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?
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1 .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.
2 .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 ...
3 .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?
A Inform the client and the previous CPA in writing, and leave it to their discretion whether a correction should be made. B Notify the IRS if the error could be considered fraudulent or could involve other taxpayers. C Discuss the matter verbally with the former CPA and suggest that corrective acti...
4 .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.
5 .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 ...
7 .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...
8 .Ivan von Hindenberg, CPA and a member of the AICPA, has been preparing federal tax returns for one of his clients for many years. Two years ago, he took a position on a return and that position was settled in an appeals conference. He is now considering a different position on the current return. According to the AICPA's Statements on Standards for Tax Services, which of the following statements is correct for this situation?
A Ivan cannot take a different position on the current return under any circumstances. He is bound by the earlier determination. B Ivan cannot take a different position on the current return because the IRS is bound to be consistent in their positions and so is he. C If the determination on the prio...
9 .According to the AICPA Statements on Standards for Tax Services, which of the following factors should a CPA consider in choosing whether to provide oral or written advice to a client?
A The tax sophistication of the client. B The likelihood that current tax litigation will impact the advice. C The client's business acumen. D Whether the client will seek a second opinion.
10 .A 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 Realistic possibility. C Substantial authority. D Not frivolous.
