Tax-Remedies.pdf - Remedy is a method by which a cause of...

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Remedyis a method by which a cause of action can be enforced by law or equity.It is the procedure or type of action whichmay be availed of by the plaintiff as a means to obtain the relief desired.What are the stages in the imposition of taxes?1.LEVYimposition of the tax by the legislature.2.ASSESSMENTthe process of determining the correct amount of tax due.3.COLLECTION and PAYMENTact of compliance with the tax law by the taxpayer.ASSESSMENT OF TAXES1.Assessmentofficial action of BIR in ascertaining the amount due and giving notice to the taxpayer requiring paymentwithin a specified time of the tax due from him, including penalties and interest.2.Presumption of correctnessassessments are presumed correct.The burden of proof to show the incorrectness orinaccuracy of such assessments, or the details thereof, lies on the taxpayer.3.Time of Assessmentwithin 3 yearsafter the return is filed.If no assessment is made, no case can be filed in courtafter the expiration of such period.Computation of the 3-year period:a.After the last day of filingif the return was filed before the last day.b.From the date of filingif the return was filed late.Exception:The 3-year period is extended if1.False or fraudulent return with intent to evade the tax is filedassessment can be issued within10 years after thediscoveryof the falsity or fraud.2.Failure or omission to file returnassessment may be issuedwithin 10 years after the discoveryof the failure oromission to file a return.3.Agreement in writing between the Commissioner of Internal Revenue and the taxpayer before the expiration of the 3-year period for the assessment of taxes.Q1.Where a return was filed, as a general rule, the prescriptive period for assessment after the date the return was due orwas filed, whichever is later, is within:a. Two yearsc. Five yearsb. Three yearsd. Ten years
Q2 - Q6The income tax return of Andrea for 2012 was filed April 2, 2013.Tax shown on the return was P 6,000 which was paid upon filing.Tax upon audit was P 10,000. Assessment for deficiency was made on April 12, 2014.Q2.Last day to send notice of assessment is
Q3.If no assessment was made, the last day for the government to collect by judicial proceedings is-
Taxation ReviewTax RemediesBy: Prof. Davey C. Medidas, CPA, MBAPage 1

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Term
Fall
Professor
EmilyBryan
Tags
Taxation in the United States, Prof Davey C Medidas

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