Which of the following situations could prevent a taxpayer from receiving a refund to which they are otherwise entitled.
Amending a tax return three years after the original return was filed can prevent the tax payer from receiving refund as the return should be amended within 3 years
Which of the following situations could prevent a taxpayer from receiving a refund to which they...
Which of the following situations could prevent a taxpayer from receiving a refund to which they are otherwise entitled? * Filing a return for a tax year for which the statute of limitations has not yet expired. Amending a return two years after the tax was paid, if paid after the filing date. Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed.
Which of the following situations could prevent Elaine from receiving a refund to which she was otherwise entitled? * Filing a return for a closed year (a tax year for which the statute of limitations has expired). Amending a tax return two years after the tax was paid. Filing a return for an open year (a tax year for which the statute of limitations has not yet expired). Amending a tax return three years after the return was filed
The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...
Which of the following statements is false? a. An extension request will prevent the taxpayer from incurring any penalties. b. The 3-year statute of limitations on additional assessments by the IRS starts on the date the return is filed if the taxpayer files the return late. c. There is no statute of limitations on additional assessments by the IRS if the taxpayer does not file a return. d. All of the above statements are true.
Based on the following information, what is the tax payable by or tax refund due to a single, resident taxpayer at the end of the 2018-2019 income year: 1.1 Interest received from a bank savings account, $450. Gross salary from employment, $50,000 PAYG on salary withheld by employer, $8,000. The taxpayer has sufficient private patient hospital insurance during the income year The taxpayer is 29 years old. . a. b. c. d. $8,000.00 refund $709.00 tax payable $56.75 refund $179.00...
Which of the following situations is NOT a reason to file an amended return? Assume the taxpayer is within the appropriate statute of limitations for filing an amended return. The taxpayer claimed three dependents, and now they realize they should only have claimed two. The taxpayer wants to report income they forgot to include on their original return. The taxpayer's marriage has been annulled, and they already filed a joint return for the year they were married. The taxpayer received...
18 Which of the following will prevent a corporation from qualifying under subchapter s ing will prevent a corporation from qualifying under Subchapter a 100 individual shareholders-90 singles, 10 married couples b a corporate shareholder c common stock with different voting rights d. none of the above e. more than one of the above 19. If X co., a calendar year taxpayer, qualifies as an S Corp. and an S election is made and properly consented to by all shareholders...
You are preparing a seminar entitled “How to recognize and prevent financial exploitation from occurring to your elder family members.” Discuss warning signs that could alert family members one family member is acting unethically and unlawfully with their elder’s assets.
In which of the following situations would form 8821 the most appropriate? A- When an enrolled agent wants to request tax documents from the IRS for a client, for whom he has a form 2848, Power of attorney, on file. B- when an attorney wants to advise clients that he agrees to represent them. C- when a CPA wants to advise the IRS that he represents a particular taxpayer. D- when a taxpayer wants to enable an unenrolled preparer to...
A taxpayer should include which of the following when figuring their federal gross income? Prior-year federal income tax refund Ordinary dividends Personal injury compensation Qualified disaster relief payments