Feel free to answer questions if you can help a classmate. Do not worry about providing an incorrect answer. The professor reviews all questions asked and answers provided by students, and makes corrections where necessary.
You are currently being registered this week to gain access to the Rogers CPA content. If you have any questions related to Rogers CPA, please come to me as your professor and not Rogers CPA directly. Thank you. For the week 1 homework, please complete the following:
For REG – Section 11, please answer the following questions in a Word document. While the “answers” are already given in RogersCPA in Lecture 11.05, I want you to use your own words to give an appropriate answer. Do not plagiarize the answer in Lecture 11.05. Your answer to each question should be approximately 1 paragraph (minimum 5 sentences). If you have any questions, please let me know.
1. Kopel was engaged to prepare Raff’s 20×9 federal income tax return. During the tax preparation interview, Raff told Kopel that he paid $3,000 in property taxes in 20×9. Actually, Raff’s property taxes amounted to only $600. Based on Raff’s word, Kopel had no reason to believe that the information was incorrect. Kopel did not request underlying documentation and was reasonably satisfied by Raff’s representation that Raff had adequate records to support the deduction. Is Kopel subject to the preparer penalty for willful understatement of tax liability? Explain.
2. A tax preparer has advised a company to take a position on its tax return. The tax preparer believes that there is a 75% possibility that the position will be sustained if audited by the IRS. If the position is not sustained, an accuracy-related penalty and a late-payment penalty would apply. What is the tax preparer’s responsibility regarding disclosure of the penalty to the company?
3. Lin, CPA, is auditing the financial statements of Exchange Corporation under the Federal Securities Exchange Act of 1934. He detects what he believes are probable material illegal acts. What is his duty under the Private Securities Litigation Reform Act?
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