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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Description:
The following are topics covered by this CPE quiz:
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Tax aspects of disasters
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Pay options of new Department of Labor regulations
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Documentation required to transfer LLC interest by gift or sale
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The nature of civil and criminal IRS audits
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Identity theft and its tax implications
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Developments in the R&D Tax Credit program
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Question 1 of 15
1. Question
Which of the following is not considered a non-business casualtyevent or “other casualty?”CorrectIncorrect -
Question 2 of 15
2. Question
Instead 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. Question
Losses 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. Question
On 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. Question
Which 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. Question
Which 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. Question
In 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. Question
The 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. Question
Which of the following are auditors trained to look for whensearching for tax fraud?CorrectIncorrect -
Question 10 of 15
10. Question
Which of the following is a key point about a theft loss deduction?CorrectIncorrect -
Question 11 of 15
11. Question
A 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. Question
Research 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. Question
Businesses 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. Question
As 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. Question
Due to reductions in its budget, in 2016 only 72.6% of calls to theIRS help line were:CorrectIncorrect