Questions from General Taxation

Q: Go to the IRS website (www.irs.gov)

Go to the IRS website (www.irs.gov) and print out a copy of the most recent Schedule K-1 of Form 1120S.

Q: Indicate which of the following statements are true or false:

Indicate which of the following statements are true or false: _______The IRS is a division of the Treasury Department. _______The IRS has four major divisions. _______The IRS local offices process mos...

Q: Indicate whether the following statements are true or false: _______

Indicate whether the following statements are true or false: _______A field audit by the IRS is an audit conducted at the IRS field office. _______A low Discriminant Function System score for a tax re...

Q: a. Wilson filed his individual tax return on the original due

a. Wilson filed his individual tax return on the original due date, but failed to pay $700 in taxes that were due with the return. If Wilson pays the taxes exactly 2 months late, calculate the amount...

Q: In the 2016 tax year, Michelle paid the following amounts relating

In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax deficiency…………………………………………………$5,000 Negligence penalty…………………………………………...1,000 Interest……………………………………………...

Q: Linda underpaid her taxes for the current year by $4,

Linda underpaid her taxes for the current year by $4,000 due to negligence. a. Calculate Linda’s accuracy-related penalty for negligence. b. Assume that the underpayment of taxes by Linda was determin...

Q: For each of the following situations, indicate the nature and amount

For each of the following situations, indicate the nature and amount of the penalty that could be imposed.

Q: 7. Indicate whether the following statements are true or false:

7. Indicate whether the following statements are true or false: ________The tax law includes a penalty for writing a “bad” check in payment of the taxpayer’s tax liability. ________The statute of limi...

Q: Explain the use of the mid-quarter convention for MACRS depreciation

Explain the use of the mid-quarter convention for MACRS depreciation:

Q: Indicate the date that the statute of limitations would run out on

Indicate the date that the statute of limitations would run out on each of the following individual tax returns: a. A fraudulent 2016 tax return that was filed April 15, 2017. b. A 2016 tax return tha...