Enrolled Agent - Part 3 Exam with correct Answers, Exams of Advanced Education

Download Enrolled Agent - Part 3 Exam with correct Answers and more Exams Advanced Education in PDF only on Docsity! Enrolled Agent - Part 3 Exam with correct Answers Continuing mProfessional mEducation (CPE) mRequirements m- mCorrect mAnswers m-Within m3 myr menrollment mcycle m- m72 mhrs mof mCE mcredit, mincluding m6 mhrs mof methics Within meach menrollment myear m- m16 mhrs mof mCE mcredit, mincluding m2 mhrs mof methics (but monly m2 mhrs mper mmonth min mInitial menrollment myear) Up mto m50% mof mcredits mcan mcome mfrom mteaching m(For meach m1 mhr mclass, madd m2 mhrs mcredit mfor mclass mprep) Renewal mPeriod m- mCorrect mAnswers m-Nov. m1st m- mJan. m31st mthen meffective mApril m1. Courts m- mCorrect mAnswers m-1. mLower mCourts m(Tax mCourt, mDistrict mCourt, mClaims mCourt) m 2. mAppeals mCourt 3. mSupreme mCourt Tax mCourt m- mCorrect mAnswers m-1. mHeard mby mjudge m(not mjury) 2. mHears: mIncome mtax, mGift mtax, mEstate mtax m(no memployment mtax) 3. mEA's mand mCPA's mnot mauthorized mto mpractice mhere. A mSmall mTax mCase m- mCorrect mAnswers m-1. m< m$50,000 mowed mfor meach mtax myear mor mperiod 2. mTax mCourt mmust mapprove mto mbe mheard mby mSmall mTax mCase 3. mSimpler mrules 4. mPrompt mresolutions 5. mNo mappeal; mdecision mfinal District mCourt m& mClaims mCourt m- mCorrect mAnswers m-1. mTax mis mpaid mfirst mthe mclaim mis mfiled mfor ma mrefund m(within m2 myrs) 2. mHeard mby mjuries Supreme mCourt m- mCorrect mAnswers m-Decides mif mcertiorari mgranted mor mdenied. Certiorari m[serSH(ē)əˈrärē] m-a mwrit mor morder mby mwhich ma mhigher mcourt mreviews ma mdecision mof ma mlower mcourt. Verification mof msufficient mrecords m- mCorrect mAnswers m-Income m- msource Deductions m- mnature Credits m- msupport Capital m- mbasis SUBSTANTIAL munderstatement mof mincome mtax m- mCorrect mAnswers m-In mgeneral mthere mis ma mSUBSTANTIAL munderstatement mof mincome mtax mfor many mtaxable myear mif mthe mamount mof mthe munderstatement mfor mthe mtaxable myear mexceeds mthe mgreater mof— (i) m10 mpercent mof mthe mtax mrequired mto mbe mshown mon mthe mreturn mfor mthe mtaxable myear, mor (ii) m$5,000. If mso, ma m20% mpenalty mapplies. Electronic mfiling mrejection m- mCorrect mAnswers m-No mneed mto mget m8879 mresigned mif: Correction mof mtax m= m<$14 Correction mof mAGI m= m<$50 U.S. mIndividual mIncome mTax mTransmittal mfor man mIRS me-file mReturn (Form m8453) m- mCorrect mAnswers m-to msend many mrequired mpaper mforms mor supporting mdocumentation mlisted mnext mto mthe mcheckboxes Electronic mFederal mTax mPayment mSystem (EFTPS) m- mCorrect mAnswers m-■ mSchedule mpayments mup mto: m120 mdays mfor mbusinesses m365 mdays mfor mindividuals ■ mCancel mpayments mup mto m2 mbusiness mdays mbefore ■ mRetain m16 mmonths mof mpayment mhistory Used mto mExclude mIncome mfrom mDischarge mof mindebtedness m(Cancellation mof mDebt) m- mCorrect mAnswers m-Form m982 Types mof mDischarge mof mindebtedness mon mForm m982 m- mCorrect mAnswers m-1. mDischarge mof mindebtedness min ma mtitle m11 mcase 2. mDischarge mof mindebtedness mto mthe mextent minsolvent m(not min ma mtitle m11 mcase) 3. mDischarge mof mqualified mfarm mindebtedness 4. mDischarge mof mqualified mreal mproperty mbusiness mindebtedness 5. mDischarge mof mqualified mprincipal mresidence mindebtedness Farming mand mBusiness mRelated mInsolvency