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Indicate whether the following statements are "True" or "False" regarding letter rulings. a.   Letter rulings have the force and effect of law and provide guidance and support for taxpayers in similar transactions.   b.   A letter ruling represents the current opinion of the IRS on the tax consequences of a transaction with a given set of facts.   c.   Letter rulings not only help promote a uniform application of the tax laws but also may reduce the potential for litigation or disputes with IRS agent

Which of the following items make up the legislative history of a tax law?   Question 22 options:   Congressional floor debate   IRS Publications   Circular 230   All of the above

i. Discuss five (5) factors that should be considered in determining whether employment should be classified as Contract for Services or Contact of Servicesproviding support from relevant case-law to support your answer for 2 of the factorsdiscussed. ii. What is the tax implication if the employment is one of contract of service rather than contract for services?

Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding taxes c.FUTA d.FICA   3

How are the electronic tax deposits transferred from the employer’s account to the IRS?

Which of the following accurately describes when a taxpayer may report capital gain/loss transactions directly on Schedule D instead of using Form 8949?

Which of the following statements is the most correct regarding The Taxpayer Bill of Rights? a.It states that a taxpayer is responsible for payment of only the correct amount of tax due, no more, no less. b.It explains the examination, appeal, collection, and refund process. c.It directs taxpayers to other IRS publications with more details on specific taxpayer rights. d.All of these statements are correct. e.None of these statements are correct.

What is a key step in the tax audit process? a) Submitting financial statements to the tax authority b) Reviewing the taxpayer's records and documents c) Negotiating a settlement with the tax authority d) Publishing the audit findings to the public

Question Content AreaKrista is a CPA who helps her clients minimize their overall tax liability. What function is she performing? a. Tax evasion b. Tax planning c. Tax deferral d. Tax preparation