H&R Block Income Tax Course exam 2023 with 100% correct answers

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