subject
Business, 31.12.2020 19:00 sainijasdeep27

The Jones are a married couple and have always filed joint tax returns. On May 18, 2017, the couple was assessed with tax deficiencies for the 2015 tax year. The assessment relates to income paid to Mr. Jones which was not reported on the joint return. The couple’s accountant prepared the return. The couple reported $50,000 income for 2015. The amount of the income omitted was $200,000. Mrs. Jones is a homemaker. She admits that based on their lifestyle she thought the couple's income was approximately $100,000 ($50,000 more than reported). However she had limited access to her husband's financial documents and relied on the accountant. She claims she had no knowledge of the extent of the unreported income and assumed much of their income was non- taxable in nature. You should advise her that she:

a. Under no circumstances will she be responsible for any of the taxes due because an accountant prepared the return.
b. May be able to avoid liability to the extent she had no actual knowledge of the deficiency when filing the return. The burden of proof will be on the IRS.
c. May be able to avoid liability to the extent she had no reason to know of the deficiency (and did not have actual knowledge) when filing the return. The burden of proof will be on her.
d. None of the above.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 15:10
Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,200 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,200 from hopkins. the entry or entries gideon makes to record the write off of the account on may 3 is:
Answers: 3
question
Business, 22.06.2019 18:30
> > objectives define federalism and explain why the framers adopted a federal system instead of a unitary system. categorize powers delegated to and denied to the national government, and powers reserved for and denied to the states, and the difference between exclusive and concurrent powers.
Answers: 1
question
Business, 22.06.2019 20:50
Which of the following is an example of a monetary policy? a. the government requires credit card companies to protect customers' privacy. b. the government restricts the amount of money that banks can lend. c. the government lowers taxes and increases spending. d. the government pays for repairing damage from a natural disaster.
Answers: 1
question
Business, 22.06.2019 23:00
What is the purpose of the us international trade association?
Answers: 2
You know the right answer?
The Jones are a married couple and have always filed joint tax returns. On May 18, 2017, the couple...
Questions
question
Mathematics, 06.06.2021 06:00
question
Mathematics, 06.06.2021 06:00
question
History, 06.06.2021 06:00
question
Chemistry, 06.06.2021 06:00
question
Mathematics, 06.06.2021 06:00
question
Biology, 06.06.2021 06:00
question
Mathematics, 06.06.2021 06:00