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IRS RTRP : Registered Tax Return Preparer Practice Exam

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Test Number : RTRP
Test Name : Registered Tax Return Preparer Practice
Vendor Name : IRS
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The Registered Tax Return Preparer Test (RTRP) focuses on the ethical responsibilities of federal tax return preparers and the completion of the Form 1040 series returns including basic related schedules and forms. The test specifications below are intended to provide guidance on the content of the RTRP test. The examples provided within each item are not all inclusive of what may be tested in a given area. All efforts have been made to develop Q&A based on general tax rules covered in IRS publications, forms and instructions rather than exceptions found only in the Internal Revenue Code or Income Tax Regulations.

Domain 1 Preliminary Work and Collection of Taxpayer Data
1. Review prior years return for accuracy, comparison, and carryovers for current year return.
2. Collect taxpayers biographical information (e.g., date of birth, age, marital status, citizenship, dependents).
3. Determine filing status.
4. Determine all sources of taxable and non-taxable income (e.g., wages, interest, business, sale of property, dividends, rental income, income from flow-through entities, alimony, government payments, and pension distributions).
5. Determine applicable adjustments to gross income (e.g., self-employed health insurance, self-employment tax, student loan interest deduction, alimony paid, tuition, and fees deduction).
6. Determine standard deduction and Schedule A itemized deductions (e.g., state and local tax, real estate tax, cash contributions, non-cash contributions, unreimbursed employee expense, medical expense, and mortgage interest).
7. Determine applicable credits (e.g., Earned Income Tax Credit, child tax credit, education, retirement savings, dependent and childcare credit).
8. Understand tax payments (e.g., withholding, estimated payments).
9. Recognize items that will affect future returns (e.g., carryovers, depreciation).
10. Determine special filing requirements (e.g., presidentially declared disaster areas).
11. Determine filing requirements (including extensions and amended returns).
12. Understand due dates, including extensions.
13. Determine personal exemptions, including dependents.
14. Determine qualifying child/relative tests for Earned Income Credit.

Domain 2 Treatment of Income and Assets
A. Income
1. Taxability of wages, salaries, tips, and other earnings (e.g., W-2 Wage and Tax Statement, cash).
2. Interest income (taxable and non-taxable) (e.g., Schedule B and 1099-INT).
3. Dividend income (e.g., Schedule B and 1099-DIV).
4. Self-employment income and expenses (e.g., Schedule C Profit or Loss From Business and Form 1099-MISC Miscellaneous Income, cash).
5. Rental income and expenses (e.g., Schedule E Supplemental Income and Loss).
6. Identification of forgiveness of debt as income (including Form 1099-C Cancellation of Debt).
7. Other income (e.g., alimony, barter income, hobby income, non-taxable combat pay, state income tax refund from prior years, prizes).
B. Retirement income
1. Reporting requirements of Social Security benefits (e.g., Form SSA-1099 Social Security Benefit Statement).
2. Taxable distribution from an IRA including basis in an IRA (e.g., Form 8606 Non-deductible IRAs).
3. Distributions from qualified plans (e.g., 401k, IRA, Roth IRA).
4. Required minimum distributions from retirement plans.
C. Property, real and personal
1. Short-term and long-term capital gains and losses (e.g., Schedule D Capital Gains and Losses, Form 1099-B Proceeds from Broker and Barter Exchange Transactions).
2. Determination of basis of assets (e.g., purchased, gifted, or inherited).
3. Sale of non-business assets (gains or losses).
4. Sale of a principal residence (e.g., IRC 121 exclusions, 1099S Proceeds From Real Estate Transactions).
D. Adjustments to income
1. Self-employment tax (e.g., Schedule SE Self-Employment Tax).
2. Tuition and fees (e.g., Form 8917 Tuition and Fees Deduction, Form 1098T Tuition Statement).
3. Eligible Moving expenses (e.g., Form 3903 Moving Expenses).
4. Other adjustments to income (e.g., IRA contribution deduction).

