Tax Preparer Filing Requirements and Deadlines for Individuals
.docx
School
Defence Authority College of Business**We aren't endorsed by this school
Course
ACCOUNTING 123
Subject
Accounting
Date
Jan 9, 2025
Pages
3
Uploaded by CoachFox4905
Tax Preparer Filing Requirements and Deadlines for Individuals1. What is the general deadline for filing an individual tax return in the United States?A) March 15B) April 15C) May 15D) June 152. A taxpayer needs more time to file their return. Which form should they file to request an extension?A) Form 8889B) Form 4868C) Form 1040XD) Form 11203. A client did not file their tax return by the deadline and owes taxes. What is the first penalty the IRS will assess?A) Penalty for late paymentB) Penalty for underreporting incomeC) Penalty for failure to fileD) Interest on unpaid tax4. Which of the following situations would require a taxpayer to file a tax return even if their income is below the standard deduction threshold?A) The taxpayer is married but filing separatelyB) The taxpayer is self-employedC) The taxpayer is claimed as a dependentD) All of the above5. A taxpayer receives a late notice from the IRS because they missed the filing deadline. Which form should they use to amend their return?A) Form 1040XB) Form 8889C) Schedule CD) Schedule E6. If a taxpayer needs to make estimated tax payments throughout the year, which form should they use?A) Form 8862B) Form 1040-ESC) Form 1120D) Form 1040X7. A taxpayer files their return late but is due a refund. Will they incur any penalties for late filing?
A) Yes, late filing penalties always applyB) No, late filing penalties only apply if taxes are owedC) Only if the return is filed after 6 monthsD) Yes, but only if the refund exceeds $1,0008. If a taxpayer is unable to pay their taxes in full by the filing deadline, which of the following is the best course of action?A) Ignore the payment and file laterB) Apply for an installment agreement with the IRSC) Request a tax lien to delay paymentD) File an amended return immediately9. What is the penalty for failing to file a tax return by the deadline if taxes are owed?A) 5% per month of the unpaid tax liabilityB) $50 per dayC) 0.5% per month of the unpaid tax liabilityD) No penalty if income is under the threshold10. Which of the following taxpayers is automatically exempt from filing a tax return?A) A single taxpayer with income below the standard deductionB) A married couple filing jointly with income below the standard deductionC) A dependent with unearned income above $1,100D) A senior citizen with income from Social Security only11. A taxpayer receives their W-2 form late but still needs to file their return. Which of the following can they do to meet the filing deadline?A) Estimate their W-2 income and file based on that estimateB) Wait until the W-2 arrives to fileC) File a tax extension to delay the filingD) File an amended return after the W-2 is received12. When does a taxpayer have to file their tax return if they are on an automatic 6-month extension?A) By October 15B) By December 15C) By July 15D) By November 1513. If a taxpayer is working overseas, which form should they use to report their foreign income?A) Form 1040B) Form 1040-NRC) Form 2555D) Form 8889
14. A taxpayer who lives abroad and qualifies for the Foreign Earned Income Exclusion can exclude up to what amount of foreign income in 2023?A) $25,000B) $50,000C) $108,700D) $125,00015. If a taxpayer files their return late but is due a refund, how does the IRS process the refund?A) The refund is delayed by 3 monthsB) The refund will be processed as usual with no penaltiesC) The refund is withheld until penalties are paidD) The refund is not issued if the return is late