Accounting question and answers for January 30, 2024
- Q what is the additional child tax credit allowed for the year for the taxpayer with 1 child
- Q Mary's itemizing deductions and pays the following amounts for her main home during the year 2600 real estate taxes, 6890 mortgage interest, 1,000 homeowners insurance premiums, $1,200 mortgage insurance premiums...
- Q The test of whether parties are related when completing a single transaction in which an intangible was acquired, is applied to the period a immediately after, but not immediately before...
- Q Nov 16, 2024 — how are sales returns or credit refunds for defective, damaged, or unwanted products reported on schedule c
- Q When meeting the gross income test for claiming his father as a dependent, James must consider the income received by his father. This income included gross rents of $3,000Â (expenses were...
- Q at what age must traditional RA owners begin taking required minimum distribution in 2024?
- Q Qualified business income (QBI) includes which of the following: a.any amount paid by an S corporation that is treated as reasonable compensation of the taxpayer b.payments made as guaranteed payments for services c.both...
- Q Which of the following is not taxable interest income on the federal tax return?Interest paid on a U.S. ?Treasury noteInterest paid by the IRS on a prior-year refundInterest paid by...
- Q the maxium section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2024 is what amount
- Q How many calendar days must pass after the last date on which a practitioner published a schedule of fees before he or she may increase fees?
- Q to qualify for bonus depreciation, property that is classified as listed property under the tax code must be used more than 50% f the time for business
- Q If money is taken from a traditional IRA to pay taxes due when converting a traditional IRA to a Roth IRA, a 10 percent early distribution penalty also applies if...
- Q How many days does the practitioner have to pay any penalties assessed against them by the IRS once the initial penalty is assessed to them?Select one:a. One (1) yearb. Sixty...
- Q aul Casey retired from the U.S. Navy in 2016. He receives a military pension based on his years of service. On August 3, 2022, he received a determination of service-connected disability...
- Q Which of the following is an advantage of converting a traditional IRA to a Roth IRA: a.the converted amounts are deductible b.owners are not mandated to begin taking distributions at any specific...
- Q Andrew, age 32, ?has a traditional IRA that he established several years ago. He incurs qualified higher education exp during the year and wirhdraws the amount from his traditional IRA...
- Q If a business uses commercial software to summarize business expense,
- Q Un contribuyente casado de 62 años presenta una declaración de impuestos de Casado que Declara por Separado y vive separado de su cónyuge durante todo un año fiscal. ¿Cuál es...
- Q How is a contribution to a Roth 401(k) treated for income tax purposes: a.it is not excludible from the employee’s gross income b.it is excluded, just like a contribution to a normal...
- Q A guarantor’s personal financial statement shows that the guarantor is required to make a partnership contribution in three months. When analyzing the guarantor’s liabilities, how should you treat the contribution?...
- Q Under what circumstances may an individual make elective contributions to a Roth 401(k): a.at any time, regardless of employer participation b.when the employer elects to offer designated Roth contributions c.only if his or...
- Q there is a $60 penalty for each failure to comply with IRC section 6695(c) that requires a tax return preparer who is required by regulations to sign the taxpayers return...
- Q NOT prohibited by Circular 230?
- Q A taxpayer’s 16 year-old dependent son earned $7,000 in 2024. What is the standard deduction for him?Review Later$7,450$13,850$1,1500
- Q How does the tax pay report if they acquire investments real estate on January 1, 2023 and sell it on January 1, 2024 for a gain
- Q Which of the following ttems appears omly in a marwiacturing compary's financial staternents?Multiple ChoiceCost of goods sold.Cost of goods manufactured.Inventory.Gross profit.Net income.
- Q How does the tax pay report if they acquire investments real estate on January 1, 2023 and sell it on January 1, 2024 for a game
- Q Non-qualified distributions from a Roth IRA may be subject to which of the following: a.ordinary income tax b.social security tax c.a 10% federal penalty for early distributions d.both A and C above
- Q what is the maximum duration of time the IRS normally has to collect taxes due from a tax payer
- Q Question 8 ?of 10 . ?the final tax return?Carl can only report the medical expenses paid prior to Makai's death on the final Form 1040. ?A waiver should be attached to...
- Q No gain or loss is recognized on the transfer of property from an individual to a spouse or former spouse (if incident to divorce), unless which of the following is...
- Q Question 6 ?of 10 . ?$650 ?Jaco earned in 2023 ?before his account was closed. The form has Jaco's SSN because Ellen never obtained an ElN. Which of the following statements...
- Q A single taxpayer itemizes and claims itemized deductions totaling $15,000 on his or her 2021 Federal income tax return. The taxpayer’s state and local taxes listed on the return was...
- Q Which of the following taxpayers may not claim the Child Tax Credit?Select one:a. A taxpayer who files Form 1040|b. A taxpayer with only one qualifying childc. A taxpayer with one...
- Q A California taxpayer may qualify for renters credit if they have paid rent for at least____ in the current tax year.Select one:a. 9 monthsb. 0 months, but lived with parents all yearc. 6...
