Exam (elaborations) Enrolled Agent - Exam Questions and Answers Latest Update Exam (elaborations) Enrolled Agent - INDIVIDUALS Exam Questions with Latest Update Exam (elaborations) Enrolled Agent - Part 1 Section 1 Exam Questions with Correct Answers Exam (elaborations) Enrolled Agent - Tax...
[Show more]
Qualifying Child Test - Answer-1. Relationship Test 2. Age Test 3. Residence Test 4. Support Test W-2G - Answer-Certain Gambling Winnings Form 1099-B - - Answer-Proceeds from Broker and Barter Exchange Transactions Form 1099-C - - Answer-Cancellation of Debt Form 1099-DIV - - Answer-D...
Preview 4 out of 43 pages
Add to cartQualifying Child Test - Answer-1. Relationship Test 2. Age Test 3. Residence Test 4. Support Test W-2G - Answer-Certain Gambling Winnings Form 1099-B - - Answer-Proceeds from Broker and Barter Exchange Transactions Form 1099-C - - Answer-Cancellation of Debt Form 1099-DIV - - Answer-D...
When must Form 706-GS(T) be filed by a trustee for a trust that has a taxable termination? - Answer-By April 15 of the year following the calendar year of termination In general, the trustee of any trust that has a taxable termination must file Form 706-GS(T) for the tax year in which the termina...
Preview 4 out of 39 pages
Add to cartWhen must Form 706-GS(T) be filed by a trustee for a trust that has a taxable termination? - Answer-By April 15 of the year following the calendar year of termination In general, the trustee of any trust that has a taxable termination must file Form 706-GS(T) for the tax year in which the termina...
1A #100054 Which one of the following criteria is used to determine a taxpayer's "tax home," if the taxpayer does not have a regular or main place of business or work? The taxpayer performs part of his business in the area surrounding his main home and uses that home for lodging while doi...
Preview 2 out of 13 pages
Add to cart1A #100054 Which one of the following criteria is used to determine a taxpayer's "tax home," if the taxpayer does not have a regular or main place of business or work? The taxpayer performs part of his business in the area surrounding his main home and uses that home for lodging while doi...
1040NR - Answer-Non-Resident Alien Tax Return - If wages are subject to withholding - due 15th day of 4th month after tax year ends - If not subject to wage withholding - due 15th day of 6th month after close of tax year (unless extended) 1040X - Answer-amended return to change from one deducti...
Preview 1 out of 3 pages
Add to cart1040NR - Answer-Non-Resident Alien Tax Return - If wages are subject to withholding - due 15th day of 4th month after tax year ends - If not subject to wage withholding - due 15th day of 6th month after close of tax year (unless extended) 1040X - Answer-amended return to change from one deducti...
Solo Proprietorship - Answer-can't be passed to a new owner, must be sold qualified joint venture - only married couples business -file separate Schedules C and separate Schedule SE Statutory employees, disregarded entities also must file Schedule C Partnerships - Answer--must have at...
Preview 2 out of 15 pages
Add to cartSolo Proprietorship - Answer-can't be passed to a new owner, must be sold qualified joint venture - only married couples business -file separate Schedules C and separate Schedule SE Statutory employees, disregarded entities also must file Schedule C Partnerships - Answer--must have at...
The IRS has created a system of IP PINs as a step toward combating: A. Taxpayer abuse of the Earned Income Tax Credit. B. Practitioner fraud. C .Unenrolled preparer fraud. D. Identity theft. - Answer-D. Identity theft. Jamila is a nonresident alien that owns a rental property in the US that s...
Preview 2 out of 6 pages
Add to cartThe IRS has created a system of IP PINs as a step toward combating: A. Taxpayer abuse of the Earned Income Tax Credit. B. Practitioner fraud. C .Unenrolled preparer fraud. D. Identity theft. - Answer-D. Identity theft. Jamila is a nonresident alien that owns a rental property in the US that s...
tax filing flow - Answer-filing requirement and status -income - income exclusion - adjust to income AGI (schedule1) - deduction - taxable income and taxation - additional tax (schedule2) - credits (schedule3) - payment (withholding) or refund qualifying relative - Answer-1. living together all y...
Preview 3 out of 16 pages
Add to carttax filing flow - Answer-filing requirement and status -income - income exclusion - adjust to income AGI (schedule1) - deduction - taxable income and taxation - additional tax (schedule2) - credits (schedule3) - payment (withholding) or refund qualifying relative - Answer-1. living together all y...
Individual tax identification number (ITIN) vs Tax identification number (TIN) - Answer-Individual tax identification number (ITIN): - An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. - Any ITIN that is not used on a ...
Preview 4 out of 38 pages
Add to cartIndividual tax identification number (ITIN) vs Tax identification number (TIN) - Answer-Individual tax identification number (ITIN): - An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. - Any ITIN that is not used on a ...
