Reg Sec 9 Flashcards
1
Q
Tax shelters
preparers’ responsibilities
Statute of limitations
A
-Tax Shelters Certain activities are listed as reportable transactions under federal tax code and must be disclosed when the return is filed. which include registered tax shelters as well as any special arrangement that change income by 10 million.
preparers’ responsibilities several special obligations imposed on PAID preparers.
- Must sign and provide tax ID
- Copy return to taxpayer
- Copy for 3 years
-Statute of limitations is 3 year for error, 6 years for gross negligence or 25% or more income not included in tax return, or Unlimited Fraud/Lie or failure to file.
