The IRS does not have the authority to: a.Summon taxpayers to make them appear before the IRS. b.Summon third parties for taxpayer records. c.Examine a taxpayer's books and records. d.Place a lien on taxpayer property. e.The IRS has the authority to do all these.

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

Indicate whether the following statements are "True" or "False" regarding the administrative powers of the IRS. a.   If the taxpayer meets the record-keeping requirement and substantiates income and deductions properly, the IRS bears the burden of proof in establishing a tax deficiency during litigation.   b.   The Code permits the IRS to assess a deficiency and to demand payment for the tax. However, no assessment or effort to collect the tax may be made until 30 days after a statutory notice of a deficiency (a 30-day letter) is issued.   c.   If the taxpayer neglects or refuses to pay the tax after receiving the demand for payment, a lien in favor of the IRS is placed on all property (realty and personalty, tangible and intangible) belonging to the taxpayer.

Please share an exclusion from gross income. Describe the exclusion along with the section of the IRS code that pertains to the exclusion. Please also state whether the exclusion is unlimited or capped at a certain amount.