Martin filed a timely return on April 15. Martin inadvertently omitted income that amounted to 30% of his gross income stated on the return. The statute of limitations for Martin's return would end after how many years?
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1 .Chris Baker's adjusted gross income on her current year tax return was USD160,000. The amount covered a 12-month period. For the next tax year, Baker may avoid the penalty for the underpayment of estimated tax if the timely estimated tax payments equal the required annual amount of:I.90% of the tax on the return for the current year paid in four equal installments.II.110% of prior year's tax liability paid in four equal installments.
A I only. B Neither I nor II. C II only. D Both I and II.
2 .A claim for refund of erroneously paid income taxes, filed by an individual before the statute of limitations expires, must be submitted on Form:
A 1040X B 1139 C 1045 D 843
3 .A calendar-year taxpayer files an individual tax return for Year 2 on March 20, Year 3. The taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return. What is the latest date that the Internal Revenue Service can assess tax and assert a notice of deficiency?
A March 20, Year 5. B March 20, Year 6. C April 15, Year 5. D April 15, Year 6.
4 .A CPA's adjusted gross income (AGI) for the preceding 12-month tax year exceeds USD150,000. Which of the following methods is (are) available to the CPA to compute the required annual payment of estimated tax for the current year in order to make timely estimated tax payments and avoid the underpayment of estimated tax penalty?I.The annualization method.II.The seasonal method.
A I only. B II only. C Both I and II. D Neither I nor II.
5 .Martinsen, a calendar-year individual, files a year 1 tax return on March 31, Year 2. Martinsen reports USD20,000 of gross income. Martinsen inadvertently omits USD500 interest income. The IRS may assess additional tax up until which of the following dates?
A March 31, Year 5. B March 31, Year 8. C April 15, Year 8. D April 15, Year 5.
7 .Dawn White's adjusted gross income on her Year 1 tax return was USD100,000. The amount covered a 12-month period. For the Year 2 tax year, the minimum payments required from White to avoid the penalty for the underpayment of estimated tax is:
A 110% of the prior year's tax liability paid in four equal installments only. B 90% of the current tax on the return for the current year paid in four equal installments or 100% of the prior year's tax liability paid in four equal installments. C 100% of the prior year's tax liability paid in four ...
8 .A calendar-year individual filed an income tax return on April 1. This return can be amended no later than:
A Ten months and 15 days after the end of the calendar year. B Three years, three months, and 15 days after the end of the calendar year. C Four months and 15 days after the end of the calendar year. D Three years after the return was filed.
9 .Sam's year 2 taxable income was USD175,000 with a corresponding tax liability of USD30,000. For year 3, Sam expects taxable income of USD250,000 and a tax liability of USD50,000. In order to avoid a penalty for underpayment of estimated tax, what is the minimum amount of year 3 estimated tax payments that Sam can make?
A USD 45,000 B USD 30,000 C USD 50,000 D USD 33,000
10 .An individual taxpayer agreed to a finding of fraud on an income tax return filed two years ago. What is the maximum time limitation, if any, after which the IRS may not assess any additional taxes against the taxpayer for this tax return?
A There is no time limitation. B One year. C Two years. D Three years.
