- Study guides, Class notes & Summaries

A monetary penalty that can be assessed by the IRS or state or local taxing authority. Civil penalties are generally based on the amount of the understated tax, unpaid tax, or tax due. correct answer CIVIL PENALTY A tax preparer must release a joint return to either or both spouses named as the taxpayers, because the return belongs to each spouse. correct answer TRUE A tax preparer who is not an attorney, CPA, enrolled agent, enrolled retirement plan agent, or enrolled actuary authorized t...

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5 pages

Written in 2025/2026

Grade A+

starwid

For the age test for a qualifying child an individual must be what age? correct answer A. Under age 19 at the end of the tax year and younger than the taxpayer ( or taxpayer's spouse, if filing jointly) B. A full time student under age 24 at the end of the year and younger the taxpayer ( or taxpayer's spouse, if filing jointly) C. Permanently and totally disabled at any time during the year, regardless of age. For the gross income test for a qualifying relative, what amount is accepta...

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11 pages

Written in 2025/2026

Grade A+

starwid

§ 7805 correct answer Authorized the Secretary of the Treasury or their delegate to prescribe all rules and regulations ABLE correct answer Achieving a Better Life Experience account for the disabled. They won't lose eligibility for government programs Accuracy Requirement correct answer Fine of 20% of any underpayment due to negligence, misstatements, or understatement of tax. Action on Decision (A.O.D.) correct answer Published decisions by the IRS following a trial court ruli...

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11 pages

Written in 2025/2026

Grade A+

starwid

Additional Medicare Tax correct answer An additional tax may apply if the taxpayer's wages and compensation exceed a threshold amount Adjusted Gross Income ( AGI ) correct answer This income equals gross income less adjustments to income , regardless of whether personal deductions are itemized Current Medicare Tax Rate correct answer The current tax rate is 1.45 % of gross wages ( 2.9 % for self employed individuals ) Deductions correct answer Amounts that may be subtracted from inco...

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4 pages

Written in 2025/2026

Grade A+

starwid

"A single taxpayer has AGI of $80,000. He is an active participant correct answer "A single taxpayer is receiving pension benefits from previous correct answer "Are the employer's contributions to an employee's SEP-IRA correct answer "May an employee contribute to their SEP-IRA or separate IRA in correct answer "Schedule C, Line F asks for the accounting method used in the business. correct answer "Under what circumstances would a taxpayer's Roth IR...

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42 pages

Written in 2025/2026

Grade A+

starwid

5 steps of the call flow correct answer 1. Call/greeting- (Thank the client for calling, introduce yourself, & offer to help) 2. Contact Identification- (Confirm who's calling) 3. Issue Identification- ( listen to the client's problem statement, determine the root of the cause through probing questions, & navigate salesforce for the flow. 4. Issue Resolution- (Follow the Salesforce flow & knowledge articles, if applicable, to complete all troubleshooting steps & resolve the clien...

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6 pages

Written in 2025/2026

Grade A+

starwid

1. DAILY HORIZONS-Number of Appts-Revenue target-Wait times correct answer The DAILY process for Home Base Planning to help you identify actions needed based on your office(s) assessment. Review overall performance. Check Key metrics. Schedule Readiness-Virtual Review-Work in Progress-Service Quality-Inbound Call Quality-Financial Products- Fulfillment Network-Block Works (BWO)-Small Business 2. TACTICAL TUESDAYS correct answer The weekly process in which you review your weekly results an...

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26 pages

Written in 2025/2026

Grade A+

starwid

A married couple who materially participate in the operation of a jointly owned business may elect for each spouse to file their own Schedule C, with each reporting their respective amounts of income, loss, and deductions. This known as what? correct answer C. A qualified joint venture a mountain-view lot bought for potential increase in value is an example of correct answer A, Real, Investment-use property A person born in 1945 reaches full retirement age at age: correct answer C. 66 A...

