Tax Knowledge Competition (open now for all, no CE credit)

Question 1

These are all named parts of the Taxpayer Bill of Rights EXCEPT:

Accepted Answer

Right to Collection Due Process

Question 2

For the EITC, earnings from the following are not included as Earned Income EXCEPT:

Accepted Answer

Wages reimbersed to the employer under the Work Opportunity Tax Credit

Question 3

How is the due diligence penalty calculated on a tax return in 2018?

Accepted Answer

$520 per credit or Filing Status defect

Question 4

Which of these family relationships does NOT count for the Qualifying Relative relationship test

Accepted Answer

Cousin

Question 5

A representative will not be notified if the IRS certifies a client as delinquent for a passport revocation

Accepted Answer

True

Question 6

What is the minimum number of CE hours required to retain a license for a EA that was credentialed in 2000?

Accepted Answer

72 in 3 years including 2 per year in Ethics, 16 minimum CE per year

Question 7

For 2018, the Qualifying Relative gross income test states income must be less than:

Accepted Answer

$4,150

Question 8

What is the Maximum Taxable Earnings for Social Security in 2019?

Accepted Answer

$132,900

Question 9

Which situation disqualifies a single taxpayer from claiming the Premium Tax Credit?

Accepted Answer

Becoming eligible as a dependent on their tax return

Question 10

The standard deduction is increase for taxpayers who have all of these criteria EXCEPT

Accepted Answer

Permanent Disability

Question 11

An attorney has privilege in regards to items disclosed on their client’s tax return

Accepted Answer

False

Question 12

Which of these credits may be claimed by somebody filing Married Filing Separate?

Accepted Answer

Child Tax Credit

Question 13

Which college expenses are not considered qualifying for Education Credits by a degree seeking student

Accepted Answer

Mandatory Student Health Insurance

Question 14

The Office of Professional Responsibility enforces which set of standards on representation before the IRS?

Accepted Answer

Treasury Circular 230

Question 15

For 2019 the late filing of form W2 by a small business is what penalty amount?

Accepted Answer

$50 per form, $100 if 31 days late, $270 after Aug 1st

Question 16

What is the maximum percentage of Social Security income included in taxable income?

Accepted Answer

85%

Question 17

What credit is claimed by filing 1040 Schedule R?

Accepted Answer

Credit for Elderly or the Disabled

Question 18

Form 8867 (Preparer due diligence) is required for all of the credits in 2018 EXCEPT:

Accepted Answer

Dependent Care Credit

Question 19

What is the maximum amount of the American Opportunity tax credit?

Accepted Answer

$2,500 per eligible individual

Question 20

How is the FBAR filed when prepared at the same time as an Individual Return?

Accepted Answer

Separately online with the Financial Crime Enforcement Network

Question 21

A taxpayer who has a qualifying child may still claim EITC benefits under the rules for not having qualifying children?

Accepted Answer

True

Question 22

What long abandoned form has been proposed by the IRS to be resurrected in 2020?

Accepted Answer

1099-NEC

Question 23

For 2018, where is the 3rd party designee indicated on the resident 1040 series return?

Accepted Answer

1040 Schedule 6

Question 24

To claim the EITC with a dependent child, all of the following tests must be met regarding the child EXCEPT:

Accepted Answer

Support

Question 25

What is the 2019 threshold amount before the IRS will certify a taxpayer as delinquent for passport revocation?

Accepted Answer

$52,000

Question 26

Employee receives a $5K bonus in 2017, that is repaid back in 2018. What is the proper treatment of the repayment?

Accepted Answer

Claim a IRC 1341 credit for the tax difference in 2018

Question 27

What is the maximum amount of the Lifetime Learning Tax Credit?

Accepted Answer

$2,000 per return

Question 28

For 2018, what is the annual gift exclusion limit?

Accepted Answer

$15,000

Question 29

What is the maximum number of shareholders to be eligible for a corporation to make an S election?

Accepted Answer

100

Question 30

A married couple jointly operating a business may elect to file two Schedule C under:

Accepted Answer

A Qualifying Joint Venture

Question 31

A disability pension payment received before minimum retirement age is reported on what line of the 1040?

Accepted Answer

1040 Wage Line

Question 32

All of the following are types of income are claimed on 1099-MISC EXCEPT:

Accepted Answer

Canceled Debt $600 or more

Question 33

Enrolled Agent Continuing Education is allowed for:

Accepted Answer

Classes in Data Security

Question 34

Switching filing status from MFS to MFJ on a joint return is not allowed:

Accepted Answer

Past three years after the original due date of the return

Question 35

For 2018, Schedule B, Form 1040 is required when dividends and interest exceeds:

Accepted Answer

$1,500

Question 36

If a taxpayer overcontribues to a health savings account past the contribution limits, what is the penalty percentage?

Accepted Answer

6%

Question 37

What is the threshold for alimony decrease where alimony recapture rules may apply?

Accepted Answer

$15,000

Question 38

An Annual Filing Season Program Participant (ASFP) can represent their prep client before collections with a POA?

Accepted Answer

False

Question 39

FinCEN form 114 must be filed if aggregate balance of foreign accounts exceeds

Accepted Answer

$10,000

Question 40

Who is the current commissioner of the IRS?

Accepted Answer

Charles Rettig

Question 41

If a single employer overwithheld social security tax, a refundable credit can be claimed on the tax return

Accepted Answer

False

Tax Knowledge Competition (open now for all, no CE credit)

Questions 41

Tax Knowledge Competition (open now for all, no CE credit)

Questions 41