This course, developed by noted tax authorities Sidney Kess and Barbara Weltman, provides you with an overview of recent tax developments and highlights planning tips and techniques to help you in your practice. The practice management tip is designed to help you better serve your clients and increase your fee income. The tip is about developing expertise in financial planning if you don’t already have this under your belt.
Final Exam > Results Page
final exam score:
final exam status:
90%
Question 1
Correct
The safe harbor method for the home office deduction means:
There is no longer any audit risk in claiming a home office deduction.
(You Answered) (Correct Answer) There is a fixed dollar limit replacing actual expenses.
Any taxpayer using a home office for any reason can claim it.
Congress must increase the dollar limit if it wants to.
Question 2
Correct
The depreciation dollar limit for the purchase in 2013 of a used truck or van costing $28,000 is:
(You Answered) (Correct Answer) $3,360
$11,360
$25,000
$28,000
Question 3
Correct
Which statement about inclusion amounts is correct?
The same inclusion amounts apply to passenger cars and light trucks.
(You Answered) (Correct Answer) The 2013 tables apply only to vehicles first leased in 2013.
The inclusion amounts apply regardless of the cost of the vehicle.
The inclusion amounts for 2013 are much higher than for vehicles first leased in 2012.
Question 4
Correct
A couple who was defrauded by a home contractor can claim a casualty/theft loss in which year?
The year they signed the contract for the work
The year they paid for the work
(You Answered) (Correct Answer) The year they learned of the contractor’s insolvency
The year they received partial payment from an insurer (which was two years after the contractor’s insolvency)
Question 5
Correct
An individual must have minimum essential coverage starting in:
2013
(You Answered) (Correct Answer) 2014
2015
2016
Question 6
Correct
Small employers can shop a menu of health insurance plans starting in:
2013
2014
(You Answered) (Correct Answer) 2015
2016
Question 7
Correct
The tax scam at the top of the Dirty Dozen list for 2013 is:
(You Answered) (Correct Answer) Identity theft
Phishing
Return preparer fraud
Hiding income offshore
Question 8
Correct
The IRS interest rate for the second quarter of 2013 on large corporate underpayments is:
0.5%
2%
3%
(You Answered) (Correct Answer) 5%
Question 9
Incorrect
What is the AICPA’s designation in financial planning?
(You Answered) CPA
EA
(Correct Answer) PFS
CFP
Question 10
Correct
In what areas must a financial planner have proficiency?
Retirement planning
Risk management
Estate planning
(You Answered) (Correct Answer) All of the above