Question

May the joint Committee  on Taxation indefinitely delay a large refund claimed on a tax return?

May the joint Committee  on Taxation indefinitely delay a large refund claimed on a tax return?

Homework Answers

Answer #1

In my view, the joint Committee should not delay a large refund claimed on tax return indefinitely because it leads to cash flow problem for businesses, professionals and individuals. They plan their spending/ savings keeping refunds in mind and indefinite delay in refunds will cause money circulation problem. This may slow the churn rate of economy, cause lower domestic demand/ investment problem and thus adversely affect the economy as a whole at macro level stemming from micro level.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Cindy is age 18, is claimed as a dependent on her parents joint tax return. During...
Cindy is age 18, is claimed as a dependent on her parents joint tax return. During the year, cindy earned $3,000 babysitting and $2500 in interest from a bank savings account. compute cindys net unearned income and taxable income in 2018.
In regards to the taxation of corporations, which of the following statements about federal tax return...
In regards to the taxation of corporations, which of the following statements about federal tax return filing dates is false? A corporation with a fiscal tax year ending on April 30 must file its unextended Form 1120 by August 15 following the close of the tax year. In regards to filing annual income tax returns, corporations, like individuals, must file by the 15th day of the fourth month following the close of the tax year. A corporation may request an...
) You are chief counsel to the chairman of the Joint Committee on Taxation, the body...
) You are chief counsel to the chairman of the Joint Committee on Taxation, the body primarily responsible for identifying taxation issues and their consequences as Congress seeks to implement a comprehensive and coherent tax policy. Currently, the United States is in a bit of an economic slump. Corporate earnings reports are relatively weak; the stock market is about 25% off of its 5-year highs, and tax revenues are down. Largely as a result of the last issue, the government...
You are chief counsel to the chairman of the Joint Committee on Taxation, the body primarily...
You are chief counsel to the chairman of the Joint Committee on Taxation, the body primarily responsible for identifying taxation issues and their consequences as Congress seeks to implement a comprehensive and coherent tax policy. Currently, the United States is in a bit of an economic slump. Corporate earnings reports are relatively weak; the stock market is about 25% off of its 5-year highs, and tax revenues are down. Largely as a result of the last issue, the government finds...
The national mean for refund on 1040 tax return is μ = $520. You wish to...
The national mean for refund on 1040 tax return is μ = $520. You wish to know whether the average refund on a 1040 tax return is different from the national mean. You randomly select 16 (N) taxpayers and obtain the following results: sample refund mean = $610, sample standard deviation Sx = 160. Use the one sample t test to answer the following questions with the significance level (α) of 0.05 Question 1: State the null and the alternative...
Does wise financial planning include getting a large income tax refund every year? Discuss three tax...
Does wise financial planning include getting a large income tax refund every year? Discuss three tax saving strategies that could be effective for an individual’s personal tax savings.
The Joint Custody Head of Household Credit may not be claimed by which of the following...
The Joint Custody Head of Household Credit may not be claimed by which of the following taxpayers. Select one: a. A taxpayer using the married/RDP filing jointly status b. A taxpayer using the head of household filing status c. A taxpayer using the qualifying widow(er) filing status d. A and C cannot claim the credit e. All of the above cannot claim the credit
Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and...
Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and have one dependent child, Dante. The couple paid $8,760 of tuition and $9,435 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.
Harry and Wilma are married and file a joint income tax return. On their tax return,...
Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6-year old daughter while theywork. ABC Day Care Center $5,200 Mrs. Mason (Harry’s mother) 1,000 Harry and Wilma may claim a credit...
Ian, 37, and Isabella, 36, are married and file a joint tax return. They have one...
Ian, 37, and Isabella, 36, are married and file a joint tax return. They have one child, Ingrid (Isabella's daughter from a prior marriage and is claimed as a dependent (QC) on Ian & Isabella's joint return).In 2020, Isabella and Ian had the following items: Salary (Isabella): $83,000Salary (Ian): $13,000Scholarship: $6,500 ($2,500 used to pay Ian’s tuition at an eligible educational institution, $1,000 used to buy required textbooks, and $3,000 used to payroom and board)California Paid Family Leave (PFL): $2,000Inheritance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT