ttcyftxycf (142)-6
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School
University of Florida *
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Course
7119
Subject
Law
Date
Nov 24, 2024
Type
Pages
1
Uploaded by ChiefOpossum3761
attorney if the power to delegate or substitute was specifically granted in the original power of attorney.
If the authority is delegated to another individual then both the old and new power of attorney holders
have authority. If the authority is substituted then only the new power of attorney holder will have
authority.
What is the "checkbox authority" on form 1040? -
✔✔
The "checkbox authority" on form 1040, if
checked, authorizes the IRS and a third party to share information about the return. The checkbox
authority will expire after one year.
What is a "specific use power of attorney?" -
✔✔
A specific use power of attorney is a one time or
specific-use grant of authority OR is a power of attorney that does not relate to any specific tax period.
Which acts qualify as specific-issue grants of authority not recorded in the IRS' CAF database? -
✔✔
-
Requests for a private letter ruling or technical advise
- Representation in a circular 230 disciplinary investigation and proceedings
- Claims for refund or abatement filed on form 843
- Requests to change accounting methods or periods
- Freedom of information acts request
For the IRS to seize a principle residence they must get approval from who? -
✔✔
They must get
approval from a judge or magistrate district court of the United States.
How much is the preparer penalty for failure to sign a tax return? -
✔✔
$50 per tax return but no more
than $26,000 per year.
How much is the taxpayer's penalty for failure to sign a tax return? -
✔✔
There is no penalty for the
taxpayer. The IRS will simply send the return back.
How does the IRS define "negligence" in respect to errors on tax returns? -
✔✔
The term "negligence"
includes any failure to make a reasonable attempt to comply with the law or to exercise ordinary and
reasonable care in preparing a tax return, as well as failure to keep adequate books and records or to
substantiate items properly.
Additionally, the IRS states that "negligence" is also strongly indicated where:
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