Joan, a traveling sales representative, kept no formal books and records to summarize her gross receipts for the year, but she retained copies of all customer invoices and reported her gross income for the year from these totals. Is she liable for a negligence penalty under I. R. C. § 6662 for failing to keep any books and records?
Answer to relevant QuestionsRegular full-time employees are allowed to represent certain organizations before the IRS without being a Circular 230 practitioner. Name the organizations that can be represented by full-time employees, and cite where you ...An individual who for compensation prepares or assists with the preparation of all or substantially all of a tax return or claim for refund is subject to the duties and restrictions relating to practice in subpart as well as ...Several groups of individuals do most of the tax compliance work in the United States. Identify these groups and describe briefly the kind of work that each group does. In this regard, be sure to define the term “enrolled ...Duane paid his 2010 federal income taxes in January 2013 in the amount of $ 10,000, and then paid $ 4,000 interest and penalties on this amount in May 2014. In April 2016, Duane filed a claim for refund of the $ 14,000, as a ...How has Congress used tax penalties to discourage the development of certain tax shelters?
Post your question