Question 1

An individual taxpayer is not required to give the IRS an explanation for extending the filing date for Form 1040.

Accepted Answer

A) True 
 B)False

Question 2

Mrs. Hepp completed her 2019 Form 1040 on April 13, 2020. The return showed a $923 balance due. Mrs. Hepp needs more time to double check all her computations. What should Mrs. Hepp do to give herself more time?

Accepted Answer

A)  She can do nothing because the Form 1040 must be filed by April 15. 
B)  She can file a request by April 15 for an automatic extension of time both to file her Form 1040 and to pay the balance due. 
C)  She can file a request by April 15 for an automatic extension of time to file her Form 1040 but pay the $923 estimated balance due with the extension request. 
D)  She can file a late Form 1040 without penalty as long as she mails the return before May 1, 2019. 
A)  She can do nothing because the Form 1040 must be filed by April 15. 
B)  She can file a request by April 15 for an automatic extension of time both to file her Form 1040 and to pay the balance due. 
C)  She can file a request by April 15 for an automatic extension of time to file her Form 1040 but pay the $923 estimated balance due with the extension request. 
D)  She can file a late Form 1040 without penalty as long as she mails the return before May 1, 2019.

Question 3

Macy filed her 2019 tax return on its extended due date of October 15, 2020. The IRS has until December 31, 2022, to audit this return.

Accepted Answer

A) True 
 B)False

Question 4

Gretchen's 2019 tax return, due April 15, 2020, was filed on July 9, 2020. Her tax due with the return was $1,200. Gretchen owes a late filing penalty of $180.

Accepted Answer

A) True 
 B)False

An individual taxpayer is not required to give the IRS an explanation for extending the filing date for Form 1040.

Mrs. Hepp completed her 2019 Form 1040 on April 13, 2020. The return showed a $923 balance due. Mrs. Hepp needs more time to double check all her computations. What should Mrs. Hepp do to give herself more time?

Macy filed her 2019 tax return on its extended due date of October 15, 2020. The IRS has until December 31, 2022, to audit this return.

Gretchen's 2019 tax return, due April 15, 2020, was filed on July 9, 2020. Her tax due with the return was $1,200. Gretchen owes a late filing penalty of $180.

Taxes and Taxing Jurisdictions

Policy Standards for a Good Tax

Taxes As Transaction Costs

Maxims of Income Tax Planning

Tax Research

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Property Dispositions

Nontaxable Exchanges

Sole Proprietorships, Partnerships, Llcs, and S Corporations

The Corporate Taxpayer

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

The Individual Tax Formula

Compensation and Retirement Planning

Investment and Personal Financial Planning

Tax Consequences of Personal Activities

Filters

Exam 18: The Tax Compliance Process

An individual taxpayer is not required to give the IRS an explanation for extending the filing date for Form 1040.

Mrs. Hepp completed her 2019 Form 1040 on April 13, 2020. The return showed a $923 balance due. Mrs. Hepp needs more time to double check all her computations. What should Mrs. Hepp do to give herself more time?

Macy filed her 2019 tax return on its extended due date of October 15, 2020. The IRS has until December 31, 2022, to audit this return.

Gretchen's 2019 tax return, due April 15, 2020, was filed on July 9, 2020. Her tax due with the return was $1,200. Gretchen owes a late filing penalty of $180.

Taxes and Taxing Jurisdictions

Policy Standards for a Good Tax

Taxes As Transaction Costs

Maxims of Income Tax Planning

Tax Research

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Property Dispositions

Nontaxable Exchanges

Sole Proprietorships, Partnerships, Llcs, and S Corporations

The Corporate Taxpayer

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

The Individual Tax Formula

Compensation and Retirement Planning

Investment and Personal Financial Planning

Tax Consequences of Personal Activities

Filters