CPA-04764A member would be in violation of the Standards for Tax Services if the member recommends a return position under which of the following circumstances?
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1 .CPA-06646Which of the following statements is correct with respect to the AICPA's Statements on Standards for Tax Services (SSTS)?
A SSTS apply only to federal income tax returns and not to state and local tax returns. B In general, a preparer should recommend a tax return position only if the preparer has a good faith belief that the position has a realistic possibility of being sustained on its merits. C SSTS apply only to ta...
2 .CPA-08201A CPA prepares income tax returns for a client. After the client signs and mails the returns, the CPA discovers an error. According to Treasury Circular 230, the CPA must:
A Prepare an amended return within 30 days of the discovery of the error. B Promptly advise the client of the error. C Promptly resign from the engagement and cooperate with the successor accountant. D Document the error in the workpapers.
3 .CPA-07201A CPA assists a taxpayer in tax planning regarding a transaction that meets the definition of a tax shelter as defined in the Internal Revenue Code. Under the AICPA Statements on Standards for Tax Services, the CPA should inform the taxpayer of the penalty risks unless the transaction, at the minimum, meets which of the following standards for being sustained if challenged?
A More likely than not. B Substantial authority. C Not frivolous. D Realistic possibility.
4 .CPA-06522Lawson, a CPA, discovers material noncompliance with a specific Internal Revenue Code (IRC) requirement in the prior-year return of a new client. Which of the following actions should Lawson take?
A Contact the IRS and discuss courses of action. B Wait for the statute of limitations to expire. C Contact the prior CPA and discuss the client's exposure. D Discuss the requirements of the IRC with the client and recommend that client amend the return.
5 .CPA-06528A tax preparer has advised a company to take a position on its tax return. The tax preparer believes that there is a 75% possibility that the position will be sustained if audited by the IRS. If the position is not sustained, an accuracy-related penalty and a late-payment penalty would apply. What is the tax preparer's responsibility regarding disclosure of the penalty to the company?
A The tax preparer has no responsibility for disclosing any potential penalties to the company, because the position will probably be sustained on audit. B The tax preparer is responsible for disclosing both penalties to the company. C The tax preparer is responsible for disclosing only the late-pay...
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8 .CPA-02017On January 1, Year 1, Locke Corp., an accrual-basis, calendar-year C corporation, had USD 30,000 in accumulated earnings and profits. For Year 1, Locke had current earnings and profits of USD 20,000, and made two USD 40,000 cash distributions to its shareholders, one in April and one in September of Year 1. What amount of the Year 1 distributions is classified as dividend income to Locke's shareholders?
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9 .Village Corp., a calendar year corporation, began business in Year 1. Village made a valid S corporation election on December 5, Year 3, with the unanimous consent of its shareholders. The eligibility requirements for S status continued to be met throughout Year 4. On what date did Village's S status become effective?
A December 5, Year 4. B January 1, Year 4. C January 1, Year 3. D December 5, Year 3.
10 .Which one of the following types of organizations qualifies as an organization exempt from income tax?
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