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Question;2088. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #4;The Treasury issues ?private letter rulings? and other determinations, usually;in response to a taxpayer request. What is the purpose of the rulings program?;Answer from both the taxpayer and the government points of view.;2089. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #5;Describe the following written determinations that are issued by the IRS.;a.;Determination;letter.;b.;Technical;advice memorandum.;c.;Technical;expedited advice memorandum.;2090. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #6;Certain individuals are more likely than others to have the Form 1040 audited;by the IRS. List at least five factors that may increase above the national;norms one?s chances of audit.;2091. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #7;Congress has set very high goals as to the number of Forms 1040 that should be;filed electronically. Summarize the benefits of e-filing, from the perspective;of both the taxpayer and the government.;2092. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #8;If a taxpayer is audited by the IRS and is unwilling to accept the findings of;the agent, how does the taxpayer?s audit strategy change when the dispute is;taken to the IRS Appeals Division? Hint;What are the ?hazards of litigation??;2093. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #9;When a tax dispute is resolved, interest is paid by or to the government. List;three or more features of the interest computations that arise when a tax;return is audited.;2094. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #10;In connection with the taxpayer penalty for substantial understatement of tax;liability, what defenses (if any) are available?;2095. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #11;A taxpayer penalty may be waived if there is shown to be reasonable cause for the misstatement on the tax return. The courts;have applied this standard strictly. List three or more assertions for a waiver;of a taxpayer penalty that courts have found not to constitute reasonable cause. Example: Ignorance of the tax law.;2096. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #12;The taxpayer or a tax advisor may be subject to penalties if there is a;misstatement of the valuation of an item reported on the tax return. Describe;how these penalties work.;2097. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #13;Some taxpayers must make quarterly estimated payments of their income tax.;Describe the structure of these requirements. In your answer, include both;corporate and non-corporate taxpayers.;2098. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #14;How is the tax law affected by Federal criminal statutes?;2099. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #15;Circular 230 requires that the tax practitioner use the ?best practices? of the;tax profession in carrying out a tax engagement. Specify what some of these;best practices entail.;2100. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #16;Carole, a CPA, feels that she cannot act as an aggressive advocate for tax;clients in today?s environment. What aspects of the ethical conduct of a tax;practice might have influenced Carole?s attitude?;2101. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #17;Does the tax preparer enjoy an ?attorney-client privilege? of confidentiality;with his or her clients?;2102. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #18;CPA Jennifer has heard about the AICPA?s Statements on Standards for Tax;Services. Although Jennifer is a licensed CPA in her state, she is not a member;of the AICPA. How do the Statements affect Jennifer?s tax practice?;2103. CHAPTER;17?TAX PRACTICE AND ETHICS Question ES #19;The client has decided to dispute the Revenue Agent?s Report. What is the tax;advisor?s next step?

 

Paper#59258 | Written in 18-Jul-2015

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