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Discuss which penalties, if any, might be imposed on the tax adviser in each of the following independent circumstances. In this regard, assume that the tax adviser:
a. Suggested to the client various means by which to acquire excludible income.
b. Suggested to the client various means by which to conceal cash receipts from gross income.
c. Suggested to the client means by which to improve her cash flow by delaying for six months or more the deposit of the employees’ share of Federal employment taxes.
d. Failed, because of pressing time conflicts, to conduct the usual review of the client’s tax return. The IRS later discovered that the return included fraudulent data.
e. Failed, because of pressing time conflicts, to conduct the usual review of the client’s tax return. The IRS later discovered a mathematical error in the computation of the personal exemption.
A partnership begins its first year of operations with the following capital balances. The was a net loss of 19,000 in the first year and net income of 410,000 in the second year. Each partner withdraws the man amount allowed each year. Calculate the..
Calculate operating income if the selling price is raised to $88 per unit, advertising expenditures are increased by $16,000 per month, and monthly unit sales volume becomes 5,200.
Imagine you are responsible for explaining cost estimation techniques and subsequent uses of cost information to team members outside of your department. How would you describe their interrelationship? Include charts, external references, etc. as app..
Smithson Products sells shoes and accessories to retail stores. Gross sales in 2013 were $1,407,250 (Smithson's list price) on terms 2/10, n/30. Customers paid for $925,500 (Smithson's list price) of the merchandise within the discount period and the..
the monthly break-even point in unit sales will increase-the monthly break-even point in unit sales will decrease-the monthly break-even point in unit sales will not change
Assume that Esquire consulting erroneously recorded the payment of $30,000 of dividends as salary expense. (a) How would this error affect the equality of the accounting equation? (b) How would this error affect the income statement, retained earning..
Will project management work in all companies? Why or why not? Provide examples of companies or industries to support your answer.Consider a project in which all project planning is performed by a group. After all planning is completed, including the..
Suppose that 80 percent of the R&D and selling expenses are traceable to Xderm. Prepare life-cycle income statements for each product. What does this tell you about the importance of accurate life-cycle costing?
Selling and administrative expenses for June are budgeted at $32,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,000 for the month.
Computation of Common stock dividend - Reiner Wholesale Merchandise had 20,000 shares
Calculation of total contribution margin and variable costs analysis - Iacono Corporation is a wholesaler that sells a single product.
The following information is available for the current year for Pike company. Number of units in beginning WIP Inventory 12,000 (30% complete) Number of units started in the current period 160,000 Number of units in the ending WIP Inventory 18,000 (7..
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