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MissTica
3 years ago
13

Who may be affected by monetary penalties imposed by the Internal Revenue Service when a Tax Professional fails to meet due dili

gence requirements?
Business
1 answer:
Evgesh-ka [11]3 years ago
5 0

Answer:

Both the tax practioner and the assessee will be liable for penalties under IRS 6695(a)

Explanation:

When a tax preparer is paid to arrange the tax return of a client they must follow preparer due diligence laws.

This is the case when the preparer is trying to get a refund of earned income tax credit, child tax credit, American opportunity tax credit, or filing of head of household status.

The effect on the tax preparer's client include:

- refund of amounts collected in error because of wrong return

- a two year ban from claiming credits if error is due to recklessness

- a ten year ban if error is as a result of fraud

The consequences for the tax preparer includes:

- for each requirement not met a $500 penalty

- suspension from the IRS e-file

- a ban from tax preparations

- in cases of fraud criminal charges can be made

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A farmer raises wheat and pays a portion of it as a tax that is collected by government agents and sent to a central storage fac
Alisiya [41]

Answer: redistribution

                                         

Explanation: In simple words, redistribution refers to the process in which something is distributed in way to achieve a specific objective like equality etc.

In other words, it can be seen as transfer of wealth or resources from one section of the society to the other sections. Redistribution is  performed by governments of the country and is implemented using tools such as taxes, charity and public services etc.

Hence from the above we can conclude that the given example depcits redistribution.    

8 0
3 years ago
Fein Company provided the following information relating to cash payments:
BlackZzzverrR [31]

Answer:

Fein Company

Schedule of Cash Payments

For the Month of August 202x

Salaries expenses:

From July salaries                  $3,230

<u>From August salaries            $31,860</u>

Total salaries                        $35,090

Direct materials:

From July purchases             $61,600

<u>From August purchases        $14,600</u>

Total direct materials            $76,200

Overhead expenses:            $64,850

Debt payments:

Principal                                 $15,000

<u>Accrued interests                      $450</u>

Total debt payment              $15,450

Total cash payments           $191,590

6 0
3 years ago
Which type of utility can only be added by the maker of the product
Ratling [72]

A: The four types of economic utility are form, time, place and possession. "Utility" in this context refers to the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services.

6 0
3 years ago
Read 2 more answers
Grayhawk Company reported net credit sales of $588,000 for the year ending December 31, 2019. On January 1, 2019, the Allowance
Sever21 [200]

Answer:

D) $8,040

Explanation:

<u>Credit Sales Method:</u>

Bad Debt Losses = 3% of Credit Sales

Bad Debt Losses = 0.03 x $588,000

Bad Debt Losses = $17,640

<u>Adjusted balance in the Allowance for Doubtful Accounts:</u>

Bad Debt Losses - (uncollectible accounts receivable - Allowance for Doubtful Accounts)

$17,640 - ($24,000 - $14,400)

$17,640 - $9,600

$8,040

5 0
2 years ago
the value of the marginal product of any input is equal to the marginal product of that input multiplied by the:_____.
charle [14.2K]

The value of the marginal product of any input is equal to the marginal product of that input multiplied by the: <u>market price</u>  of the output.

<h3>How to find the marginal product?</h3>

The marginal product can be defined as the change that occur due to the  addition of an output to  a unit of  input .

The value of marginal product can be calculated by making use of this formula

Value of Marginal Product = Marginal physical product × Average revenue price of the product.

Therefore the statement that complete the statement is market price  of the output.

Learn more about marginal product here:brainly.com/question/14867207

#SPJ1

6 0
1 year ago
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