Administrative (L3) Flashcards
1
Q
Sources of Tax Law
A
2
Q
Regulations
A
- Issued by US Treasury Department
- Interpretation of the IRC
- FULL FORCE AND EFFECT of the law
3
Q
Proposed, Temporary, and Final Regulation
A
4
Q
Revenue Rulings
A
5
Q
Private Letter Rulings
A
6
Q
Revenue Procedures
A
- Describe internal practices and procedures of IRS
- State changes and administrative procedures used by the IRS
7
Q
Determination Letter
A
8
Q
Technical Advice Memorandum (TAM)
A
9
Q
Statute of Limitations
A
10
Q
Interest and Penalties for Noncompliance
(Failure-to-File / Failure-to-Pay)
A
Failure to FILE = 5% (F for FIVE)
Failure to PAY = 0.5% (P for Point Five)
11
Q
Underpayment of Estimated Tax
A
12
Q
Accuracy Related Penalty
A
20% applies to any UNDERPAYMENT due to negligence or disregard of rules or regulations, or substantial understatement of income tax
CANNOT exceed 20% of the underpayment
13
Q
Tax System Audit
A
14
Q
Federal Judicial System (Diagram)
A
15
Q
The Federal Judicial System
A
16
Q
Courts (Summary)
A
