H&R Block Income Tax Course Completed
(Already GRADED A)
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 between
two parties, such as attorney and client.
Estimated Tax
The amount of tax a taxpayer expects to owe for the year after subtracting
expected amounts withheld and certain refundable credits.
Estimated Tax Voucher
A statement by an individual of (1) the amount of income tax he estimates he will
incur during the current taxable year on income that is not subject to withholding,
(2) the excess amount over that withheld on income which is subject to
withholding, and (3) his estimated self-employment tax.
Exemption from Withholding
Status claimed on Form W-4 directing the employer not to withhold federal
income taxes from the employee.
Underpayment Penalty
If a taxpayer did not pay enough tax on a timely basis during the year, he may be
required to pay an underpayment penalty.
Withholding Allowances
An increase by which income tax withholding on certain income is reduced.
Two Ways to Pay as You Go
Withholding and Estimated Tax Payments
Form W-4
Employee’s Withholding Allowance Certificate
Form 8815
Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989
Form 2210
Underpayment of Estimated Tax by Individuals, Estates, and Trusts
Form 4868
Application for Automatic Extension of Time To File U.S. Individual Income Tax
Return
Form 8888
Allocation of Refund
Form 9465
Installment Agreement Request
Amended Return
A tax return filed on Form 1040X after the original return has been filed.
Closed Year
A tax year for which the statute of limitations has expired.
Open Year
A taxable year for which the statute of limitations has not yet expired.
Failure-to-File Penalty
Generally 5% for each month or part of a month the return is late, but not more
than 25% of the tax not paid.
Failure to File
Taxpayer fails to file the return by the due date, and there is a balance due.