Answered: Tax preparers may be assessed a penalty…

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Accounting

Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 11MCQ

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

alculator

Which of the following is not a preparer penalty?

a.Tax preparers may be assessed a penalty for endorsing or cashing a refund check issued to a taxpayer.

b.Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers.

c.Tax preparers may be assessed a penalty for failing to keep a copy of the prepared return.

d.Tax preparers may be assessed a penalty for failing to sign a tax return.

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Q. 1
Calculator Which of the following statements best describes the purpose of the Taxpayer Bill of Rights? a.To grant to taxpayers the right to choose the time and method of payment of delinquent taxes b.To inform taxpayers of their rights in dealing with the IRS c.To inform taxpayers of the methods for properly completing their income tax returns d.To provide the IRS with additional enforcement powers e.None of these choices are correct.