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1 To facilitate direct deposit, the routing number (RTN) of the financial institution m1Jst be entered. The RTN must be
Nine digits long
More than two digits long
Ten digits long
None of the above

All of the following kinds of organizations are considered 50% limit organizations except
Publicly support charities
Private operating foundations
Veteran’s organization
Last year, a same-sex couple was married in a state that recognizes same-sex marriages. This year,they moved to ,a state that does not recognize same sex marriage. They lived together all year.Which of the following statements is not correct?

Since they were married in a state that recognizes same-sex marriage, they can file as married persons this year.
Since they moved to a state that does not recognize same-sex marriage, and lived there on the last day of the year, their marital status is unmarried.
They can choose to file as unmarried because the state the reside in does not recognize same-sex marriage.
None of the above

Grace and William, both first-year students at College W,are required to have certain books and other reading materials to use in their mandatory first-year classes. The college has no policy about how students should obtain these materials, but any student who purchases them from College W’s bookstore will receive a bill directly from the college. William bought his books from a friend; Grace bought hers at College W’s bookstore. The books are considered qualified education expenses for purposes of the American Opportunity credit in the case of
Grace only William only
•IBoth Grace and William
Neither Grace or William

Mandy is a single filer. Her wages were $180,000, and had taxable interest of $40,000. She has no investment expenses. Based on this information, what is her Net Investment Income Tax?


Steven is a troop leader for a Boy Scout troop. He took the troop on a camping trip. He is responsible for overseeing the setup of the camp and for providing adult supervision for other activities during the entire trip. He participates in the troop activities enjoys his time with the troop. He incurred the following items in connection with the camping trip: car expenses $200, food expenses $100, and he purchase the tent used for both troop and family trips $350. He values his time at $300 for the weekend• of the trip. How much can he deduct for the trip?

To calculate gain or loss on property received as a gift, both donor’s adjusted basis and the fair market value on date of gift must be known.


Alex Jones, age 65, began receiving retirement benefits in 2014, under a joint and survivor annuity.Alex’s annuity starting date is January 1, 2014. Alex must use the Simplified Method to determine the tax-free part of his annuity payments.

An income tax return preparer who does not furnish a completed copy of a return or claim to the taxpayer not later than the time such return or claim is presented for such taxpayer’s signature is subject to a penalty of
$25 per occurrence
11.$50 per occurrence
$100 per occurrence
$250 per occurrence

A fiscal year filer has a tax year that ends on April 30. They have received a Form W-2 for calendar year December 31, 2014. The withholding shown on that Form W-2 should be reported on return(s) for the period ending
April 30, 2014 only
April 30, 2014 and April 30, 2015
April 30, 2015 only
None of the above

In April of 2015, a taxpayer requested that the refund from their 2014 state income tax return be applied to their 2015 state income taxes.They can deduct the amount applied to 2015 on their 2014 Schedule A.

Jack and Jill are both over 65 and file jointly. Jack received social security benefits of $8,500., and Jill received $8,000. They also received a taxable pension of $24,000, and municipal bond interest of $400. How much of the social security benefits do they include in income?
$0 8′

Andrew is subject to a 6694(a) penalty because there was no substantial authority for an undisclosed position on a tax return. tie derjved$1,800 income with respect to the return. How much is the 6694(a) penalty?
A signing tax return preparer must sign the return after it is completed
Within 48 hours
After it is completed
and before it is filed
After it is completed and before it is presented to the taxpayer
None of the above

Household services must be primarily for the care of a qualifying person in order to be usFd for the child and dependent care credit.

Andre received an acre of land as a gift. At the time of the gift, the land had an FMV of $8,000. The donor’s adjusted basis was $10,000. After he received the property, no events occurred to increase or decrease the basis. He sold the property for $12,000. How much is Andre’s gain ‘\ or loss?
No gain or loss

A child lived with both parents an equal number of nights. The parent with the highest adjusted gross income will be considered the custodial parent.

