Governing Sources of Guidance
Name one of the AICPA Dual-Rules of Professional Conduct in regards to tax.
1.) Both the right and responsibility to be an advocate
or
2.) A duty to the tax system that sometimes transcends client advocacy
Which step in the tax preparation process does the accountant have a duty to verify that the client information is accurate?
Trick question: They do not need to verify
"In good faith rely, without verification, on information furnished by the taxpayer or by third parties"
Is it okay to lie on your tax return?
No
What is the first category name of this jeopardy?
Governing sources of guidance
True or False: The SSTS is a legal force of law
False: However, it effectively acts as the force of law because boards have adopted similar rules
Who has the ultimate responsibility for filing an amended tax return?
The taxpayer
Who can the taxpayer be compelled to reveal their tax return to?
Only the taxing authorities
Name a color.
Orange, purple, or green
Who does the Statements of Standards for Tax Services (SSTS) apply to?
AICPA members
Not required to return the finished tax return (or other work products)
What is the term for incremental harm caused by the accountant's carelessness?
Consequential Damages
Whats the highest credit score you can have?
850
Which U.S. Treasury Circular No. are the federal government's rules for tax reflected in?
U.S. Treasury Circular No. 230
Who has the final responsibility for ensuring that their tax returns are accurate?
Taxpayer
Say a really big number.
Anything over $1 trillion
What are the three sections that each standard of the SSTS contains?
1.) Introduction
2.) Statement
3.) Explanation
What is required for a tax return to be complete?
All non-numerical information
Determine credit worthiness for homebuyers or demonstrate operating results of small businesses
Would you like to spin "The Wheel" ?
You have no choice, you are spinning "The Wheel"