the IRS has the authority to impose penalties on tax professionals.
The IRS is the Internal Revenue Service unit for the United States, which is in charge of collecting federal taxes in the United States and overseeing the Internal Revenue Code, the principal section of federal statutory tax legislation.
It is a division of the Treasury Department and is run by the Commissioner of Internal Revenue, who is picked by the US President for a five-year term. Among the responsibilities of the IRS are helping taxpayers with their taxes, pursuing and resolving cases of incorrect or fraudulent tax files, and managing a number of benefit programs, including the Affordable Care Act.
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Answer:
The correct answer is False.
Explanation:
Net working capital, or "Working Capital" is simply the difference between current or current assets and current or short-term liabilities of a company.
Cash flow, on the other hand, is the net amount of cash and its equivalents that is transferred inside and outside the company and that may originate in operational, investment or financing activities.
Cash flow will have an operational origin, when there is a net decrease in working capital. In this situation there will be a net cash release that the company can use freely to honor debts, reinvest in operations, pay dividends, cover expenses or provide funds for future investments.
A negative cash flow, from the point of view of operations, implies that the company has increased its cash demands to finance sales on credit or inventory. That is, it has increased its investment in working capital. Situation that will require an analysis that allows a better way to manage capital.
The Sixth Amendment guarantees the right of criminal suspects to have an attorney defend them in court. This right does not depend on the defendant's ability to pay attorneys' fees. If the defendant cannot afford one, the government must provide one.
An amendment is a formal or official change to a statute, treaty, constitution, or legal document. It is based on the verb 'change' which means 'to change for the better.
Changes may add, remove or update portions of this Agreement. They are often used when it is better to modify a document than to create a new one. Only legislative bodies are involved in the change process.
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Answer:
e. $225,000.
Explanation:
Since Bob Shockey pays interest as in accrues, the amount the beneficiary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:
Amount to receive by beneficiary = $250,000 - $25,000 = $225,000
Therefore, his beneficiary will receive $225,000.
Answer:
Gross bonus=$1,148.54
FIT=252.68
OASDI=71.21
HI =16.65
MASS. TAX=58.00
Explanation:
Calculation for the withholding taxes and the gross amount of the bonus
Calculation for gross amount of the bonus
Gross amount of the bonus= [$750/ (1- 0.22 - 0.062 - 0.0145 - 0.0505] - 0.01
Gross amount of the bonus= [$750/ (0.78 - 0.062 - 0.0145 - 0.0505] - 0.01
Gross amount of the bonus= [$750/ 0.653] - 0.01
Gross amount of the bonus=1,148.545-0.01
Gross amount of the bonus=$ 1,148.54
Therefore the Gross amount of the bonus will be $ 1,148.54
Calculation for the withholding taxes
FIT =1148.54 * 22%
FIT=252.68
OASDI= 1148.54 * 6.2%
OASDI=71.21
HI=1148.54 * 1.45%
HI =16.65
MASS. TAX =1148.54 * 5.05%
MASS. TAX =58.00
NET 750.00
[$1,148.54-(252.68+71.21+16.65+58.00)]
Therefore the withholding taxes are:
FIT=252.68
OASDI=71.21
HI =16.65
MASS. TAX = =58.00