Under the Code's penalty provisions, a practitioner can rely on scholarly journal articles as substantial authority for a tax position.
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- N4 When discussing types of business entities during a client interview, a tax preparer should: A)Not discuss different types of entities since this might imply the client has made the wrong choice. B)Recommend to the client their best choice for business entity after a thorough interview. C)Present the facts, but not recommend a particular type of entity. D)Always recommend choosing a sole proprietorship since this will minimize the client's tax preparation fees.Which of the following statements about the Commissioner’s powers is most correct? a. The Commissioner cannot request a taxpayer to provide information in writing. b. The Commissioner can remove documents from a taxpayer’s premises. c. The Commissioner is entitled to access a taxpayer’s premises at any reasonable time without notice. d. The Commissioner needs to obtain a search warrant in order to enter a taxpayer’s premises.A CPA – (a) may use a client’s estimate of dollar amounts in preparing a tax return only if the client provides a sworn affidavit stating that supporting documents are lost. (b) generally may use a client’s estimated amounts in preparing a tax return sub-ject to determining that the amounts are reasonable based on all known facts. (c) may use her / his own estimate of some dollar amount if the client’s estimate is deemed to be either inadequate or excessive. (d) may never under any circumstances put an estimated amount on a client’s tax return and in fact would risk (i) losing her / his state CPA license and/or (ii) criminal sanctions imposed by the IRS for doing so.
- The Following fringe benefits shall not be subject to basic tax or fringe benefit, except: a) Fringe benefits which are authorized and exempted from income tax under any special law. b) Benefits granted to the employee which are required by the nature of, or necessary to the trade, business or c) profession of the employer. c) De minimis benefits d) None of the choices.If an employee does not complete a Form W-4, the employer must withhold tax as if the employee were single with no exemptions? True or FalseExplain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that many taxpayers are unable to deduct any amounts, such as on medical and miscellaneous? Do you think this these provisions are biased against those in certain tax brackets?
- The official document issued by the CIR or his authorized representative authorizing the examination of taxpayer records is called: a.Authorization letter b.Letter Notice c.Letter of Authority d.Mission Order Which is NOT a power of the Commissioner? a.The power to abandon previous rulings b.The power to enter into a compromise c.The power to issue revenue regulations d.The power to issue rulings of first impressionIs skepticism necessary for a tax agent? Alternatively, one's expert judgment may suffice.None
- Which of the following statements is false? Group of answer choices A realized gain that is never recognized results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes. A realized loss on which recognition is postponed results in the temporary recovery of less than the taxpayer’s cost or other basis for tax purposes A realized loss that is never recognized results in the permanent recovery of less than the taxpayer’s cost or other basis for tax purposes. A realized gain on which recognition is postponed results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes.A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these temporary differences relate only to the future and that accounting is based on ‘historical cost.’ In addition, the government frequently changes the tax laws, so no one knows what the future tax laws will be.” Required: Prepare a written response for your friend that explains why deferred tax assets and deferred tax liabilities are recognized and reported on a corporation’s balance sheet. Include a discussion of a valuation allowance.Under the U.S. Rules of Evidence, a judge may exclude relevant evidence for a variety of reasons. Which of the following is a situation where a judge can refuse to admit relevant evidence? A. The evidence is unduly prejudicial. B. The evidence is hypothetical. C. The evidence might be offensive. D. The evidence is narrative.
