(TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS?
Taxpayer owns and operates a check-cashing service.
Taxpayer is a self-employed electrician.
Taxpayer just received a 3 million personal injury award as a result of a lawsuit.
Taxpayer just won a 1 million slot machine jackpot at a Las Vegas casino.
Taxpayer is employed as a special agent by the IRS.
Employees are subject to income tax withholding and have little opportunity to avoid reporting income (choice E). Casino gambling income is subject to Form 1099 reporting (choice D).Chapter 1
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(TCO 9) A characteristic of fraud penalties is:
Excerpt from file: 1. Question: (TCO9)Intermsofprobability,whichofthefollowingtaxpayerswould leastlikelybeauditedbytheIRS? StudentAnswer: Taxpayerownsandoperatesacheckcashingservice. Taxpayerisaselfemployedelectrician. Taxpayerjustreceiveda3millionpersonalinjuryawardasa resultofalawsuit.
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