FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 26: Tax Practice and Ethics

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Short Answer

Review LaterAdd Note

Review Later

A letter ruling should be requested when the taxpayer wants to know the IRS interpretation of how the tax law will be applied to a ____________________ (proposed,completed) transaction.

Correct Answer

verified

Show Answer

Question 82

Essay

Review LaterAdd Note

Review Later

Loren Ltd.,a calendar year taxpayer,had the following transactions,all of which were properly reported on a timely filed return.Presuming the absence of fraud,how much of an omission from gross income must occur for Loren before the six-year statute of limitations applies? Show your computations.

Correct Answer

verified

A taxpayer must omit an amount of gross ...

View Answer

Show Answer

Question 83

Short Answer

Review LaterAdd Note

The ____________________,a presidential appointee,is the "IRS's attorney."

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters need be used. a.Ignorance of the tax law b.Reasonable basis c.Reasonable cause d.Complexity of the tax law e.Substantial authority f.Disclosure on return -Substantial understatement of tax liability.

The Statements on Standards for Tax Services are issued by the:

The taxpayer can avoid a valuation penalty for overstating the value of the charitable contribution of an artwork by showing that the deduction claimed was based on a qualified ____________________.

​This official does not report directly to the IRS Commissioner.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. a.Taxpayer penalty b.Tax preparer penalty c.Appraiser's penalty -Failure to file a tax return.

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters need be used. a.Ignorance of the tax law b.Reasonable basis c.Reasonable cause d.Complexity of the tax law e.Substantial authority f.Disclosure on return -Failure to pay a tax that is due.

CPA Shearer is required by AICPA tax ethics rules to inform her client Martinez of significant changes in the Federal income tax laws.

Jaime's negligence penalty will be waived,under the reasonable cause exception.He told the court,"My taxes were wrong because I couldn't understand the tax law."

A(n) $____________________ penalty applies if the tax preparer does not sign the client's tax return.

The "IRS's attorney" is known as the Chief Counsel.

Under Circular 230,Burke cannot complete a client's original Form 1040 and charge a fee equal to one-third of the resulting refund.

As part of a tax return engagement for XYZ Partnership,Enrolled Agent Wang can draft an amendment to the XYZ partnership agreement.

The privilege of confidentiality applies to a CPA tax preparer concerning the client's information relative to:

The Commissioner of the IRS is appointed by the:

An individual's amended tax return,computing a refund or amount due,generally uses Form ____________________.

A tax preparer is in violation of Circular 230 if he or she:

Attorneys are allowed an "attorney-client privilege" of confidentiality with clients.Does a CPA tax preparer enjoy the same privilege? On which types of tax and financial work?