A tax preparer affixed the name of a client on a tax refund check and deposited it in the client’s bank account. What is the amount of the 6695(f) penalty the preparer is subject to?

Franz and Mary will file jointly.They have a two-year old daughter who lived with them all year.Their income consists solely of wages of $32,000. Franz files the return using a ITIN, and Mary and their daughter uses social security numbers. They are able to claim the earned income credit.
An annuity starting date is January 1, 2012, and they must use the Simplified Method. The annuity is for a single-life. The first annuitant’s age on the starting date was 58, and the second annuitant’s age on the starting date was 63. The cost in the plan is $15,500. The annuity payments for 2014 totaled $60,000 ($5,000 X 12). How much can be excluded for 2014?

When the tax return preparer discloses a position on a tax return, the 6694(a) penalty may be applied if
There is no substantial authority
There is no reasonable basis
There is no code section
There is no regulation

On January 1,an annuitant completed all the payments required under an annuity contract providing for monthly payments starting on August 1for the period beginning July 1.What is the annuity starting date?
January 1
July 1
August 1
Decemer 1

How much is the 6695(g) penalty for each failure to furnish a copy of the return to the taxpayer?

For U.S. savings bonds, cash basis taxpayers must report the increases in redemption value each year.
True False

Which of the following will disqualify a child from being considered a qualifying child for purposes of the child tax credit?
Child is citizen of the U.S.
Son of taxpayer who is claimed as a dependent by a noncustodial parent
Daughter of taxpayer who is claimed as a dependent by a custodial parent
Child is 17 years old
Qualified dividends can be taxed at all of the following rates except

An individual is liable for Additional Medicare Tax based on
Wages only
Self-employment income only
Wages and/or self-employment income
Unearned income only

Electronic return originators can base the fees charged on
Percentage of refund
Percentage of tax shown on return
Percentage of adjusted gross income
None of the above

Clancy is a degree candidate at Local College and received scholarships in the amount of $12,000 during the year.He used $8,000 to pay tuition, $2,000 for required books, and $2,000 for room and board. How much of the scholarship amount should he include in income?

Same sex couples can take all of the following issued by the IRS in response to the Windsor decision except:
File as married filing jointly on future returns Amend open year returns to
File as married persons
File as married filing separately
File as married filing jointly on future returns, but cannot amend any prior returns to file as married persons

A plumber provided services for their accountant. As a result, the accountant prepared the plumber’s tax return in exchange for the plumbing services. The plumber must include in his income
The fair market value of his services
The average cost of a tax return
The fair market value of the accounting services he received
Nothing, since cash or property did not change hands

Andrea has asked where to report her capital gain distributions received from a mutual fund. Her only other source of income is from wages and unemployment compensation. She has no capital loss carryovers from last year.She can report her capital gain distributions directly on Form 1040, without using either Schedule D or Form 8949.

Which of the following taxpayers would be considered to be married for the whole tax year?
Jane and Joe have lived together for five years in a state that does not recognize common-law marriages.
Ken and Kate were divorced on December 28

Larry and Lana are married but have lived apart for five years, and file separate returns
None of the above

Charles gave his daughter,Jane, a residential house. He had purchased the house for $150,000. The fair market value on the date of the gift was $250,000. Charles added a $45,000 roof the year before he gave it to Jane. Jane converts the house to a residential rental property within one year of the gift. Jane’s basis in the property is

To be able to claim the credit for child and dependent care expenses, the care must be for one or more qualifying persons. Expenses for a non-disabled child are qualified if paid for a child who is aged?
Under 16 when the care was provided
Under 17 at the end of the year
Under 13 at the end of the year
Under 13 when the care was provided
Signing tax preparers retain a copy of tax returns prepared. If they fail to do so, they are subject to a 6695(d) penalty of $50 for each failure.

Helen paid $40 to see a special showing of a movie for the benefit of a qualified organization. Printed on the ticket is “Contribution-$40.” If the regular price for the movie is $10, how much is Helen’s charitable deduction?

