Final Exam
Student:
Wang, Kent
SCORE:
87%
PASSED
Question 9
A tax return put on hold with reason code 4 - Client not required to file, will display on the Clients Tab under the new hold code filter:
Your answer: No Action
Question 11
One field on the state hold screen that doesn't appear on the main return hold screen gives the client the option to:
Your answer: Schedule the date the state return will electronically file.
Question 16
If the taxpayer is a returning client, the prior year ____________ will display on the Personal Information input pane.
Your answer: Refund or balance due amount
Question 30
When an education credit is present on the return, it is no longer necessary to:
Your answer: Indicate what type of funds were used to pay the qualifying education expenses
FINAL EXAM:
1, Before overriding a field in BlockWorks, you should:
Research available documentation on the form or schedule to ensure you know what should be included in that field.
Use F1 Help to determine where the calculated data is coming from, then ensure the correct data has been entered in the required location(s).
Determine whether the data should be carried to multiple forms and ensure you've made the correct entries in the required fields.
XAll of the above
2, Is it possible to put a state return on hold separate from the federal return in BlockWorks 2015
XYes
3, Which of these is NOT a new hold code filter in the Clients Tab?
Client Action.
Leadership Follow up.
XNo Action.
Tax Pro Action
4, In the Asset Manager you can delete an asset or recalculate current depreciation on all assets by clicking on:
XThe Wrench Tool.
The New Asset button.
The colored button.
The name of the asset
5, On the Clients Tab, documents required to be attached will be listed in:
XThe client detail section under "Hold Status".
The client detail section under "E-file status".
The client grid in a column titled "Documents to be Attached".
The documents required to be attached will not be displayed anywhere on the Clients Tab
6, In BlockWorks 2015, you cannot place a return on hold unless you:
Enter either an appointment or a follow-up date.
Indicate a Reason Code.
Enter hold notes.
XAll of the above
7, Is there a way in BlockWorks to indicate whether taxable disability payments reported on a 1099-R can be considered earned income?
XYes, by answering a question on the 1099-R input pane.
Yes, by answering a question on the EIC input pane.
Yes, by entering the income as wages instead of retirement income.
No, disability payments reported on a 1099-R can never be considered earned income.
9, A tax return put on hold with reason code 4 - Client not required to file, will display on the Clients Tab under the new hold code filter:
Leadership Follow up.
Client Action.
Tax Pro Action.
XNo Action
10, The second step in the support hierarchy is self-help, which includes:
The Top 10 TSC Call Drivers
The Known Issues document.
The BlockWorks User Manual.
XAll of the above
11, One field on the state hold screen that doesn't appear on the main return hold screen gives the client the option to:
XSchedule the date the state return will electronically file.
Enter an explanation for the state as to why the state return isn't being filed with the federal return.
Place the federal return on hold as well.
Be billed for the state return now, or pay later when the state return is completed.
12, The biggest change to diagnostics this year is:
Standard diagnostics were removed because they are unnecessary.
Some EIC diagnostics were changed to Standard diagnostics.
E-file diagnostics were changed to Critical (action required) diagnostics.
XMany Standard diagnostics were changed to Critical, or action required, diagnostics.
13, I can find the option to put the state return on hold on the:
Main return hold screen.
New form in BlockWorks 2015 called "State Return Hold Reasons".
XElectronic Filing Options input pane on every state.
It's not possible to put a state return on hold by itself.
14, If you need help in BlockWorks, you should start first with:
XF1 Help in BlockWorks.
Self Help such as the User Manual or Known Issues.
Your Local Expertise Network.
Contact the Technical Support Center (TSC)
15, Which of the following requires client action:
A state return with a reason code 1 - State e-file not available.
An Approve On-Line return approved by the client but needing action by the Tax Professional.
XA return placed on hold with reason code 1 - Missing informaiton.
A return placed on state hold with reason code 3 - Current version does not include required forms.
