Ch 2 - Individual Taxation Other Items

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Author:
Ricksta760
ID:
229956
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Ch 2 - Individual Taxation Other Items
Updated:
2013-08-14 01:04:04
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Individual Taxation Other Items
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Ch 2 - Individual Taxation Other Items
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  1. Statue of Limitations General Rule
    • 3 years from Later of:
    • a. Due date of return (apr 15 starts for 3 years)
    • b. Date return is filed (including amended returns)
  2. 25% understatement of gross incomeĀ 
    statue of limitations
    • 1. 6 years from later of:
    • a. Due date of return, or
    • b. Date return is filed.
  3. Fraud or False Returns
    Statute of Limitations
    1. No statute of limiations for fraud or filing false returns.
  4. Estimated Tax and inadequate witholdings
    • 1. taxpayer typically makes pre-payments of tax during the yr.
    • 2. req to make qtr pmts if:
    • A.) $1,000 or More Tax Liability = better be making pmts
    • B.)Inadequate Tax est
    • other condition is met if the taxpayer's witholdings is less than the lesser of:
    • * 90% of current yr's tax, or
    • * 100% of last yr's tax
    • If income >150k then 110% of prior yr's tax
  5. Failure to Pay Est Taxes - Penalty
    • 1. may assess penalty
    • 2. no penalty if liablity is less then 1k
  6. Other Forms
    • 1. 1040X: claim refund, 3 years from date filed or the original due date OR 2 yrs from the time the tax was paid.
    • 2. Bad Debts, worthless securities, 7 years later of due date or when filed.
    • 3. 1139 claim a refund of corp income tax
    • 4. 1045 quick refund
    • 5. 843 req a refund of taxes other than income tax.

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