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Enrolled Agent Exam - Part 2 Question and answers already

Enrolled Agent Exam - Part 2 Question and answers already passed 2025

Enrolled Agent Part 2 Question and answers verified to pass What method of accounting are tax shelters required to use? - correct answers Tax shelters (regardless of their entity type or annual revenues) are always required to use the accrual method of accounting. What is the maximum number of shareholders that an S corporation can have? - correct answers 100 shareholders, although related family members count as a single shareholder for purposes of the 100-shareholder limit How can a t...

Enrolled Agent Exam - Part 2 Question and answers verified to pass What is the minimum number of years that a company must show a profit to qualify a business as operating for profit? (A) One out of three years (B) Two out of five years (C) Three out of five years (D) Four out of six years - correct answers (C) Three out of five years The IRS has a limitation on the number of years a business can operate at a loss and still use the deductions on other income. This eliminates individ...

ENROLLED AGENT EXAM PREP - PART 2 QUESTIONS AND ANSWERS 2025

Enrolled Agent - Part 2 Questions and Answers Rated A+ What is the purpose of an enrolled agent? To represent taxpayers before the IRS What form is used to file for an extension of time to file an individual tax return? Form 4868 What is the statute of limitations for the IRS to assess additional taxes in most cases? Three years What is the allowable mileage rate for business travel purposes? The rate set annually by the IRS What does the term "basis" refer to in tax terminology?...

Enrolled Agent Part 2 Exam With Updated Solutions 2024

Enrolled Agent Part 2 Exam With Correctly Solved Solutions 2024