General Requirements

Question 1

If you are a dependent on someone else’s return you must file if you had unearned income more than _____ or earned income more than ______.

Answer 1

Unearned income more than $1,050 or earned income more than $350

Question 2

MFS must file if their income is greater than what?

Answer 2

personal exemption $4,000ish…

Question 3

You must file if you owe special taxes such as… (list 3)

Answer 3

Household employment taxes
Alternative minimum tax
Social security and medicare taxes on tips.

Question 4

True or False: married couples filing jointly can have different fiscal tax years.

Answer 4

False

Question 5

Taxes are cash basis with the exception of the following:

Answer 5

C Corps, tax payers with inventories, and tax shelter entities must use the accrual method.

Question 6

individuals are able to receive an automatic __ month extension to file their return, if they are unable to file by the deadline.

Answer 6

6 month. Filing not payment

Question 7

How long does the government have to assess all taxes usually?

Answer 7

With in 3 years of the later of the filing date or the due date.

Question 8

When does the statute of limitations for tax assessment get extended to 6 years?

Answer 8

When the amount of omitted gross income is more than 25% of the gross income.

Question 9

When is there not statute of limitations and the tax payer will always be liable in the future for any tax liabilities that were previously avoided.

Answer 9

In the case of fraud.

Question 10

Statute of limitations of refunds

Answer 10

The later of three years from the time the return was filed or two years after the tax was actually paid.

Question 11

When can a return be amended?

Answer 11

what ever issue it is connected to.