SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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The EFILE allows an individual to file their own personal income tax return directly to the CRA online through the use of a CRA certified tax software prockram.
a. TRUE
b. FALSE
Individual tax filing requirements and circumstances can change, so it is important to be familiar with the research tools available to you as a tax practitioner. In this discussion, you will consider research resources available for tax preparers and how they can be used in the field.
What are the available commercial and noncommercial tax resources that you could utilize as a tax practitioner? Refer to Section 2-2A through 2-2C (specifically, exhibit 2-7) in your textbook for options.
Which commercial resource do you think is the most beneficial to a tax practitioner? (Note that you will not be able to access the commercial resources but can find their features on their website.)
Which noncommercial resource do you think is the most beneficial to a tax practitioner?
How might you use the tax research process (refer to Section 2-3 in your textbook) for utilizing tax resources in preparing individual tax returns. (Think about ways you could use this process to support you in…
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)?
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- 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 CPAsarrow_forwardUse the following information to complete Johnelle and Latoya Henry's 2018 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms to complete the project: Form 1040 and Schedule A. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: Page C-4 Johnelle Henry is employed as a human resources manager for Toys Unlimited, Inc., and Latoya is a financial planner for her mother's company, Long-term Investments, Inc., a full-service wealth-planning firm. They provide the following information: Page C-3 They both want to contribute to the presidential election campaign. They live at 9876 Old Waverly, Charleston, South Carolina. Johnelle's birthday is 7/17/1965 and his Social Security number is 555-12-6789. Latoya's birthday is 9/11/1967 and her Social Security number is 987-65-4321. Johnelle or Latoya do not have any…arrow_forwardPerformance 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…arrow_forward
- 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.arrow_forwardRequired: Use the following information to complete Rhonda Hill's federal income tax return. If any information is missing, use reasonable assumption to fill in the gaps. Prepare this return for the year ending December 31, 2021 You may use any tax software program to complete the return, or you can do them manually by downloading fillable forms from the IRS website (www.irs.gov). The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter & Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in her home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information. Rhonda does not want to…arrow_forwardThis Worksheet is provided as a courtesy to aid your work. Use it at your own discretion. Use the worksheets below to 1) calculate the tax that each person pays, and 2) the total tax revenue that will be collected. Use the following formula to calculate each person’s tax liability: Person X → ($Income in this braquet x 0.15) + ($Income in this braquet x 0.30) = Tax Paid by Person X Example 1; if person X earns $70,000/year, then → ($50,000 x 0.15) + ($20,000 x 0.30) = $7,500 + $6,000 = $13,500 Example 2; if person X earns $10,000/year, then → ($10,000 x 0.15) + ($0 x 0.30) = $1,500 + $0 = $1,500 3. What percent of the Nation's Income does the Total Tax Revenue represent?arrow_forward
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