Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Consider the following narrative describing the process of preparing an income tax return: Each year before April 15, you file your income taxes. You

image text in transcribed

4. Consider the following narrative describing the process of preparing an income tax return: Each year before April 15, you file your income taxes. You collect multiple W-2 and 1099 documents. You prepare your tax return and double-check it for accuracy. You file your forms. Use BPMN to model the process using the following independent assumptions. Use inclusive gateways to model simultaneous events. connect Mc Graw Hill a. When you prepare your tax return, you download multiple forms from the IRS website. You fill out the forms, double-check your work, and then print them out. If you owe money, you write a check. You mail your tax return along with the check if you owe money. If you are getting a refund, you wait to receive your refund by check and deposit your refund in your bank account. QLO 2-8 b. When you prepare your tax return, you use cloud-based tax software. You answer the questions and the tax software prepares the tax return for you. Once you've double-checked your work, you enter your checking account details and file your return electronically. If you owe money, the IRS will automatically deduct the amount from your checking account in 7 days. If you are getting a refund, the IRS will deposit the refund directly into your checking account. QLO 2-8

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AML Auditing Understanding Foreign Exchange What Every AML KYC Auditor Should Know

Authors: Bob Walsh

1st Edition

1539576248, 978-1539576242

More Books

Students also viewed these Accounting questions