A paid tax preparer should retain a record of all prepared returns for:yearsO 5 yearsO 7 yearsO 12 years The IRS requires anyone who prepares or assists in preparing federal incometax returns for a fee to:O Apply for, and receive a Preparer Tax Identification Number from the IRS.O Pass a Qualifying Education course that is approved by the California TaxEducation Council.Pay an annual fee of $50 to the Internal Revenue Service.O Apply for, and receive a Preparer Tax Identification Number from the CaliforniaTax Education Council.

Taxation in USA is governed as per IRS provisions.

Answered: A paid tax preparer should retain a…

Business

Accounting

A paid tax preparer should retain a record of all prepared returns for: 3 years O 5 years 07 years 12 years

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 2BCRQ

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

A paid tax preparer should retain a record of all prepared returns for:
years
O 5 years
O 7 years
O 12 years

The IRS requires anyone who prepares or assists in preparing federal income
tax returns for a fee to:
O Apply for, and receive a Preparer Tax Identification Number from the IRS.
O Pass a Qualifying Education course that is approved by the California Tax
Education Council.
Pay an annual fee of $50 to the Internal Revenue Service.
O Apply for, and receive a Preparer Tax Identification Number from the California
Tax Education Council.

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