Answered: Someone receives an IRS notice…

Someone receives an IRS notice regarding a math error, what does that mean? Is there any advice or suggestion to give regarding the IRS notice?

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter13: Estate Taxes

Section: Chapter Questions

Problem 5RQ

See similar textbooks

Related questions

Q: Gambling winnings must be reported to the IRS, but withholding of taxes on winning is never…

A: It is correct that gambling winnings must be reported to the IRS, but the withholding of taxes on…

Q: What is the goal of a tax audit? A. To make sure you paying your imposed fines B. To make sure…

A: Tax audit means audit of the information provided in tax returns like income and expenditure are…

Q: What to do if you are missing a W-2?

A: Form W-2 (stated as Wage and Tax Statement), it is a tax form of IRS (Internal Revenue Service)…

Q: Under what circumstances would you gather tax information from the IRS web site?

A: IRS stands for Indian revenue services. It has the responsibility for the collection and…

Q: In ONE PARAGRAPH: i. Briefly explain what is IRS? ii. Who are the parties in an IRS?

A: IRS refers to the Internal revenue service which is mainly responsible for the enforcement of laws…

Q: To be registered as a tax agent you need to meet the fit and proper person test. True or False

A: A registered tax agent seems to be a professional accountant who studied tax to register with the…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

Q: Give an idea or opinion on how to catch those practicing tax evasion.

A: In this question . we will explain that how to catch those practicing tax evasion.

Q: Why would a taxpayer file a tax return if not required to do so?

A: A person is required to file the income tax return as per their respective country’s taxation law.…

Q: What is taxation? Are there any benefits to filing early? And what happens if I file after the…

A: Taxation is defined as the means through which the tax authorities and the government imposes the…

Q: Define the term the IRS? What are the guidelines of the IRS?

Q: Is it the auditors’ responsibility to verify that the client meets tax-exempt status?

A: Here the requirement of the question is it the auditor's responsibility to verify that the client…

Q: John Matthew filed a fraudulent income tax return for the year 2021 on April 11, 2022. The Burea

A: As per the procedure of BIR , the individual have to file self-assessed return…

Q: Describe the exclusion Life insurance proceeds received by reason of the death of the insured person…

A: The life insurance proceeds from genuine life insurance contracts which was received by beneficiary…

Q: What of the following is not considered practice before the IRS per Circular 230? A. Corresponding…

A: All things related with a representation to the IRS, or any of its officers or staff, pertaining to…

Q: Which of the following is not a fully taxable supply? A. A bus ride from home to school. B. The…

A: Taxable supply is that supply of goods and services which is taxable under Goods and Services tax…

Q: oceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were…

A: Usually, insurance proceed paid to the beneficiaries are not included in the income of…

Q: Before paying a tax invoice for the purchase of goods, list steps you would take to check that the…

A: Answer

Q: Which of the following instances is not a ground for the BIR Commissioner to inquire or examine the…

A: The answer is stated below:

Q: Which of the following is a compliance tool the IRS utilizes to address the tax gap? Compliance…

A: Tax gap is the amount of tax which is computed by subtracting the tax paid by the tax payer from the…

Q: A taxpayer’s tax-exempt status justifies the non-keeping of books of accounts and other accounting…

A: Exempted income means the income on which income tax is not levied or paid.

Q: appropriate data into the tax-accounting program. What are the values of B, n, and S in depreciating…

A: B = Purchase price + Transportation cost + Installation cost S = 10% of purchase price n =…

Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…

A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…

Q: Indicate whether the following statements are "True" or "False" regarding letter rulings. a.…

A: Letter Rulings Letter rulings does not have the force and effect of law, but they provide guidance…

Q: Why is recordkeeping so important as a taxpayer and tax preparer?

