Reference no: EM131261321
Please answer all questions on the attached document and use the sources provided.
1. Circular 230 is administered by the _____________ of_____________ under a director appointed by the IRS_____________ . This branch of IRS responsibility for matters related to practitioner _____________ and _____________including _____________ and _____________.
2. Statements on Standards for Tax Services (SSTS) were originally issued as Statements on Responsibility in Tax Practice (SRTP) between 19__ and 19__. SRTPs were changed to SSTS in _____________ , 20__. The SSTS and their interpretations were intended to compliment the US Treasury Department's _____________ .
3. From Circular 230 compare and contrast the ability to practice before IRS between a CPA and an AFSP tax preparer during 2015.
4. What are the requirements for obtaining an Annual Filing Season Program - Record of Completion for 2015? What are the AFSP preparers representation rights on tax years 2015 and 2016 compared to un-enrolled preparers and CPAs enrolled agents and attorneys?
5. Compare and contrast the annual enrollment cycle, if applicable, the continuing education (CPE) of Missouri CPAs, enrolled agents and for practicing AFSP preparer (for 2015). (You will need to additionally access MOCPA (Links to an external site.) or the Missouri State Board of Accountancy, as well aswww.irs.gov (Links to an external site.).)
6. Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client's omission.
7. Compare and contrast AICPA SSTS and Circular 230 on reliance on client provided information.
8. What is the general rule related to fees in Circular 230 (SSTS are silent)? What is a contingent fee and list conditions under which it may be charged?
9. According to Circular 230 what are the four recommended "best practices" for tax advisors and when did they become effective?
10. Give the Circular 230 position concerning each of the following situations:
a. Taking an aggressive pro-taxpayer position on a tax return.
b. Not having a quality review process for a return completed by a partner of the tax firm.
c. Purposely delaying compliance with a document request received from IRS.
d. Not keeping up with changes in the tax law.
e. When representing a taxpayer in a Federal income tax audit, charging a fee equal to one third of the reduction of the tax proposed by the IRS agent.
11. Interpret and discuss controlling AICPA authority in addressing the following assertions and whether true or false:
a. If a CPA discovers during an IRS audit that the client has a material error in the return under examination, he should immediately withdraw from the engagement.
b. If the client tells you he paid $500 for office supplies, but has lost the receipts, you should deduct an odd amount on his return (e.g. $499), because an even amount ($500) would indicate to the IRS that his deduction was based on an estimate.
c. If a CPA knows that the client has a material error in a prior year's return, he should not, without the client's consent, disclose the error to the IRS.
d. If a CPA's client will not correct a material error in a prior year's return, the CPA should not prepare the current year's return for the client
12. "Realistic possibility" as used in Circular 230 means "For realistic possibility of being sustained on its merits for a reasonable and well informed analysis of the law and facts by a person knowledgeable in the law would lead such a person to conclude that the position has a _____(express as a fraction) or greater likelihood of being sustained on its merits."
Attachment:- Assignment.rar
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