Question 1

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Undervaluation of a reported item.

Accepted Answer

The answer of Match each of the following tax penalties...

Question 2

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Failure to deposit withholding tax.

Accepted Answer

Reasonable cause is the appropriate taxpayer defense for failure to deposit withholding tax. This defense is used when the taxpayer can demonstrate that they exercised ordinary business care and prudence but were nevertheless unable to comply with the tax law.

Question 3

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Failure to pay a tax that is due.

Accepted Answer

Reasonable cause is the appropriate taxpayer defense for failure to pay a tax that is due. This defense is used when the taxpayer can demonstrate that they exercised ordinary business care and prudence but were nevertheless unable to pay the tax.

Question 4

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Failure to pay a tax.

Accepted Answer

Failure to pay tax is a taxpayer penalty under the Code.

Question 5

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Preparer penalty for reckless conduct.
A)Taxpayer penalty
B)Tax preparer penalty
C)Appraiser's penalty

Accepted Answer

The answer of Match each of the following tax penalties...

Question 6

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Preparer penalty for taking an unreasonable tax return position.

Accepted Answer

The answer of Match each of the following tax penalties...

Question 7

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Negligence in filing a return.

Accepted Answer

The answer of Match each of the following tax penalties...

Question 8

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Filing an improper refund claim.

Accepted Answer

The answer of Match each of the following tax penalties...

Question 9

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter.
-Substantial understatement of tax liability.
A)Taxpayer penalty
B)Tax preparer penalty
C)Appraiser's penalty

Accepted Answer

The answer of Match each of the following tax penalties...

Quiz 17: Tax Practice and Ethics

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Undervaluation of a reported item.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Failure to deposit withholding tax.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Failure to pay a tax that is due.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Failure to pay a tax.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Preparer penalty for reckless conduct. A)Taxpayer penalty B)Tax preparer penalty C)Appraiser's penalty

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Preparer penalty for taking an unreasonable tax return position.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Negligence in filing a return.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Filing an improper refund claim.

Match each of the following tax penalties with the type of tax penalty as specified by the Code. A letter can be used more than once. The correct solution may include more than one letter. -Substantial understatement of tax liability. A)Taxpayer penalty B)Tax preparer penalty C)Appraiser's penalty