Mr. Hearth, a self-employed consultant, failed to include a $45,714 income item on his 2014 Form ...
Mr. Hearth, a self-employed consultant, failed to include a $45,714 income item on his 2014 Form 1040, which he filed on June 9, 2015. The gross income reported on the return was $152,380. What is the latest date that the IRS can assess any additional 2014 tax?
A. June 9, 2018
B. April 15, 2018
C. June 9, 2021
D. April 15, 2021
Homework Answers
April 15, 2018. As IRS give 3 years to file tax return from April 15 so the latest date that IRS can access additional tax will be April 15, 2018
Add Answer to:
Mr. Hearth, a self-employed consultant, failed to include a $45,714 income item on his 2014 Form ...
Question 1 Cody wants to pay the minimum total installments for 2017. His net tax owing...
Question 1 Cody wants to pay the minimum total installments for 2017. His net tax owing for 2015 was $4,500, net tax owing for 2016 was $8,000, and estimated net tax owing for 2017 is $7,500. As he wants to pay the minimum total installments for 2017, what would be the amount of his first payment on March 15, 2017? Ignore any possible penalty & interest if his estimate for 2017 is incorrect. Question 1 options: Nil $1,125 $1,875 $2,000...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017,...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She reported gross income of $20,000 from her salary but failed to report $6,000 she received as an award. Jennifer believed that the award was not taxable, but it was taxable. What is the last day that the IRS may assess a deficiency or otherwise examine Jennifer's Year 2 income tax return? a. April 15, Year 5 d. April 15, Year 9 b. April 15,...
Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The business is...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 485990. • He received Form 1099-MISC and a Form 1099-K from the ride share company. He had an additional $3,027 in cash tip income from individual customers NOT included on the Forms 1099. • Austin provided a statement...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
using the information fill out the 1040 tax form 1:9-72 George Large (SSN 000-11-1111) and his...
using the information fill out the 1040 tax form
1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000...
1. What is the date of the statute of limitations if a taxpayer files a Form...
1. What is the date of the statute of limitations if a taxpayer files a Form 1040X(Amended US Individual Income Tax Return) on March 15,2016after having filed his 2014 Form 1040( US Individual Income Tax Return) on February 3, 2015? ob a. April 15,2017 b. March 15.2019 c. March 15, 2018 d. February 3,2018 e. April 15,2018 2. New Corporation was organized and began active business on July 1, 2017. New incurred the following expenses in connection with opening the...
Self-Study Problem 9.4 For the first quarter of 2018, Charlotte York has two employees. The payroll...
Self-Study Problem 9.4 For the first quarter of 2018, Charlotte York has two employees. The payroll information for these two employees for the first quarter is as follows: Mary Chris January February March January February March Gross wages $2,000 $2,000 $2,100 $1,000 $1,000 $1,500 Federal income tax withheld 230 230 235 60 60 180 FICA tax withheld 153 153 161 77 77 115 Charlotte deposited $750 on February 15, $750 on March 15, and $967 on April 15. Using this...
complete a 1040 (2019) Donna Jones, an administrative assistant. resides at 123 Main Street, Lawrenceville, NJ...
complete a 1040 (2019)
Donna Jones, an administrative assistant. resides at 123 Main Street, Lawrenceville, NJ V0048. She is single and has no dependents. Her social security number is 123-44-5500. She received $26,159.00 in wages and had $2.200.00 of federal income tax withheld during 2019. Donna also had $390.00 in interest income from her bank account and made $150.00 of charitable contributions during the year. Prepare her 2019 1040. One box UTU Treasury Internal Revenue Service ) U.S. Individual Income...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She reported gross income of $20,000 from her salary but failed to report $6,000 she received as an award. Jennifer believed that the award was not taxable, but it was taxable. What is the last day that the IRS may assess a deficiency or otherwise examine Jennifer's Year 2 income tax return? a. April 15, Year 5 d. April 15, Year 9 b. April 15,...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
using the information fill out the 1040 tax form
1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000...
1. What is the date of the statute of limitations if a taxpayer files a Form 1040X(Amended US Individual Income Tax Return) on March 15,2016after having filed his 2014 Form 1040( US Individual Income Tax Return) on February 3, 2015? ob a. April 15,2017 b. March 15.2019 c. March 15, 2018 d. February 3,2018 e. April 15,2018 2. New Corporation was organized and began active business on July 1, 2017. New incurred the following expenses in connection with opening the...
complete a 1040 (2019)
Donna Jones, an administrative assistant. resides at 123 Main Street, Lawrenceville, NJ V0048. She is single and has no dependents. Her social security number is 123-44-5500. She received $26,159.00 in wages and had $2.200.00 of federal income tax withheld during 2019. Donna also had $390.00 in interest income from her bank account and made $150.00 of charitable contributions during the year. Prepare her 2019 1040. One box UTU Treasury Internal Revenue Service ) U.S. Individual Income...
Most questions answered within 3 hours.
-
A generic salt, AB2, has a molar mass of 211 g/mol and a
solubility of 7.60...
asked 8 minutes ago -
For the Florida data file (below) giving countywide data in
Florida for several variables, a moderate...
asked 8 minutes ago -
What is your opinion to following text
We all face ethical, moral problems throughout our lives,...
asked 10 minutes ago -
\
The following data are
accumulated by Eco Labs, Inc. in evaluating two competing capital
investment...
asked 16 minutes ago -
The Kuantan Corporation purchases a component from a supplier
who offers quantity discounts to encourage larger...
asked 26 minutes ago -
Dye, C. F. (2010). Leadership in healthcare: Essential
values and skills (2nd ed.). Chicago, IL: Health...
asked 28 minutes ago -
This is Correlation and Introduction to Regression !
please SHOW YOUR WORK. please don't use SPSS....
asked 53 minutes ago -
Use the definition of scalar product, a Overscript right-arrow
EndScripts times b Overscript right-arrow EndScripts =...
asked 55 minutes ago -
What is the initial pH expected for a 0.1 M
solution of phosphoric acid (H3PO4)? For...
asked 52 minutes ago -
The blade of an electric shaver vibrates in a simple harmonic
motion with a frequency 195.0...
asked 59 minutes ago -
Define the followings and give the reason why they are very
important experimental design features in...
asked 57 minutes ago -
Night Tran Construction Company
Night Tran Construction Company specializes in building small
power plants, mostly for...
asked 57 minutes ago