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Mademuasel [1]
1 year ago
8

under teh statements on standards for tax services, a cpa may recommend a tax return if the position is frivolous and the positi

on is not disclosed on the tax return
Business
1 answer:
Papessa [141]1 year ago
5 0

Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. This statement is false.

A taxpayer wants to take a position on a tax return that the CPA determines is frivolous. However, the CPA and the taxpayer determine that the possibility of the return being selected for audit is remote and that even if the return is selected for audit the issue most likely will not be raised.

  • Cannot sign or prepare the return .
    The CPA concludes that a taxpayer's desire to comment on a tax return is frivolous. However, the CPA and the taxpayer come to the conclusion that it is unlikely that the return will be chosen for audit and that, even if it is, the matter most likely won't be brought up.
  • A taxpayer is anybody who owes taxes to the federal, state, or municipal governments, whether they are an individual or a corporation. Governments primarily obtain their funding through taxes, which are levied on both citizens and companies.
  • A tax return is one or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data. Tax returns provide taxpayers the option to determine their tax burden, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.

Complete question: Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. True Or False? This problem has been solved! See the answer Under the Statements on Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. True or False?

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The following are the typical classifications used in a balance sheet:
goldfiish [28.3K]

Answer:

<u>a. Current assets</u>

Allowance for uncollectable accounts

Inventories

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Cash

<u>b. Investments and funds  </u>

Investment in xyz corporation

<u>c. Property, plant, and equipment </u>

Equipment

Land in use

Building in use

<u>d. Intangible assets </u>

Patents

<u>e. Other assets</u>

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<u>g. Long-term liabilities</u>

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<u>h. Paid-in-capital</u>

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<u>i. Retained earnings</u>

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Explanation:

A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the reporting date.

Assets

There are two major asset categories which are Current Assets and Non- Current Assets. Current Assets are assets not exceeding 12 months examples are Inventories and Cash. Whilst Non-Current Assets are assets exceeding a period of 12 months examples are Property, Plant and Equipment items such as Land, Investments and Intangible Assets

Liabilities

There are two major asset categories which are Current Liabilities and Non- Current Liabilities. Current Liabilities are liabilities due to be paid within a period not exceeding 12 months examples are Accrued liabilities and Accounts payable. Whilst Non-Current Liabilities are assets liabilities payable in a period  exceeding 12 months examples are Notes payable due in 5 years.

Equity

We have Paid In Capital such as Common Stock and Retained Earnings comprising of Profits and dividends.

Classification of items  as will be shown in the balance sheet will be done as above.

3 0
3 years ago
Your company incurs a cost for fire insurance, which in the short run, is fixed. What happens to the cost in the long run? In th
amid [387]

Answer:

The correct answer is it becomes variable cost.

Explanation:

In the short run there are fixed costs and variable costs which sum up the total costs incurred. This is because in short run not all factors are variable, some factors are fixed as well. So, expenses on fixed factors come under fixed and those on variable factors come under variable costs.

In the long run though, all the factors are variable. All factors can be changed. So there are no fixed costs in the long run run. All the costs incurred on all factors become variable costs.

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3 years ago
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Answer:

the amount that willing to pay is $44,591.11

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The computation of the amount that willing to pay is as follows:

The Present Value of an Ordinary Annuity is

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We simply applied the above formula so that the correct value could come

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Answer:

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If PED < 1, inelastic demand

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