Chapter 2 Tax Compliance, the IRS, and Tax Authorities
(1) [LO4] What are the three committees that debate proposed tax laws? What paperwork do these committees generate, and the way would possibly they be used? (2) [LO4] The president just lately vetoed a tax act handed by the Home and Senate. Is the tax act useless? If not, what's going to it take for the act to be handed? (three) [LO5] What are the 5 primary components of an inner analysis memo? (four) [LO5] What's the distinction between major and secondary authorities? Clarify the function of every authority kind in conducting tax analysis. [LO5] Jorge is puzzled that the IRS and his CPA may legitimately attain completely different conclusions on a tax challenge. Why does this occur? (5) [LO5] What's the distinction between open and closed details? How is this distinction vital in conducting tax analysis? [LO5] In writing a analysis memo, what kinds of details needs to be included within the memo? [LO5] Amber is a tax knowledgeable, whereas Rob is a tax novice. Clarify how their course of in figuring out tax points could differ. (6) [LO5] Talk about the essential variations between annotated and topical tax providers. How are these providers utilized in tax analysis? (7) [LO5] In developing a key phrase search, what ought to the key phrase search embrace? (eight) [LO5] Lindley has turn into very pissed off in researching a tax challenge utilizing key phrase searches. What strategies are you able to give her? [LO5] Nola is a tax novice and has a reasonably easy tax query. Apart from tax providers, what are some sources that she will be able to use to reply her query? (9) [LO5] Armando identifies a tax analysis query as being a query of reality. What kinds of authorities ought to he try and find in his analysis? (10) [LO5] How are citators utilized in tax analysis? (11) [LO5] What's the basic rule for what number of authorities a analysis memo ought to talk about? (12) [LO6] Determine a number of the sources for tax skilled requirements. What are the potential ramifications of failing to adjust to these requirements? (13) [LO6] Levi is recommending a tax return place to his shopper. What commonplace should he meet to fulfill his skilled requirements? What's the supply of this skilled commonplace? (14) [LO6] What's Round 230? (15) [LO7] What are the essential variations between civil and felony tax penalties? (16) [LO7] What are a number of the most widespread civil penalties imposed on taxpayers? (17) [LO7] What are the taxpayer’s requirements to keep away from the substantial understatement of tax penalty? (18) [LO7] What are the tax practitioner’s requirements to keep away from a penalty for recommending a tax return place?