Order Taxation of Entities Discussion

Order Taxation of Entities Discussion
Order Taxation of Entities Discussion
Other Taxation Areas » McGraw-Hill Education 500 Regulation Questions for the CPA Exam
294. Which of the following is CORRECT regarding Circular 230?
I.
Il.
ITI.
(A) (B) (C) (D)
Order Taxation of Entities Discussion
A dispute over fees does NOT generally relieve the practitioner of
responsibility to return the client’s records.
A contingent fee is allowed in connection with the filing of a client’s
amended tax return but not when filing an original tax return.
A paid preparer is required to sign a tax return and include their preparer tax identification umber (PTIN) on the client’s return.
I and II only
I and IT only
II and III only
I, II, and UI
295. According to the AICPA’s “Statements on Standards for Tax Services” and
Internal Revenue Service (IRS) Circular 230, which of the following is
CORRECT?
ile
ih
IT:
(A) (B) (C) (D)
When considering whether to give oral or written advice to a client, a
CPA should consider the tax sophistication of the client and whether
the client will seek a second opinion.
If new legislation will have an impact on advice previously given a
year ago, a tax preparer need NOT advise the client of the new legislation even if the original advice was given in writing.
A tax return preparer is NOT permitted to endorse a taxpayer’s
refund check.
I and II only
II and III only
I and III only
Ly Ul.’and TE
296. According to Circular 230, which of the following individuals may represent taxpayers before the Internal Revenue Service (IRS)?
(C) (D)
registered tax return preparers
. attorneys
. CPAs and enrolled agents
I, I, and HI
I and III only
II and III only
I and II only
297.
298.
299.
Other Taxation Areas ¢ 81
Which of the following is CORRECT regarding Internal Revenue Service
(IRS) tax procedures?
I. In general the tax court, including the small tax case procedures, hears
a case before any tax is paid.
II. Ifthe assessed tax has already been paid and a claim for refund has
been filed, a suit may generally be filed in the district court or the
claims court.
(A) I only
(B) Il only
(C) both I and II
(D) neither I nor II
Which of the following is CORRECT regarding the State Board of
Accountancy?
I. ultimately grants the successful CPA candidate a license to practice
public accounting
II. has the power to suspend but not the power to revoke the CPA
license
(A) Ionly
(B) II only
(C) both I and II
(D) neither I nor II
Brenner, a CPA, discovers material noncompliance with a specific Internal
Revenue Code (IRC) requirement in the prior-year return of a new client.
Which of the following actions should Brenner take?
I. Contact the prior CPA and discuss the client’s exposure.
Il. Contact the Internal Revenue Service (IRS) and discuss courses of
action.
(A) Ionly
(B) II only
(C) both I and II
(D) neither I nor II
82 > McGraw-Hill Education 500 Regulation Questions for the CPA Exam
300. If a tax preparer knowingly deducted the expenses of the btperse S per301.
302.
sonal domestic help as wages paid in the taxpayer’s business on the taxpayer’s income tax return,
(A) the Internal Revenue Setvice (IRS) will examine the facts and circumstances to determine whether the reasonable cause exception applies
(B) the IRS will examine the facts and circumstances to determine
whether the good faith exception applies
(C) the tax preparer’s action does not constitute an act of tax preparer
misconduct
(D) the tax preparer’s action constitutes an act of tax preparer misconduct
subject to the IRC penalty
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