Accounting question and answers for January 30, 2024
- Q A self-employed caterer keeps records to support expenses and deductions for her business. What should those records include at a minimum
- Q Helen and Jn itemized deductions when they file their income tax return as married filing jointly. If they paid $14,000 in state and local taxes in 2024, what would be...
- Q What corporations are ineligible for s corp status
- Q All of the following are true about bonus depreciation, except:
- Q If your filing status is single and you are under 65 years old at the end of 2024, you need to file a return if your gross income was at...
- Q what is the current carryback rule for a NOL
- Q Jill’s Juicy Pies receives an ERC in the amount of $300,000 in 2024. Jill chooses to account for the ERC as a conditional contribution under ASC 958. Where should Jill...
- Q what portion of a roth ira distribution is taxable IF IT IS NOT A QUALIFY DISTRIBUTION
- Q All of the following elections are made at the corporate level except:Â a.the election to defer recognition of gain under Code Sec. 1033Â b.the election to exclude foreign earned income under Code...
- Q Bob Martino has a home mortgage on his primary home from ABC Co., ?a local bank. Which circumstance would allow him to work on the firm's audit of ABC?He is...
- Q For 2024, what is the maximum estate and gift tax exemption for an individual taxpayer:
- Q When must Form 8716 be filed in order for the election to be effective for the first tax year:
- Q Harry, an age 45 participant in his employer, simplified employee pension, resigned to take a new job and receive a $20,000 complete distribution from his designated Roth account in the...
- Q fun owns and resides in a home in Cape Cod she rents her house at periodically where she visits her parents in California she can only deduct the expenses and...
- Q On August 31, ?the balance sheet of Pina Colada Corp. showed Cash $10,000, ?Accounts Receivable $2,700, ?Supplies $600, ?Equipment $6,000, ?Accounts Payable $4,600, ?Common Stock $14,100, ?and Retained Earnings $600....
- Q Which of the following is correct regarding charitable contributions made by an S corporation: a.charitable contributions made by an S corporation are not deductible b.charitable contributions made by an S corporation are...
- Q Question 33One definition of earnings management is that it occurs when managers use:Select oneA. ?judgment in financial reporting to alter financial reports to mislead stakeholders.B. ?an accounting method that is...
- Q helen disposed of $5000 of bitcoin, a type o fvirtual currency as a gift to one indiivdual during the 2024 tax year. she did not sell or otherwise dispose of...
- Q What does Code Sec. 108(a)(3) prescribe as the amount of cancellation of indebtedness that can be excluded for income purposes: a.like bankruptcy, there is no limit b.the excess of the fair market...
- Q Jimmy’s Juniper Showcase has decided to account for the $500,000 ERC it received in 2024 under the IAS 20 rules. Where should Jimmy present the ERC on its statement of...
- Q In which of the following situations would a debtor realize income from the discharge of debt: a.the debtor is solvent at the time of discharge b.the debtor is insolvent at the time...
- Q Olsen & Alain, CPAs (O&A) ?performed the audit of Rocky Point Brewery (RPB), ?a public company in 20X1 ?and 20X2. ?In 20X2, 0&A also performed expert services in connection with pending...
- Q Effective for tax years beginning after January 1, 2018, each of the following taxpayers may be able to obtain a deduction of 20 percent of qualified business income except: a.C corporation shareholders b.S...
- Q Which of the following is correct regarding the treatment of repair and maintenance expenses: a.all repair and maintenance expenses must be capitalized b.under certain circumstances, a taxpayer can elect to capitalize repair...
- Q Which of the following is true regarding the capitalization of betterments dependent on materiality: a.the term “materiality†is defined as a 10% increase b.the term “materiality†is defined as a 25% increase c.the...
- Q Which of the following guidelines is not true regarding a paid tax return preparer’s compliance with the due diligence requirements set forth in Treasury Regulations for the head of household...
- Q Then purchase one exterior door for $500 and three energy efficient windows for $400 apiece. Assuming the item qualify for an energy efficient home improvement tax credit, for what tax...
- Q Maria, a married taxpayer who filed separately incurred and paid $11,000 in state and local tax in 2024. How much of the state and local tax can she deduct on...
- Q His AGI is $100,000.  What is the amount he may deduct as an itemized deduction?
- Q why are internal service funds most commonly dislpayed as governmental activities
- Q Which of the following is correct regarding reasonable salaries: a.a reasonable salary is defined as $15/hour or more b.a reasonable salary is defined as at least 50% of the S corporation’s total...
- Q Carl files as head of household and has an AGI of 190,000 for the tax year 2024. He has no foreign source of income and a tax of $10,000 before...
- Q What is eligible property for the 179 deduction?
- Q Interest paid or incurred in a passive activity must be determined at which level: a.the S corporation level b.the shareholder level c.either the S corporation level or the shareholder level, whichever is most...
- Q 25 per page print ,how much224 pages would be
- Q Which of the following is correct regarding the tax treatment of interest paid or incurred by an S corporation: a.the interest paid or incurred is not deductible under any circumstances b.the interest...
