Penalty
How much is the penalty for failure to display Certificate of Authority?
$50
Je-BAAAAMMM!!!
Its all over!!
True or False:
BCMS is:
Not published or recorded, decisions are not precedent setting, decisions are binding on the taxpayer not the department
False, binding on dept not TP
S-1 penalty is under reporting by 25%
T-4 penalty is failure to file
False
When you have a case that CID has decided to pursue you should continue to make contact with the taxpayer/POA to ensure that the audit is completed in a timely manner.
False
Je-BAAMMMM!!!
Sorry, not sorry!
Jeeee-BAAAAMM
Hope you weren't in first
True or False:
Fraud must be shown in all periods to assess fraud penalty and proven beyond a reasonable doubt
True
What is the form the auditor completes at the end of the BCMS where they can agree or disagree with the conferee?
DTF-940
What is the Fraud Penalty as percentage of tax due?
200%
Willfulness is acting with either intent to defraud, intent to evade the payment of taxes or intent to avoid a requirement of a tax statute.
Intent, what is on the taxpayer's mind, can be inferred by taxpayer's actions
True
If the taxpayer disagrees with BCMS decision what is the next level they can protest to?
DTA or Administrative Law Judge aka ALJ
What is the penalty for Operating Business without Certificate of Authority
$500 first day, $200 each additional day.
These are all examples of Fraud:
Fictitious or overstated deductions/credits, Failure to file required returns, overstated income and accounting irregularities
False, overstated income isnt fraud, understated income is.
What is the mission of BCMS?
The mission is to resolve taxpayer disputes in an informal setting, in a manner which is fair and impartial to both the State and the taxpayer, and in a way which will enhance the public confidence in the integrity of the Tax Department.