Revenue rulings - Study guides, Class notes & Summaries

What year was the U.S. income tax on individuals permanently established? A. 1861 B. 1894 C. 1913 D. 1924 - correct answer C. 1913 What is the second-highest level of legislative authority of tax law in the United States? A. American Institute of Certified Public Accountants (AICPA) B. Journal of Taxation C. Revenue procedures D. Internal Revenue Code - correct answer D. Internal Revenue ...

Taxation I WGU - C237, Exam Questions and answers, 100% Accurate. VERIFIED. After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The preferred method of taxation was on business transactions as opposed to individual income tax. D. The U.S. Constitution...

FPC Certification Exam Questions with 100% Correct Answers What is included on form 1099-MISC? - Answer-Form 1099-MISC states how much the contractor was paid for services rendered during the past calendar year. A copy of this form must also be sent to the Internal Revenue Service (IRS). When must an employer provide a contractor with a 1099-MISC? - Answer-when paying the contractor $600 or more during the calendar year and at the end of the year. To satisfy the Reasonable Basis test a...

©FYNDLAY EXAM SOLUTIONS 2024/2025 ALL RIGHTS RESERVED. 1 | P a g e MHA 706 Module 2 Exam Study Guide Financial Accounting - answerinvolves identifying, recording and communicating the operational results and status of organization. (i.e. income statement, statement of changes in equity, balance sheet, and statement of cash flows) Do not for profit organizations have to prepare financial statements? - answerYes- they also have stakeholders and managers that have an interest in financial ...

What information does a preparer need to maintain for each return done? - ANS A preparer must maintain the taxpayer's name, tax ID number, taxable year of the taxpayer, name of the preparer, and the type of return or claim for refund prepared. Can you prepare tax returns when you are suspended from Practice before the IRS? - ANS Yes because preparing tax returns is not considered "practice before the IRS." What are you required to do every year in order to particip...

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: A. U.S. Tax Court. B. U.S. Supreme Court. C. U.S. Court of Appeals. D. Both A and B. - Answer-B Of the following situations, which is most likely to warrant intervention by the Taxpayer Advocate...

What information does a preparer need to maintain for each return done? - correct answer -A preparer must maintain the taxpayer's name, tax ID number, taxable year of the taxpayer, name of the preparer, and the type of return or claim for refund prepared. Can you prepare tax returns when you are suspended from Practice before the IRS? - correct answer -Yes because preparing tax returns is not considered "practice before the IRS." What are you required to do every year in order to partic...

Test Bank for South-Western Federal Taxation 2024 Essentials of Taxation Individuals and Business Entities, 27th Edition By Annette Nellen Solution and Answer Guide: Nellen, Cuccia, Persellin, Young, SWFT Essentials of Taxation: Individuals and Business Entities 2024, 9780357900796; Chapter 1: Introduction to Taxation © 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 1 website, in whole or in part. Solution and Answer Guid...

Payroll Fundamentals Ch. 1 Study Set Exam Q&A Worker Status - CORRECT ANSWER-Employee or Independent Contractor Employee - CORRECT ANSWER--Taxes withheld -Provide W-2 -Unemployment taxes paid -Subject to all federal and state laws Independent Contractor - CORRECT ANSWER--No taxes withheld -Provide 1099-MISC to report payments over $600 for the year -No unemployment taxes are paid Independent Contractor: Reasonable Basis Test - CORRECT ANSWER-An employer may treat a worker as an ind...

Enrolled Agent ExamPart 3With100%Correct And VerifiedAnswers2024What information does a preparer need to maintain for each return done? - Correct Answer-A preparer must maintain the taxpayer's name, tax ID number, taxableyear of the taxpayer, name of the preparer, and the type of return or claimfor refund prepared. Can you prepare tax returns when you are suspended from Practice before theIRS?- Correct Answer-Yes because preparing tax returns is not considered "practicebeforethe IRS."...