Segment 1

4

77% 

10-03-2011

Results

Segment 2

2

Segment 3

4

Segment 4

3

Segment 5

2

Segment 6

5

10

3

2

5

20

GPA:

• Student Name:
  Jacquelyn Renee West
   
• Email:
  jackiewest43@yahoo.com
   
• CTEC Number:
  A130736
   
• 1. The results compared to previous results give us information about our economy – inflation or deflation. This tells us if the economy is good or if it is not doing so well. By inflation we mean
  A. Rising prices.
   
• 2. Practically everything you received for your work or services is taxable. Additionally,
  D. All of the above.
   
• 3.  There are penalties for not filing a required FBAR. Regardless of whether you must file a FBAR, you may have to
  C. Both A or B above.
   
• 4. On Schedule B Part III is where you report a financial interest or signature authority over a financial account located in a foreign country. A financial account includes
  D. Any of the above.
   
• 5. You can try to figure out what to do about making sure the IRS does not treat your business as a hobby and this includes diligently running your business as a business and not as a hobby. Another thing to look into is the IRS safe-harbor rules. These rules state that
  C. Both A and B above.
   
• 6. What are the types of calculation methods for claiming office in the home?
  C. Either A or B above.
   
• 7. Individuals always challenge the constitutionality of taxation. An instance when the challenge of tax laws was successful was
  C. Both A and B above.
   
• 8. You should supply the taxing agencies with
  D. All of the above.
   
• 9. The Internal Revenue Service uses the information you supply
  D. All of the above.
   
• 10. To determine if you must file a tax return, you must include in your gross income,
  C. Both A and B above.
   
• 11. Even if you are not required to file a tax return, you should consider filing
  D. Any of the above.
   
• 12. You may be able to include your child's interest and dividend income on your tax return if
  D. Any of the above.
   
• 13. You may have to file a tax return even if your gross income is less than the required amounts if you
  D. Only A and B above.
   
• 14. The head of household filing status has more requirements to be met than the other filing statuses. Once of these requirements is
  A. To have supported a home for your dependent for more than half the cost of maintaining the home.
   
• 15 If you do not itemize deductions, you are entitled to a higher standard deduction if you are 65 or older at the end of the tax year. You are considered 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2018 if you were born before
  B. January 2, 1954
   
• 16. Once you are married you can file as
  C. Married Filing jointly only.
   
• 17. You will most likely be obligated to file a tax return if
  D. Any of the above.
   
• 18.The new tax law will now use the _______ which grows slower than the traditional consumer price index.
  A. Chained CPI
   
• 19. The new tax law treatment of alimony payments will apply to payments that are required under divorce or separation instruments that are
  C. Either A or B above.
   
• 20. The due diligence that has always been in place for the Earned income credit is also now available for
  D. All of the above.
   
• 21. If you don't show proper due diligence on how you qualified your client for the head of household filing status,
  A. The IRS will impose a $520 penalty for each failure.
   
• 22. It is important that you be aware that you cannot claim the earned income credit using an ITIN, except that
  B. There is a new $500 nonrefundable credit for dependents with an ITIN.
   
• 23. Foreigners who are individuals should apply for an Individual Taxpayer Identification Number (ITIN) on Form W-7. Each applicant for an ITIN
  B. No longer needs to attach a copy of your tax return when submitting your Form W-7.
   
• 24. If you were married on or before December 31, 2018, you can either be Married filing jointly or Married Filing separate for tax year 2018. However, you can probably qualify for Head of Household filing status if
  D. None of the above.
   
• 25. If you were married at the end of 2018, even if you did not live with your spouse at the end of 2018 you can use the Married Filing Jointly filing status. However, you don't have to.
  A. It is always your legal right to file your tax return separately.
   
• 26. If you obtain a court decree of annulment, which holds that no valid marriage ever existed, you
  D. All of the above.
   
• 27. The following is a stipulation that determines if you are indeed in a common law marriage.
  B. You are known in the community as holding a relationship as a married couple.
   
• 28. Unreimbursed employee business expenses, such as job travel, union dues, job education, et al, suspended. The suspension of this deduction
  A. Affects the deduction of hobby expenses.
   
• 29. The kiddie tax will most likely apply until the year the child reaches age 24 and the requirement for the kiddie tax is
  D. All of the above.
   
• 30. Business expenses are those charges that you incur in carrying on your trade or business. If your business operates to make a profit, these expenses are usually
  D. 100% deductible.

• Your Name:
  Jacquelyn West
   
• Your email:
  jackiewest43@yahoo.com
   
• Your CTEC Number:
  A130739
   
• 1. The TCJA tax reform amended section 11(3) to provide a permanent cont-of-living adjustment based on the Chained Consumer Price Index for all Urban consumers (C-CPI-U). For California,
  B. We will continue to use the same California Consumer Price Index we have always used.
   
• 2. One of the tax planning strategies is about knowing how net operating losses will work out for your business. A business would normally incur greater losses in the first years of operation. This is called
  A. Net Operating Loss
   
• 3. As with married couples things happen in the relationship that requires a change. Once the same sex couples decide that they no longer want to file jointly,
  D. All of the above.
   
