Please answer the following 15 questions
using the information you have learned
from the aforementioned articles.
Disasters, DOL Regulations and IRS Audits
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The following are topics covered by this CPE quiz:
Tax aspects of disasters
Pay options of new Department of Labor regulations
Documentation required to transfer LLC interest by gift or sale
The nature of civil and criminal IRS audits
Identity theft and its tax implications
Developments in the R&D Tax Credit program
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Question 1 of 15
1. QuestionWhich of the following is not considered a non-business casualtyevent or “other casualty?”CorrectIncorrect
Question 2 of 15
2. QuestionInstead of obtaining an appraisal, the cost of repairs to the dam aged property is acceptable evidence of the loss in value if all butwhich one of the following is true?CorrectIncorrect
Question 3 of 15
3. QuestionLosses to business or investment property are fully deductible; they are not reduced by ____ and are not subject to the10%-of-AGI limit.CorrectIncorrect
Question 4 of 15
4. QuestionOn May 18, 2016, President Obama announced the Departmentof Labor’s final rule updating regulations which sets the salarylevel at _______ annually for a full-year worker to be exemptfrom overtime.CorrectIncorrect
Question 5 of 15
5. QuestionWhich of the following is not a characteristic of a workweek inregard to compensating employees in accordance with the Department of Labor’s regulation?CorrectIncorrect
Question 6 of 15
6. QuestionWhich of the following is not a listed reason information as tothe owners and their relationships for each LLC entity should beobtained.CorrectIncorrect
Question 7 of 15
7. QuestionIn order for an appraiser to conduct an MAI appraisal of each realestate property owned by an LLC so a “qualified appraisal maybe completed,” the appraiser will require all of the followingpieces of information except:CorrectIncorrect
Question 8 of 15
8. QuestionThe IRS’ statute of limitations to audit tax returns for tax crimesis generally three years. It is six years if over _____ of incomehas been omitted from the original filed tax return.CorrectIncorrect
Question 9 of 15
9. QuestionWhich of the following are auditors trained to look for whensearching for tax fraud?CorrectIncorrect
Question 10 of 15
10. QuestionWhich of the following is a key point about a theft loss deduction?CorrectIncorrect
Question 11 of 15
11. QuestionA taxpayer can obtain an Identity Protection Personal Identification Number (IP PIN) to use in place of a Social Security numberwhen filing a tax return. The IRS will issue an IP PIN under whichof the following scenarios:CorrectIncorrect
Question 12 of 15
12. QuestionResearch Tax Credits (RTCs) can generally be either carried back 2years or carried forward up to ____ years before the RTCs couldexpire unutilized.CorrectIncorrect
Question 13 of 15
13. QuestionBusinesses with less than $ 5 million in gross receipts inthe current taxable year can offset the employer portion of(the)________________ by up to $250,000 for each year.CorrectIncorrect
Question 14 of 15
14. QuestionAs of 2015, Congressional budget cuts have resulted in a reduction of which type of employee every year since 2010?CorrectIncorrect
Question 15 of 15
15. QuestionDue to reductions in its budget, in 2016 only 72.6% of calls to theIRS help line were:CorrectIncorrect