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32 pages

Written in 2025/2026

Grade A+

starwid

7 Behaviors correct answer Customer-Centric Curious Problem Solvers Straightforward Resilient Bold Better Together Ambitions - Communities correct answer Make every block better nationwide by committing to 1 million volunteer hours and supporting 500,000 small business owners Ambitions - Customer correct answer Be so customer-centric that 80% of our clients return every year Ambitions - Financial correct answer Achieve more than $4 billion in annual revenue and EPS of $4. Ambit...

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5 pages

Written in 2025/2026

Grade A+

starwid

*For 2021 tax returns, what is the standard deduction for taxpayers using the head of household filing status? A.) $0 B.) $12000 C.) $18800 D.) $24000 correct answer C.) $18800 A taxpayer eligible to claim the lifetime learning credit may receive up to $2,000 for this credit. All of the following are considered qualified expenses for this credit EXCEPT: A.) Tuition and fees paid to acquire a degree from an accredited university. B.) Tuition and fees paid to a local community college for...

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20 pages

Written in 2025/2026

Grade A+

starwid

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 of household. EIC, PTC, CTC/ODC/ACTC, and head of household. correct answer EIC, AOTC, CTC/ODC/ACTC, and head of household. All of the following are due diligence requirements a tax preparer must meet for EIC, AOTC, CTC/ODC/ACTC, and HOH, EXCEPT: Investigate and verify the accuracy of ...

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27 pages

Written in 2025/2026

Grade A+

starwid

Acquisition Debt correct answer Debt incurred to acquire, construct, or improve the taxpayer's principal or secondary residence. Adjusted Gross Income (AGI) correct answer Adjusted gross income equals gross income less reductions that are allowable, regardless of whether personal deductions are itemized. Basis correct answer The amount assigned to an asset from which gain or loss is determined for income tax purposes. For assets acquired by purchase, basis is cost. Special rules govern ...

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11 pages

Written in 2025/2026

Grade A+

starwid

Alberto Jimenez is a degree candidate. For 2018, his tuition was $5,000, his other required course fees were $1,200, and his room and board were $2,700. Alberto received a $2,500 scholarship that does not specify the expenses to which it must be applied. How much, if any, of his scholarship income is taxable? correct answer None of Alberto's scholarship is taxable. He is a degree candidate where his $5,000 tuition expense and his other required course fees of $1,200 exceeded his $2,500 schola...

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19 pages

Written in 2025/2026

Grade A+

starwid

Package Deal For H&R Block Income Tax Exam With 100% Correct Answers | Verified | Updated | 2025/2026

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10 items

SARAHnkalu

HRB FINAL EXAM QUESTIONS AND ANSWERS |LATEST UPDATE| 2025/2026 What is the Difference between earned income and unearned income? - answer-Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income. Taxable income other than that received for services performed. Unearned Income includes money received to the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions...

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31 pages

Written in 2025/2026

Grade A+

SARAHnkalu

HRB-27 Final Exam Review Questions & Verified Answers Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? - correct answer • Under the accrual method, total sales and total charges for services are included in income even though payment may be received in another tax year. • Under the cash method, only income actually received or expenses actually paid during the year are included. (15...

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19 pages

Written in 2025/2026

Grade A+

Stuvia71

HRB FINAL EXAM QUESTIONS & ANSWERS RATED 100% CORRECT What is the Difference between earned income and unearned income? - correct answer Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received or the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions alim...

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36 pages

Written in 2025/2026

Grade A+

Stuvia71

Hrb Test Paper 2025&Sol;2026 Questions With Answers &Newline;Tagged A&Plus;

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20 pages

Written in 2024/2025

Grade A+

EXAMCAFE

Hrb Study Guide 2025&Sol;2026 Questions With Answers &Newline;Tagged A&Plus;

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9 pages

Written in 2024/2025

Grade A+

EXAMCAFE

Hrb Exams Set 2025&Sol;2026 Questions With Answers &Newline;Tagged A&Plus;

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9 pages

Written in 2024/2025

Grade A+

EXAMCAFE