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Which of these pairs is an agency? Tax Preparer/Taxpayer • True False Question 2 Teacher/Student True...
Question 5 Using the above pairings, which is the Principal and which is the Agent? Tax...
Question 5 Using the above pairings, which is the Principal and which is the Agent? Tax Preparer/Taxpayer Tax Preparer is the agent and Taxpayer is the principal Tax Preparer is the principal and Taxpayer is the agent No agency Question 6 Teacher/Student Teacher is the agent and Student is the principal Teacher is the principal and Student is the agent No agency uta. Question 7 Retail Clerk/Customer Retail Clerk is the agent and Customer is the principal Retail Clerk is...
A paid tax preparer is required to have a PTIN number, give the client a copy...
A paid tax preparer is required to have a PTIN number, give the client a copy of the return, and keep a copy for your records for five years. True False In cases where the understatement of tax is due to unrealistic positions: A tax preparer that prepares income taxes for a fee shall receive a penalty the greater of $5,000 or 50% of the income derived by the tax return preparer with respect to the return or claim. True...
Tax preparer question
You are a tax preparer. Review the expenses submitted by the client and assist your staff with the completion of itemized deductions using the new tax laws. For expenses that are not allowed, explain why these expenses are disallowed. AGI is $45,000. Client submitted expenses:1. Taxpreparation fees from the prior year $ 2502. Personalproperty taxes $ 5003. Reimbursedhealth insurance premiums $1,5004. Charitablecontributions (cash only) $ 2005. Prescriptions $ 1506. Mortgageinterest $3,8507. Contactlens $ 2008. Stateincome taxes withheld $1,6759. Unreimbursedmedical expenses $ 87510. Services provided qualified non-profit $1,000
with respect to the income tax formula which of the following statements is correct QUESTION 2...
with respect to the income tax formula which of the following
statements is correct
QUESTION 2 To qualify for head of household status, a taxpayer must maintain a household that is the princ True False QUESTION 3 A qualifying relative must be related to the taxpayer (as listed by the IRS), or be a member of the taxpa True False QUESTION 4 Even though the taxpayer is claimed as a dependent on another tax return he or she can stil...
QUESTION 2 Which one of the following statements is TRUE? a. An example of an agency...
QUESTION 2 Which one of the following statements is TRUE? a. An example of an agency cost is when an outside investor is only willing to pay less for stock because she thinks the original owner will consume too many perquisites. b. The commission required by the Federal Housing Agency for a small business loan is an example of an agency cost. c. An example of an agency cost is when an attorney hires an expert witness for a trial....
True or False: A member cannot take a different position on a tax matter that has...
True or False: A member cannot take a different position on a tax matter that has been determined in administrative proceeding or court decision. For each question cite the Standard or page number and section number of Circular 230 for which your answer is based upon. (Member means tax preparer.)
Question 14 Which of the following items is not tax-deductible by the taxpayer in 2019 on...
Question 14 Which of the following items is not tax-deductible by the taxpayer in 2019 on Schedule A (total allowable itemized deductions) as an education-related expense that is part of the taxpayer's miscellaneous itemized deduction subject to the 2%-of-AGI floor) ? 1) Certain education-related transportation and travel costs 2) Tuition, books, supplies, lab fees, and similar items 3) Costs of research and typing when writing a paper as part of an educational program 4) All of the above are not...
QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as...
QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as a dependent is eligible for the child tax credit. True False 1 points QUESTION 7 A single taxpayer, who is not a dependent on another’s return, not blind and under age 65, with income of $11,750 must file a tax return. True False 1 points QUESTION 8 If an unmarried taxpayer paid more than half the cost of keeping a home which is the...
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2)...
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2) A personal residence is a capital asset. True or False 3) A taxpayer can only exclude gain on the sale of their current personal residence (the residence the taxpayer is living in at the time of the sale). True or False 4) As a general rule, at most, a taxpayer is allowed to exclude gain on the sale of a principal residence once every...
True and False QUESTION 16 As a result of Rev. Proc. 2004-34 and the Tax Cuts...
True and False
QUESTION 16 As a result of Rev. Proc. 2004-34 and the Tax Cuts and Jobs Act of 2017, tax and financial accounting for prepaid income are not always in agreement. True False QUESTION 17 Seth, a cash basis taxpayer, collects the rent for December this year and January next year on December 1, this year. Seth must include the December rent in his gross income this year and also the January rent in his gross income this...
Question 5 Using the above pairings, which is the Principal and which is the Agent? Tax Preparer/Taxpayer Tax Preparer is the agent and Taxpayer is the principal Tax Preparer is the principal and Taxpayer is the agent No agency Question 6 Teacher/Student Teacher is the agent and Student is the principal Teacher is the principal and Student is the agent No agency uta. Question 7 Retail Clerk/Customer Retail Clerk is the agent and Customer is the principal Retail Clerk is...
with respect to the income tax formula which of the following
statements is correct
QUESTION 2 To qualify for head of household status, a taxpayer must maintain a household that is the princ True False QUESTION 3 A qualifying relative must be related to the taxpayer (as listed by the IRS), or be a member of the taxpa True False QUESTION 4 Even though the taxpayer is claimed as a dependent on another tax return he or she can stil...
True and False
QUESTION 16 As a result of Rev. Proc. 2004-34 and the Tax Cuts and Jobs Act of 2017, tax and financial accounting for prepaid income are not always in agreement. True False QUESTION 17 Seth, a cash basis taxpayer, collects the rent for December this year and January next year on December 1, this year. Seth must include the December rent in his gross income this year and also the January rent in his gross income this...
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