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Enrolled Agent SEE Exam Part 2 Tax Guide Questions and Answers 100% Solved What is a sole proprietorship? - An unincorporated business that is owned by one individual. The business has no existence apart from the owner and its liabilities are personal liabilities. Include income and expenses on personal tax return. What is a Qualified Joint Venture? - Can be elected by a married couple who jointly own and operate a trade or business. Both must materially participate in the busine...

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45 pages

Written in 2024/2025

Grade A+

JOSHCLAY

Enrolled Agent Exam - Part 2: Business Questions with 100% Correct Answers (UNIT 1) Business and Requirements - ... Solo Proprietorship - can't be passed to a new owner, must be sold qualified joint venture - only married couples business -file separate Schedules C and separate Schedule SE Statutory employees, disregarded entities also must file Schedule C Partnerships - -must have at least 1 general partner joint undertaking to share expenses is not a partnership From 1065 amd K-1...

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36 pages

Written in 2024/2025

Grade A+

JOSHCLAY

Enrolled Agent Exam Part 1 Questions with 100% Correct Answers How does the medical deduction work for 2018? - The medical deduction is your medical expenses minus 7.5% of your AGI. At what rate do you report interest income on a personal loan? - If you agree on an interest rate lower than the AFR, you must report interest income at the AFR (applicable federal rate) at the time of the loan. How do members of the clergy (pastors, preachers, etc.) report their housing allowance? - Mem...

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20 pages

Written in 2024/2025

Grade A+

JOSHCLAY

Enrolled Agent EA Exam Part 3 Questions with 100% Correct Answers Form 8867 - Paid Preparer's Due Diligence Checklist. Includes new questions for both the Head of Household filing status and the new Credit for Other Dependents. Retroactive! (for HoH anyways) Penalty for failure to meet due diligence requirements - $520 per failure New Requirements for Child Tax Credit/Additional Child Tax Credit - Child must have SSN (ITIN or ATIN works for ODC) Time to file claim for wrongful levy...

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23 pages

Written in 2024/2025

Grade A+

JOSHCLAY

Enrolled Agent EA Exam Part 1 Questions and Verified Answers | Rated A+ C Corp return due date - April 15 unless fiscal then march 15 990 return due date - May 15 Return(s) due on March 15 - 1065 and 1120s April 15th deadline - 1040, 1041, 709, 114/FBAR 1120 Rental loss AGI limit - 100k MFJ base amount rental loss - 25k Formula for excess AGI for rental loss - AGI-$100k, divide result in half and subtract from base amount (25k). Example: AGI $150k - $100k = $50k, 50k/2= 25k, $25k m...

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12 pages

Written in 2024/2025

Grade A+

JOSHCLAY

Enrolled Agent EA Exam 1 IRS Questions and Detailed Answers | Graded A+ Two taxpayers married on November 30. That same year, the husband enrolled in an accredited college to further his career and subsequently received a Form 1098-T, Tuition Statement. The wife was employed with an income of $45,000 and paid for the husband's education expenses. Based on their circumstances, what is the correct method to report the education credit? A) Taxpayers must file a joint return to claim...

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12 pages

Written in 2024/2025

Grade A+

JOSHCLAY

EA- Enrolled Agent Bundled Exams Questions and Answers 100% Pass Guaranteed | Flash Sale 40% Discount Off!!

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8 items

EmilyCharlene

Enrolled Agent - Exam 1 Questions and Answers 100% Pass Qualifying Child Test - 1. Relationship Test 2. Age Test 3. Residence Test 4. Support Test W-2G - Certain Gambling Winnings Form 1099-B - - Proceeds from Broker and Barter Exchange Transactions Form 1099-C - - Cancellation of Debt Form 1099-DIV - - Dividends and Distributions Form 1099-G - - Certain Government Payments Form 1099-INT - Interest Income Form 1099-MISC - - Miscellaneous Income Rents, Prize awards, Crop Insurance, F...

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70 pages

Written in 2024/2025

Grade A+

EmilyCharlene

Enrolled Agent Part 1: The Income Tax Return Exam Questions and Answers 100% Pass Gross Income - All taxable money, goods, property, and services When do you include Social Security benefits in gross income? - If you were married, living with your spouse at any time and filing a seperate return Half your SS benefits + other gross income + tax-exempt interest > $25,000 or $32,000 if filing jointly. When is filing status determined? - Dec 31 Who must file taxes? - Citizens or residents ...

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11 pages

Written in 2024/2025

Grade A+

EmilyCharlene

Enrolled Agent Part 2 Sample Test 4 Questions and Answers 100% Pass 1. Overstreet Corporation is owned by three individuals who have more than 80% of the combined voting power for four other corporations. These three individuals also have identical common ownership within the five corporations of at least 50%. The five corporations represent an example of: A. Personal services corporations. B. Closely-held corporations. C. A parent-subsidiary controlled group. D. A brother-sister contro...

