Form 1099 c - Study guides, Class notes & Summaries

HR Block Test Questions and Answers Already Passed A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? a,$2,120 the deduction for state and local income taxes is limited to what amount? a. $10,000 ($5,000 if MFS). ...

VITA Certification Exam | Questions and Verified Answers| 100% Correct| Graded A (2023/ 2024) QUESTION If a taxpayer offers you a $20 bill because they were so happy about the quality service they received, what would be the appropriate action to take? a. Take the $20 and thank the taxpayer for the tip. b. Tell the taxpayer it would be better to have the $20 deposited directly into your bank account from his refund. c. Thank the taxpayer, and explain that you cannot accept any pay...

A taxpayer should include which of the following when figuring their federal gross income? : Gifts and inheritances. Life insurance payments, if paid by reason of the death of the insured. Meals and lodging provided for the convenience of the employer Prizes and awards. To avoid the risk of penalties, tax preparers must abide by rules regarding preparer tax identification numbers (PTINs). Which of the following statements is TRUE regarding PTINs? : A)A PTIN is required semi-annually ...

To ensure quality service and accurate return preparation, every site is required to have a process for assigning taxpayers to IRS tax law-certified preparers who are certified at or above the level required to prepare their tax return. a. True b. False - a. True During the intake process, which of the following should the volunteer verify that the taxpayer and spouse, if applicable, have with them to ensure the taxpayers can be served that day? a. Photo identification for both b. Social ...

VITA Certification Test Questions With Answers Latest Updated 2024/2025 (VERIFIED) Which volunteers must take Volunteer Standards of Conduct training and test? a . Site Coordinators/Local Coordinators b. Quality Reviewers and tax return preparers c . Greeters d. All VITA/TCE volunteers - d. All of the above If a volunteer violates the Volunteer Standards of Conduct, what are the possible consequences? a . Removal from the VITA/TCE programs b . Criminal investigation c . Elimination of VI...

VITA Certification Exam| Questions and Answers, 100% Correct| Latest 2024 VITA Certification Exam| Questions and Answers, 100% Correct| Latest 2024 To ensure quality service and accurate return preparation, every site is required to have a process for assigning taxpayers to IRS tax law-certified preparers who are certified at or above the level required to prepare their tax return. a. True b. False a. True During the intake process, which of the following should the volunteer verify t...

HRB-27 Final Exam Review Questions and Answers What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - Answer-Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? - Answer-• Under the accrual method, total sales and total charges for services are included in income even though payment may be ...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? • Under the accrual method, total sales and total charges for services are included in income even though payment may be received in another tax year. • Under the cash method, only in...

HRB-27 Final Exam Review Questions and Answers Rated A+ What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? • Under the accrual method, total sales and total charges for services are included in income even though payment may be rece...

VOLUNTEER STANDARDS OF CONTUCT RETEST QUESTIONS 1. Which volunteers must pass the Volunteer Standards of Conduct (VSC) certification test? All VITA/TCE site volunteers must pass the VSC certification test 2. Failure of a VITA/TCE volunteer to comply with the Volunteer Standards of Conduct could result in which of the following? a. The volunteer's removal from the VITA/TCE program. b. The volunteer's inclusion in the IRS Volunteer Registry to bar future VITA/TCE activity indefin...