Question 1. The taxpayer or a tax advisor may be subject to p

1. The taxpayer or a tax advisor may be subject to penalties if there is a misstatement of the valuation of an item reported on the tax return. Describe how these penalties work.

2. Some taxpayers must make quarterly estimated payments of their income tax. Describe the structure of these requirements. In your answer, include both corporate and non-corporate taxpayers.

3. Evaluate this statement: a taxpayer is liable not only for tax penalties as described in the tax Code and Regulations. Sanctions elsewhere in Federal law, such as in the criminal code, also apply in a tax dispute.

4. Circular 230 requires that the tax practitioner use the “best practices” of the tax profession in carrying out a tax

engagement. Specify what some of these best practices entail.

5. Carole, a CPA, feels that she cannot act as an aggressive advocate for tax clients in today’s environment. What aspects of the ethical conduct of a tax practice might have influenced Carole’s attitude?

6. Attorneys are allowed an “attorney­client privilege” of confidentiality with clients. Does a registered tax preparer enjoy the same privilege? On which types of tax and financial work?

7. Comment on the AICPA’s Statements on Standards for Tax Services. To whom do the standards apply? Are they binding or merely advisory?

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