Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
Question
Chapter 1, Problem 37DQ
To determine

Identify whether Person A’s conclusion is agreeable. Explain.

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Students have asked these similar questions
Which of the following instances is not a ground for the BIR Commissioner to inquire or examine the bank deposits of taxpayers? when the taxpayer filed an application for compromise of his tax liability   when the taxpayer fails the lifestyle check test and shows unexplained wealth   the taxpayers waives his right in writing the confidentiality of the bank deposits   to determine the gross estate of a decedent
The commissioner can force a taxpayer to produce his/its accounting records if the taxpayer refuses to provide the same during audit. TRUE OR FALSE?
CPAs understand – far better than most clients do, in fact – that the IRS real-ly audits very few tax returns, so the odds of any particular return being selected for audit are (abysmally) low. According to SSTS No. 1, of what relevance, if any, is that knowledge as to what kind of tax return-related advice a CPA should give a client?
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Similar questions
  • Taxpayers face the risk of the 20% accuracy-related penalty when they take return positions that are too aggressive or otherwise problematic...   (a)  Section 6662 itself contains no escape mechanisms whatsoever, so a tax-payer’s only available defense against the penalty is “good faith and reasonable cause” per § 6664(c).     (b)  Section 6662 contains two stated triggers, “negligence” and “substantial understatement,” and the IRS cannot assert the penalty unless both are present.   (c)  Unless a taxpayer ultimately wins with respect to the underlying tax issue(s) (the asserted tax deficiency), it is impossible to win on the penalty issue.   (d)  If a taxpayer does win with respect to the underlying tax issue(s), the penalty assertion becomes moot.
    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.
    If civil tax fraud pursuant to IRC § 6663 is asserted by the IRS, the burden of proof falls upon the IRS by what standard? Select one: a. beyond reasonable doubt b. clear and convincing c. preponderance of evidence d. the taxpayer because the IRS.
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