Do you think there is a difference between the legal forms of conducting a business and the principal Federal income tax forms of doing so? Explain.

• Do Not-for-Profit organization pay and file tax returns?
• What do you know about the FASB and IASB convergence projects?.
• What do you know about tax penalty, what s it? for what purpose? How it is assessed?

Explain the following statements: Select one...

• "Other entities besides corporations should be concerned with controlling entity taxes. There are a variety of techniques that the entities can use to minimize taxation including".
• "Based upon the volunteer tax compliance system, the ethics surrounding this system depends in large part on the taxpayer and the tax adviser."
• "With the accumulation of tax preparer penalties over the years, many tax professionals now believe that they have been "deputized" by the IRS"
• "IRS Enforcement of Lobbying Prohibition. The IRS obviously does not rigorously enforce the prohibition of exempt organizations from conducting lobbying activities