Intangible Properties and Taxation Quiz

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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?

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?

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)?

To inform the taxpayer that additional taxes or deficiency assessments need to be paid Signup and view all the answers

Under which section of the Tax Code can the Commissioner obtain information relative to the examination of other taxpayers?

Section 5(B) Signup and view all the answers

What is the general rule regarding the number of times a taxpayer can be subjected to an audit for a taxable year?

A taxpayer can only be audited once for a taxable year Signup and view all the answers

When should BIR Form No. 2550M be filed by Group E?

21 days following the end of the month Signup and view all the answers

Who is required to file BIR Form No. 1701Q?

Individuals engaged in trade/business or the practice of profession Signup and view all the answers

Which form is used for Quarterly Income Tax Return for Individuals, Estates, and Trusts?

BIR Form No. 1701Q Signup and view all the answers

What is the deadline for filing BIR Form No. 2550Q?

25th day following the close of each taxable quarter Signup and view all the answers

What is the purpose of the Letter of Authority (LOA) issued by the Bureau of Internal Revenue (BIR)?

To empower a Revenue Officer to examine a taxpayer's books and records for a specific taxable period Signup and view all the answers

Which group has to file BIR Form No. 2550M 22 days following the end of the month?

Group D Signup and view all the answers

Which of the following statements is correct regarding the Letter of Authority (LOA) issued by the BIR?

The LOA should cover a taxable period not exceeding one taxable year Signup and view all the answers

How can payments be made for BIR forms through eFPS filers?

Through e-payment channels of AABs Signup and view all the answers

What is the primary function of the Bureau of Internal Revenue (BIR) regarding tax assessment?

To determine the correct amount of tax due from a taxpayer Signup and view all the answers

Within what period can a taxpayer modify or amend a tax return, statement, or declaration filed with the BIR?

Within 3 years from the date of filing, unless an audit investigation is ongoing Signup and view all the answers

Which of the following taxes is considered an intangible property tax under the category of 'Privilege (Transfer Tax)'?

Estate tax Signup and view all the answers

What is the first stage in the taxation process?

Levy Signup and view all the answers