Filing Req And Preparer Penalties - Section 9 Flashcards
1040 es
Estimated payments
If tax day is on weekend
Pushed to Monday
If Monday is a holiday, then Tuesday
Need to file if over :
Personal exemption + standard deduction
Audited
Depending on score on Irs system
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
Ssts
For paid tax preparers by aicpa
1120
Corp tax return
15th 4/6/9/12 for estimated payments 1120 es
3/15 return due
Auto extension for 5 m
Amendment or late filing
3 years from due date
1040 due date
3.5 months after year end, 4/15
How many percent of last year do you need to pay to not be penalized
90%
Reasons for audited returns
Irs system flag
Letters from other sources
Missing doc
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
Penalties for :
Knowingly and wrecklessly make decisions
Negotiations return
Can avoid penalty
Comp system
Other professional
Irs person advice
If position adopted is disclosed on return
Good faith
Substantial authority
Sustainable authority
40% or more likelihood of it being substained on its merit
