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Provisional Income threshholds for exclusion of SS Benefits from Income - CORRECT ANSWER-MFJ -- 32,000 to 44,000 All Others-- 25,000 to 34,000 MFSLT -- 0 What is excluded from gross income in the case of insurance proceeds? - CORRECT ANSWER-Disability pay (excluded) Accident insurance proceeds. sub for lost income (excluded) Damages for emotional distress (included if no physical injury) Punitive damages (included) Gross income does not include benefits specified that might be received ...

Who can represent an individual in front of the IRS without a power of attorney? - CORRECT ANSWER-Immediate family members (spouse, child, sibling or parent) can represent an individual but they cannot sign a power of attorney to authorize somebody else to represent the individual. By signing a form 2848, the representative declares under penalties of perjury that he or she is aware of what? - CORRECT ANSWER-The regulation in Treasury Department Circular No. 230. When applying for an inst...

Which of the following examples would be considered a deductible non-business bad debt? - CORRECT ANSWER-A loan to a friend to put in a new bathroom in their main home. The loan becomes uncollectible in the current year Simone and Xander are married and file jointly. Their joint AGI is $129,000 in 2024. They have two dependent children, ages 18 and 19; both are full-time students. Simone and Xander also claim Xander's disabled mother, Bernice, who is 72 years of age, as a dependent pare...

Which of the following statements regarding accounting methods is false? A. If inventories are necessary, the accrual method is used for sales and purchases B. A combination (hybrid) method is not an acceptable method of accounting C. A change from the accrual to the cash method of accounting requires consent from the IRS D. Under the cash method of accounting, gross income includes all items of income actually or constructively received during the year - CORRECT ANSWERB You can compute ...

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