R5 - Ethics and Professional Responsiblities in Tax Services Flashcards
1
Q
What are the standards and percentages for a tax return position that is likely to be upheld?
A
Reasonable basis > 20%
Substantial authority > 33%, < 50%
More likely than not > 50%
2
Q
What is the difference between a tax return preparer and a tax practitioner?
A
A tax practitioner is anyone who practices before the IRS (attorney, CPA, enrolled agent, etc.)
3
Q
How long is a tax practitioner required to keep records?
A
3 years
4
Q
What is a covered opinion?
A
Written or electronic advice about:
1) a listed transaction
2) a tax shelter
3) a reliance/marketed opinion
