Answer latest version
Form 8867 - correct answers Paid Preparer's Due Diligence Checklist.
Includes new questions for both the Head of Household filing status and the
new Credit for Other Dependents. Retroactive! (for HoH anyways)
Penalty for failure to meet due diligence requirements - correct answers $520
per failure
New Requirements for Child Tax Credit/Additional Child Tax Credit - correct
answers Child must have SSN (ITIN or ATIN works for ODC)
Time to file claim for wrongful levy or seizure - correct answers two years
Passport Revocation - correct answers The IRS has to notify the US dept. of
state of taxpayers who owe a seriously delinquent tax debt. They can then
revoke or deny passport. The threshold for 2018 is $52,000
Centralized Audit Regime - correct answers Mandatory for partnerships above
100 partners. (100 or fewer can elect out of this new regime). If anything is
adjusted, it is assessed and collected at the partnership level (instead of going
after individual partners)
Title 26 - correct answers Internal Revenue Code - main body of tax law of the
United States
Title 31 - correct answers FinCEN and FBAR - International financial reporting
laws
,Primary Authority - correct answers the law itself, Internal Revenue Code
Substantial Authority - correct answers Can serve as basis for interpretation of
current tax law and to establish precedents for the future.
1. Treasury Regulations
2. Revenue Rulings
3. Revenue Procedures
4. Private Letter Rulings
5. Technical Advice Memoranda (TAMS)
6. IRS Notices
Treasury Regulations - correct answers The official interpretation of a
statutory tax rule written and published by the U.S. Treasury. Published in the
Federal Register.
Types of Treasury Regulations - correct answers 1. Legislative Regulations
2. Interpretive Regulations
3. Procedural Regulations
Who is bound by IRS regulations? - correct answers The IRS (the courts are
not)
Classification of Treasury Regulations - correct answers Proposed
Temporary
Final
, Revenue Rulings and Revenue Procedures - correct answers Can be used by
taxpayers as guidance to avoid certain accuracy related penalties
Technical Advice Memoranda (TAMs) - correct answers TAMs are issued by
the IRS in response to questions raised by IRS field personnel during audits.
They deal with completed rather than proposed transactions and are often
requested for questions related to exempt organizations and employee plans.
Private Letter Ruling (PLR) - correct answers The IRS's written response to a
taxpayer's inquiry as to how the tax law applies to a proposed transaction. $$$
$
Internal Revenue Manual (IRM) - correct answers Policies, procedures and
guidelines governing the operations and organization of the IRS. Used by IRS
employees
IRS publications and forms.... - correct answers are not considered substantial
authority!
IRS Divisions - correct answers 1. Large Business & International Division
2. Small Business and Self-Employed Division
3. Wage and Investment Division
4. Tax Exempt and Government Entities Division
Taxpayer Advocate Service - correct answers Independent organization within
IRS who can help resolve problems. Can call or use Form 911. Taxpayer has
to be in immediate threat, experiencing economic harm, has had long delay,
etc. BIG DEAL