Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ryan's client told him that he had additional inco

Ryan's client told him that he had additional income for a side job but does...

80.2K

Verified Solution

Question

Accounting

Ryan's client told him that he had additional income for a side job but does not want to report the income since he is paid under the table and he did not receive a Form 1099. Ryan filed the return and chose not to report the income since he didn't have any documentation or proof of the income. As a result, the client paid less tax. Ryan charged $500 for the tax preparation. The IRS audited the client; they can assess what penalty to Ryan as a paid preparer

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students