None Soledad, a solar company, tellsJanice that if he installs thepanels and system without ACCapproval, he can be fined by theRegistrar of Contractors for thestate. What level of law wouldthe Registrar fit into?a. Private lawb. State administrative lawc. Federal administrative lawd. Federal law

The Registrar of Contractors operates at the state level.If Janice installs solar panels without…

Answered: Soledad, a solar company, tells Janice…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 14MCQ

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AICPA Code of Professional Conduct. Reread the Module B introduction about ScottLondon, CPA.Required:a. What code violations have occurred in this case?b. What is the range of penalties that the PCAOB could levy against London? By the California State Board of Accountancy?c. What do you think is the appropriate penalty?
Howard Beale, a member, uses Outsource Inc., a third-party service provider, to assist him in furnishing bookkeeping and tax work for his clients. This necessitates Howard Beale disclosing confidential client information to Outsource Inc. Howard Beale is not a California licensee, and he practices outside of California. In addition to informing his clients that he is using a third- party service provider which of the following is required with respect to the release of such information? Prior to using Outsource Inc.'s services, Howard Beale enters into a contractual agreement with Outsource Inc. to maintain the confidentiality of the information, and Howard Beale is reasonably assured that Outsource Inc. has procedures that will prevent unauthorized release of the information. ) Specific client consent is obtained prior to releasing the information to Outsource Inc. ) The client must contact Outsource, Inc. to ensure that their confidential information will not be disclosed. )…
Your spouse works part-time as a fashion designer for a clothing retailer that is an audit client. You are a covered member with respect to that client. In which circumstance, if any, would your spouse's employment at the client impair your independence? o If your spouse became a full-time employee. o If your spouse attended company events: O In any circumstance. O In no circumstance.
If you receive a subpoena from a court for your client’s private information, what should you do? Group of answer choices A. Nothing, Accountant-Client Priviledge is well established law B. Report the Judge to the bar C. Comply with the subpoena, because there is no such thing as Accountant-Client Privilege D. Consult with an attorney, as Accountant-Client Privilege is determined on a state-by-state basis
Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.
A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures act
The IRS spends considerable time and effort trying to distinguish whether a person is an employee or an independent contractor. Why? What standards does the IRS use to determine whether a person is an employee or independent contractor? If self-employment tax and social security tax/medicare tax are equal in amounts, why does the IRS care whether a person is an employee or independent contractor? Please answer all questions.
F
Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law
In which of the following situations may the taxpayer take an education expense on Schedule C? a.John, a plumber by trade, is taking classes to qualify as an electrician so he may take on more complex contractor jobs. b.Henry, a self-employed administrative assistant, is taking an advanced Word computer program class through an adult school program. c.Ann Marie, a hostess at a restaurant, is taking a review course in order to pass the certified financial planner examination. d.Barbie, a salesperson, is flying on numerous commercial airplanes in order to observe the flight attendants so that she may improve her public relations skills.
The official document issued by the CIR or his authorized representative authorizing the examination of taxpayer records is called: a.Authorization letter b.Letter Notice c.Letter of Authority d.Mission Order Which is NOT a power of the Commissioner? a.The power to abandon previous rulings b.The power to enter into a compromise c.The power to issue revenue regulations d.The power to issue rulings of first impression
Which of the following taxpayers is required to file a form 8862 to claim certain credits after disallowance?

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