Exam (elaborations)
REG Exam Review Questions & Answers 2024/2025
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REG Exam Review Questions & Answers 2024/2025
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REG Exam Review Questions & Answers2024/2025
[taxpayer penalty] Understatement of Tax due to Negligence or Intentional Disregard - ANSWERS20% of
the amount of the tax understated on the return.
[taxpayer penalty] Substantial Understatement of Tax - ANSWERS20% of the amount of the tax
understated on the return. - The penalty applies whenever an underpayment is substantial regardless of
other factors.
[taxpayer penalty] Substantial Valuation Misstatement - ANSWERS20% of the tax understated on the
return. - This penalty cannot be imposed when a penalty for understatement of tax is imposed.
[taxpayer penalty] Fraud Penalty - Criminal - ANSWERSIRS must prove beyond a reasonable doubt that
the taxpayer willfully and deliberately attempted to evade tax
[taxpayer penalty] Fraud Penalty - Civil - ANSWERS75% of the tax understated on the return.
IRS must prove by a preponderance of the evidence that the taxpayer willfully and deliberately
attempted to evade tax.
Frivolous positions on return - ANSWERS$5,000 per position.
Filing a case or proceeding primarily to impede or delay tax system - ANSWERS$25,000
[taxpayer penalty] Failure-to-file - ANSWERS5% per month of the amount of tax due up to a maximum of
25% of the tax liability.
[taxpayer penalty] Failure-to-pay - ANSWERS½ of 1% per month up to a maximum of 25% of the unpaid
tax liability.
-The failure to file penalty is reduced by any applicable failure-to-pay penalty.
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