Domain 3 Deductions and Credits
A. Itemized deductions
1. Medical and dental expenses.
2. State, local, and real estate taxes.
3. Mortgage interest expense (e.g., Form 1098 Mortgage Interest Statement).
4. Charitable contributions (e.g., cash, non-cash, Form 8283 Non-Cash Charitable Contributions).
5. Miscellaneous itemized deductions (including deductions subject to 2% AGI Limit).
6. Employee travel, transportation, education, and entertainment expenses (e.g., Form 2106-EZ and Form 2106 Unreimbursed Employee Business Expenses).
B. Credits
1. Child and dependent care credit (e.g., Form 2441 Child and Dependent Care Expenses).
2. Child Tax Credit and Additional Child Tax Credit (e.g., Form 8812, Additional Child Tax Credit).
3. Education credits (e.g., Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits), Form 1098T Tuition Statement).
4. Earned Income Tax Credit (EITC) (e.g., Schedule EIC Earned Income Credit, Form 8867 Paid Preparers Earned Income Credit Checklist).
5. Retirement savings contribution credit (e.g., Form 8880 Credit for Qualified Retirement Savings Contributions).

Domain 4 Other Taxes
1. Alternative Minimum Tax (e.g., Form 6251 Alternative Minimum Tax).
2. Early distributions from retirement plans (e.g., Form 5329 Additional Tax on Qualified Plans).
3. Self-employment tax (e.g., Schedule SE Self-Employment Tax).
4. Unreported Social Security and Medicare tax (e.g., Form 4137 Social Security and Medicare Tax on Unreported Tip Income).
5. Repayment of first-time homebuyer credit (including Form 5405 First-Time Homebuyer Credit and Repayment of the Credit).

Domain 5 Completion of the Filing Process
1. Check return for completeness and accuracy.
2. Explain and review tax return.
3. Explain record-keeping requirements to the taxpayer.
4. Discuss significance of signatures (e.g., joint and several liability, penalty of perjury, Form 8879 IRS e-file Signature Authorization).
5. Understand tax preparer's responsibilities related to rejected electronic returns.
6. Understand timeframe for submitting electronic returns (e.g., Form 8879 taxpayer signature and date prior to submission).
7. Understand payment options (e.g., check, direct debit, EFTPS, credit card, installment agreement-Form 9465).
8. Understand estimated tax payment requirements (e.g., potential for penalties, Form 1040-ES Estimated Tax).
9. Understand refund options (e.g., Form 8888 Allocation of Refund).

Domain 6 Practices and Procedures
1. Penalties to be assessed by the IRS against a preparer for negligent or intentional disregard of rules and regulations, and for a willful understatement of liability (e.g., IRC 6694(a), IRC 6694(b)).
2. Appropriate use of Form 8867 Paid Preparers Earned Income Credit Checklist and related penalty for failure to exercise due diligence (e.g., IRC 6695(g)).
3. Furnishing a copy of a return to a taxpayer (e.g., IRC 6695(a)).
4. Signing returns and furnishing identifying (PTIN) numbers (e.g., IRC 6695(b), IRC 6695(c)).
5. Rules for the return preparer for keeping copies and/or lists of returns prepared (e.g., IRC 6695(d)).
6. Compliance with e-file procedures (e.g., timing of taxpayer signature, timing of filing, recordkeeping, prohibited filing with pay stub).
7. Completion and use of Form 2848 Power of Attorney and Declaration of Representative and Form 8821 Tax Information Authorization.
8. Safeguarding taxpayer information (e.g., Publication 4600 Safeguarding Taxpayer Information, Quick Reference Guide for Business, IRC 7216).

Domain 7 Ethics
Circular 230 Subparts A, B, and C (excluding D, E), covering courses including, but not limited to, the following:
1. Preparers due diligence for accuracy of representations made to clients and IRS; reliance on third-party work products (Circular 230, section 10.22).
2. What constitutes practice before the IRS and categories of individuals who may practice (Circular 230, sections 10.2(a)(4) and 10.3).
3. Limits on practice by a registered tax return preparer (Circular 230, section 10.3(f)).
4. Requirement to furnish information to IRS upon request (Circular 230, section 10.20).
5. Prompt disposition of matters before the IRS (Circular 230, section 10.23).
6. Prohibition on receiving assistance from or providing assistance to disciplined practitioners (Circular 230, section 10.24).
7. Rules regarding fees, including contingent fees (Circular 230, section 10.27).
8. Rules in dealing with clients, including return of client records, conflicts of interest, advising on omissions and errors, solicitation (including advertising), and negotiation of taxpayer refund checks (Circular 230, sections 10.21, 10.28, 10.29, 10.30, and 10.31).
9. Due diligence standards with respect to tax returns and other documents; standards for signing, advising positions on returns and advising submissions of other documents; advising on penalties; good faith reliance on client information; reasonable inquiries regarding incomplete, inconsistent, incorrect information (Circular 230, sections 10.34 and 10.35).
10. Responsibility of individual(s) who have principal authority over a firms tax practices (Circular 230, section 10.36).
11. Incompetence and disreputable conduct that can result in disciplinary proceedings (Circular 230, sections 10.51 and 10.52).
12. Sanctions that may be imposed under Circular 230 (Circular 230, sections 10.50 and 10.60).