- Q What is the product cost?
- Q any tax return preparer who prepares any retunr or claim for refund with respect to which any part of an understatement of liability is due to a willful attempt in...
- Q Which of the following is considered listed property? Computer, cell phones, peripheral equipment or cars.
- Q ?The collection of a \( \$ 900 \) ?account after the 1 ?percent discount period expires will result in adebit to Cash for \$891.credit to Cash for \( \$ 900 \).credit to Accounts...
- Q laura is filling her tax return and is calculating her personal exemption, single and age 25 with no dependetns, how much is her 2024 personal exemption
- Q which of the following expenses can a small business owner usually not deduct as a business expense on Schedule C? a. advertising expenses
- Q Hillary deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. The certificate earned...
- Q What was Howard Supply’s return on equity for the year ended December 31, 20Y3, calculated using net profit before taxes?
- Q What tax year returns are eligible for Plenum relief due to the resumed automatic reminder letter sent out by the IRS that started in January 2024
- Q Section 3Question 5 ?of 10. ?$650 ?Jaco earned in 2023 ?before his account was closed. The form has Jaco's SSN because Ellen never obtained an EIN. Which of the following...
- Q On September 1, 2020, Steve loaned Brett $2,000 at 12% interest compounded annually. Steve is not in the business of lending money. The note stated that principal and interest would be...
- Q Income from self-employment is reported on ? ?of Form 1040 ?and deductions allowable against sel?Income on Schedule C and Deductions on Schedule DIncome on Schedule D and Deductions on Schedule...
- Q what is the maximum prepare penalty amount for failing to sign income returns filed in 2025
- Q How are alimony and separate maintenance payments treated for tax purposes for any ne year?Deducted by the payor spouse and included in income of the recipient spouse.Not deducted by the...
- Q max smith is a tax preparer in 2024 who fails to sign a return for two of his clients on the same day. What amount will he be penalized?
- Q Bonita's Fashions sold merchandise for $35000 ?cash during the month of ?July. Returns that month totaled $1100. If ?the company'sgross profit rate is 40%, ?Bonita's will report monthly net sales revenue and...
- Q What is the trend in Hearth and Home’s current ratio for the three years provided in the financial statements? (Carry your calculation to two decimal places.)
- Q ] Which of the following may be deducted as a business bad debt by Mr. Leonard, a cash-basis taxpayer? A. A worthless corporate security. B. A note evidencing a worthless...
- Q Bodncy, 67, ?is filing as single. He is diagnosed as legally blind. What is Rodney's standard deduction on his 2024 ?returr$16,550$14,600$18,500$17,700
- Q What is the trend in Hearth and Home’s current ratio for the three years provided in the financial statements? (Carry your calculation to two decimal places.)
- Q For what minimum period of time must a tax return perparer make a client taxpayer's e-file sigature authorization available to the IRS?
- Q ] All of the following expenses paid or incurred in the course of operating a business are deductible as business expenses except A. Costs incurred by a public utility company...
- Q if a business uses commercial software to summarize business expenses what is the record retention
- Q Opportunity costs are always:Multiple Choice:17relevant costs.variable costs.sunk costs.
- Q Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable...
- Q among the options a taxpayer has for receiving their individual tax refund is the direct deposit into an IRA
- Q What is the relationship between present value and the concept of a liability?
- Q special estimated tax payment rules apply to farmers and fishermen. For tax purposes, a taxpayer is considered a farmer on a fisherman if __
- Q victor grimm is confused about how accounting information flows through the accounting system. He believes the flow of information information is as follows
- Q individuals that are not eligible to obtain a social security number may qualify for an individual taxpayer identification Number (ITIN)
- Q if a taxpayer child is the actual owner of a bank interest bearing
- Q CPAs must always be aware of confidentiality rules. Which of the following is a situation where a CPA cannot disclose confidential client information WITHOUT the consent of the client?Â
- Q When meeting the gross income test for claiming his father as a dependent, James must consider the income received by his father. this income included gross rents of $3,000Â (expenses were...
- Q Generally, if you are under age 59(1)/(2), you must pay an additional tax on the distribution of any assets from your traditional IRA of how much
- Q Naomi bought and moved into a house in July 2018. She lived there for 13 months and then moved in with a friend. She moved back into her own house...
- Q What is the maximum refundable amount of the child tax credit for 2024 ?for a married filing joir $140,000?51,700$4,500$5,100$6,000
- Q unemployment compensation includes: a. benefits paid by a state
- Q Elaine participated in her employer's dependent care benefits program last year and made pre-tax contributions under a dependent care flexible spending arrangement. What is the most reliable method for her...
- Q Lucky was a compulsive gambler. During the year, he won $10,000 and lost $7,000 in illegal bets on pool games. Lucky also won $18,000 and income from these transactions? ...
- Q jonie a u.s. citizen works in italy her foreign employer provides housing assistance of $30,000. how much housing exclusion or deduction is Jonie eligible for in 2024
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