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Category: Business
Use internet tax resources to address the following questions. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think tanks, and political outlets. Research Problem 1. Using information from this chapter as well as information from the tax agency in your state (l...
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Category: Business
In March 2019, Jim asks you to prepare his Federal income tax returns for tax years 2016 to 2018. In discussing this matter with him, you discover that he also has not filed for tax year 2015. When you mention this fact, Jim tells you that the statute of limitations precludes the IRS from taking any action as to this year. a. Is Jim correct about t...
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Category: Business
For tax year 2016, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component, what is David's penalty if the deficiency is attributable to: a. Negligence? b. Fraud?
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Category: Business
On a Federal income tax return filed five years ago, Andy inadvertently omitted a large amount of gross income. a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice? b. Would your advice differ if you were the person who prepared the return in question? Explai...
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Category: Business
Regarding the statute of limitations on additional assessments of tax by the IRS, determine the applicable period in each of the following situations. Assume a calendar year individual with no fraud or substantial omission involved. a. The income tax return for 2018 was filed on February 19, 2019. b. The income tax return for 2018 was filed on June...
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