Andrea is a 24 year old single filer, with no qualifying children. Her income consists of wages of $12,000, with no other income. She is eligible for the earned income credit.
The basis of inherited property is generally the adjusted basis of the property on the date of death.

An individual is exempt from paying under the Individual Shared Responsibility provisions in all of these conditions except
Qualifies for exemption
Has minimum essential coverage
Is unemployed
None of the above
To meet accountable plan rules for employees who receive reimbursements from an employer, all of the following rules must be met except
Expenses must have a business connection
Employee must return any excess reimbursement
Employee must show business income resulted from the expenses
Expenses must be adequately accounted for

John started working on November 28 for his new employer, and was enrolled in the employer-sponsored health coverage on that date. John is considered to have minimum essential coverage for the month of November.
True False
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Tax preparers who fail to provide required identifying numbers such as SSN, PTIN, or EIN are subject to a $500 penalty for each instance under 6695(c).
True False

Harold is a single filer. His income consists of interest income of $32,000, wages of $180,000, and self-employment income of $40,000. His total Additional Medicare Tax is

Helen’s mother lived with Helen for 9 months last year. Helen provided 55% of her mother’s support. Her mother has been widowed for 3 years, and has the following income: taxable security benefits $10,000. Why is Helen unable to claim her mother as a dependent?
Support test

Member of household or relationship test
Gross income test
Joint return test

A self-employed plumber loaned an employee $6,000. The employee paid back the amount borrowed plus $500 in interest. What is the proper treatment of the interest received?
Include on Schedule C as “Other Income” Report on the individual return on line 8, Form1040
Use as an offset to the employee’s wages reported on Form W-2
None of the above

Personal interest is not deductible unless the taxpayer elects to deduct all personal interest paid during the year.
If joint estimates are made in the year of divorce, and the spouse has not remarried, the ex-spouses SSN must be entered on the front of Form 1040.
True False

The Additional Medicare Tax is in effect when applicable income exceeds threshold amounts. The threshold amount for a single filer is

If a taxpayer makes a payment to a qualified charitable organization that is partly a contribution and partly for goods or services, the organization must provide a written statement when the payment exceeds what amount?

Angel paid tuition of $1,200, and purchased books online from for $700. Room and board totaled $1,800 for the two-week class. For purposes of the tuition and fees deduction, how much can Angel consider to be eligible education expenses?

Henry and Emily have 4 children, ages 2, 4, 8, and 12. They paid the following amounts to child care providers during the year to care for the children while they were at work: $2,400, $1,800, $1,200, and $1,200. How much of the payments can be used to calculate the child and dependent care expense credit?

Lori earned $16,000 of wages as a delivery person. Her husband Frank earned $45,000 as an office manager.They paid $6,800 for the care nf thAir thrAe vouna children (all under 13 vears old).Assuming they had no other income, and no adjustments, what will their child care credit be?

Most individual taxpayers are calendar year filers. However, individual filers can use a fiscal year as their accounting period. If a fiscal year filer’s tax year ends on March 31,what is the due date of their individual tax return?
April 15
May 15
June 15
July 15
A tax return preparer must retain an actual copy of all tax returns prepared.
True False

During 2015, a taxpayer had $1,800 withheld for state and local taxes; made a state estimated tax payment for 2015, in December of 2014, in the amount of $6,000 (considered reasonable); and made a state estimated tax payment for 2016, in December of 2015, in the amount of $5,000 (considered reasonable). The amount of state and local income taxes deductible on their 2015 Schedule A is

For estimated taxes paid to a state or local taxing authority to be deductible, which of the following is not required?
Payment must be made during the tax year
Payment must be applicable to the current tax year
There must be a reasonable basis for making the payment
None of the above

To meet earned income credit due diligence requirements, return preparers should file
Form 1040
Schedule EiC
Form 8867
Both B. and C.

A signing tax return preparer must provide the following identification number on any return filed by the preparer.
Social security number Preparer tax identification number
Both A and B
Either A or B

A candidate for a degree can exclude amounts received as a qualified scholarship or fellowship. A qualified scholarship or fellowship is an amount received for tuition, books, and room and board.

