Discussion Essay

1012 words - 5 pages

* From the e-Activity, evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.
* Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.

From the e-Activity, evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.
Determine the Facts:
The respondent, ...view middle of the document...

If a depreciable asset has a historical cost of less than $500, or if the asset has a useful life of less than 2 years, its cost is allowable in the year it is acquired.
SEC. 446(a) General Rule – taxable income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes his income in keeping his books. Exceptions include if no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computations of taxable income shall be made under such method.
Cincinnati, New Orleans & Tex. Pac. Ry. Co. v. United States – the Court of Claims held in both cases that the taxpayer may deduct a de minimis amount of expenses for low-cost capital assets having a useful life greater than 1 year if the accounting method established by the Interstate Commerce Commission clearly reflects income.
Analyze the facts in terms of applicable authorities:
Under Section 6662 for Substantial Understatement, the respondent determined that Alacare is liable for the accuracy-related penalty for substantial understatement for 1995 and 1996. However, the petitioner’s reliance on its tax preparer was reasonable cause for expensing the disputed assets in 1995 and 1996.
Communicate conclusions and recommendations to others:
The petitioner is not liable for the accuracy-related penalty under section 6662 for 1995 and 1996 due to their reasonable cause of expensing the disputed assets. Alacare did not discuss the deductibility of the disputed assets with the petitioner’s tax return prepare for 1995 and 1996 because the petitioner’s expensing policy in 1995 and 1996 was the same as it had been in previous years.
Compare the American Institute of CPA’s (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.

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