How does the IRS regulate the activities of compensated tax return preparers? In particular, list six acts that will cause a compensated tax return preparer to incur a penalty.
What will be an ideal response?
Regulation of tax return preparers occurs through Code Secs. 6694, 6695, 6696, 6700, 6701, 7602, and Treasury Department Circular 230. These provisions are a representative listing of the practice requirements placed on preparers and, among others, include penalties for:
• failure to furnish the taxpayers with a copy of the return.
• failure to sign a return.
• failure to furnish one's identification number.
• failure to keep a copy of a return or maintain a list of taxpayers for whom returns were filed.
• failure to disclose the names of employees who prepare returns.
• endorsement of a tax refund check of a taxpayer.
• understatement of tax because of taking a position without a realistic possibility of it being sustained.
• willful attempt to understate taxes and reckless or intentional disregard of rules or regulations.
Treasury Department Circular 230 regulates the practice of attorneys, CPAs, enrolled agents, and enrolled actuaries before the IRS. Individuals who do not comply with the rules and regulations of Circular 230 can be barred from practicing before the IRS.
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Answer the following statements true (T) or false (F)
1. Although the direct method is easier to use, the Financial Accounting Standards Board (FASB) prefers the indirect method of reporting cash flows from operating activities. 2. When preparing the statement of cash flows, the amount of net cash provided by operating activities differs between the direct and indirect methods. 3. The net cash provided by operating activities is calculated in the same way, whether the company uses the direct or the indirect method of preparing the statement of cash flows. 4. The cash flow from investing activities section appears exactly the same, whether the company uses the direct or the indirect method to prepare the statement of cash flows.
The speed of the Internet and the pervasiveness of social media and viral communications mean that people and companies are always ________
A) viewed more favorably in a crisis B) one step away from crisis C) less vulnerable to a crisis D) more glamorous after a crisis
What is OLAP? Explain its features.
What will be an ideal response?
Which one of the following field properties would be least useful for a ZIP Code field?
A) format B) input mask C) default value D) required value