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PATH Act, ACA and IRS Tactics

PATH Act, ACA and IRS Tactics

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Description:

The following are topics covered by this CPE quiz:

The new rules for business tax returns
A breakdown of recent developments related to the Affordable Care Act
Roth IRA contribution withdrawals
Required minimum distributions at the end of the year
Medicare and supplemental insurance
The PATH act and what it means for research and development credits

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Question 1 of 15

1. Question
What was signed into law in 2015 that makes more than 20 provisions that expired at the end of 2014 permanent and extends others for two years?
- Pension Protection Act
- Affordable Care Act
- R & D Tax Credit
- Protecting Americans from Tax Hikes Act
Correct

Incorrect
Question 2 of 15

2. Question
Which of the following is not a business deduction that has been made permanent by the Protecting Americans from Tax Hikes Act?
- The treatment of off-the-shelf software as qualifying for a Sec. 179 deduction.
- A deduction that applies to new (not pre-owned) property.
- A deduction for a home office in which the client physically meets his/ her clients.
- Any amounts for restaurant improvements not deducted using the Sec. 179 deduction can be recovered using straight-line depreciation over a 15-year recovery period.
Correct

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Question 3 of 15

3. Question
ALEs with 100 or more FTEs were mandated by the Affordable Care Act to offer affordable health insurance by January 1, 2015. Beginning with January 1, 2016 the number of FTEs mandating and ALE provide insurance changed to:
- 50
- 75
- 125
- The only thing that changed was ALEs could be penalized greater amounts.
Correct

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Question 4 of 15

4. Question
In regard to the Affordable Care Act, a “testing period” is:
- The period of time in a company’s history used to calculate if it is an ALE.
- The amount of time an employer has to insure all qualifying FTEs.
- A period of time in which an employer is not responsible for insuring a new employee.
- The amount of time an employee has qualified as an FTE.
Correct

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Question 5 of 15

5. Question
Contributions can be made to a 73-year-old’s Roth IRA as long as:
- the person’s spouse is older than 70 ½ as well.
- the person has legally declared a disability.
- the person has come to the end of their testing period.
- the person earned income from a job.
Correct

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Question 6 of 15

6. Question
What is the maximum annual contribution a 55-year-old can make to an IRA?
- $5,500
- $6,500
- $7,500
- $7,800
Correct

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Question 7 of 15

7. Question
If a taxpayer(s) has an adjusted gross income between $184,000 and $194,000:
- The taxpayer and spouse are filing separately and may not make a contribution to a Roth IRA.
- A taxpayer is single and head of the household and may make a full contribution to a Roth IRA.
- The taxpayer and spouse are filing jointly and may make a partial contribution to a Roth IRA.
- The taxpayer and spouse are filing separately and may make a full contribution to a Roth IRA.
Correct

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Question 8 of 15

8. Question
A taxpayer must meet which of the conditions to make a qualified withdrawal from a Roth IRA?
- The three-year holding period has been met.
- The taxpayer dies and the distribution is made to a beneficiary.
- The taxpayer’s spouse is disabled.
- All of the above.
Correct

Incorrect
Question 9 of 15

9. Question
Which of the following about required minimum distributions is true?
- A taxpayer may take his or her first required minimum distribution at 70 years old.
- A required minimum distribution cannot be postponed.
- A required minimum distribution can be taken in two withdrawals.
- Failure for a qualified taxpayer to take his or her required minimum distribution will result in a penalty starting April 2017.
Correct

Incorrect
Question 10 of 15

10. Question
A qualified charitable donation can be made from which of the following?
- IRA
- SEP-IRA
- SIMPLE-IRA
- Roth IRA
Correct

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Question 11 of 15

11. Question
At what age can a taxpayer possibly incur penalties for not signing up for Medicare?
- 59 1/2
- 63
- 66
- A taxpayer cannot incur penalties for not signing up for Medicare.
Correct

Incorrect
Question 12 of 15

12. Question
Which of the following is a basic enrollment period for Medicare?
- When a taxpayer turns 66. During this initial enrollment period there is a seven-month enrollment window.
- The yearly open enrollment period from October 15 to December 7.
- Special enrollment – optioning out of Medicaid.
- Three months prior to a taxpayers 66th birthday.
Correct

Incorrect
Question 13 of 15

13. Question
As the R&D credit is determined as a portion of every qualifying dollar spent on R & D activities, what is the limit a company can generate?
- $75,000
- $3.5 Million
- $5 Million
- There is no limit to the credit amount a company can generate.
Correct

Incorrect
Question 14 of 15

14. Question
How are small businesses defined in reference to the Protecting Americans from Tax Hikes Act?
- Non-public companies with fewer than 10 full time employees working no more than 35 hours a week.
- Non-public companies with less than $50 million in average annual gross receipts for the previous three years.
- Companies who have not been in existence long enough to file taxes.
- Public companies that have not yet completed registration with the Better Business Bureau.
Correct

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Question 15 of 15

15. Question
Which of the following is not a requirement for the R&D credit to apply?
- The company must be privately owned.
- The company must engage in a process of experimentation.
- Technical uncertainty must be present at the beginning of the project.
- The company cannot be paying the alternative minimum tax the same year.
Correct

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