Explain the Standards for Professional Services That Involve Tax Return

question 29

Essay

Explain the standards for professional services that involve tax return positions under SSTS No.1. What is the level of authority for disclosed or undisclosed positions and what types of authority can be relied upon?

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Definitions:

Conduction

Transfer of thermal energy by direct contact.

Transformation

The process of change in form, appearance, nature, or character.

Convergence

The coming together of tectonic plates, often resulting in mountain building, earthquakes, and volcanic activity.

Divergence

The movement away from each other of tectonic plates at a divergent boundary, typically resulting in the formation of new crust.