H&R BLOCK INCOME TAX COURSE EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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Hr block
Institution
Hr Block
Circular 230 - ANS Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS.
Disclosure - ANS The release of tax information by an IRS employee.
Due Diligence - ANS Requirements that tax professi...
QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
, 1
Circular 230 - ANS Regulations governing the practice of attorneys, certified public
accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS.
Disclosure - ANS The release of tax information by an IRS employee.
Due Diligence - ANS Requirements that tax professionals must follow when
preparing income tax returns.
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Noncompliance - ANS Failure or refusal to comply with the tax code.
Privilege - ANS Protection from being required to disclose confidential
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communications between two parties, such as attorney and client.
Estimated Tax - ANS The amount of tax a taxpayer expects to owe for the year
after subtracting expected amounts withheld and certain refundable credits.
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Estimated Tax Voucher - ANS A statement by an individual of (1) the amount of
income tax he estimates he will incur during the current taxable year on income that
is not subject to withholding, (2) the excess amount over that withheld on income
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which is subject to withholding, and (3) his estimated self-employment tax.
Exemption from Withholding - ANS Status claimed on Form W-4 directing the
employer not to withhold federal income taxes from the employee.
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Underpayment Penalty - ANS If a taxpayer did not pay enough tax on a timely
basis during the year, he may be required to pay an underpayment penalty.
Withholding Allowances - ANS An increase by which income tax withholding on
certain income is reduced.
Two Ways to Pay as You Go - ANS Withholding and Estimated Tax Payments
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Form W-4 - ANS Employee's Withholding Allowance Certificate
Form 8815 - ANS Exclusion of Interest From Series EE and I U.S. Savings Bonds
Issued After 1989
Form 2210 - ANS Underpayment of Estimated Tax by Individuals, Estates, and
Trusts
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Form 4868 - ANS Application for Automatic Extension of Time To File U.S.
Individual Income Tax Return
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Form 8888 - ANS Allocation of Refund
Form 9465 - ANS Installment Agreement Request
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Amended Return - ANS A tax return filed on Form 1040X after the original return
has been filed.
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Closed Year - ANS A tax year for which the statute of limitations has expired.
Open Year - ANS A taxable year for which the statute of limitations has not yet
expired.
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Failure-to-File Penalty - ANS Generally 5% for each month or part of a month the
return is late, but not more than 25% of the tax not paid.
Failure to File - ANS Taxpayer fails to file the return by the due date, and there is a
balance due.
Failure to Pay - ANS Taxpayer fails to pay the tax owed by the due date.
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Failure-to-Pay Penalty - ANS 0.5% of the unpaid taxes for each month or part of a
month after the due date, but not more than 25%.
Negligence or Intentional Disregard - ANS Taxpayer shows negligence or disregard
of the rules or regulations causing an underpayment.
Negligence-or-Intentional-Disregard Penalty - ANS 20% of the underpayment.
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Substantial Understatment - ANS Taxpayer understates their tax by the larger of
$5,000 or 10% of the correct tax.
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Substantial-Understatement Penalty - ANS 20% of the underpayment.
Form 1040X - ANS Amended U.S. Individual Income Tax Return
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When can an amended return be filed? - ANS Within three years of the date the
original return was filed, or within two years of the date the tax was paid, whichever
is later.
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Can the 1040X be e-filed? - ANS No.
Household Employee - ANS An individual who performs nonbusiness services in a
taxpayer's home.
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Active Income and Losses - ANS Those for which a taxpayer performs services.
Partnership - ANS A form of business in which two or more persons join their
money and skills in conducting the business as co-owners.
Passive Income and Losses - ANS Those from business activities in which the
taxpayer does not materially participate, and all rental activities.
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