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PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Question
Chapter 18, Problem 19AP
a.
To determine
Determine the amount of civil fraud penalty that may be imposed on Mr. and Mrs. J.
b.
To determine
List the procedural steps would be taken by IRS to charge the couple as criminal fraud.
c.
To determine
Describe the reason for which IRS may decide to impose a civil fraud penalty rather than criminal fraud.
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Students have asked these similar questions
After Bill and Mercedes' tax return was selected for audit, Bill read on the Internet
speculation that filing a paper tax return (instead of filing electronically) and extending a tax
return deadline decrease the chance of IRS audit. Bill has convinced Mercedes that they need
to use these strategies in the future and look for other ways to avoid audit. Questions for
discussion include:
1. What are the timing requirements for filing a tax return and paying taxes owed?
2. Does Bill's action likely violate any IRS regulation?
3. If Bill's action does not violate IRS rules, it is ethical?
Please make sure to respond to other students' discussion answers, especially if they have a
different point of view than yours.
Klawz received a 1099-DIV from Nike Corporation for $1,000 and a 1099-INT from
his Bank of $500. If Klawz's neglects to enter the 1099-DIV on his US Income Tax
Return (Form 1040), which audit program likely adjusted Klawz's tax return?
Document perfection.
None of the choices are correct.
Deduction Detective.
Information matching.
DIF system.
Match the described job with the job title
from 1. Revenue Officer 2. Tax Compliance
Officer 3. Appeals Officer 4. Customer
Service Representative 5. Revenue Agent 6.
Special Agent 7. National Taxpayer
Advocate 8. Deputy Commissioner 9. Chief
Counsel Attorney
Files a levy to get money from a taxpayer's
bank account.
Performs complex audits at a taxpayer's
business
Investigates tax evasion and conspiracy
claims
Performs audits on limited issues at IRS
offices
Writes IRS Regulations
Chapter 18 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
Ch. 18 - Prob. 1QPDCh. 18 - Prob. 2QPDCh. 18 - Prob. 3QPDCh. 18 - Prob. 4QPDCh. 18 - Prob. 5QPDCh. 18 - Prob. 6QPDCh. 18 - Prob. 7QPDCh. 18 - Prob. 8QPDCh. 18 - Prob. 9QPDCh. 18 - Prob. 10QPD
Ch. 18 - Prob. 11QPDCh. 18 - Prob. 12QPDCh. 18 - Prob. 13QPDCh. 18 - Prob. 14QPDCh. 18 - Prob. 1APCh. 18 - Prob. 2APCh. 18 - Prob. 3APCh. 18 - Prob. 4APCh. 18 - Prob. 5APCh. 18 - Prob. 6APCh. 18 - Prob. 7APCh. 18 - Prob. 8APCh. 18 - Prob. 9APCh. 18 - Prob. 10APCh. 18 - Prob. 11APCh. 18 - Prob. 12APCh. 18 - A revenue agent determined that Ms. Owen underpaid...Ch. 18 - Prob. 14APCh. 18 - Prob. 15APCh. 18 - Prob. 16APCh. 18 - Prob. 17APCh. 18 - Prob. 18APCh. 18 - Prob. 19APCh. 18 - Prob. 20APCh. 18 - Prob. 22APCh. 18 - Prob. 8IRPCh. 18 - Prob. 9IRPCh. 18 - Prob. 1RPCh. 18 - Prob. 2RPCh. 18 - Prob. 1TPCCh. 18 - Prob. 2TPC
Knowledge Booster
Similar questions
- 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.arrow_forwardYour qualitative answers should be written in full sentences with depth to your responses when needed. For questions and problems requiring computations, you need to share your supporting calculations. 1a. Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties? 1b. Why is income-shifting considered such a major tax planning concept? 1c. Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon receipt of her 30-day letter, she phones you, a CPA, for advice regarding possible future action on the matter. What options would you discuss with Olivia? 1d. Compute the taxable income for 2020 under each of the following circumstances: Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and…arrow_forwardWhile conducting a fraud examination, Black, a Certified Fraud Examiner, obtained a document in 2013. Since Black obtained the document, several individuals have had it in their possession. In 2017, the document was introduced at trial. The defense objected to the admission of the document because there was no record of who had possession of the document and what they did with it. The defense’s objection is based on a failure to maintain __________. A. The evidence log. B. The relevance. C. The chain of custody. D. Who validated the evidence.arrow_forward
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