ACCT 224 DeVry Week 5 Quiz Latest

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ACCT 224 DeVry Week 5 Quiz Latest

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ACCT 224 DeVry Week 5 Quiz Latest

(TCO 8) Which of the following statements is false?

  • A taxpayer can be charged a penalty for the late payment of taxes even if an extension to file was granted.
  • The interest charged on the late payment of taxes is not deductible on the federal tax return.
  • The penalty for late filing and late payment of taxes is 10% of the balance of tax due with the return for each month it is delinquent.
  • A taxpayer who can establish a reasonable cause for the late filing of his or her tax return will not be charged a late filing penalty.

(General Feedback: Chapter 18, pages 574–577)  Comments:

 

Question 2. Question : (TCO 8) Thomas did not extend or file his 2013 federal tax return until December 3, 2014. His total tax liability was $5,000; the return showed a net refund due of $75. He filed late because he was in Vegas with his old fraternity buddies. What amount of late-filing penalty will he owe for the 2013 tax year?

$2,500

$150

$0

$75

(General Feedback: Chapter 18, page 576. The IRS does not assess a penalty if no tax is due. )

 

 

Question 3. Question : (TCO 8) Mr. and Mrs. Lee filed a complete and accurate return for 2013 on April 14, 2014. When will the statute of limitations expire for their 2013 return?

  • April 15, 2019
  • April 15, 2017
  • August 15, 2016
  • October 14, 2015

(General Feedback: Chapter 18. The IRS has 3 years from the later of the April 15 due date or the date the return was actually filed.)

 

Question 4. Question : (TCO 8) Which of the following is generally considered an indication that Ken has committed tax fraud?

  • Ken made major addition errors.
  • Ken’s business records and documents were destroyed in a flood.
  • Ken does not have any receipts for large deductions taken on his tax return.
  • Ken employed a CPA to prepare his tax return.

(General Feedback: Chapter 18, page 580) Comments:

 

Question 5. Question : (TCO 8) Which of the following statements concerning the innocent spouse rule is/are true?

  • The tax deficiency in question must be attributable to the omission of gross income or the claim of bogus deductions or credits made by both spouses on their joint return.
  • The innocent spouse must show that he or she did not know, and had no reason to know, that the return understated the joint federal tax liability.
  • A spouse is generally relieved of the additional tax liability to the extent that he or she did NOT significantly benefit from the omitted income and was ignorant of the omission.
  • All of the above

(General Feedback: Chapter 18, pages 587–588) Comments: