fails to furnish his identifying number. c. A tax return preparer aids a taxpayer (an individual) in understating a tax liability. d. A tax return preparer endorses and cashes a client's tax refund check.Taxpayers face the risk of the 20% accuracy-related penalty when they take return positions that are too aggressive or otherwise problematic... (a) Section 6662 itself contains no escape mechanisms whatsoever, so a tax-payer’s only available defense against the penalty is “good faith and reasonable cause” per § 6664(c). (b) Section 6662 contains two stated triggers, “negligence” and “substantial understatement,” and the IRS cannot assert the penalty unless both are present. (c) Unless a taxpayer ultimately wins with respect to the underlying tax issue(s) (the asserted tax deficiency), it is impossible to win on the penalty issue. (d) If a taxpayer does win with respect to the underlying tax issue(s), the penalty assertion becomes moot.
- Which is false? Business with annual gross receipts of more than P3,000,000 * O Are subject to graduated income tax Are subject to Creditable withholding tax O Are subject to VAT O None of the aboveA tax preparer may be subject to a $540 preparer penalty under IRC $6695(g) Select one: Oa For failure to comply with due diligence requirements limited to a maximum of $540 OD.For each failure to comply with the due diligence requirements OC. For failure to file Form 8879 Od. For including a Schedule A when filing a return using the standard deduction Oe None of theseElectronically filed tax returns: May not be transmitted from a taxpayer’s home computer Constitute more than 90 percent of the returns filed with the IRS Have error rates similar to paper returns Offer larger refunds than paper returns
