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?
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A Not liable to the IRS for any penalty, but is liable to the IRS for interest on the underpayment of tax. B Not liable to the IRS for any penalty or interest. C Liable to the IRS for negligently preparing the return. D Liable to Cox for interest on the underpayment of tax.
3 .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...
4 .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.
5 .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?
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A USD 0 B USD 50,000 C USD 20,000 D USD 80,000
