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Education > EXAM > Module_2_Final_Exam_P1 (All)

Module_2_Final_Exam_P1

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1. Don is a single parent. His son is 19 (not a student), and his daughter is 17 (still a student). Don claimed EIC on his tax return for both children. He later received a letter from the Internal Re ... venue Service which disallowed EIC for his son. The letter also stated that Don’s claim was an error due to reckless or intentional disregard of the EIC rules. For how many years will Don be denied EIC? a) 10 years b) 5 years c) 2 years d) 1 year 2. Last year Rick fraudulently claimed his cousin’s children as dependents on his return to receive earned income credit. The IRS discovered this when Rick’s cousin also claimed the children. Rick’s cousin was able to prove he had the right to claim his children, and the EIC was denied on Rick’s return. How long will EIC be prohibited if a taxpayer is denied EIC due to fraud? a) 10 years b) 5 years c) 2 years d) 1 year 3. Walt was a tax preparer who neglected to complete Form 8867 or record information needed for the return Rick fraudulently claimed the children for EIC purposes. After the IRS proved Rick had committed fraud, it was shown that Walt failed to exercise due diligence. What penalty will a tax preparer face if it is determined that he failed to exercise due diligence? a) $100 per year b) $520 per return c) $520 per year d) $100 per return .................................................................CONTINUED................................................... [Show More]

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