Exercising due diligence is a requirement for paid preparers when preparing a taxpayer's return claiming the...
Exercising due diligence is a requirement for paid preparers when preparing a taxpayer's return claiming the Earned Income Credit, the Child Tax Credit/Additional Child Tax Credit/Credit for Other Dependents, the American Opportunity Tax Credit, and Head of Household (HOH) Filing Status. All of the following are due diligence requirements EXCEPT __
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Exercising due diligence is a requirement for paid preparers
when preparing a taxpayer's return claiming the...
Exercising due diligence is a requirement for paid preparers when preparing a taxpayer's return claiming the...
Exercising due diligence is a requirement for paid preparers when preparing a taxpayer's return claiming the Earned Income Credit, the Child Tax Credit/Additional Child Tax Credit/Credit for Other Dependents, the American Opportunity Tax Credit, and Head of Household (HOH) Filing Status. All of the following are due diligence requirements EXCEPT __________. Completion of eligibility checklist. Knowledge. Record retention. Verification of employment.
All of the following are requirements for a Tax Professional to meet the due diligence knowledge...
All of the following are requirements for a Tax Professional to meet the due diligence knowledge requirement when preparing a return for a taxpayer claiming the Earned Income Credit, the Child Tax Credit/Additional Child Tax Credit, and/or the American Opportunity Credit EXCEPT __________. Refusing to ignore the implications of information furnished to or known by the preparer. Having no knowledge or reason to know that any information used in determining the taxpayer's eligibility for, or the amount of, a refundable...
1) All of the following are due diligence requirements a paid tax preparer must meet when...
1) All of the following are due diligence requirements a paid tax preparer must meet when filing a return for a taxpayer claiming EITC, CTC/ACTC, ODC, AOTC, and/or head of household filing status EXCEPT: A) Investigate and verify the accuracy of information the taxpayer provides to show eligibility for the credits and/or head of household filing status. B) Complete all worksheets used to compute the credit. If the worksheet is completed by hand, keep a hard copy in the taxpayer's...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
Failure to meet the due diligence requirements when a tax return claims EITC, CTC/ACTC, ODC, AOTC, and/or head of househ...
Failure to meet the due diligence requirements when a tax return claims EITC, CTC/ACTC, ODC, AOTC, and/or head of household filing status could result in a maximum penalty of _________.
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
1.) Ruth and Steve will file a joint return. During the year, they received dividends from...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
Test - Due Diligence Section 1 Question 1 of 18. Penny, who wants to claim BTC,...
Test - Due Diligence Section 1 Question 1 of 18. Penny, who wants to claim BTC, informs her Tax Professional that she is still married but currently doesn't live her nine-year-old daughter, who is eligible to be claimed as her dependent. To determine her filing status, which What is your spouse's AGI? Did your spouse live with you during the first six months of the year? O Did your spouse live with you in the last six months of the...
Which one of the following statements is correct regarding the new TCJA legislation? o A. The...
Which one of the following statements is correct regarding the new TCJA legislation? o A. The Act increases the AMT for corporations. B. The allowable depreciation for passenger automobiles increases. O C. The corporate tax rate is 21% for any level of income. D. The cost recovery period for farm equipment increases. The new legislation imposes a due diligence requirement on tax return preparers for which of the following? A. Student loan discharge B. Claiming head of household status O...
Albert filed his tax return, properly claiming the head of household filing status. Albert's employer paid...
Albert filed his tax return, properly claiming the head of household filing status. Albert's employer paid or provided the following to Carl: Wages $72,000 Fair market value of qualified dependent care services 4,600 Premiums for $50,000 qualified group term life insurance 450 Medical insurance premiums 1,200 How much of this income should Carl report (assume benefits are provided on a nondiscriminatory basis)? A) $65,000 B) $72,000 C) $76,600 D) $77,050
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
Test - Due Diligence Section 1 Question 1 of 18. Penny, who wants to claim BTC, informs her Tax Professional that she is still married but currently doesn't live her nine-year-old daughter, who is eligible to be claimed as her dependent. To determine her filing status, which What is your spouse's AGI? Did your spouse live with you during the first six months of the year? O Did your spouse live with you in the last six months of the...
Which one of the following statements is correct regarding the new TCJA legislation? o A. The Act increases the AMT for corporations. B. The allowable depreciation for passenger automobiles increases. O C. The corporate tax rate is 21% for any level of income. D. The cost recovery period for farm equipment increases. The new legislation imposes a due diligence requirement on tax return preparers for which of the following? A. Student loan discharge B. Claiming head of household status O...
Most questions answered within 3 hours.
-
What steps would you take to institutionalize the controls you’d
select for your organization? Where do...
asked 2 minutes ago -
Learning aquatic zumba is an example of tacit knowledge. true or
false
asked 2 minutes ago -
Table salt contains 39.33 g of sodium per 100 g of salt. The
U.S. Food and...
asked 19 minutes ago -
C&A records the following profit figures for the last six
months in Excel for a linear...
asked 16 minutes ago -
This needs to be done in c++11 and be compatible with g++
compiling
Project description:
Write...
asked 18 minutes ago -
.
NEED ANSWER ASAP
******NEW ANSWER NEVER USED BEFORE****
Write a page paper on conducting marketing...
asked 19 minutes ago -
Assume that capital markets are competitive and that the
international Fisher hypothesis holds. The one-year interest...
asked 46 minutes ago -
Solid potassium phosphate is slowly added to 150 mL of a 0.0518
M calcium nitrate solution....
asked 1 hour ago -
(CO 2) A field can be added to a report to
values for two or more...
asked 2 hours ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 3 hours ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 4 hours ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 4 hours ago