While preparing a client's individual federal tax return, the CPA noticed that there was an error in the previous year's tax return that was prepared by another CP The CPA has which of the following responsibilities to this client?
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1 .On April 15, Year 2, a married couple filed their joint Year 1 calendar-year return showing gross income of USD120,000. Their return had been prepared by a professional tax preparer who mistakenly omitted USD45,000 of income, which the preparer in good faith considered to be nontaxable. No information with regard to this omitted income was disclosed on the return or attached statements. By what date must the lnternal Revenue Service assert a notice of deficiency before the statute of limitations expires?
A April 15, Year 5. B December 31, Year 4. C December 31, Year 7. D April 15, Year 8.
2 .Ms. Marsh filed her 20X0 individual income tax return on February 15, 20X1. All her tax was paid during the year through withholding. The return was due on April 15, 20X1. During January 20X2, she discovered that she had not taken a properly substantiated charitable contribution that would have reduced her total tax by USD250 on her 20X0 tax return. By what date must she file her amended return to claim a refund of the tax paid?
A December 31, 20X3. B December 31, 20X2. C February 15, 20X4. D April 15, 20X4.
3 .An individual paid taxes 27 months ago, but did not file a tax return for that year. Now the individual wants to file a claim for refund of federal income taxes that were paid at that time. The individual must file the claim for refund within which of the following time periods after those taxes were paid?
A Three years. B One year. C Four years. D Two years.
4 .A taxpayer has had one issue under audit by the Internal Revenue Service for several years. Unless the taxpayer agrees otherwise, the IRS has at most how many years to assess taxes after the taxpayer's return was filed?
A Four. B Seven. C Five. D Three.
5 .Shore, a paid tax return preparer, was given three partnership Schedule K-1 forms by client Fuller. Fuller is a limited partner in each of the partnerships. The K-1s disclosed small pass-through losses allocated to Fuller. Fuller had passive income in excess of these losses from other partnerships.According to the AICPA Statements on Standards for Tax Services, assuming that noat-risk limitations apply, what is Shore's professional responsibility regarding the reporting of these partnership losses on Fuller's federal income tax return?
A To request the complete partnership returns of the partnership entitiesunless Shore has reason to believe that the information is incorrect. B To accept the information without further inquiry unless Shore has reason to believe that the information is incorrect. C To verify the initial investment ...
7 .In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative value for tax planning of transactions?
A IRS regulations. B Internal Revenue Code. C Tax court decisions. D IRS agents' reports.
8 .Wilma Guess, a CPA and a member of the AICPA, is preparing a federal tax return for her client, William H. Bates, one of the wealthiest businessmen in the town of Poughkeepsie, New York. Because of his extremely busy schedule, Bates keeps very few records for his various business operations. Guess has been preparing Bates' returns for the past 15 years. According to the AICPA's Statements on Standards for Tax Services, which of the following statements is correct for this situation?
A Guess may use estimates provided by Bates due to the fact that she has been preparing returns for Bates for more than 10 years. B Guess may not use estimates provided by Bates in any situation. C Guess may use estimates provided by Bates only if the use of the estimates is disclosed on the return ...
9 .Arthur Younger, a CPA and a member of the AICPA, is preparing a federal tax return for his client, Albert Capon, a reputed member of an organized crime family near Chicago. Capon is very reluctant to provide any information to Younger to answer questions that are posed on the return.According to the AICPA's Statements on Standards for Tax Services, which of the following statements is correct for this situation?
A Not all questions on a return are of equal importance. However, Younger must make a reasonable effort to answer all questions. B Younger should make an effort to extract from Capon the information needed to answer the questions, and, if he cannot obtain the information, he can just "forget" to ans...
10 .A member would be in violation of the Standards for Tax Services if the member recommends a return position under which of the following circumstances?
A It does not meet the realistic possibility standard but is not frivolous and is disclosed on the return. B It might result in penalties and the member advises the taxpayer and discusses avoiding such penalties through disclosing the position. C It does not meet the realistic possibility standard b...
