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Questions and Answers
What is the maximum number of days a Revenue Officer has to conduct a tax audit and submit the required report?
What is the maximum number of days a Revenue Officer has to conduct a tax audit and submit the required report?
- There is no time limit specified
- 90 days
- 120 days (correct)
- 180 days
If a Revenue Officer is unable to submit the final report within the 120-day period, what must they do?
If a Revenue Officer is unable to submit the final report within the 120-day period, what must they do?
- Request an extension from their Head Office
- Submit a Progress Report to their Head Office and surrender the LOA for revalidation (correct)
- Terminate the audit and start a new one
- Continue the audit without any additional steps
According to the information provided, in which of the following cases can a taxpayer be subjected to multiple audits for the same taxable year?
According to the information provided, in which of the following cases can a taxpayer be subjected to multiple audits for the same taxable year?
- If the Commissioner determines there was fraud, irregularity, or mistakes
- If the taxpayer requests a reinvestigation
- For verification of compliance with withholding tax laws and regulations
- All of the above (correct)
What is the purpose of a Notice of Informal Conference (Notice of Discrepancy)?
What is the purpose of a Notice of Informal Conference (Notice of Discrepancy)?
Under which section of the Tax Code can the Commissioner obtain information relative to the examination of other taxpayers?
Under which section of the Tax Code can the Commissioner obtain information relative to the examination of other taxpayers?
What is the general rule regarding the number of times a taxpayer can be subjected to an audit for a taxable year?
What is the general rule regarding the number of times a taxpayer can be subjected to an audit for a taxable year?
When should BIR Form No. 2550M be filed by Group E?
When should BIR Form No. 2550M be filed by Group E?
Who is required to file BIR Form No. 1701Q?
Who is required to file BIR Form No. 1701Q?
Which form is used for Quarterly Income Tax Return for Individuals, Estates, and Trusts?
Which form is used for Quarterly Income Tax Return for Individuals, Estates, and Trusts?
What is the deadline for filing BIR Form No. 2550Q?
What is the deadline for filing BIR Form No. 2550Q?
What is the purpose of the Letter of Authority (LOA) issued by the Bureau of Internal Revenue (BIR)?
What is the purpose of the Letter of Authority (LOA) issued by the Bureau of Internal Revenue (BIR)?
Which group has to file BIR Form No. 2550M 22 days following the end of the month?
Which group has to file BIR Form No. 2550M 22 days following the end of the month?
Which of the following statements is correct regarding the Letter of Authority (LOA) issued by the BIR?
Which of the following statements is correct regarding the Letter of Authority (LOA) issued by the BIR?
How can payments be made for BIR forms through eFPS filers?
How can payments be made for BIR forms through eFPS filers?
What is the primary function of the Bureau of Internal Revenue (BIR) regarding tax assessment?
What is the primary function of the Bureau of Internal Revenue (BIR) regarding tax assessment?
Within what period can a taxpayer modify or amend a tax return, statement, or declaration filed with the BIR?
Within what period can a taxpayer modify or amend a tax return, statement, or declaration filed with the BIR?
Which of the following taxes is considered an intangible property tax under the category of 'Privilege (Transfer Tax)'?
Which of the following taxes is considered an intangible property tax under the category of 'Privilege (Transfer Tax)'?
What is the first stage in the taxation process?
What is the first stage in the taxation process?
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