Question 1

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used.
-Undervaluation of a reported item.

Accepted Answer

A)  Taxpayer penalty
B)  Tax preparer penalty
C)  Appraiser's penaltyD) All of the above
E) A) and C)

Question 2

Attorneys are allowed an "attorney-client privilege" of confidentiality with clients. Does a registered tax preparer enjoy the same privilege? On which types of tax and financial work?

Accepted Answer

A limited confidentiality privilege is g...

Question 3

Circular 230 applies to all paid tax practitioners. But attorneys, CPAs, and enrolled agents are exempt from the Circular 230 rules, because each of the groups has its own code of professional conduct.

Accepted Answer

A) True 
 B)False

Question 4

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used.
-Failure to pay a tax that is due.

Accepted Answer

A)  Taxpayer penalty
B)  Tax preparer penalty
C)  Appraiser's penaltyD) A) and B)
E) A) and C)

Question 5

Which of the following statements does not reflect the rules governing the accuracy-related penalty for negligence?

Accepted Answer

A)   The penalty rate is 20%.
B)   The penalty applies whenever the taxpayer takes a return position that is contrary to a court decision.
C)   The penalty applies when the taxpayer does not keep records adequate to compute the tax correctly.
D)   The penalty is waived if the taxpayer uses Form 8275 to disclose a return position that is reasonable though contrary to the IRS position.E) B) and C)
F) A) and D)

Question 6

The Commissioner of the IRS is appointed by the:

Accepted Answer

A)   Secretary of the Treasury Department.
B)   U. S. President.
C)   U. S. House of Representatives.
D)   U. S. Senate.
E)   SEC Commissioner.F) B) and C)
G) None of the above

Question 7

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used.
-Misstatement of withholding allowances.

Accepted Answer

A)  Taxpayer penalty
B)  Tax preparer penalty
C)  Appraiser's penaltyD) All of the above
E) B) and C)

Question 8

A privilege of ____________________ exists between a tax preparer and the client as to tax advice rendered.

Accepted Answer

The answer of A privilege of ____________________ exists between a...

Question 9

The taxpayer or a tax advisor may be subject to penalties if there is a misstatement of the valuation of an item reported on the tax return. Describe how these penalties work.

Accepted Answer

Several penalties might arise with respe...

Exam 17: Tax Practice and Ethics

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Misstatement of withholding allowances.

Correct Answer
verified

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Failure to pay a tax that is due.

Correct Answer
verified

The taxpayer or a tax advisor may be subject to penalties if there is a misstatement of the valuation of an item reported on the tax return. Describe how these penalties work.

Correct Answer
verified
Several penalties might arise with respe...
View Answer

Circular 230 applies to all paid tax practitioners. But attorneys, CPAs, and enrolled agents are exempt from the Circular 230 rules, because each of the groups has its own code of professional conduct.

Correct Answer
verified

A privilege of ____________________ exists between a tax preparer and the client as to tax advice rendered.

Correct Answer
verified

Attorneys are allowed an "attorney-client privilege" of confidentiality with clients. Does a registered tax preparer enjoy the same privilege? On which types of tax and financial work?

Correct Answer
verified
A limited confidentiality privilege is g...
View Answer

Which of the following statements does not reflect the rules governing the accuracy-related penalty for negligence?

Correct Answer
verified

The Commissioner of the IRS is appointed by the:

Correct Answer
verified

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Undervaluation of a reported item.

Correct Answer
verified

Exam 17: Tax Practice and Ethics

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Misstatement of withholding allowances.

Correct AnswerverifiedShow Answer

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Failure to pay a tax that is due.

Correct AnswerverifiedShow Answer

The taxpayer or a tax advisor may be subject to penalties if there is a misstatement of the valuation of an item reported on the tax return. Describe how these penalties work.

Correct AnswerverifiedSeveral penalties might arise with respe...View AnswerShow Answer

Circular 230 applies to all paid tax practitioners. But attorneys, CPAs, and enrolled agents are exempt from the Circular 230 rules, because each of the groups has its own code of professional conduct.

Correct AnswerverifiedShow Answer

A privilege of ____________________ exists between a tax preparer and the client as to tax advice rendered.

Correct AnswerverifiedShow Answer

Attorneys are allowed an "attorney-client privilege" of confidentiality with clients. Does a registered tax preparer enjoy the same privilege? On which types of tax and financial work?

Correct AnswerverifiedA limited confidentiality privilege is g...View AnswerShow Answer

Which of the following statements does not reflect the rules governing the accuracy-related penalty for negligence?

Correct AnswerverifiedShow Answer

The Commissioner of the IRS is appointed by the:

Correct AnswerverifiedShow Answer

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters might be used. -Undervaluation of a reported item.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Several penalties might arise with respe...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A limited confidentiality privilege is g...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified