Legislative Flashcards

You may prefer our related Brainscape-certified flashcards:
0
Q

Tax appeals process (through courts)

A

No decision reached in admin appeals process

  1. Tax Court
  2. US district court
  3. US court of federal claims

Then,

  1. US court of appeals (tax or district route)
  2. US Supreme Court
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

How does tax legislation originate?

A
  1. House Ways & Means committee
  2. House vote
  3. Senate Finance committee
  4. Senate vote
  5. Joint Conference Committee to resolve differences
  6. New House & Senate vote
  7. President
  8. If president vetoes, 2/3 House & Senate to override
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Tax appeals process (administrative)

A
  1. Prelim notice and admin appeal request
  2. Note of Deficiency (ticket to go to court)
  3. Appeals division
    a. Technical Advice Memo
    b. Small cases
    c. Agreement = Form 870
    d. No agreement = courts
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Characteristics of Tax Court

A
  • DONT have to pay before going to court
  • no jury
  • 19 traveling judges
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Characteristics of US District Court

A
  • jury trial
  • 1 judge
  • pay tax liab in full prior
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Characteristics of US Court of Fed Claims

A
  • tax or district route
  • panel of 3 judges
  • no jury
  • geograpic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Characteristics of US Supreme Court

A
  • rarely hear tax cases
  • panel of 9 judges
  • no jury
  • they have to choose to hear your case
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Tax penalties:

  • failure to make estimated pmts
  • failure to file
  • failure to pay
  • negligence w.r.t. tax understatement
  • negligence w.r.t. sig tax understate
  • substantial valuation misstate
  • fraud
A
  • materiality = $1000, 90% current yr tax, or 100% last yr tax
  • 5% per month
  • 1/2 of 1% per month
  • 20%
  • 20%
  • 20%
  • 75%
How well did you know this?
1
Not at all
2
3
4
5
Perfectly