Synopses & Reviews
The most effective system available to prepare for the 2011 Tax Return Preparer Competency ExamIn January 2010, The IRS announced sweeping reforms of tax return preparer oversight. All paid, signing preparers, regardless of licensing or credentials, will be required to register with the IRS. Unenrolled preparers will be required to complete a competency exam and then pursue regular, continuing education.
Wiley Tax Return Preparer Competency Exam Prep 2011 (Individual Tax Filing) provides candidates with everything they need to know to pass the exam. Books will be available for each individual section, and in a full, comprehensive, single volume. Each will be divided into small, digestible parts, and feature the highest quality content and pedagogy available.
- Helps you zero in on areas that need work, organize your study program and concentrate your efforts
- 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
- Covers the major parts of the upcoming exam and how to approach each one
There are over one million tax return preparers who will be required to pass this required exam, and the Wiley Tax Return Preparer Competency Exam Prep 2011 (for Individual Tax Filing) will show them how.
Synopsis
Divided into small, digestible sections, the Wiley Tax Preparer Exam Prep guides will provide candidates with everything they need to know to pass the exam. Books will be available for each individual section, and in a full, comprehensive, single volume.
Like the Wiley CPA Exam Prep books, these guides will feature the highest quality content and pedagogy available.
About the Author
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.
Table of Contents
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