20When is a tax preparer required to complete and submit Form 8867, Paid Preparer's Due Diligence Checklist?Only with amended returns that claim the Earned Income Credit (EIC), American Opportunity Tax Credit (AOTC), Child Tax Credit (CTC)/Additional Child Tax Credit (ACTC)/OtherDependent Credit (ODC), and head of household (HOH) filing status.Only with original returns that claim the EIC, AOTC, CTC/ACTC/ODC, and the HOH filing status. This excludes amended returns.Only if the taxpayer's information provided appears to be incorrect, inconsistent, and incomplete.With every original and amended return that claims the EIC, AOTC, CTC/ACTC/ODC, and the HOH filing status.

Form 8867 is a tax form used by tax preparers to ensure compliance with the due diligence…

Answered: When is a tax preparer required to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.
Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct. Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019? a.$24,400 b.$19,600 c.$12,200 d.$18,350 e.None of these choices are correct. Which of the following is not a capital asset? a.Stocks b.Land c.Gold d.A personal automobile e.Inventory
Enzo is preparing a client's return. The taxpayer is claiming the Earned Income Credit (EIC), Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), and the American Opportunity Tax Credit (AOTC). Which of the following best describes the actions Enzo must take to substantiate the taxpayer's eligibility for the credits?
A tax preparer has a client tht recently asked him about the probability ofthe IRS detecting cash transactions not reported on tax return. What are some of the issues the tax preparer should discuss with this client?
Using the Code Arranged Annotations & Explanations (USTR) Topic Index, the child tax credit can be found in A. Section 24(a) B. Section 179A C. Section 30B D. None of the above
I am stuck on the Self-Study Problem 2.9 in 2019 Income Tax Fundamentals. I am suppose to on #1 enter the amount from form 1040, line 10. However, if you are filing form 2555 or 2555-ez (relating to foreign earned income), enter the amount from line 3 of the foreign earned income tax worksheet. There is not a line #10 on the 1040 provided in the book???
Question D is wrong ( The income tax for Ciara filing as head of household is $13,387) can you check and fix it
For each of the following situations, indicate the amount of the penalty that could be imposed on the tax return preparer: a. A tax return preparer understates the taxpayer's tax liability with a frivolous position and does not disclose the position. The greater of $ percent of the income derived by the tax preparer for an undisclosed unrealistic position. or b. A tax return preparer fails to furnish his identifying number. c. A tax return preparer aids a taxpayer (an individual) in understating a tax liability. d. A tax return preparer endorses and cashes a client's tax refund check.
Someone receives an IRS notice regarding a math error, what does that mean? Is there any advice or suggestion to give regarding the IRS notice?

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