REG- Ethics Flashcards
1
Q
Negligence
A
Did not act w/ skill, judgement, due care
Ordinary Negligence- privity & know / foreseen 3rd party
2
Q
Elements of Negligence
A
Breach
Damages
Care
Cause- In fact & Proximate
3
Q
CPA Common Law Liability if
A
Wrongful disclosure info Failure to file Fraud Gross negligence Erroneous advice
4
Q
Ultramare Doctorine
A
Ordinary neglience not sufficient to Unknown 3rd party
5
Q
20% Taxpayer Accuracy Related Penalty
A
10% of tax or $5,000
6
Q
Preparer Unreasonable Position Penalty
A
Unreasonable not disc- Greater $1,000 or 50% fee
Reckless/willfull- Greater $5,000 or 75%
TRP aiding- $1,000 personal; $10,00 Corp
7
Q
Postion percents
A
Reasonable 20%
Realistic 33%
Congress 40%
Likely 50%