Andy Williams, age 62, began receiving retirement benefits in 2014. His annuity starting date is January 1,2014. The benefits are to be paid for his life only.Andy had contributed $15,500 to a qualified plan and had received no distributions before the annuity starting date.Bill is to receive a retirement benefit of $600 per month. How much is taxable for 2014?

A preparer who fails to furnish a copy of the return to the taxpayer is subject to a 6695(a) penalty of $50 for each failure.

Which of the following taxpayers are eligible for the earned income credit?
.John is a 27 year old single filer with wages of$18,000, taxable interest income of $4,000, and one qualifying child
.Jane is a 35 year old head of household with wages of $18,000, taxable interest of $2,000, and no qualifying children.
.Jasper is a 24 year old single filer with wages of
$6,000 and no other income. She does not have any qualifying children.
.Joyce is a 26 year old single filer with wages of
$6,000, and no other income. She does not have any qualifying children.

Taxpayers who file their calendar year tax return by January 31,2015, and pay all tax due, do not need to make the final estimated tax payment for 2014 due January 15. 2015.
True False

To be deducted, business expenses must
Help produce revenue
Be related to actual sales
Be ordinary and necessary
Meet financial accounting standards
If an advance payment of the Premium Tax Credit is received, a tax return must be filed for that year.

For children of divorced parents, the custodial parent is determined by the wording of the divorce decree.

The Lifetime Learning credit can be used a maximum of
4 tax years
First 4 academic years
No limit to number of years
As long as student is at least a half-time student
As part of meeting the due diligence requirements with respect to earned income credit, tax return preparers must record the EiC computation.

In every case, a taxpayer who has more than $200,000 in wages will owe Additional Medicare Tax?
True False

A taxpayer bought property on April 3, 2014. The earliest the property can be considered to be held long-term is April 4, 2015.

A married couple, Joe and Joan, have two children with whom they lived all year,and claim as dependents. They have decided to file married filing separately, with each claiming one of the children. Joe’s income consisted of $12,000 in wages. Joan’s income consists of $8,000 in wages, and $1,200 tax interest income. They can both claim earned income credit.

Leon inherited property from his mother.He inherited $100,000 cash; a home that his mother paid $150,000 for that was worth $200,000 on the date of his mother’s death; and stocks that his mother paid $40,000 for that were worth $30,000 on the date of his mother’s death. The alternate valuation date was not elected. Not counting the cash, what is the basis of the property that Leon inherited?
The maximum amount of student loan interest that can be deducted is
$1,250 per student
$2,500 per student
$2,500 per return
$5,000 per return, if married filing jointly

On November 4, 2013, Harvey bought 40 shares of ABC, Inc. stock for $400. On November 5, 2014, he sold the stock for $350. As a result of the sale, he realized a long-term loss of $50.

During 2014, a taxpayer had $800 withheld for state and local taxes, made a state estimated tax payment for 2014 in December of 2013 in the amount of $600, and made a state estimated tax payment for 2015 in December of 2014 in the amount of $500. The amount of state and local income taxes deductible on their 2014 Schedule A is

Which of the following is not a qualification for claiming earned income credit based on a qualifying child?
Dependent exemptions

An Individual Taxpayer Identification Number can be issued to a U.S. citizen who is eligible to work in the U.S. in place of a Social Security Number

Which of the following is not a test to determine if points paid to obtain a home are fully deductible in the year paid?
.The loan is secured by a main home
.The points are 15% more than are generally charged in the area
.The taxpayer is a cash basis taxpayer
.The loan is used to build a main home

When a spouse dies before July 1,the surviving spouse is considered to be unmarried on the last day of the year for filing status purposes.
To meet the support test to be a qualifying child
.The child cannot have gross income greater than the exemption amount
.The taxpayer must provide over half of the child’s support
.The child cannot have provided more than half of their own support
.The must provide at least one-half of their own support
In a community property state, spouses report one-half of community income and all of their own separate income. However, in the case of withholding, each spouse reports their own withholding, regardless of source.]
True False

An annuity starting date is after 1986, and $100 a month is excluded ($1,200 a year) under the Simplified Method. The total cost of the annuity is $12,000. The annuitant died (with no surviving annuitant) after the eighth year of retirement. How much can be deducted on the annuitant’s final return?

