Prepare his tax return and would be happy to file extension

Assignment Help Financial Accounting

Reference no: EM131208520

You are a certified public accountant. A client enters your office on April 14 with a bag full of disorganized documents and receipts. He asks you to prepare his tax return and would be happy to file an extension. However, the client expresses some urgency and would like to file the actual tax return as soon as possible because he says, “I should get a refund for all the huge deductions.”

When looking through the client’s documents and compiling the tax return, you realize that there are not enough supporting documents for deductions that would result in a refund. Review the following to inform your discussion: Circular 230: Regulations Governing Practice Before the Internal Revenue Service and the Practitioners' Responsibilities in Complying With Records Requests.

How would you handle this situation while being in compliance with Circular 230? Give an example of two actions that demonstrate that you are adhering to Circular 230 and explain why this is critical.

When responding to your peers’ posts, suggest an alternate solution to communicate to the client.

Reference no: EM131208520

Questions Cloud

Example cash flow statement and income statement : Compose example cash flow statement and income statement for a company as a nonprofit entity and as a governmental entity. Ensure all information is entered accurately and the statements are compliant with Governmental Accounting Standards

What is the radius of the traffic circle : In traveling three-fourths of the way around a traffic circle a car travels 0.217 mi. What is the radius of the traffic circle?

Calculate the linear velocity in miles per : The blade on a typical table saw rotates at 3200 revolutions per minute. Calculate the linear velocity in miles per hour of one of the teeth at the edge of the 10 inch diameter blade.

What is the radians per second : A printing press has a roller 12 inches in diameter. The speed of a point on the roller's surface moves at 74 feet per second. What is the roller's angular speed? What is the radians per second

Prepare his tax return and would be happy to file extension : You are a certified public accountant. A client enters your office on April 14 with a bag full of disorganized documents and receipts. He asks you to prepare his tax return and would be happy to file an extension. However, the client expresses some u..

Company quality assurance specialist : You are a company's Quality Assurance Specialist. They make eyeglass frames. You have 10 open boxes each containing 20 frames. You select 4 boxes and inspect 2 frames in each box. This is what type of sampling? Justify you answer.

Created as the result of several high-profile fraud cases : We know that the Sarbanes-Oxley Act was created as the result of several high-profile fraud cases. Now that the act is over 10 years old, many think that it needs to be updated to reflect the changing times. From the e-Activity, identify and discuss ..

Compute the load power : Assume no phase shift between the current components and their corresponding voltages. Compute the load power.

Itemized deductions before applicable limitations : Michelle, a single individual, reports 2015 adjusted gross income of $280,000 and has the following itemized deductions before applicable limitations. What are Michelle’s itemized deductions for regular tax purposes? What are Michelle’s itemized dedu..

User Account

All Pages