Question 1

Annually the Internal Revenue Service (IRS) notifies taxpayers of potential scams and frivolous tax arguments that some tax preparers use to reduce their clients' tax liability.

Use the Internet to find information on one of these frivolous tax arguments and discuss their assertions as well as the IRS's position as to why these assertions are false. What is the general theme of these arguments? Why are these arguments clearly frivolous?

What would you do if you were approached by a potential client claiming one of these frivolous tax arguments?

Use the Internal Revenue Service's website at http://www.IRS.gov and search for "frivolous tax arguments". Be sure to discuss relevant tax laws and if possible, briefly discuss relevant case law.

Question 2

Conduct research on the history of the IFRS. In your own words, describe your understanding of why the IFRS was created, and how this will affect the accounting profession in terms of business relationships. Is this going to be seen as a positive change or will it present challenges? Explain.

Question 3

Explain the concept of the Time Value of Money (TVM). Does the TVM generally imply that "money today" is worth more than "money tomorrow"? Please explain, providing one or more examples that apply the concept of TVM.