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What must taxpayers do when they file for an extension? Estimate how much tax will...

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Accounting

What must taxpayers do when they file for an extension?
Estimate how much tax will be owed and pay the estimate with the extension
Pay the exact balance owed when filing the extension
Execute a promissory note to the U.S. Treasury for the exact balance owed
File the return only when the extension expires
What must an S corporation do to file after March 15 without a penalty?
Request a 6-month extension to file before March 15
Request a 6-month extension to file before April 15
File the return on or before April 15
Request a 7-month extension to file before March 15
How much is the penalty for substantial understatement of tax?
5% of understatement
20% of understatement
25% of understatement
40% of understatement
Under which circumstance would the statute of limitations increase to six years?
Gift tax returns
Death of the taxpayer
Fraudulent omission of income
Substantial omission of income
Which action refers to a situation where the facts have not yet occurred?
Preparing a federal tax return
Evaluation for an open-fact pattern
O Consultation for a closed-fact pattern
Consultation for a completed transaction

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