H&R Block Income Tax Course Complete Questions And Answers With Real Quizzes Updates

H&R Block Income Tax Course Complete Questions And Answers With Real Quizzes Updates
Circular 230 - Correct Answer- Regulations governing the practice of attorneys, certified
public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS.
Disclosure - Correct Answer- The release of tax information by an IRS employee.
Due Diligence - Correct Answer- Requirements that tax professionals must follow when
preparing income tax returns.
Noncompliance - Correct Answer- Failure or refusal to comply with the tax code.
Privilege - Correct Answer- Protection from being required to disclose confidential
communications between two parties, such as attorney and client.
Estimated Tax - Correct Answer- The amount of tax a taxpayer expects to owe for the
year after subtracting expected amounts withheld and certain refundable credits.
Estimated Tax Voucher - Correct Answer- 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 - Correct Answer- Status claimed on Form W-4 directing
the employer not to withhold federal income taxes from the employee.
Underpayment Penalty - Correct Answer- 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 - Correct Answer- An increase by which income tax withholding
on certain income is reduced.
Two Ways to Pay as You Go - Correct Answer- Withholding and Estimated Tax
Payments
Form W-4 - Correct Answer- Employee's Withholding Allowance Certificate
Form 8815 - Correct Answer- Exclusion of Interest From Series EE and I U.S. Savings
Bonds Issued After 1989
Form 2210 - Correct Answer- Underpayment of Estimated Tax by Individuals, Estates,
and Trusts
Form 4868 - Correct Answer- Application for Automatic Extension of Time To File U.S.
Individual Income Tax Return
Form 8888 - Correct Answer- Allocation of Refund
Form 9465 - Correct Answer- Installment Agreement Request
Amended Return - Correct Answer- A tax return filed on Form 1040X after the original
return has been filed.
Closed Year - Correct Answer- A tax year for which the statute of limitations has
expired.
Open Year - Correct Answer- A taxable year for which the statute of limitations has not
yet expired.
Failure-to-File Penalty - Correct Answer- 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 - Correct Answer- Taxpayer fails to file the return by the due date, and
there is a balance due.
Failure to Pay - Correct Answer- Taxpayer fails to pay the tax owed by the due date.
Failure-to-Pay Penalty - Correct Answer- 0.5% of the unpaid taxes for each month or
part of a month after the due date, but not more than 25%.
Negligence or Intentional Disregard - Correct Answer- Taxpayer shows negligence or
disregard of the rules or regulations causing an underpayment.
Negligence-or-Intentional-Disregard Penalty - Correct Answer- 20% of the
underpayment.
Substantial Understatment - Correct Answer- Taxpayer understates their tax by the
larger of $5,000 or 10% of the correct tax.
Substantial-Understatement Penalty - Correct Answer- 20% of the underpayment.
Form 1040X - Correct Answer- Amended U.S. Individual Income Tax Return
When can an amended return be filed? - Correct Answer- Within three years of the date
the original return was filed, or within two years of the date the tax was paid, whichever
is later.
Can the 1040X be e-filed? - Correct Answer- No.

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