What is the statute of limitations for income tax returns?

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: What are the two types of income tax return

A: Answer: Income tax return is the return that is filed for purpose to file income tax due to be paid…

Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?

A: Tax evasion is a criminal crime in which a person or corporation intentionally avoids paying a…

Q: report expenses using correct tax categories because

A: The accountants have to report expenses under correct categories always.

Q: What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax…

A: Any earning that is not subject to taxation is referred to as exempt income. Exempt income laws and…

Q: What are some of the effects of the crypto-related activities on an individual's tax payable?

A: Answer:-  Cryptocurrency meaning:- A cryptocurrency is a kind of digital or virtual currency that is…

Q: Why is the Donor's tax is the advantageous for the taxpayer? Explain

A: Donar's tax refers to the tax on a donation or gift. It is imposed on the gratuitous transfer of…

Q: Among the highlights of train law, which do you think is disadvantageous for the taxpayer? Explain

A: TRAIN is an acronym popularly used for The Tax Reform for Acceleration and Inclusion Act. It is an…

Q: deferred tax assets and deferred tax liabilities

A: The deferred tax assets and deferred tax liabilities arise due to the tax effect of timing…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: What is the principle behind IRS tax free or tax deferred transaction

A: An individual retirement account is a financial instrument created for people to save for their…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: Which of the following is TRUE? When the tax law is vague or ambiguous, it is to be interpreted…

A: When the tax law is vague or ambiguous, If there are 2 reasonable interpretations of taxing statues,…

Q: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.

A: The differences for terms tax evasion,tax avoidance and tax planning are shown below

Q: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…

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Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

A: social security tax is such type of tax in which a percentage of the gross wages that most of the…

Q: HOW filing status affect the preparation income tax return

A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…

Q: How is Gross Income defined in the Tax Code and what are the implications to individual and business…

A: Hi, since you have asked multiple questions, we are answering the 1st question for you. To get the…

Q: What types of organizations qualify for section 199a of the 2018 tax law

A: QBI stands for Qualified business income which is defined as the net amount of the qualified items…

Q: If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized…

A: Claim of deduction in form of Capitalized and Depreciation If an entity opt for the deduction of…

Q: Who are considered “person” or “entities” or “taxpayers” for tax purposes? _____________________

A: The below mention definition of PERSON is as per Income Tax Act . As per income tax act , there are…

Q: Tax laws, being imposition of burden, shall be strictly construed against: *         A person who…

A: The rules and regulations that govern how, when, and how much taxes must be paid to local, state,…

Q: What are some of the reasons that the components ofincome tax expense should be disclosed and a…

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Q: How do you identify the similarities and difference between the corporate income tax formula and…

A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…

Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…

A: If you have other substantial income in addition to socoal security  benefits, then you have to pay…

Q: Why is recordkeeping so important as a taxpayer and tax preparer?

A: Record keeping is the process of maintaining and keeping all the accounting records of the business…

Q: What is an uncertain tax position, and what are the ­general guidelines for accounting for uncertain…

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Q: Why is the income tax payable not the same as income tax expense

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Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: What is deferred tax liability and deferred tax liability in accounting?

A: A deferred tax liability:A deferred tax liability is an income tax obligation that is due for the…

Q: Discuss in detail the taxation of interest income. Which is subject to final tax? Which is subject…

A: Interest income- Interest income is the sum paid to a body for lending its funds or hire another…

Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…

A: Person includes :  an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…

Q: What is adjusted gross income and what influence does it have on other elements in the tax return…

A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…

Q: ll be a tax

A: Tax refers to the percentile charges imposed by the authoritative government over the income gained…

Q: Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?

A: Calculating the taxable income of a Domestic tax payer                 Particulars Amount…

Q: What is an assessment under the income tax assessment legislation? and why are assessments importa

A: Solution Return under income tax                 Every person whose income is taxable as per the…

Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

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Q: 1. What is AGI deduction? 2. What are the types of filing status?  3. What are the three general…

A: AGI means Adjusted Gross Income Adjusted gross income is the income which is arrived after deducting…