Details

Wiley Registered Tax Return Preparer Exam Review 2012

1. Aufl.

von: The Tax Institute at H&R Block
36,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	27.01.2012
ISBN/EAN:	9780470946367
Sprache:	englisch
Anzahl Seiten:	552

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Beschreibungen

Titelbeschreibung

The most effective system available to prepare for the new Tax Return Preparer Competency Exam In recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax administration that adheres to professional standards and follows the law. Beginning in 2011, tax return preparers are required to pass a competency test to officially become registered tax return preparers. The Wiley Registered Tax Return Preparer Exam Review Book 2012 has been designed with this in mind and is the perfect guide to help you pass this comprehensive test. The course, complete with extensive exercises and a final exam review, will provide you with a solid foundation on the subject of taxes, and the preparation of an accurate and complete income tax return. Along the way, it covers specific tax issues you need to be familiar with, including tax theory and law; conducting a thorough client interview; and offering tax advice and explanations to clients. <ul> <li>Helps you zero in on areas that need work, organize your study program, and concentrate your efforts</li> <li>Provides paid tax return preparers who are not enrolled agents, attorneys, or Certified Professional Accountants (CPAs) with the individual taxation information they need to pass this competency test</li> <li>Covers the major parts of the exam and how to approach each one</li> </ul> Informative and insightful, the Wiley Registered Tax Return Preparer Exam Review Book 2012 will put you in the best position possible to pass this important exam.

Inhaltsverzeichnis

Introduction vii Strategies for Success on the Registered Tax Return Preparer Exam xi Part 1 The Income Tax Return 1 Chapter 1 Filing Information 3 Chapter 2 Filing Status 13 Chapter 3 Personal and Dependency Exemptions 25 Part 2 Income and Assets 39 Chapter 4 Wages, Salaries, and Other Earnings 41 Chapter 5 Interest Income 53 Chapter 6 Dividends and Other Corporate Distributions 65 Chapter 7 Rental Income and Expenses 73 Chapter 8 Retirement Plans, Pensions, and Annuities 85 Chapter 9 Social Security and Equivalent Railroad Retirement Benefits 101 Chapter 10 Other Types of Income 109 Chapter 11 Self-Employment Activities 121 Chapter 12 Basis of Property 141 Chapter 13 Sale of Property 151 Chapter 14 Sale of Home 169 Chapter 15 IRA and HSA Contributions 181 Chapter 16 Education-Related Adjustments 191 Chapter 17 Business-Related Adjustments 199 Chapter 18 Alimony 209 Part 3 Deductions and Credits 217 Chapter 19 Standard and Itemized Deductions 219 Chapter 20 Medical and Dental Expenses 225 Chapter 21 Tax Payments 235 Chapter 22 Interest Payments 243 Chapter 23 Charitable Contributions 255 Chapter 24 Nonbusiness Casualty and Theft Losses 269 Chapter 25 Miscellaneous Itemized Deductions 279 Chapter 26 Employee Business Expenses 289 Chapter 27 Earned Income Credit 305 Chapter 28 Child and Dependent Care Credit 317 Chapter 29 Child Tax Credit 325 Chapter 30 Education Credits 331 Chapter 31 Other Tax Credits 339 Part 4 Other Taxes 357 Chapter 32 Figuring the Regular Tax 359 Chapter 33 The Alternative Minimum Tax 369 Chapter 34 The Kiddie Tax 377 Chapter 35 Other Taxes 387 Part 5 Completion of the Filing Process 397 Chapter 36 Tax Payments and Refund Options 399 Chapter 37 Completing and Filing the Return 413 Part 6 Practices and Procedures 423 Chapter 38 Preparer Responsibilities and Penalties 425 Part 7 Ethics and Circular 230 437 Chapter 39 Rules Governing Authority to Practice before the IRS 439 Chapter 40 Duties and Restrictions Relating to Practice before the IRS 447 Chapter 41 Sanctions for Violating Circular 230 459 Answers to Review Questions 469 Appendix: IRS Resources 507 Index 509

Autorenportrait

The Tax Institute at H&R Block is the company's independent research division, providing expert tax assistance and interpretation of tax law. The Tax Institute combines H&R Block's world-class training experience with the knowledge of the company's credentialed tax experts to create a unique exam review based on extensive resources from nearly 60 years in business, 550 million tax returns prepared, and more than 100,000 tax professionals trained each year. For more information, visit www.thetaxinstitute.com.

Back cover copy

Wiley Registered Tax Return Preparer Exam Review If you are a professional tax return preparer but not an attorney, Certified Public Accountant, or Enrolled Agent, you are now required to pass a competency test known as the Registered Tax Return Preparer (RTRP) exam administered by the IRS. The exam covers all of the basic tax laws and filing requirements that a return preparer needs to know to complete a 1040 series return and its associated forms and schedules. Your career as a preparer depends on passing the exam, and the Wiley Registered Tax Return Preparer Exam Review has been designed with this in mind. It is the perfect guide to help you pass. This study guide, complete with review questions, examples and explanations, and test-taking tips, will provide you with a solid foundation to pass the RTRP exam. Complete and comprehensive, this guide covers: Practices and Procedures <ul> <li> Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations </li> <li> Furnishing a copy of a return to a taxpayer </li> <li> Safeguarding taxpayer information </li> </ul> Treatment of Income and Assets <ul> <li> Taxability of wages, salaries, tips, and other earnings </li> <li> Reporting requirements of Social Security benefits </li> <li> Determination of basis of assets </li> </ul> Deductions and Credits <ul> <li> Medical and dental expenses </li> <li> Types of interest and tax payments </li> <li> Child and dependent care credit </li> </ul> Other Taxes <ul> <li> Alternative Minimum Tax </li> <li> Self-Employment Tax </li> </ul> Preliminary Work and Collection of Taxpayer Data <ul> <li> Collecting a taxpayer's filing information and determining their status </li> <li> Determine filing requirements, including extensions and amended returns </li> <li> Personal exemptions and dependents </li> </ul> Completion of the Filing Process <ul> <li> Check return for completeness and accuracy </li> <li> Tax withholding, payment and refund options, and estimated tax payments </li> <li> Explaining and reviewing the tax return </li> </ul> Ethics and Circular 230 <ul> <li> Limits on practice by a registered tax return preparer </li> <li> Preparer's due diligence for accuracy of representations made to clients and the IRS </li> <li> Sanctions that may be imposed under Circular 230 </li> </ul> Over a million Americans make money preparing taxes every year—and you can become one of them by passing the RTRP exam. Let the Wiley Registered Tax Return Preparer Exam Review be your guide.