- Q Carl files as head of household and has an AGI of 190,000 for the tax year 2024. He has no foreign source of income and a tax of $10,000 before...
- Q What is the holding period for property acquired in the hands of the transferee if later sold to an unrelated party:Â a.if there is a gain, it is the holding periods...
- Q Able and Baker are related parties. Able sells property to Baker that has an adjusted basis of $30,000 for $26,000, generating a loss of $4,000. Under Code Sec. 267(a)(1) the...
- Q Assuming no revaluation of fixed assets has occurred, what is the correct conclusion to draw from this trend?
- Q According to Code Sec. 465(b), loss deductions of an S corporation are limited to which of the following: a.the taxpayer’s income b.50% of the taxpayer’s income c.the amount the taxpayer has at risk...
- Q Harret owner of an advertising agency return entertains perspective business clients at the country club. She belongs to how much of the 20,000 annual country club dues. Can she deduct...
- Q Which of the following is correct regarding the deductibility of organizational expenses by an S corporation: a.organizational expenses can be deducted in the taxable year when they are incurred b.organizational expenses can...
- Q howard age 72 and elizabeth age 69 are married and file a joint return both spouses pay premimums of 10000 under long term policy what is the
- Q What expense is not included in cost basis
- Q Jackson a sole proprietor on the plumbing business what documentation should be
- Q What may qualify as deductible alimony is paid persuade to a divorce decree executed before 2019
- Q A taxpayer is unmarried and leases his residence. As part of the lease agreement, the taxpayer pays the $3,250 property taxes that are imposed on the landlord. How much of...
- Q What is a qualified expense for tax free scholarship purpose?
- Q What is the amount of the 2022 standard deduction for a head of household taxpayer, who is 72 years old and completely blind?
- Q Under Code Sec. 6662, a substantial valuation misstatement exists when the claimed value of any property is ____ or more of the amount determined to be the correct value. a.110% b.125% c.150% d.200%
- Q Using the Below financials for XYZ company, please Perform the necessary calculations to determine the break-even point in both quantity and sales dollars. Make sure to show your calculations for...
- Q In 2023, married persons filing jointly will qualify to contribute to a Roth IRA if their adjusted gross income is below what amount: a.$250,000 b.$228,000 c.$153,000 d.$10,000
- Q What effect does an individual’s filing status have on his or her ability to contribute to an IRA: a.typically none b.only persons married filing jointly are eligible to contribute c.only persons filing single...
- Q On July 3 ?of the tax year, Rebecca purchased a new 5,000-pound pickup truck. She drove her truck 15% ?of the time for her Schedule C business. Which standard mileage...
- Q In 2023, how much is the maximum allowable annual contribution to a traditional IRA for individuals under 50 years of age: a.$3,000 b.$5,500 c.$6,500 d.$14,500
- Q Which of the following is a requirement for someone to be eligible to open a traditional IRA: a.the individual must have an adjusted gross income of $100,000 or more in a...
- Q Penelope Morton’s adjusted gross income (AGI) for 2022 was $157,000. She also received certain income benefits in 2022. She received $1,400 of state unemployment insurance benefits, $2,000 from a Federal...
- Q Tom and Brenda are married filing jointly and I was so scared he been fit up 20,000 and other taxable income of 40,000 what maximum of their Social Security benefit...
- Q since the passage of tax cuts and job act of 2017 c corporations pay at a flat rate of what percentage of their taxable income
- Q to safeguard taxpayer information, tax return preparers must determine the appropriate security controls for his or her environment based on the size, complexity
- Q The entire amount of a pension payment will be taxable if
- Q What is ROI?Return on InventoryRate of IncreaseReturn on InvestmentRevenue over Investments
- Q For 2024 what amount of deduction is allowed for expenses related to an activity that is generally considered to be entertainment
- Q which statement regarding a b l e accounts is FALse one can contributions to an ABl Lecount must be in cash contributions to an ABl account or DEDuctible amounts...
- Q If a tax professional is seeking to receive a record of completion for the 2024 filing season when must they complete the required continuing education training
- Q What is the maximum age a taxpayer is eligible to contribute to a
- Q which of the following payments is not subject to witholding? tips reported to the employer, bingo winnings, sick pay received from agent of an employer or pension plan distributions
- Q For the returns required to be filed in 2025 what is the minimum penalty for a return that is more than 60 days late if there is no reasonable calls...
- Q What rights does a tax prepare who does not participate in the annual following season program and is not a CPA attorney or enrolled agent have to represent clients before...
- Q For what minimum period of time was a tax return prepared make a client’s tax prepared e-file signature authorization available to the IRS
- Q what is the maximum debts that can be treated as home acquisition debts or mfs
- Q What is the definition of a long term holding. Capital asset
- Q For 2024, if actual distributions from a qualified retirement plan received in any year are less than the minimum required distribution for that year, a tax is assessed on the...
- Q what is the maximum amount a taxpayer may expnese under section 179 for machinery for 2024
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