Answered: Tax preparers may be assessed a penalty…

Business

Accounting

Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 3BCRQ

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

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Which of the following is not a preparer penalty?

a.Tax preparers may be assessed a penalty for endorsing or cashing a refund check issued to a taxpayer.

b.Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers.

c.Tax preparers may be assessed a penalty for failing to keep a copy of the prepared return.

d.Tax preparers may be assessed a penalty for failing to sign a tax return.

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