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Chapter 02 Tax Compliance, the IRS, and Tax Authorities




Question;25.;The Internal;Revenue Code of 1986 is the name of the current tax code.;True False;26.;As required;by the Constitution, all tax bills are supposed to originate in the House of;Representatives.;True False;27.;The Senate;Ways and Means Committee is in charge of drafting tax bills in the U.S.;Senate.;True False;28.;Closed facts;are especially conducive to tax planning.;True False;29.;Of the two;basic types of tax services, beginning tax researchers often prefer topical;tax services.;True False;30.;In;researching a question of fact, the researcher will focus her efforts on;identifying authorities with fact patterns similar to her client's;facts.;True False;31.;Under the;Statement on Standards for Tax Services, a CPA may recommend a tax return;position if the position is frivolous and the position is not disclosed on;the tax return.;True False;32.;In general, a;CPA will satisfy his professional responsibilities under the Statement on;Standards for Tax Services when recommending a tax return position if he;complies with the standards imposed by the applicable tax authority.;True False;33.;Under the tax;law, taxpayers may be subject to both civil and criminal penalties for;underpaying their tax liability (e.g., due to fraud).;True False;34.;A taxpayer;can avoid an underpayment penalty if there is substantial authority that;supports her tax return position.;True False;35.;If the IRS;assesses additional tax upon audit, a taxpayer may be subject to interest and;penalties on the underpayment.;True False


Paper#55257 | Written in 18-Jul-2015

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