• 4. Moving expenses have been suspended by the TCJA. Movings expenses were deductible only you met certain conditions related to distance from the taxpayer's previous residence and the taxpayer's status as a full-time employee in the new location. Keep these in mind for California because
  C. California will continue to allow moving expenses at the same federal rules.
   
• 5. California taxes the interest received from bonds that are not from California except the United States Bonds previously discussed. This means that if you hold any non-California bonds other than U.S. Bonds, such as Indian tribal bonds, or bonds received from other states or possessions, you need to
  A. Look forward to paying the tax on the interest earned from these bonds.
   
• 6. The new Tax Cuts and Job Act has also revised the depreciation limits on luxury autos. A new luxury auto placed in service in 2018 can receive up to $18,000 in first year depreciation. Additionally,
  C. Both A and B above.
   
• 7. All depreciation methods used must be acceptable to California. If you moved your business property to California, you must
  B. Adjust your depreciation and the useful life of the property to acceptable California methods.
   
• 8. If you have student loans, keep track of your interest paid on those student loans so you can deduct the interest on your federal tax return. Furthermore,
  C. You may be able to deduct up to $2,500 of the interest you actually paid for the tax year.
   
• 9. The new Tax Cuts and Jobs Act also brought change to Section 529 plans. This change actually expands the benefits of 529 savings plans. Furthermore,
  C. California wants to keep to the original plan to help families pay for college education for their child. Not just for any education - for college education.
   
• 10. In order to motivate companies to make treatment drugs that would otherwise would not yield a profit, the Orphan Drug credit has been created. The Orphan Drug credit has been reduced to
  C. 25 percent
   
• 11. There are benefits offered by investing in a Roth IRA which you may not get when you invest in a traditional individual retirement account. You can make contributions to a Roth IRA regardless of your age. You may also be able to claim a credit for federal for contributions you make to your Roth IRA. In addition,
  A. If you contribute too much to a Roth IRA, you may have to pay a 6% excise tax penalty on your California tax return.
   
• 12. You must be able to identity what constitutes unemployment compensation and what does not. Usually it is very simple. You go to the unemployment office and you seek compensation because you are out of work. The following is also true about unemployment compensation.
  A. As far as California is concerned, unemployment is not taxable so you don’t have to worry about asking for California tax withholding from your unemployment compensation.
   
• 13. Now the federal IRC has due diligence requirements for qualifying taxpayers for the head of household filing status and California conforms to the due diligence requirements and thus you must pay to California
  D. None, California does not conform with federal in charging $500 for each failure.
   
• 14. The nonrefundable renter's credit, as with the other credits, must be carefully substantiated. With the California nonrefundable renter's credit it is little simpler as it basically only requires that you answer a few questions as to the qualifications. You must fill out
  B. A Qualification record.
   
• 15. If you didn't itemize deductions on your federal tax return, then
  D. None of the above.

• Your Name:
  Jacquelyn West
   
• Your Email:
  jackiewest43@yahoo.com
   
• CTEC Number:
  A130736
   
• 1. To reduce your risk of identity theft, you need to
  D. All of the above.
   
• 2. You should probably modify your interview packets to include the questions that should ask taxpayers in order to show that they qualify for the head of household filing status. This by itself
  A.  Will not show due diligence but the fact that you are asking everyone the same questions will.
   
• 3. Anytime an ERO enters the taxpayer's PIN on the electronic return, the ERO must, prior to submission of the return, complete an IRS e-file Signature Authorization form which
  A. Must be signed by the taxpayer.
   
• 4. The following is a true statement regarding practitioners.
  A. The practitioner must use reasonable efforts to identify and ascertain the facts, which may relate to future events if a transaction is prospective, and to determine which facts are relevant.
   
• 5. To qualify for continuing tax education credit for an enrolled agent, a course of learning must
  D. All of the above.
   
• 6. With respect to any matter administered by the Internal Revenue Service, a practitioner may
  D. None of the above.
   
• 7. Tax advisors should provide clients with the highest quality representation concerning federal tax issues by adhering to best practices in providing advice and in preparing or assisting in the preparation of a submission to the Internal Revenue Service. Best practice includes
  C. Establishing the facts, determining which facts are relevant, evaluating the reasonableness of any assumptions or representations, relating the applicable law to the relevant facts, and arriving at a conclusion supported by the law and the facts.
   
• 8. Being convicted of any criminal offense under the revenue laws or of any offense involving dishonesty or breach of trust is
  D. Considered disreputable conduct.
   
• 9. Subject to certain limitations, an individual who is not a practitioner may represent a taxpayer before the Internal Revenue Service, even if the taxpayer is not present, provided the individual presents satisfactory identification and proof of his or her authority to represent the taxpayer. For example
  D. Any of the above.
   
• 10. A Durable power of attorney is a power of attorney which
  B. Specifies that the appointment of the attorney-in-fact will not end due to either the passage of time or the incompetency of the principal.