A CPA who prepares clients' federal income tax returns for a fee must
A. File certain required notices and powers of attorney with the IRS before preparing any returns.
B. Keep a completed copy of each return for a specified period of time or keep a summarized list of specified return information.
C. Receive client documentation supporting all travel and entertainment expenses deducted on the return.
D. Indicate the CPA's federal identification number on a tax return only if the return reflects tax due from the taxpayer.
Answer: B. Keep a completed copy of each return for a specified period of time or keep a summarized list of specified return information.
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Which of the following is a strong reason to believe that IT is essential to manage nonprofits?
A) Nonprofit organizations are generally bigger than for-profit businesses. B) Operational requirements for nonprofits are similar to for-profit businesses. C) Most nonprofit organizations have a concealed profit motive. D) Many nonprofit organizations are supported and funded by for-profit businesses.