Brainboosters

Circular 230 Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure The release of tax information by an IRS employee. Due Diligence Requirements that tax professionals must follow when preparing income tax returns. Noncompliance Failure or refusal to comply with the tax code. Privilege Protection from being required to disclose confidential communications betwe...

Q: What is the difference between domicile and residency? . A: Your domicile is your one true, permanent home (the place to which you intend to return when absent). Residency, for tax purposes, is usually the place where you currently have the most substantive connections for an indefinite period of time Q: How do you determine if an individual is a resident of California? A: Either of two tests: • You must determine if they have been in California for other than a temporary or tr...

Investment Income Includes INTEREST, DIVIDENDS, CAPITAL GAINS and other types of DISTRIBUTIONS. See IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses). Nonrefundable Credit A credit which CANNOT EXCEED the taxpayer's tax liability. Refundable Credit A credit for which the IRS will send the taxpayer a REFUND for any amount in EXCESS of the taxpayer's tax liability. Credits vs. Deductions • Deductions reduce the amount of INCOME t...

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and head ...

Accelerated Cost Recovery System (ACRS) UNMODIFIED system used for property placed in service after 1980 and before 1987. Alternative Straight-Line Depreciation System • A MACRS system of depreciation using the STRAIGHT-LINE method over an alternative recovery period. • Choosing either Straight-Line methods for personal-type property, requires doing so for ALL assets in that class placed in service in that year. Asset An item of useful or valuable property. Business ...

A taxpayer should include which of the following when figuring their federal gross income? Gifts and inheritances. Life insurance payments, if paid by reason of the death of the insured. Meals and lodging provided for the convenience of the employer Prizes and awards. To avoid the risk of penalties, tax preparers must abide by rules regarding preparer tax identification numbers (PTINs). Which of the following statements is TRUE regarding PTINs? A)A PTIN is required semi-annually for ...

TNSTATE EXAMS PACKAGE DEAL|DOWNLOAD TO PASS

What year was the Real Estate Commision for TN formed? 1951 Licenses, registers and regulates real estate brokers and affiliate brokers, real estate firms, rental location agents, time-share salespersons and developments, vacation clubs and vacation lodging services. Responsibilities of the TN Real Estate Commision Who enacts rules addressing professional conduct and standards of practice. Tennessee Real Estate Commision The mission is to protect the public through establ...

When an earnest money check is deposited, what information does Tennessee require be recorded and maintained? Who provided the funds (the depositor) A principal broker in Tennessee is required ______ for all transactions in which affiliated licensees participate. Review and approve transactional documents and agreements What must licensees do to maintain their licenses? Complete continuing education requirements and pay the renewal fee Addision didn't make an on-site ins...

coordinate inspections and deliver documents and escrow monies to the appropriate attorney a broker or affiliate broker may perform all of the following in preparation for the closing EXCEPT may conduct the closing a broker decides he wants to conduct the closing on a all-cash sales of a property between his clients, the seller, and the buyer, his customer. with these parties, the broker receive up to $50K from the real estate education and recovery account for the full judgment ...