Which of the following statements is correct regarding a tax return preparers penalty for aiding...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Which of the following statements is correct regarding a tax return preparers penalty for aiding and abetting the understatement of a tax liability? The penalty does not apply if another penalty is assessed with respect to the same action. The penalty applies to a return preparer who knows about and does not prevent the actions of a subordinate who understates the tax liability. The taxpayer must have knowledge of the action causing the penalty for the penalty to apply. The penalty applies to a person who provides only clerical assistance.
Which of the following statements is correct regarding a tax return preparers penalty for aiding and abetting the understatement of a tax liability?
The penalty does not apply if another penalty is assessed with respect to the same action.
The penalty applies to a return preparer who knows about and does not prevent the actions of a subordinate who understates the tax liability.
The taxpayer must have knowledge of the action causing the penalty for the penalty to apply.
The penalty applies to a person who provides only clerical assistance.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.