Question
In: Accounting
John Jones, CPA, has been in business preparing tax returns for 20 years. On January 2,...
John Jones, CPA, has been in business preparing tax returns for 20 years. On January 2, 2013, without consent of his clients, Mr. Jones “compiled a list of specific taxpayer information which could be used to contact taxpayers on the list to provide tax information and general business or economic information or analysis for educational purposes.” (Maples, 2009, p.68) according to IRS ruling, as issued under SEC. 7216.gob (also see T.D. 9608), are the actions of Jones considered a violation in the disclosure of client confidentiality? If so, could his actions result in Mr. Jones being charged with a criminal misdemeanor involving a maximum penalty of $1000 or one year in prison, or both, plus cost of prosecution?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
John Jones, CPA, has been in business preparing tax returns for 20 years. On January 2,...
John Jones, CPA, has been in business preparing tax returns for
20 years. On January 2, 2013, without consent of his clients, Mr.
Jones “compiled a list of specific taxpayer information which could
be used to contact taxpayers on the list to provide tax information
and general business or economic information or analysis for
educational purposes.” (Maples, 2009, p.68) according to IRS
ruling, as issued under SEC. 7216.gob (also see T.D. 9608), are the
actions of Jones considered a violation...
Will Jones, LLP is a small CPA firm that focuses primarily on preparing tax returns for...
Will Jones, LLP is a small CPA firm that focuses primarily on
preparing tax returns for small businesses. The company pays a $500
annual fee plus $10 per tax return for a license to use Mega Tax
software.
(a) What is the company’s total annual cost for
the Mega Tax software if 300 returns are filed? If 400 returns are
filed? If 500 returns are filed?
Total cost for 300 returns:
Total cost for 400 returns:
Total cost for 500...
John Anders, CPA, has worked three years for a regional CPA firm. His responsibilities have been...
John Anders, CPA, has worked three years for a regional CPA
firm. His responsibilities have been limited primarily to working
on retail store audits and their related tax problems. Due to the
resignation of several staff members during the year and the
addition of several new clients, the firm is badly
understaffed.
John’s firm is asked on December 10 to do the audit of a
construction company for the year ending December 31. The president
of the construction company, who...
Maria Garcia is a CPA whose firm has prepared the tax returns of Stanley Corporation for...
Maria Garcia is a CPA whose firm has prepared the tax returns of
Stanley Corporation for many years. A review of Stanley’s last
three tax returns by a new staff accountant, who has been assigned
to the client for the first time, reveals that the corporation may
be paying excessive compensation to one of its key officers. The
staff accountant feels that the firm should inform the IRS and/or
report the excess amount as a nondeductible dividend. Although the
facts...
2- Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with...
2- Is CPA responsible for preparing financial statements?
Discuss the responsibility and functions of CPA with evidence of
annual report. Also name the different Financial statements that
audited by external auditors at from Al Marai 2019 repot
MEMBED Ltd has been in business for the past 20 years. In the last meeting of...
MEMBED Ltd has been in business for the past 20 years. In the
last meeting of the Board of Directors, it was proposed that a cost
accounting system be established and a Cost Accountant employed.
However, the Managing Director disputed this proposal on the
grounds that there is no need for a cost accounting system. He also
argued that there is no need for a Cost Accountant as the
Accountant of the company is enough for all accounting functions.
You...
Jones and Jones, CPA, has a manufacturing client, Widgit Technologies, Inc. (WTI), that is a small,...
Jones and Jones, CPA, has a manufacturing client, Widgit
Technologies, Inc. (WTI), that is a small, owner-managed business
with annual revenues of approximately $8 million. WTI employs a
bookkeeper but is not large enough to employ a CPA in-house. WTI
regularly asks Margaret Jones, the partner on the engagement, for
advice on accounting issues, and Jones and Jones drafts the
financial statements for the company. The client reviews the
financial statements before they are printed by Jones and Jones
with...
John and Jane have been dating for 2 years. John got on one knee with a...
John and Jane have been dating for 2 years. John got on one knee
with a ring and asked Jane to marry him. She accepted. several
months later Jane found out that John has been seeing another women
and she broke off the engagement. What are the elements of a
contract? Were the elements of a contract met? Was a contract
formed? Who breached the contract? Who gets to keep the ring?
3) A tax auditor has a pile of federal tax returns and she has been directed...
3) A tax auditor has a pile of federal tax returns and she has
been directed to randomly select 20 of these returns for a special
audit. Describe how systematic sampling could be used. 4) A recent
radio station asked listeners to go to their website and vote for
their favorite singing star. A responder would be randomly chosen
and would receive two tickets to the performance of their choice.
What type of sampling is used for the vote? 5)...
During 2015, the Smiths and the Jones both filed joint tax returns. For the tax year...
During 2015, the Smiths and the Jones both filed joint tax
returns. For the tax year ended December 31, 2015, the Smiths'
taxable income was $112,000, and the Jones had total taxable income
of $56,000.
a. Using the federal tax rates given in Table 1.2, , for
married couples filing joint returns, calculate the taxes for both
the Smiths and the Jones.
The taxes for the Smiths is $___?
The taxes for the Jones is $___?
b. Calculate and compare...
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