.Several benefits accrued to Gov’t from taxation. As a tax expert who has failed your lecturer you are required to state and explain the measures gov’t is required to put in place in order to realize these benefits. 2. You are required to state the tax incentives, tax holidays and concessions in accordance with Act 896.

.Several benefits accrued to Gov’t from taxation. As a tax expert who has failed your lecturer you are required to state and explain the measures gov’t is required to put in place in order to realize these benefits. 2. You are required to state the tax incentives, tax holidays and concessions in accordance with Act 896.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 3BCRQ

See similar textbooks

Similar questions

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
Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.
Statements of procedures that affect the rights and obligations of taxpayers or the public in general with respect to the application of the tax laws or tax information which should be a matter of public knowledge are released as: a. Revenue Rulings b. Technical Advice Memoranda c. Private Letter Rulings d. None of the above
If a calendar year taxpayer's 2021 individual income tax return is mailed on June 15, 2022, the statute of limitations would normally run out on: Oa. June 15, 2025 Ob. June 15, 2024 Oc. April 15, 2025 Od. April 15, 2024 Oe. None of these choices are correct.
You and Sunny are arguing whether tax laws can be retroactive in its application. Sunny noted that they can only be prospective but you take the stand that it may retroactive. 1. Which of the following would be the least fit example you could give? A. tax laws implementing riles and regulations that are remedial in nature B. tax memoranda that are interpretative in nature C. tax laws imposing business tax D. tax circulars that are intended for internal purposes of BIR
Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax is the cost of implementing and administering government programs that use the tax revenue that is collected (y) A tax loophole occurs when tax laws give preferential treatment to specific types of behavior. (z) A mortgage interest deduction would be considered a tax loophole because it allows home purchasers to reduce their tax liability when they pay mortgage interest. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only
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 Earners
You and Jackie are arguing whether tax laws can be retroactive in its application. Jackie noted that they can only be prospective but you take the stand that it may retroactive. Which of the following would be the least fit example you could give? A. tax laws imposing business tax B. tax laws implementing riles and regulations that are remedial in nature C. tax circulars that are intended for internal purposes of BIR D. tax memoranda that are interpretative in nature
A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?
Calculator Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To grant to taxpayers the right to choose the time and method of payment of delinquent taxes b.To inform taxpayers of their rights in dealing with the IRS c.To inform taxpayers of the methods for properly completing their income tax returns d.To provide the IRS with additional enforcement powers e.None of these choices are correct.
According to the AICPA's Statements on Standards for Tax Services, what duties does the tax practitioner owe the client? (If an input field is not used leave the input field(s) empty.) not to disclose tax-related errors without the client's consent. to inform the client of corrective measures to be taken. C to inform the client of errors in a previously filed tax return. to inform the client of how the client can avoid a penalty through disclosure. to inform the client of the potential adverse consequences of a tax return position. to inquire of the client when information provided by him or her appears incorrect, incomplete, or inconsistent on its face. to inquire of the client when the client must satisfy conditions to take a deduction. to instruct the client to file an extension based on refunds that are expected. to instruct the client whether or not to file a tax return.
All tax practitioners who prepare tax returns for a fee are subject to whichof the following?I. IRS Circular 230 II. AICPA Code of Professional Conduct III. Statements on Standards for Tax Services IV. American Bar Association Code of Professional Conduct Only statement I is correct.Statements I, II, and III are correct.Statements II and III are correct. Statements II and IV are correct. Statements I, II, III, and IV are correct.