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Maria and Miguel Blanco are in the midst of negotiating a divorce. Because both parties are unwilling to share any current financial information, their joint Form 1040 for 2014 is not filed until October 31, 2015, when the respective divorce attorneys forced them to cooperate. The Blancos should not be subject to any Federal late-filing penalties, because the reasonable cause exception applies to their family discord.
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When a tax issue is taken to court, the burden of proof is on the IRS to show that its audit adjustments are correct.
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The IRS can require that the taxpayer produce its financial accounting records, to determine if taxable income is computed correctly.
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The IRS is organized according to the industry classification of the taxpayer. One of the operating divisions of the IRS deals exclusively with manufacturing and exporting businesses
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IRS computers use document matching programs for both individuals and business taxpayers to keep the audit rate low.
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The tax professional can do more than just tax compliance work. He or she can work with the client in consultation over the strategy and tactics of dealing with a Federal tax audit
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Income of foreign person taxed through filing of a U.S. tax return with deductions allowed against gross
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Your client holds foreign tax credit (FTC) carryforwards, i.e., it is in an “excess credit” position. Give at least three planning ideas that the client should implement, so as to free up the suspended FTCs.
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