Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You filed John Smiths 2014 return on June 1, 2015. John forgot to give you a 1099 he received from his foreign bank account. IRS

You filed John Smiths 2014 return on June 1, 2015. John forgot to give you a 1099 he received from his foreign bank account. IRS issues a statutory notice of deficiency picking up the missing income, fortunately it is not a substantial omission of income. The Statutory Notice is dated May 25, 2018, a copy was sent to John Smith at his old freshman dormitory address. You know that the address on the Statutory notice does not match the address on the amended return you previously mailed in on his behalf. A copy of the notice of deficiency also was sent to your office since there is valid power of attorney on file.

  • In a memo to file discuss the possible outcomes of this situation?

  • Discuss your ethical obligation under Circular 230 to advise the IRS about the error on the mailing address?

  • What are you going to do? Explain the consequences of your proposed course of action.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Authors: Mike Tayles, Colin Drury

11th Edition

147377361X, 978-1473773615

More Books

Students also viewed these Accounting questions

Question

Explain the development of human resource management (HRM)

Answered: 1 week ago