1. Ethan claimed the Earned Income Tax Credit for the past several years. The IRS audited his returns and disallowed the EITC in 2019. The IRS also found that Ethan claimed the EITC due to reckless disregard of the EITC rules. For how many tax years is Ethan barred from claiming the EITC? Ethan cann...
Preview 4 out of 33 pages
Add to cart1. Ethan claimed the Earned Income Tax Credit for the past several years. The IRS audited his returns and disallowed the EITC in 2019. The IRS also found that Ethan claimed the EITC due to reckless disregard of the EITC rules. For how many tax years is Ethan barred from claiming the EITC? Ethan cann...
Question: Reba, age 88, and Charles, age 90, are married, live together, and file jointly. During 2010, they received interest income of $3,000, dividend income of $1,500, a pension of $10,000 and Social Security of $15,000. Which of the following statements regarding Charles and Reba is corr...
Preview 3 out of 17 pages
Add to cartQuestion: Reba, age 88, and Charles, age 90, are married, live together, and file jointly. During 2010, they received interest income of $3,000, dividend income of $1,500, a pension of $10,000 and Social Security of $15,000. Which of the following statements regarding Charles and Reba is corr...
When filing a tax return, it is important to utilize the clients ___________. - Answer-Prior year returns What biographical information must you collect from your cient? - Answer-Legal name, DOB, Marital Status, Residency/Citizenship, Dependent Information SSN/Taxpayer's identification informa...
Preview 1 out of 3 pages
Add to cartWhen filing a tax return, it is important to utilize the clients ___________. - Answer-Prior year returns What biographical information must you collect from your cient? - Answer-Legal name, DOB, Marital Status, Residency/Citizenship, Dependent Information SSN/Taxpayer's identification informa...
T or F. Kathy, a U. S citizen, is 22 and correctly files as single. In 2004, she had net self-employment income of $550 after expenses. She had no other income or any tax payments. She does not have to file a federal income tax return for the year 2004. - Answer-False T or F. If your spouse died ...
Preview 2 out of 15 pages
Add to cartT or F. Kathy, a U. S citizen, is 22 and correctly files as single. In 2004, she had net self-employment income of $550 after expenses. She had no other income or any tax payments. She does not have to file a federal income tax return for the year 2004. - Answer-False T or F. If your spouse died ...
Child Care Credit - Answer-(also known as a dependent care credit) is provided as a payment against taxes that are owed by the individuals as a percentage of dependent care expenses paid. The class of individuals eligible for this credit is individuals who maintain a household for a qualified indivi...
Preview 1 out of 3 pages
Add to cartChild Care Credit - Answer-(also known as a dependent care credit) is provided as a payment against taxes that are owed by the individuals as a percentage of dependent care expenses paid. The class of individuals eligible for this credit is individuals who maintain a household for a qualified indivi...
what options does a taxpayer have after the notice of deficiency has been issued and the tax assessed is paid? - Answer-the taxpayer can petition the tax court for review even though the tax has been paid barbara is an EA who only prepares tax returns. one of her clients was audited by the IRS an...
Preview 1 out of 3 pages
Add to cartwhat options does a taxpayer have after the notice of deficiency has been issued and the tax assessed is paid? - Answer-the taxpayer can petition the tax court for review even though the tax has been paid barbara is an EA who only prepares tax returns. one of her clients was audited by the IRS an...
Preparing a tax return, furnishing information at the request of the Internal Revenue Service, or appearing as a witness for the taxpayer is considered practice before the Internal Revenue Service - Answer-False Michael Smith is an Enrolled Agent with an office that employees 4 other Enrolled...
Preview 2 out of 11 pages
Add to cartPreparing a tax return, furnishing information at the request of the Internal Revenue Service, or appearing as a witness for the taxpayer is considered practice before the Internal Revenue Service - Answer-False Michael Smith is an Enrolled Agent with an office that employees 4 other Enrolled...
When preparing a current-year tax return, which of the following benefits are derived from the use of the previous year's return - Answer-prevents gross mathematical errors, identifies significant changes, increases efficiency Which of the following is a requirement that must be met in determini...
Preview 1 out of 2 pages
Add to cartWhen preparing a current-year tax return, which of the following benefits are derived from the use of the previous year's return - Answer-prevents gross mathematical errors, identifies significant changes, increases efficiency Which of the following is a requirement that must be met in determini...
People born in the US, parents are in the US and aliens who have been naturalized are what? - Answer-US citizens Taxpayer cannot qualify as a dependent of another person, taxpayer cannot be married unless claim for refund is filed and dependent must be a US citizen are all requirements to what? -...
Preview 2 out of 5 pages
Add to cartPeople born in the US, parents are in the US and aliens who have been naturalized are what? - Answer-US citizens Taxpayer cannot qualify as a dependent of another person, taxpayer cannot be married unless claim for refund is filed and dependent must be a US citizen are all requirements to what? -...
Debby broke her leg in a car accident in 2014 and was unable to work for three months. She received an accident settlement of $13,000 from her insurance company. during this time, she received $7,500 of sick pay from her employer. In addition, she received $5,000 from the accident policy she had pur...
