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.

Identify the principles behind economic structures, resource ownership, and coordination of economic activities.

Understand the shifts in production possibilities frontier due to changes in labor force size or technology.

Understand the characteristics of different economic systems.

Gain knowledge on the role of government intervention in various economic systems.

---

Definitions:

Oral Transfers

The process of transferring rights or property through spoken communication rather than written documentation.

Patent Infringement

The illicit use, distribution, or production of a patented creation without the consent of the patent owner.

Patentee

The holder of a patent.

Misappropriation

The unauthorized, improper, or unlawful use of funds or resources, especially for personal benefit.