Recent Tax Developments (September-October 2014) (00677581, 2014 Edition)

This course provides you with an overview of recent tax developments and highlights planning tips and techniques to help you in your practice. This course covers tax-related Supreme Court decisions, reporting on offshore accounts, whistleblower awards, IRAs owning realty, new tax preparer rules including changes to Circular 230, and below-market interest rates on 2014 demand loans. The course also has a practice management tip about health insurance and tax reporting.

Score:100.00

Final Exam > Question 1
For 2014, what is the exemption under federal bankruptcy law for an inherited IRA?
  •   Zero
  •   $1,000,000
  •   $1,245,475
  •   Unlimited
    Final Exam > Question 2
    Which statement about the OVDP is correct?
  •   The current program is a modification of an existing program.
  •   It can be used only by U.S. taxpayers residing abroad.
  •   Using the program means the taxpayer does not have to report under FATCA.
  •   Only a few hundred taxpayers have used the program to date.
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Final Exam > Question 3
Which statement about the premium tax credit is not correct?
  •   It applies starting in 2014.
  •   It can be applied toward the payment of premiums.
  •   Married persons must file jointly in all circumstances.
  •   The credit is refundable.
    Final Exam > Question 4
    What is the primary benefit of an unenrolled agent receiving a certificate of completion? Automatically becoming an enrolled agent
    Being listed in an IRS online directory of preparers
    Personal satisfaction
    Being able to display the certificate
    Final Exam > Question 5
    The National Taxpayer’s Mid-Year Report contained all of the following except:
  •   A list of the IRS’s ongoing problems
  •   An acknowledgment that the IRS has wiped out identity theft related to tax returns
  •   Urging the IRS to better implement the earned income tax credit
.
An acknowledgment of the fact that the IRS’s implementation of a Bill of Taxpayer Rights was in response to a previous report
Recent Tax Developments (September-October 2014) 18
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Final Exam > Question 6
Which of the following is part of the Taxpayer Bill of Rights?
  •   The right to be informed
  •   The right to quality service
  •   The right to a fair and just tax system
  •   All of the above
    Final Exam > Question 7
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In 2013, a taxpayer made a $100,000 interest-free loan to someone, payable on demand. The loan remained outstanding for all of 2014. What is the taxpayer’s imputed interest?
  •   Zero
  •   $280
  •   $3,060
  •   None of the above
    Final Exam > Question 8
    Which information return is used only by large employers to report health coverage to an individual?
  •   Form 1095-A
  •   Form 1095-B
  •   Form 1095-C
  •   None of the above
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Recent Tax Developments (September-October 2014) 19
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Final Exam > Question 9
Who must file Form 8962?
  •   Any individual who has claimed the premium tax credit on an advanced basis whose income has increased, making the person liable for repayment of some or all of the credit
  •   Any individual who may be eligible for the premium tax credit but has not yet claimed it
  •   Any individual who claimed the premium credit but may be eligible for a greater one
  •   All of the above
    Final Exam > Question 10
    Which qualifies as a hardship exemption from the individual mandate?
  •   Being homeless
  •   Facing eviction
  •   Going through a disaster that caused serious property damage
  •   All of the above
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