How Does the Irs Regulate the Activities of Compensated Tax
How does the IRS regulate the activities of compensated tax return preparers? In particular,list six acts that will cause a compensated tax return preparer to incur a penalty.
Christie and Billy jointly file this year.Billy intentionally omits $5,000 in gambling winnings.Christie fraudulently deducts $1,000 in business expenses.The IRS audits the return,assesses a $2,500 deficiency and begins collection efforts two years after the timely filing of the return.Christie and Billy divorced one year before the deficiency was assessed.Can Christie receive any tax relief from the full $2,500 deficiency?
Explain accountant-client privilege.What are the similarities and differences between it and attorney-client privilege?
The IRS audited the tax returns of Dan Jackson,a gifted painter.It contended that,between 2003 and 2005,Jackson received $500,000 for his paintings,but reported only $75,000.Jackson attributed the shortfall to his receipt of cash at art fairs and street fairs.He allegedly concealed the cash payments in separate bank accounts unbeknownst to his CPA.What tax compliance issues regarding the alleged underreporting are pertinent to the CPA?