Answer:
True.
Explanation:
Preparer penalties are sanctions imposed by the internal revenue code on tax professional who are found negligent in discharging their professional duties in tax matters. These sanctions range from financial fines to imprisonment. And Internal Revenue Code has relevant sections for each category of negligence. Normally, it is the staff personnel that has the highest exposure to the risk of being negligent and tax professionals will put in place adequate measures to reduce this exposure to preparer penalties. One of such measures that are employed to reduce the chances of staff personnel incurring IRS preparer penalties is tone at the top approach. This approach is used by management to establish the ethical value of the firm. It set up the environment in which management relay their commitment to upholding ethical values, such as integrity, diligence and objectivity.
This established tone will serve as guiding map to the staff personnel who are expected to follow the guideline in discharge of their duties. And in turn, this regulated behavior of staff personnel and demonstrated commitment of management to upholding ethical values will help to reduce the chances of staff personnel incurring IRS preparer penalties because of the presence of atmosphere of integrity and diligence in the organisation. So the answer is true.
Answer:
The Correct Answer is B.
Sales tax.
Explanation:
Sales tax is the Tax imposed by the government body during the sale of the goods and services at a retail level.
While payroll tax is the tax which is imposed on the salary of the employees and this tax is imposed by the employer. payroll taxes are directly deducted from the salaries of the employees and directly paid to the internal revenue services by the employer.
Answer:
$170 million
Explanation:
First we must calculate the implied fair value of goodwill:
fair value of goodwill = Sanchez's fair value - Sanchez's asset valuation = $1,020 million - $900 million = $120 million
impairment loss = recorded goodwill - fair value of goodwill = $290 million - $120 million = $170 million
An impairment loss is a loss generated by the decline of an asset's fair value.
Answer:
The answer is A. corporate social responsibility
Explanation:
Corporate Social Responsibility is a commitment by a business to behave ethically and contribute to economic development while improving the quality of life of its workforce and society as a whole.
Answer:
The appropriate journal entry to record the March purchases of shares under the employee share purchase plan are as follows:
Debit: Cash ($12 × 85%) × $50,000 = $510,000
Debit: Compensation Expense ($12 × 8%) × $50,000 = $90,000
Credit: Common Stock = $50,000
Paid in Capital – Excess of Par ($50,000 × $11) = $550,000
