True or False 7. A court generally will hold a legislative regulation to be inva

Question

True or False
7. A court generally will hold a legislative regulation to be invalid if warranted The IRS responds to a taxpayer request concerning the tax treatment of a completed transaction in a letter ruling. 8. 9. The head of IRS operations is the Chief. 10. Recently, the overall Federal income tax audit rate for individual returns has been about 20%. issues a notice of tax due, the taxpayer has 90 days to either pay the tax or file a petition with the Tax Court. 12. Neither party can appeal a decision of the Tax Court Small Cases Division. 13. A $500 penalty is assessed if the tax preparer intentionally disregards IRS rules in completing the returm. 14. The Statements on Standards for Tax Services apply to attorneys, as well as to CPAs. 15. When a practitioner discovers an error in a client's prior return, the Statements on Standards for Tax Services require that he or she immediately notify the client.

Explanation / Answer

True/ False Reason 7 True Court holding of legislative regulation to be invalid because it only holds judicial regulation 8 True Request for letter rulings presenting 2 or more issues under the jurisdiction of different associates offices 9 False Commissioner is the chief of IRS operation 10 False overall federal income tax audit rate for individual taxpayer is 21.4% 11 True When the IRS issues a notice of tax due, the taxpayer has only 90 days to either pay the tax or file a petition with the tax court. 12 False the party who is lost the case can appeal in the federal court 13 False Accuracy-related penalty. You may have to pay an accuracy-relatedpenalty if (1) you underpay your tax because of either "negligence" or "disregard" of rules or regulations, or (2) you substantially understate your income tax. The penalty is equal to 20% of the underpayment 14 False the statements on standards for tax services apply only to CPA not to attorneys 15 True If practitioner discover any error in the clients prior return than he must communicate to the client

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