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43 pages

Written in 2024/2025

Grade A+

EmilyCharlene

Enrolled Agent Practice Exam Questions Part 1 Questions and Answers 100% Pass Which of the following is income in respect of a decedent? A) Cash received from a grandmother's estate. B) Royalties received on the deceased father's published book; the right to receive these royalties was distributed from the father's estate. C) Certificate of deposit received as a gift. D) Both cash received from a grandmother's estate and royalties received on the deceased father's publish...

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92 pages

Written in 2024/2025

Grade A+

EmilyCharlene

Enrolled Agent SEE Part 3 Questions and Answers 100% Pass Form 433-A - Collection Information Statement for Wage Earners and Self-Employed Individuals Form 8863 - Education Credits (American Opportunity and Lifetime Learning Credit) Form 4868 - Application for Automatic Extension of Time To File U.S. Individual Income Tax Return Form 8879 - IRS e-file Signature Authorization Fiduciary - relating to the governing of property or estate on behalf of others Taxpayer Advocate Service - a servi...

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6 pages

Written in 2024/2025

Grade A+

EmilyCharlene

ENROLLED AGENT PRT 3 (2 OF 4) QUESTIONS AND ANSWERS 100% PASS The Office of Professional Responsibility can censure, suspend, or disbar a practitioner from practice before the IRS for incompetence or disreputable conduct. What is considered disreputable conduct? - The OPR can censure, suspend, or disbar a practitioner from practice before the IRS for incompetence or disreputable conduct, such as giving false or misleading information, or participating in any way in giving false or mislead...

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15 pages

Written in 2024/2025

Grade A+

EmilyCharlene

ENROLLED AGENT PRT 3 (3 OF 4) QUESTIONS AND ANSWERS 100% PASS According to Circular 230, what is a conflict of interest? - Representation of a client that is materially limited by the tax professional's responsibilities to other clients is a conflict of interest. See Circular 230 §10.29. A tax professional may represent clients even in the presence of a conflict of interest. What type of informed consent must be obtained from the affected clients in this situation? - A written waive...

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12 pages

Written in 2024/2025

Grade A+

EmilyCharlene

IRS EA Exam 1 – Individuals Exam Questions and Answers 100% Pass FBAR (FinCEN Form 114) - Officially April 15 (automatic extension to Oct 15), not filed with the IRS. (Electronically through BSA w-filing to FinCEN). Required if person (even children) has a financial interest or signature authority (co-owns) over at least one account located outside the US and the aggregate value exceeded $10,000 at any time during the calendar year. A non-willful failure to file could result in civil pe...

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28 pages

Written in 2024/2025

Grade A+

EmilyCharlene

IRS Enrolled Agent Exam Unit 4 Questions and Answers 100% Pass Debby broke her leg in a car accident in 2014 and was unable to work for three months. She received an accident settlement of $13,000 from her insurance company. during this time, she received $7,500 of sick pay from her employer. In addition, she received $5,000 from the accident policy she had purchased herself. How much of this income is taxable to Debby? A. $5,000 B. $7,500 C. $12,500 D. $18,000 - B. Only Debby's sick...

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10 pages

Written in 2024/2025

Grade A+

EmilyCharlene

IRS Enrolled Agent Unit 2 TEST Questions and Answers 100% Pass 1. Which of the following date ranges would be a permissible fiscal tax year? A. January 1, 2016 to December 31, 2016 B. February 2, 2016 to February 2, 2017 C. July 1, 2016 to June 30, 2017 D. May 1, 2016 to May 31, 2017 - c 2. All of the following costs must be included in inventory except: A. The cost of hipping raw materials to the seller's factory. B The cost of shipping a finished product to a customer. C Raw mater...

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8 pages

Written in 2024/2025

Grade A+

EmilyCharlene

How do calculate the deduction for self-employment health insurance? - ️️Income -50% deduction for self-employment taxes -any retirement contributions to SEP-IRA, SIMPLE-IRA or Keogh plan =Allowable deduction for health insurance expenses You cannot claim this deduction if you are reporting a loss but you can itemize the expenses on Schedule A (limited by 7.5% AGI) How do you calculate the amount a self-employed person is allowed to deduct for health insurance? - ️️SE income - 50%...

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11 pages

Written in 2024/2025

Grade A+

Brainarium

Form 8867 - ANS Paid Preparer's Due Diligence Checklist. Includes new questions for both the Head of Household filing status and the new Credit for Other Dependents. Retroactive! (for HoH anyways) Penalty for failure to meet due diligence requirements - ANS $520 per failure New Requirements for Child Tax Credit/Additional Child Tax Credit - ANS Child must have SSN (ITIN or ATIN works for ODC) Time to file claim for wrongful levy or seizure - ANS two ye...

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13 pages

Written in 2024/2025

Grade A+

DocLaura

The IRS has created a system of IP PINs as a step toward combating: A.Taxpayer abuse of the Earned Income Tax Credit. B.Practitioner fraud. C.Unenrolled preparer fraud. D.Identity theft. - ANS D.Identity theft. Jamila is a nonresident alien that owns a rental property in the US that she inherited from her brother, who was a green-card holder. Jamila must file a U.S. tax return, but she is not eligible for a Social Security Number. What must she do? A.She must fill out a W-7 appli...

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7 pages

Written in 2024/2025

Grade A+

DocLaura