According to Circular 230, What Should a CPA Do Upon

question 60

Multiple Choice

According to Circular 230, what should a CPA do upon discovery of an error in a client's prior-year return?

• A)Notify the IRS of the error.
• B)Inform the client of the error and its tax consequences.
• C)File an amended return for the client.
• D)Do nothing.

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Definitions:

Barriers To Entry

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Financial Resources

Monetary assets or capital available to an individual, organization, or country for spending, investing, or saving.

Competitive Advantage

The attribute that allows an organization to outperform its rivals in the market, leading to greater sales or margins and/or retaining more customers.

Strategic Intent

The focus on and application of organizational energies on a unifying and compelling goal.