Filing Req And Preparer Penalties - Section 9 Flashcards Preview

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Flashcards in Filing Req And Preparer Penalties - Section 9 Deck (22):
1

1040 es

Estimated payments

2

If tax day is on weekend

Pushed to Monday
If Monday is a holiday, then Tuesday

3

Need to file if over :

Personal exemption + standard deduction

4

Audited

Depending on score on Irs system

5

Notice of deficiency

90 day letter, sent after 30 day letter

90 to file petition with tax court

Heard many tax

District and general claims court- not hear until paid

Burden of proof is on Irs if tp provides proof

6

Ssts

For paid tax preparers by aicpa

7

1120

Corp tax return

15th 4/6/9/12 for estimated payments 1120 es

3/15 return due

Auto extension for 5 m

8

Amendment or late filing

3 years from due date

9

1040 due date

3.5 months after year end, 4/15

10

How many percent of last year do you need to pay to not be penalized

90%

11

Reasons for audited returns

Irs system flag

Letters from other sources

Missing doc

12

Offers and compromise

Reduce tax owed and figure out tax solution

If in doubt owed , or payment in doubt
Or hardship
Or case has compelling reason

13

Penalties for :

Knowingly and wrecklessly make decisions

Negotiations return

14

Can avoid penalty

Comp system

Other professional

Irs person advice

If position adopted is disclosed on return

Good faith

Substantial authority

15

Sustainable authority

40% or more likelihood of it being substained on its merit

16

More like than not

50% or more

17

Greater than 1/3rd

Realistic possibility

18

Reasonable basis

20%

19

Confidential

Can be subpoenaed and called by Irs summons

20

Privilege info

Can’t be subpoenaed

There are some exceptions. A real subpoena

21

Penalty for negotiating

500 per check. Shows up on exam

22

Criminal vs civil

Going to jail or money penalty