ACC611: Advanced Tax Research Questions ready to study
3 views 0 purchase
Course
ACC611: Advanced Tax Research
Institution
ACC611: Advanced Tax Research
ACC611: Advanced Tax Research Questions ready to study
Answer each of the following questions:
A. What is found in Subpart A, § 10.7(a) of circular 230
a. This part of Circular 230 pertains to a person representing themselves before the IRS. “Representing oneself. Individuals may appear...
A. What is found in Subpart A, § 10.7(a) of circular 230
a. This part of Circular 230 pertains to a person representing themselves before the
IRS. “Representing oneself. Individuals may appear on their own behalf before
the Internal Revenue Service provided they present satisfactory identification”.
B. Describe the requirements of § 1.520.001 of the AICPA Code of Conduct
a. The requirement prohibits CPAs or firms from receiving a commission or referral
fee from those that perform audits, reviews, or other compilation work.
Therefore, only CPAs that perform tax only or non-audit work can receive or pay
a commission. However, the CPA must disclose the commission to the client or
other party in the transaction.
C. Which SSTS discusses whether a member may rely without verification on information
provided by a taxpayer or a third party?
a. SSTS No. 3 “unless such information appears to be incorrect, incomplete, or
inconsistent” a CPA can rely on the information provided to him or her.
D. Under SSTS No.1, a member must have a good-faith belief that a recommended position
has a possibility of being sustained if challenged.
a. at least a realistic
Exercise 82
The exam to become an EA has three parts. Go to the IRS Website at www.irs.gov and
determine what is tested on each part of the exam. Describe the content of each part.
1. Personal
a. Preliminary work: Gathering information and outlines sources of income, deductions,
credits, and past returns.
b. Income: Sources of income including regular pay, retirement, rental and property,
and adjustments such as HSA, and retirement contributions.
c. Deductions and Credits: Covers types of deductions allowed such as Earned
Income, Child Tax, Interest Etc.
d. Taxation and Advice: This section covers special tax situations one might come into
contact with such as First-time homebuyer or Healthcare. This also covers the type
of advice one may be expected to be asked most commonly marriage or divorce,
buying or selling a home, or estate or retirement planning
e. Specialized Returns: Specifically, international reporting issues, gifting, estate
taxes, jointly held property
2. Business
a. Business Formation or types of businesses and the taxing issues as they relate to the
various business structure types
This study source was downloaded by 100000884376392 from CourseHero.com on 10-30-2024 15:18:42 GMT -05:00
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
