Questions from Federal Taxation

Q: What types of business property qualify for the business energy credit?

What types of business property qualify for the business energy credit?

Q: What are the underlying reason for enactment of many of the personal

What are the underlying reason for enactment of many of the personal tax credits?

Q: Why are most elderly people unable to qualify for the tax credit

Why are most elderly people unable to qualify for the tax credit for the elderly?

Q: If an employer fails to withhold federal income taxes and FICA taxes

If an employer fails to withhold federal income taxes and FICA taxes on wages or fails to make payment to the IRS, what adverse tax consequences may result? May corporate officers or other corporate o...

Q: A credit is allowed to encourage businesses to conduct research and experimentation

A credit is allowed to encourage businesses to conduct research and experimentation. One feature of the research credit is that only incremental expenditures are eligible. Explain the concept that the...

Q: Why do many taxpayers intentionally overpay their tax through withholdings to obtain

Why do many taxpayers intentionally overpay their tax through withholdings to obtain a tax refund?

Q: From a cash-flow perspective, why is it generally preferable

From a cash-flow perspective, why is it generally preferable to have an underpayment of tax (assuming no underpayment penalty is imposed) rather than an overpayment of tax?

Q: Compare the features of the computerized tax services with those of Internet

Compare the features of the computerized tax services with those of Internet sites maintained by noncommercial institutions. What are the relative advantages and disadvantages of each? Could the latte...

Q: Which of the following are tax preference items for purposes of computing

Which of the following are tax preference items for purposes of computing the individual AMT? a. Net long-term capital gain b. Excess depreciation for real property placed in service before 1987 c....

Q: Which of the following are individual AMT adjustments? a.

Which of the following are individual AMT adjustments? a. Itemized deductions that are allowed for regular tax purposes but not allowed in computing AMTI. b. Excess of MACRS depreciation over deprec...