A taxpayer opened an account at First Savings and Loan this year.They received a gift worth $25 for opening the account. They also had the following interest income during the year:$2,000 interest on savings account,
$4,000 municipal bond interest, and $6,000 money market dividends. How much taxable interest does the taxpayer need to include in income?
A single filer whose modified AGI for 2014 is $75,000 cannot deduct any student loan interest as an adjustment to income.
True False

An employee has $40,000 of group-term life insurance coverage provided by their employer. Which statement is true?
.The employee will report income if they cash in the surrender value of the policy
.The employee will include the cost of the coverage in their income
.The employee will not have to include any of the cost of the coverage in their income
None of the above

Fred does volunteer work at the office of his local United Way. He usually volunteers 4 hours per week. He values his time at $12 per hour for the clerical work he does. He can deduct $48 for each week he does volunteer work.
True False

The Net Investment Income Tax applies to all of the following except
Partnerships Estates Trusts individuals
A calendar year taxpayer must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by what date to extend the time to file their 2014 tax return?
December 31, 2014
March 15, 2015
April 15, 2015
October 15, 2015

Yvonne and her 2-year-old son Andy lived with her mother all year.Yvonne is 30 years old, unmarried, and has AGI is $8,000. Her only income was $8,000 from a part-time job. Her mother’s AGI was $24,000 that was solely from wages earned. Andy’s father has no contact with his son. Andy can be used as a qualifying child for earned income credit purposes one whose return during the year?
His mother only
His grandmother only
Either his mother or grandmother, but not both
Both his mother and grandmother

Seth took the standard deduction on his 2014 return. Seth received a state tax refund of $600 in April of 2015. On the 2015 return, he should include the $600 in income.
True False

Which of the following is not a way to be compliant in regards to the Individually Shared Responsibility provisions?
Have minimum essential health coverage for each month
Qualify for an exemption
Elect out of the system
Make a payment when filing his or her federal income tax return for amount owed relative to the Individually Shared Responsibility provisions

Alphonse would like to claim his 80-year old father as a dependent. His father’s only income consists of social security benefits of $12,000, and rental income of $6,000. The rental property had $4,000 of deductible expenses for the year. For purposes of claiming his father as a • dependent, how much gross income did his father have for the year?

In meeting the “Gross Income” test for claiming his father as a dependent, the taxpayer had to consider the income received by his father.This income included gross rents of $6,000 (expenses were $2,000), mutual fund municipal bond interest of $1,800, corporate bond interest of $1,600, dividends of $1,200, wages of $400 and Social Security of $6,000. What is the father’s gross income for dependency test purposes?

Once a taxpayer has authorized the origination of the electronic submission of their return, the ERO must originate the return
Within 24 hours
Within 48 hours

Larry’s wife died in 2011. He paid all costs of keeping up the home where Larry and his dependent 12 year old son live. He has not remarried. The most favorable filing status for Larry for 2014 is
Married filing jointly
Qualifying widow(er)
Head of household
The earliest that the Premium Tax Credit can be claimed is on returns for

Freda has the following income for the year: taxable interest income $12,000, taxable pension $10,000, social security benefits $16,000; she is 67 years old and single. What is her adjusted gross income?

For head of household filing purposes, who would not be a qualifying person?
.A dependent parent who does not live with the taxpayer
.A child placed with the taxpayer for adoption (the adoption was not finalized before the end of the year)

.A parent who lives with the taxpayer who cannot be claimed as a dependent only because they fail the aross income test
.An aunt who is related by blood who lives with the taxpayer and is claimed by the taxpayer as a dependent

The penalty for not meeting the tax return preparer due diligence requirements with respect to earned income credit, is how much for each failure?

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