A: Record keeping is the process of maintaining and keeping all the accounting records of the business…

Q: Failure to furnish a completed copy of a prepared tax return no later than the time such return is…

A: Every Tax return filer has to submit a copy of the tax return after certification with signature to…

Q: Which of the following statements about the Commissioner’s powers is most correct? a. The…

A: Commissioner may require a taxpayer to provide any information that is required for the…

Q: A CPA – (a) may use a client’s estimate of dollar amounts in preparing a tax return only if…

A: A CPA may use a client’s estimated amounts in preparing a tax return subject to condition that the…

Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…

A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…

Q: The IRS does not have the authority to: a.Summon taxpayers to make them appear before the IRS.…

A: The IRS or Internal Revenue Service’s is the tax collection agency of the nation that administers…

Q: Which of the following statements is the most correct regarding The Taxpayer Bill of Rights? a.It…

A: The Taxpayer Bill of Rights inform taxpayers with more details on specific taxpayer rights by…

Q: Which of the following statements best describes the purpose of Oa. To inform taxpayers of their…

A: A bill which describes the rights of tax payer regarding tax is called bill of rights.

Q: Indicate whether the following statements are "True" or "False" regarding the administrative powers…

A: Explanation The Tax payer must be able to substantiate certain expenses to deduct them. In general,…

Q: The Commissioner

A: TRUE The power to interpret the provisions of this Code and alternative tax laws shall be beneath…

Q: A taxpayer must report the full amount of gambling winnings on Schedule 1, line 8. How are gambling…

A: Gambling Losses shall be allowed as an itemized deductions on Schedule, subject to certain…

Q: Which of the following statements is TRUE? A separate row of Form 8949 must be completed for each…

A: Form 8949 is filled through those who sell the capital assets or even who exchanges the asset such…

Q: Days where rental property is used by the taxpayer to repair and maintain the property do not count…

A: The time when the taxpayer uses the property in order to repair and maintain, it would not be…

Q: A taxpayer’s tax-exempt status justifies the non-keeping of books of accounts and other accounting…

A: Tax-exempt can be defined as the income free from taxation at the local, state, and federal levels.…

Q: Briefly compare and contrast the traditional home-office deduction with the new (since 2013)…

A: Home office deductions refers to deductions available for making use of your home for business…

Question

100%

Someone receives an IRS notice regarding a math error, what does that mean? Is there any advice or suggestion to give regarding the IRS notice?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

how to fill out the irs form 1120 for this problem?Please and thank you.
A tax preparer has a client tht recently asked him about the probability ofthe IRS detecting cash transactions not reported on tax return. What are some of the issues the tax preparer should discuss with this client?
The Taxpayer Advocate Service (TAS) can help taxpayers with what type of assistance? As a first step, rather than dealing with the IRS, when the taxpayer believes there are unusual circumstances involved. When the taxpayer feels the resolution applied by the IRS is unreasonable. If there is a financial difficulty, emergency, or hardship and the IRS needs to move faster than normal. When an audit results in a significant change and the deadline for appeal has passed. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Is the IRS appearing to be socially responsible when it excludes from gross income, living expenses, property damage and funeral expenses tied to Disaster Relief, employer payments to deceased employees surviving family members, insurance proceeds for the terminally ill and other similar considerations? Is there some underlying purpose for offering exclusions to taxpayers?
alculator 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.
Calculator Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To grant to taxpayers the right to choose the time and method of payment of delinquent taxes b.To inform taxpayers of their rights in dealing with the IRS c.To inform taxpayers of the methods for properly completing their income tax returns d.To provide the IRS with additional enforcement powers e.None of these choices are correct.
A taxpayer’s tax-exempt status justifies the non-keeping of books of accountsand other accounting records. TRUE OR FALSE?
Which of the following is a compliance tool the IRS utilizes to address the tax gap? Compliance checks. Correspondence examinations. Discovery services. Processing and investigating unsolicited amended returns.
Which of the following taxpayers is required to file a form 8862 to claim certain credits after disallowance?
Taxpayers have the right to have an IRS examination take place at: The IRS office Any city of the taxpayer's choosing A neutral site A reasonable time and place None of the above
Access the Internet and go to www.irs.gov and select News in the upper right hand corner (on mobile devices, select Menu in the upper right hand corner and select News). Select IRS Guidance(on mobile devices, hit the plus on more News, then scroll down until you see IRS Guidance) and then select IRS Guidance in Plain English.Which of the following is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts? Private letter ruling Revenue ruling Revenue procedure Notice Regulation
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.