Preview 2 out of 6 pages
Add to cartDebby broke her leg in a car accident in 2014 and was unable to work for three months. She received an accident settlement of $13,000 from her insurance company. during this time, she received $7,500 of sick pay from her employer. In addition, she received $5,000 from the accident policy she had pur...
A taxpayer must generally have held stock for _____ in order for his dividend income to be considered for qualified dividends. A. More than 30 days during the 121-day period that begins 60 days before the ex-dividend date. B. More than 60 days during the 121-day period that begins 60 days before ...
Preview 2 out of 5 pages
Add to cartA taxpayer must generally have held stock for _____ in order for his dividend income to be considered for qualified dividends. A. More than 30 days during the 121-day period that begins 60 days before the ex-dividend date. B. More than 60 days during the 121-day period that begins 60 days before ...
Which of the following would have the highest authority in establishing precedent for tax law? A. Private letter ruling. B. Treasury regulation. C. IRS publication. D. Technical advice memorandum. - Answer-B In matters of tax law, the IRS must acquiesce in all decisions rendered by the: ...
Preview 1 out of 2 pages
Add to cartWhich of the following would have the highest authority in establishing precedent for tax law? A. Private letter ruling. B. Treasury regulation. C. IRS publication. D. Technical advice memorandum. - Answer-B In matters of tax law, the IRS must acquiesce in all decisions rendered by the: ...
If a practitioner knows that a client has filed an erroneous tax return, he is required to: A. Correct the error. B. Advise the client about the error and the consequences of not correcting the error. C. Do nothing if he was not the one who prepared the erroneous return. D. Inform the IRS abou...
Preview 1 out of 4 pages
Add to cartIf a practitioner knows that a client has filed an erroneous tax return, he is required to: A. Correct the error. B. Advise the client about the error and the consequences of not correcting the error. C. Do nothing if he was not the one who prepared the erroneous return. D. Inform the IRS abou...
For the IRS to consider accepting a taxpayer's reconsideration request: A. The taxpayer must have already paid the contest additional tax. B. The taxpayer must have filed a return after the IRS completed a substitute return to him. C. The US Tax court must have already issued a ruling in the c...
Preview 1 out of 3 pages
Add to cartFor the IRS to consider accepting a taxpayer's reconsideration request: A. The taxpayer must have already paid the contest additional tax. B. The taxpayer must have filed a return after the IRS completed a substitute return to him. C. The US Tax court must have already issued a ruling in the c...
1. A domestic LLC with at least two members that does not file Form 8832 is automatically classified as _ _ _ _ for federal int. Orne tax purposes. A. An S corporation. B. A partnership. C. A qualified joint venture. D. A personal service corporation. - Answer-B 2. Don and Selma are mar...
Preview 1 out of 4 pages
Add to cart1. A domestic LLC with at least two members that does not file Form 8832 is automatically classified as _ _ _ _ for federal int. Orne tax purposes. A. An S corporation. B. A partnership. C. A qualified joint venture. D. A personal service corporation. - Answer-B 2. Don and Selma are mar...
1. Which of the following date ranges would be a permissible fiscal tax year? A. January 1, 2016 to December 31, 2016 B. February 2, 2016 to February 2, 2017 C. July 1, 2016 to June 30, 2017 D. May 1, 2016 to May 31, 2017 - Answer-c 2. All of the following costs must be included in invent...
Preview 2 out of 5 pages
Add to cart1. Which of the following date ranges would be a permissible fiscal tax year? A. January 1, 2016 to December 31, 2016 B. February 2, 2016 to February 2, 2017 C. July 1, 2016 to June 30, 2017 D. May 1, 2016 to May 31, 2017 - Answer-c 2. All of the following costs must be included in invent...
Vera and Jack are married and file jointly. They contributed $15,000 of case to their synagogue during 2015. They also donated $3,000 to a private foundation that is a nonprofit cemetery organization to which a 30% contribution limit applies. Their adjusted gross income for 2015 was $30,000. Vera an...
Preview 2 out of 8 pages
Add to cartVera and Jack are married and file jointly. They contributed $15,000 of case to their synagogue during 2015. They also donated $3,000 to a private foundation that is a nonprofit cemetery organization to which a 30% contribution limit applies. Their adjusted gross income for 2015 was $30,000. Vera an...
1.1 What constitutes practice before the IRS? - Answer-Practice before the IRS comprehends all matters connected with a presentation to the IRS or any of its officers or employees relating to a taxpayer's rights, privileges, or liabilities under laws or regulations administered by the IRS. (incl., ...
Preview 2 out of 11 pages
Add to cart1.1 What constitutes practice before the IRS? - Answer-Practice before the IRS comprehends all matters connected with a presentation to the IRS or any of its officers or employees relating to a taxpayer's rights, privileges, or liabilities under laws or regulations administered by the IRS. (incl., ...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
No, you only buy these notes for $35.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
77333 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now