The registration of tax agents and BAS agents is governed by the provisions of the Tax Agents Services Act 2009 (TASA) which is administered by the A. Tax Practitioners Board 3. Australian Taxation Office C. Australian Securities and Investment Commission (ASIC) To be registered as a tax agent you need to meet the fit and proper person test. True or False? To successfully sue for damages, a taxpayer must prove that the agent's negligence caused it loss. True or False?

The registration of tax agents and BAS agents is governed by the provisions of the Tax Agents Services Act 2009 (TASA) which is administered by the A. Tax Practitioners Board 3. Australian Taxation Office C. Australian Securities and Investment Commission (ASIC) To be registered as a tax agent you need to meet the fit and proper person test. True or False? To successfully sue for damages, a taxpayer must prove that the agent's negligence caused it loss. True or False?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements about the Commissioner’s powers is most correct? a. The Commissioner cannot request a taxpayer to provide information in writing. b. The Commissioner can remove documents from a taxpayer’s premises. c. The Commissioner is entitled to access a taxpayer’s premises at any reasonable time without notice. d. The Commissioner needs to obtain a search warrant in order to enter a taxpayer’s premises.
A CPA – (a) may use a client’s estimate of dollar amounts in preparing a tax return only if the client provides a sworn affidavit stating that supporting documents are lost. (b) generally may use a client’s estimated amounts in preparing a tax return sub-ject to determining that the amounts are reasonable based on all known facts. (c) may use her / his own estimate of some dollar amount if the client’s estimate is deemed to be either inadequate or excessive. (d) may never under any circumstances put an estimated amount on a client’s tax return and in fact would risk (i) losing her / his state CPA license and/or (ii) criminal sanctions imposed by the IRS for doing so.
Enzo is preparing a client's return. The taxpayer is claiming the Earned Income Credit (EIC), Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), and the American Opportunity Tax Credit (AOTC). Which of the following best describes the actions Enzo must take to substantiate the taxpayer's eligibility for the credits?
What is a key step in the tax audit process? a) Submitting financial statements to the tax authority b) Reviewing the taxpayer's records and documents c) Negotiating a settlement with the tax authority d) Publishing the audit findings to the public
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According to the PCAOB, which of the following tax services would impair independence? A. Tax consulting B. Providing a tax opinion where the opinion is not considered an aggressive position or listed transaction by the IRS C. Tax returns prepared by BDO Spain for the controller's dependent children living in Spain while attending school abroad D. Tax consulting for the CFO of an IPO candidate completed before the start of the professional engagement period for the audit of the financial statements to be included in the IPO registration
please answer with reason
Do the tax agent need to have a professional scepticism? Or just professional judgement is enough