During an interview with an IRS official on Dateline, the interviewer asks, "So how do you decide which Forms 1040 get audited and which do not?" How should the IRS official respond, taking into account that only some of the audit selection process is public information?
Answer to relevant QuestionsOn June 10, Ming states, "I filed my Form 1040 on April 5 and haven't heard from the IRS since then, so I know I will not be audited!" Evaluate Ming's assumption. Blanche Creek (111 Elm Avenue, Plymouth, IN 46563) has engaged your firm because she has been charged with failure to file her 2015 Federal Form 1040. Blanche maintains that the "reasonable cause" exception should ...In each of the following independent situations, indicate whether the transfer is subject to the Federal gift tax. a. Asa contributes to his mayor's reelection campaign fund. The mayor has prom ised to try to get some of ...Three unmarried and childless sisters live together. All are of advanced age and in poor health, and each owns a significant amount of wealth. Each has a will that passes her property to her surviving sister(s) or, if no ...Matthew owns an insurance policy (face amount of $500,000) on the life of Emily with Lily as the designated beneficiary. If Emily dies first and the $500,000 is paid to Lily, how much as to this policy is included in a. ...
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