Due diligence penalty - Study guides, Class notes & Summaries

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - ANSWER Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and head ...

Circular 230 correct answer: Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure correct answer: The release of tax information by an IRS employee. Due Diligence correct answer: Requirements that tax professionals must follow when preparing income tax returns. Noncompliance correct answer: Failure or refusal to comply with the tax code. Privilege correct answer: Protection f...

Circular 230 : Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure : The release of tax information by an IRS employee. Due Diligence : Requirements that tax professionals must follow when preparing income tax returns. Noncompliance : Failure or refusal to comply with the tax code. Privilege : Protection from being required to disclose confidential communications between two p...

Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. correct answer: Circular 230 The release of tax information by an IRS employee. correct answer: Disclosure Requirements that tax professionals must follow when preparing income tax returns. correct answer: Due Diligence Failure or refusal to comply with the tax code. correct answer: Noncompliance Protection from being required to discl...

Due Diligence - Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax - The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher - 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 which...

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - correct answer Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACT...

Due Diligence - Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax - The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher - 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 which...

How does the IRS use document matching to select returns for audit? Answer The IRS uses document matching to select returns for audit by comparing amounts reported on a taxpayer's income forms (Forms W-2, 1099, 1098, and Schedule K-1) with the income reported on the return. Willie is the owner of an accounting firm. An employee prepares a tax return for a client and advises that a deduction may be claimed for a bad debt. If the return is examined and the deduction is disallowed, Willie will ...

H&R Block Income Tax Course Completed 2024 Circular 230 - answerRegulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - answerThe release of tax information by an IRS employee. Due Diligence - answerRequirements that tax professionals must follow when preparing income tax returns. Noncompliance - answerFailure or refusal to comply with the tax code. Privilege - answerProtection from be...

HR Block Test Exam Questions And Answers A tax return or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filing 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? - ANS a,$2,120 the deduction for state and local income taxes is limited to what amount? - ANS a. $10,000 ($5,000 if MFS). ...