346Rsh01a (1) - ACCT 346 Research Exercise 01a Professional...

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ACCT 346 Research Exercise 01a: Professional Standards Van Huynh Document Reference Questions Your Answers U.S. Tax Code On-Line 1. What constitutes an “income tax return preparer” under IRC §7701? Any person who prepares for compensation, or who employs one or more persons to prepare for compensation, any return of tax imposed by subtitle A or any claim for refund of tax imposed by subtitle A. And his work is compensated. 2. Per IRC §6060, what information must the IRS have for every preparer? For every preparer, the IRS must have the taxpayer I.D number, name and place of work 3. Per IRC §6694, how can a preparer who takes a non- frivolous position on a return that does not have a realistic possibility of being sustained, avoid the $250 (now $1,000) penalty? If he/she can prove that there is reasonable cause for the understatement and he/she acted in good faith. Internal Revenue Service's Circular 230 (Rev. 4-2008) 4. List four professionals who may practice before the IRS.
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  • Spring '13
  • WILSON
  • Accounting, Taxation in the United States, tax return preparer

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