ACC401 WEEK 1 QUIZ

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1. Alice is an employee of Valley Company. She properly completed her Form 1040EZ tax return and received a refund from the IRS of $1,293. Alice had income tax withholding during the year of $4,881. Her tax liability for the year was:
2. What was the amount of the personal exemption for 2014?
3. Which of the following is correct with respect to Private Letter Rulings?
4. Criminal penalties only apply to
5. Which condition listed below is not required for a taxpayer to qualify as a qualifying widow(er) with dependent child?
6. If Tom, an accountant, agrees to provide accounting services to Fred, a friend, in exchange for Fred fixing Tom’s office floor, then:
7. Under the provisions of Circular 230, paid tax preparers must:
8. Which of the following is a statutory source of tax authority?
9. If an attorney performs some estate tax work for a client and the client agrees to pay $4,000 to him and $3,000 to a local financial institution for a debt the attorney owes, the attorney has income of:
10. John forgot to file his tax return by April 15. He did not file an extension. John finally filed his tax return on June 30 and had a remaining tax liability of $1,500. What is John’s failure to file penalty? Assume he made all his payments on time.

ACC401 WEEK 1 QUIZ

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