ACC611: Advanced Tax Research Questions ready to study
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ACC611: Advanced Tax Research
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ACC611: Advanced Tax Research
ACC611: Advanced Tax Research Questions ready to study
Answer each of the following questions:
A. What is found in Subpart A, § 10.7(a) of circular 230
a. This part of Circular 230 pertains to a person representing themselves before the IRS. “Representing oneself. Individuals may appear...
A. What is found in Subpart A, § 10.7(a) of circular 230
a. This part of Circular 230 pertains to a person representing themselves before the
IRS. “Representing oneself. Individuals may appear on their own behalf before
the Internal Revenue Service provided they present satisfactory identification”.
B. Describe the requirements of § 1.520.001 of the AICPA Code of Conduct
a. The requirement prohibits CPAs or firms from receiving a commission or referral
fee from those that perform audits, reviews, or other compilation work.
Therefore, only CPAs that perform tax only or non-audit work can receive or pay
a commission. However, the CPA must disclose the commission to the client or
other party in the transaction.
C. Which SSTS discusses whether a member may rely without verification on information
provided by a taxpayer or a third party?
a. SSTS No. 3 “unless such information appears to be incorrect, incomplete, or
inconsistent” a CPA can rely on the information provided to him or her.
D. Under SSTS No.1, a member must have a good-faith belief that a recommended position
has a possibility of being sustained if challenged.
a. at least a realistic
Exercise 82
The exam to become an EA has three parts. Go to the IRS Website at www.irs.gov and
determine what is tested on each part of the exam. Describe the content of each part.
1. Personal
a. Preliminary work: Gathering information and outlines sources of income, deductions,
credits, and past returns.
b. Income: Sources of income including regular pay, retirement, rental and property,
and adjustments such as HSA, and retirement contributions.
c. Deductions and Credits: Covers types of deductions allowed such as Earned
Income, Child Tax, Interest Etc.
d. Taxation and Advice: This section covers special tax situations one might come into
contact with such as First-time homebuyer or Healthcare. This also covers the type
of advice one may be expected to be asked most commonly marriage or divorce,
buying or selling a home, or estate or retirement planning
e. Specialized Returns: Specifically, international reporting issues, gifting, estate
taxes, jointly held property
2. Business
a. Business Formation or types of businesses and the taxing issues as they relate to the
various business structure types
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