Principles Of Taxation For Business And Investment Planning 2020 Edition
Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Chapter 5, Problem 4AP
To determine

Identify under which step of tax research process the following actions would occur.

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Which of the following professional services is an attestation engagement?(1) A consulting service engagement to provide computer-processing advice to a client.(2) An engagement to report on compliance with statutory requirements.(3) An income tax engagement to prepare federal and state tax returns.(4) The preparation of financial statements from a client’s financial records.
1. Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice of assessment?a. Taxpayer's honesty.b. Asset register.c. Taxpayer's income tax return.d. Material collected from auditing an accountant.
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.

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Principles Of Taxation For Business And Investment Planning 2020 Edition

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