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MissTica
3 years ago
13

Who may be affected by monetary penalties imposed by the Internal Revenue Service when a Tax Professional fails to meet due dili

gence requirements?
Business
1 answer:
Evgesh-ka [11]3 years ago
5 0

Answer:

Both the tax practioner and the assessee will be liable for penalties under IRS 6695(a)

Explanation:

When a tax preparer is paid to arrange the tax return of a client they must follow preparer due diligence laws.

This is the case when the preparer is trying to get a refund of earned income tax credit, child tax credit, American opportunity tax credit, or filing of head of household status.

The effect on the tax preparer's client include:

- refund of amounts collected in error because of wrong return

- a two year ban from claiming credits if error is due to recklessness

- a ten year ban if error is as a result of fraud

The consequences for the tax preparer includes:

- for each requirement not met a $500 penalty

- suspension from the IRS e-file

- a ban from tax preparations

- in cases of fraud criminal charges can be made

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Dean has earned $70,000 annually for the past five years working as an architect for WCC Inc. Under WCC's defined benefit plan (
nadya68 [22]

Answer:

A. $7,350

Explanation:

The computation of the vested benefit is shown below:

= Average salary × given percentage × five years × vesting percentage

= $70,000 × 3.5% × 5 years × 60%

= $7,350

Hence, the correct option is A.

8 0
2 years ago
The director of hr at multimedia corporation is concerned about some stereotyping which has occurred in the work environment. to
alex41 [277]

To combat this stereotyping the HR director has decided​ to<u> "adopt more transparent practices".</u>


Nowadays, pay transparency is an interesting issue among HR and compensation experts. Pay transparency doesn't need to be a win or bust approach where everybody knows every other person's compensation. Or maybe, we trust transparency is a range. It's how much an association will examine its general pay rehearses. Pay transparency is significantly something other than the dollar sum a business pays every worker. It's additionally being more open about how pay was resolved and giving a clarification of the organization's compensation grades.  

4 0
3 years ago
Family capital A. refers to financial assistance offered to families by the government. B. typically helps families obtain bette
Serhud [2]

Answer:

C. can be used to help one's children in school

Explanation:

A "family capital" refers to the<u> family resources such as the means to positively influence the life of children in the future. </u>This happens when family members help each other in order to attain a goal <em>(personal/societal)</em>.

From the definition of family capital, it can then be used to help one's children in school. So, the family work together in order to make their children educated and become better citizens of the nation. <em>An efficient family</em> can affect the society <em>by producing a surplus of resources</em> that the society can benefit from.

So, this explains the answer.

6 0
3 years ago
Can someone help me with this please:):)
ratelena [41]

Number 4 bottom answer

Explanation:

I know the first bit which is Total Utility is consumer satisfaction with all consumption for definite.

6 0
3 years ago
Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million labor hours available per wee
liubo4ka [24]

Answer:

Bellisima's opportunity cost:  

  • Production of corn per million hours of labor = 8 / 16 = 0.5 pairs of jeans
  • Production of jeans per million hours of labor = 16 / 8 = 2 bushels of rye

Dolorium's opportunity cost:  

  • Production of corn per million hours of labor = 5 / 20 = 0.25 pairs of jeans
  • Production of jeans per million hours of labor = 20 / 5 = 4 bushels of rye

Dolorium has a comparative advantage int he production of rye while Bellisima has a comparative advantage in the production of jeans.

If both countries specialize:

  • Dolorium will produce 80 million bushels of rye.
  • Bellisima will produce 32 million pairs of jeans.

Total production of rye has increased by 12 million bushels.

Total production of jeans has increased by 9 million pairs.

6 0
3 years ago
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