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Tax cheats deprive governments worldwide of $427 billion a yr, crippling pandemic response: look at | RTRP actual questions and Free test PDF

Poorer international locations, in the meantime, are dropping a larger share of their complete tax revenue to the abusive practices — about 5.8 % vs. 2.5 % in high-earnings countries, in line with the document, which analyzed records from 2016 and 2017.

“With the coronavirus pandemic shining a harsh easy on the grave charge of underfunded fitness and public capabilities all over the world … these figures characterize a tragedy,” the authors wrote. “Tax abuse is depriving international locations of billions and billions in urgently obligatory tax and preserving us all again from constructing greater, more healthy, fairer societies.”

The lost funds could be enough to pay the salaries of 34 million nurses a yr, the researchers discovered.

Blame lies no longer handiest with multinational corporations and filthy rich people, but with high-earnings nations which have “stalled meaningful reform of the damaged, foreign tax system and have actively hid the dimensions and extent of overseas tax abuse from their populations,” they referred to.

Alex Cobham, an economist and chief government of the U.okay.-based Tax Justice network, observed in an interview that international tax legal guidelines need to be overhauled to stop corporations from transferring gains to low-tax havens, to expose the measurement and provenance of the large inner most fortunes held offshore, and to provide protection to each country’s correct to collect tax from the profit generated within its borders.

The paper is the primary to make use of accurate facts from the company for economic Cooperation and construction, or OECD, showing how a whole lot profit and revenue multinational organizations report in every nation, how many employees and belongings they have got, and the way plenty tax they pay.

The information allowed the researchers to pinpoint where agencies are underreporting profit and underpaying taxes in response to their precise economic recreation. The statistics are aggregated, which means corporations are lumped together in composite figures in every nation, so particular person company behavior isn’t discernible.

The document found that corporations are shifting $1.38 trillion value of profit each and every year into tax havens that can charge little-to-no tax, causing the governments the place that income is really earned to fail to notice $245 billion in annual profits.

the use of different statistics sets, the researchers discovered that international locations are dropping an extra $182 billion a 12 months from filthy rich individuals hiding their fortunes in tax havens.

Hiding revenue from the tax authorities is unlawful, Cobham observed. corporations commonly argue that their profit-transferring and tax-avoidance suggestions adhere to the letter of the law, however from time to time wind up in disputes with the tax authorities, he spoke of.

“whether or no longer it crosses the road of illegal activity,” there is a stigma attached to it, he noted. “organizations don’t are looking to post country through country reporting because it indicates profit-shifting … and they comprehend the general public at significant thinks it’s now not k.”

The OECD has been leading multilateral negotiations geared toward updating the 3,000-odd bilateral treaties that modify world taxation. a big purpose of the drawn-out negotiations is to “avoid profits from not being taxed any place,” talked about Reuven Avi-Yonah, a legislations professor and tax professional on the school of Michigan.

The measure, which has been rolled into an annual protection spending bill, would require agencies centered in the u.s. to expose their real house owners to the Treasury department, making it more durable for criminals to circumvent taxes or anonymously launder funds.

pretty much 2 million firms and restricted-liability groups are registered every year in the u.s., on the state degree. Few states today require companies to reveal their true house owners, with Delaware and a couple of others turning the registration of anonymous organizations into large business.

This tolerance for corporate secrecy in the united states undermines the international combat against tax abuse, the new report says.

The researchers also aspect a finger at the U.k. and its tax-haven territories and crown dependencies, including Bermuda, Cayman, Jersey and the British Virgin Islands. This network is liable for 37 p.c of all losses governments suffer from company and private tax abuse, the record says.

When it comes to company tax avoidance, the Netherlands, Switzerland and Luxembourg are also big enablers, the researchers said.

Kimberly Clausing, an economics professor and tax skilled at Reed school, referred to the brand new file helps flesh out the scale of the problem across international locations and regions.

The researchers found that Africa loses about $25 billion a year, generally from company tax abuse. That equals about 7 % of the continent’s regular tax income every yr.

Europe loses $184 billion a yr, greater than half of which is from private tax evasion. The losses equal about 3.four p.c of the area’s average tax earnings.

Asia loses about $seventy three billion, or about 1.5 percent of the place’s annual tax revenue. North the usa loses $ninety five million, or about 2.3 p.c.

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