South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 1, Problem 36DQ
To determine

Comment on the given statements with respect to the IRS audit process.

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Tax Drill - Types of Audits Complete the following statements regarding the types of audit conducted by the IRS. Taxpayers usually are able to settle routine tax disputes (e.g., queries involving the documentation of deductions) through   with the IRS. However,   are conducted in an office of the IRS. In most instances, the taxpayer is subject to  . A   is conducted by IRS agents at the office or home of the taxpayer or at the office of the taxpayer's representative.
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 impression
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.
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  • Which of the following is true if an auditor performs nonaudit services for a governmententity?a. The scope of the audit must be reduced so that the auditor does not audit the area forwhich the nonaudit work was performed.b. The auditor is prohibited from providing nonaudit work in areas directly related to theproduction of accounting information.c. The senior members of the government entity must document their review of the nonaudit service and indicate why it is appropriate for the auditors to perform this service.d. The scope of the audit cannot be reduced because the nonaudit work was performed bythe public accounting firm.
    The IRS utilizes different audits depending upon the circumstances. I have listed 4 different scenarios. Please identify the type of audit that the IRS will likely use. Only provide one type of audit per scenario, the best option for the IRS. a. Professor Abbie B. Comey had a large amount of itemized deductions and the IRS would like to see documentation of these deductions. b. Trumff Corporation is a publicly traded corporation and has many transactions and many of them are very complex. The transactions, with large tax consequences, has reduced the tax liability of the corporation to $750. It is a large national chain of hotels headquartered in Florida. c. Ivanna and Jarry make face masks for the rich and famous, resulting in an income from their small homebased business of $75,000 in 2020. A few items were noted on the tax return by the IRS, relating to the homebased mask making business. d . Joey and Jilly sold some investments that sparked the interest of the IRS. As a result,…
    Which of the following types of audit evidence provides the least assurance of reliability? A. Receivable confirmations received from the client's customers B. prenumbered receiving reports completed by the client's employees C. Prior months' bank statements obtained from the client D. Municipal property tax bills prepared in the client's name.
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