REG 2024 Exam Questions & Answers 100% CORRECT
If understatement is due to a simple error or negligence, the IRS has a statute of limitations within which additional taxes can be assessed of - ANSWERS3 years after the later of return due date or return filing date
If understatement is due t...
If understatement is due to a simple error or negligence, the IRS has a statute of limitations within which
additional taxes can be assessed of - ANSWERS3 years after the later of return due date or return filing
date
If understatement is due to gross negligence (> 25%), the IRS has a statute of limitations within which
additional taxes can be assessed of - ANSWERS6 years after the later of return due date or return filing
date
If understatement is due to fraud, the IRS has a statute of limitations within which additional taxes can
be assessed of - ANSWERSUnlimited
Agency responsible for determining the CPE requirements for CPAs - ANSWERSBoard of Accountancy for
the state in which the licensed CPA practices
To who is the fee to maintain a CPA license paid to - ANSWERSState board of accountancy
Individual NOL treatment - ANSWERSNo carry back & indefinite carry forward with 80% income
limitation
NOL - ANSWERSExcess of a taxpayers deductions over income (result from business or pass through —
Sched C, E, F)
Items that cannot be included in the computation of NOL - ANSWERSStandard deductions,m itemized
deductions except casualty losses, interest and dividends
Tax cases with the option of a jury trial - ANSWERSCases tried in the Federal District Court
, To avoid underpayment penalties, taxpayer must pay either through withholding and/or estimated taxes,
the lesser of - ANSWERS90% of current year tax liability or 100% of prior year tax liability
If prior year AGI is >$150,000, then taxpayer must pay at least ____ to avoid under payment penalties -
ANSWERS110% of prior year tax liability
In a suit based on fraud, the plaintiff must prove: - ANSWERSfalse statements of a material fact
knowingly made (scienter) or made with reckless disregard for the truth (constructive fraud), AND the
plaintiff relied on the false statements and suffered damages thereby
Surviving spouse filing status - ANSWERSA taxpayer whose spouse died during either of the two
preceding tax years and who maintains a household which is the principal residence of the entire taxable
year of a dependent son, stepson, daughter, or stepdaughter
QBI Deduction - ANSWERSDeduction of up to 20% of QBI from a domestic sole proprietor, partnership, S
Corporation, trust or estate
Non-deductible medical expenses - ANSWERSCosmetic surgery, premiums paid on a disability insurance
policy
IRA deduction - ANSWERS6,500 of earnings (13K if MFJ)
Schedule M-3 is prepped for - ANSWERSCorporations with total assets of $10M or more
Corporation charitable contributions deduction formula - ANSWERSAdjusted taxable income x 10%
Corporation excess charitable deductions can be carried fwd - ANSWERS5 years
Corporation NOL carry back and forward - ANSWERSNo carry back, carry fwd indefinitely but can only
offset up to 80% of taxable income
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