ACCT 612 Final Quiz

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Grantham University *

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612

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Accounting

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Apr 3, 2024

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Quiz: Tax Planning, Practice and Administration  Due Mar 8 at 11:59pm  Points 50  Questions 25  Time Limit 80 Minutes Instructions The quiz:  Covers the Learn material from Module 7: Week 7 - Module 8: Week 8 .  Contains 25 multiple-choice questions.  Is limited to 1 hour and 20 minutes .  Allows 1 attempt .  Is worth 50 points . Submit this assignment by 11:59 p.m. (ET) on Friday of Module 8: Week 8. Attempt History Attempt Time Score LATEST Attempt 1 80 minutes 50 out of 50 Correct answers are hidden. Score for this quiz: 50 out of 50 Submitted Mar 4 at 12:58pm

This attempt took 80 minutes. Question 1 2 / 2 pts A taxpayer’s appeal must be in written form if the total proposed additional tax and penalties exceed $2,500. CORRECT ANSWER*** True False Question 2 2 / 2 pts A RAR contains a brief explanation of the proposed adjustments and lists the balance due or the overpayment. CORRECT ANSWER*** True False Question 3 2 / 2 pts Sue filed her 2019 income tax return on April 10, 2020. In November she learned that 100 shares of stock that she owned had become worthless in 2019. Because she did not deduct this loss on the 2019 return, Sue intends to file a claim for refund. This claim must be filed by no later than April 15 of what year? 2021 2024 2026 CORRECT ANSWER*** 2027 There is no expiration date for the statute of limitations in this context.

Question 4 2 / 2 pts A power of attorney is necessary when a qualified representative goes to the IRS to represent a taxpayer. CORRECT ANSWER*** True False Question 5 2 / 2 pts An office examination is scheduled when a selected return for examination: belongs to a taxpayer who previously was found guilty of manipulating a return belongs to a taxpayer who resides near the IRS local office requires a mere verification of record-keeping CORRECT ANSWER*** involves one or more issues that will require some analysis and the exercise of the IRS personnel’s judgment Question 6 2 / 2 pts The National Research Program (NRP) provides statistics that are used in the development and update of the DIF formulas. CORRECT ANSWER*** True False Question 7 2 / 2 pts Signed into law in 1996, it guarantees taxpayers various rights to representation before the IRS. What is it called?

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the Constitution the Sixteenth Amendment CORRECT ANSWER*** the Taxpayer Bill of Rights the Taxpayer Advocate Question 8 2 / 2 pts The objective of the Appeals Office is to resolve tax controversies without litigation on a basis that is fair and impartial to both the government and the taxpayer. CORRECT ANSWER*** True False Question 9 2 / 2 pts The Taxpayer Assistance Order (TAO) is issued by the: Secretary of Treasury Chief Counsel CORRECT ANSWER*** National Taxpayer Advocate Commissioner of IRS Question 10 2 / 2 pts The IRS examines each and every return critically in order to generate additional revenue for the Treasury. True

CORRECT ANSWER*** False Question 11 2 / 2 pts Individual taxpayers have less than a 1 percent chance of being audited. CORRECT ANSWER*** True False Question 12 2 / 2 pts A Form 911 is filed by the taxpayer as a request for which of the following? National Research Program Appeals Conference Tax Court Hearing RECT ANSWER*** Taxpayer Advocate Service Assistance Question 13 2 / 2 pts The standard for conviction in a criminal case is establishment of: guilt with some reasonable doubt RECT ANSWER*** guilt beyond reasonable doubt any guilt even though highly doubtful criminal intent even though not implemented

Question 14 2 / 2 pts If a taxpayer is convicted of criminal fraud, he or she can contest a civil fraud determination. True CORRECT ANSWER*** False Question 15 2 / 2 pts Criminal and civil penalties are mutually exclusive. True CORRECT ANSWER*** False Question 16 2 / 2 pts An individual should make a claim for refund or credit in the Form 1040X. CORRECT ANSWER*** True False Question 17 2 / 2 pts If a taxpayer understates gross income by 25 percent, the IRS has a 6-year statute of limitations on assessment. CORRECT ANSWER*** True False

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Question 18 2 / 2 pts A failure-to-pay penalty is imposed when the taxpayer fails to pay either a tax shown on his or her return or an assessed deficiency within 10 days of an IRS notice or demand. CORRECT ANSWER*** True False Question 19 2 / 2 pts Assessable penalties are subject to review by the Tax Court. True CORRECT ANSWER*** False Question 20 2 / 2 pts A tax return preparer may disclose information obtained from the taxpayer without being subject to civil and criminal penalty if such disclosure is: for other than the specific purpose of preparing a tax return pursuant to fulfillment of his own financial goals CORRECT ANSWER*** pursuant to any provisions of the code, or to a court order required for the growth of his profession Question 21 2 / 2 pts Penalties that are based on a percentage of the delinquent tax are referred to as:

assessable penalties CORRECT ANSWER*** ad valorem penalties criminal penalties nominal penalties Question 22 2 / 2 pts A fraudulent failure-to-file tax return is subject to a 25 percent monthly penalty. True CORRECT ANSWER*** False Question 23 2 / 2 pts Unless a gross valuation misstatement is made, the accuracy-related penalty amounts to 20 percent of the portion of the tax underpayment. True CORRECT ANSWER*** False Question 24 2 / 2 pts Julian filed a valid extension for his 2020 tax return, giving him until October 15, 2021, to file his return. He filed his return on November 30 and paid $1,000 of tax due. For what period of time will Julian be subject to the failure-to-file and failure-to-pay penalties? 2 months for both CORRECT ANSWER***2 months for failure to file and 8 months for failure to pay

8 months for both None of the above. Question 25 2 / 2 pts The penalty for failure to make payment of quarterly estimated income taxes is computed without any daily compounding and is not deductible. CORRECT ANSWER*** True False Quiz Score: 50 out of 50

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