16, If the taxpayer is a returning client, the prior year ____________ will display on the Personal Information input pane.
Filing status.
AGI.
XRefund or balance due amount.
Settlement product
Carla uses her 2012 Toyota Camry in the course of her business. Where should you enter her vehicle information in BlockWorks?
On Carla's Schedule C.
XIn the Asset Manager, where I can indicate to which form or schedule the data should carry
On Carla's Form 2106
Schedule A
A Form Minimum Requirements diagnostic draws attention to:
A form that has been added to BlockWorks that needs deleted.
A form that has not been finalized by the IRS.
XA form which has been started, but is missing information that might logically be required.
The fact that the minimum number of forms allowed on a tax return has not been reached.
A new blue diagnostic will:
Alert you to notify the client of a change to their return.
Indicate a return has been successfully electronically filed.
Remind you to indicate whether to put the state return on hold with the federal return.
XRemind you to attach required documents so the tax return can be electronically filed.
How many hold codes are available on the return hold screen in BlockWorks 2015?
6
X5
4
3
A Form Minimum Requirement diagnostic will alert you to either complete the form as required, or:
Add the form
XDelete the form because it was added in error.
Ensure the form is properly assigned to either the taxpayer or spouse.
Mark the form as information only, do not fil
Which of the following statements is FALSE:
XAn appointment date or a follow-up date is required when a state return is placed on hold.
There are only five hold codes to choose from on the return hold screen.
It's necessary to indicate whether the client will pay for the state return at the time it's placed on hold on the state hold screen.
Hold notes are required only on the main return hold screen
The date fields on the hold screen are disabled when you choose one of these hold codes:
1- Client Missing information /documentation, and 2 - Tax Pro requires more time to complete.
X4 - Client not required to file, and 5 - Client not likely to return.
2 - Tax Pro requires more time to complete, and 4 - Client not required to file.
1 - Client missing information/domentation, and 3 - Client Signatures required
It's no longer necessary to go back to the Education Expense input pane and remove ___________ as the education benefit type.
American Opportuntiy Credit.
Lifetime Learning Credit.
Tuition and Fees Deduction
XOptimize
One of the major differences between the main return hold screen and the state hold screen is:
There is no state hold screen as the state return cannot be put on hold separate from the federal return.
XThe client is given the option of paying for the state return when it's put on hold, or when they return to complete it.
There is only one hold reason for a state return.
There is no difference between the two hold screens
Clicking on the "Go" link on the new blue diagnostic for attachments will take you to:
A field in BlockWorks where you can indicate the document you intend to attach.
XInstructions on how to scan and add the required document.
A list of documents to choose from.
The "Send Return" screen, where you can change the status of a document from "Pending" to "Attached"
When a Form Minimum Requirements diagnostic is present on a return, you should:
Review the form to determine whether it's necessary to the return.
Complete the form if it's necessary to the return.
Review the diagnostic for details.
XAll of the above.
An Approve OnLine return that has been approved by the client but not verified by the Tax Professional will display under the new hold code filter:
Leadership follow up
XTax Pro Action.
Client Action.
No Action
If a state return is put on hold, the hold reason will display:
On the Clients Tab in the client list grid.
On the federal hold screen.
XOn the Clients Tab, in the client detail section under "Hold Status".
On the state e-file input pane
When an education credit is present on the return, it is no longer necessary to:
XIndicate what type of funds were used to pay the qualifying education expenses.
Enter data contained on a Form 1099-T.
Go back to the Education Expense input pane and force the most advantageous credit.
Pay any attention to Education-related diagnostics.
Entering taxable income reported in box 2 of Form 1099-R with code 3 (disability payments) in box 7, but NOT answering the appropriate question in BlockWorks will:
Generate a diagnostic reminding you to answer the appropriate question yes or no.
Prevent the return from being e-filed until the question is answered.
Prevent the Earned Income Credit from being calculated properly, provided the taxpayer otherwise qualifies for the credit.
XAll of the above