V2-SM_ch 17

V2-SM_ch 17 - CHAPTER 17 TAX PRACTICE AND ETHICS SOLUTIONS...

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Unformatted text preview: CHAPTER 17 TAX PRACTICE AND ETHICS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 1 Intro Tax administration and the client Unchanged 1 2 LO 1 Role of the IRS Unchanged 2 3 LO 1 Rates of audit Unchanged 3 4 LO 1 The tax gap Unchanged 4 5 LO 1 Organization of the IRS New 6 LO 1 Chief Counsel New 7 LO 2 Precedential value of letter ruling Unchanged 7 8 LO 2 IRS access to records Unchanged 8 9 LO 2 Assessment, lien, seizure Unchanged 9 10 LO 3 Audit selection Unchanged 10 11 LO 3 Audit cycles Unchanged 11 12 LO 3 Audit strategy Unchanged 12 13 LO 3 Types of audit Unchanged 13 14 LO 4 Small Cases Division Unchanged 14 15 LO 4 Offers in Compromise New 16 LO 5 IRS interest New 17 LO 6 Penalty terminology Unchanged 17 18 LO 6 Valuation penalties Unchanged 18 19 LO 6 Valuation penalties Unchanged 19 20 LO 6 Penalty for improper refund New *21 LO 6 Estimated taxes Unchanged 21 *22 LO 4, 5, 7 Taxpayer penalties and interest Unchanged 22 23 LO 4, 6 Tax administration and practice Unchanged 23 *24 LO 6 Withholding taxes New *25 LO 7 Statutes of limitations Unchanged 25 26 LO 8 Tax preparer behavior Unchanged 26 27 LO 8 Circular 230 Unchanged 27 28 LO 8 Practice before the IRS Unchanged 28 *29 LO 6, 8 Preparer penalties Unchanged 29 30 LO 8 Ethical restrictions on tax practitioners Unchanged 30 31 LO 5 Interest charged Unchanged 31 *32 LO 6 Failure to file penalty Unchanged 32 Instructor: For difficulty, timing, and assessment information about each item, see p. 17-3. 17-1 17-2 2011 Corporations Volume/Solutions Manual Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition *33 LO 6 Failure to pay penalty Modified 33 *34 LO 6 Computation of penalties Modified 34 *35 LO 6 Failure to file and pay penalties Unchanged 35 36 LO 6 Failure to file and pay penalties Unchanged 36 37 LO 6 Failure to file and pay penalties; overall Unchanged 37 limitation; reasonable cause due to reliance on CPA 38 LO 6 Fraud and negligence penalties imposed Unchanged 38 *39 LO 6 Overvaluation penalty Unchanged 39 40 LO 6 Undervaluation penalty Unchanged 40 41 LO 6 Appraiser’s penalty Unchanged 41 42 LO 6 Penalty for improper refund Unchanged 42 43 LO 6 Civil fraud Unchanged 43 44 LO 6 Determining estimated payments: individual Unchanged 44 45 LO 6 Determining estimated payments: Modified 45 corporation 46 LO 6 Penalty for failure to remit withholding Unchanged 46 deposits 47 LO 7 Statute of limitations Unchanged 47 48 LO 7 Statute of limitations; gross income omission Modified 48 49 LO 5, 7 Refund claim compliance Modified 49 50 LO 7 Statute of limitations; refund claim Unchanged 50 51 LO 8 Circular 230; representation before the IRS Unchanged 51 52 LO 8 Preparer penalties Unchanged 52 53 LO 8 Preparer penalties Unchanged 53 54 LO 8 Preparer penalties Unchanged 54 55 LO 8 AICPA Statements on Standards for Tax Unchanged 55 Services *The solution to this problem is available on a transparency master...
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This note was uploaded on 11/13/2010 for the course BT 315 taught by Professor Smith during the Spring '10 term at Ohio State.

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V2-SM_ch 17 - CHAPTER 17 TAX PRACTICE AND ETHICS SOLUTIONS...

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