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James Boyd
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Decks in this class (89)
IRS Circular 230
The government accountability off...,
Significant influence,
The cpa should not recommend
8
cards
AICPA Statements on Standards for Tax services
What threats can impair an audito...,
A loan to and from director is,
Aicpa stupulates
15
cards
Internal Revenue Service Code of 1986 as amended, and regulations related to Tax return preparers
A cpa will be liable for damages for,
A taxpayer info may be disclosed ...,
Irs section 6695
4
cards
Role of State Boards of Accountancy
Reporting a violation,
Nasba,
For a candidate to transfer cpa l...
3
cards
Requirements of Regulatory Agencies
Supervising any professional acti...,
Fasb establishes gaap principals,
The pcaob is required to
5
cards
Common Law Duties and Liability to Client's and Third Parties
Under a common law negligence suit,
To prove common law fraud,
Cpa defenses to common law neglig...
9
cards
Federal Statutory Liability
The securities exchange act of 1934,
If an investor succeeds against t...,
If management omits any required ...
7
cards
Privileged Communications, Confidentiality and Privacy Acts
Going concern issue,
Going concern knowledge
2
cards
Agency: Formation and Termination
Forming of the agency relationship,
Consent of the relationship,
The agreement
6
cards
Agency: Authority of Agents and Principals
Normally an agent,
A partially disclosed principal,
In most states when a principal i...
11
cards
Agency: Duties and Liabilities of Agents and Principals
An agents duties an obligations are,
Agency relationship can be establ...,
To eliminate apparent authority t...
3
cards
Contract: Formation
What makes contracts voidable,
A victim of innocent misrepretation,
What emelents must be present in ...
8
cards
Contract: Performance
A residential lease,
Common law on residential leases ...,
The statue of frauds only applies...
6
cards
Contract: Third Party Assignments
A creditor beneficiary
1
cards
Contracts: Discharge, Breach, and Remedies
Novation,
Recission,
Release
15
cards
Debtor-Creditor Relationships: Rights Duties and Liabilities
The surety,
What would be considered fraudule...,
Even if there was fraud committed
10
cards
Debtor-Creditor Relationships: Bankruptcy
The 2005 bankruptcy reform act ha...,
A fraudulent transfer,
What rights and power does the tr...
13
cards
Federal Securities Regulations
Regulation d differences,
If securities are offered and sol...,
General partnership interests
11
cards
Other Federal Laws and Regulations
A lawsuit for neglegance,
The social security benefits,
Under the federal fair labor stan...
13
cards
Business Structure (selection of a business entity) Advantages/Disadvantages
A c corporation shareholders,
Joint ventures are similar to par...,
A general partner
6
cards
Business Structure - Formation Operations Terminations
Corporate debt securities,
A llcs operating agreement,
During a merger
9
cards
Business Structure - Profit and Loss and Distribution
Stock dividends,
The accumulated earnings tax can ...,
What is defined as a corporate di...
4
cards
Business Structure - Rights, Duties, Legal Obligations Authority of Owners and Management
The revised model business corpor...,
A derivative lawsuit,
A partnerships interest
6
cards
UCC Sales Contract
An express warranty can be create...,
Implied warranty of fitness for a...,
Title passes from the seller to t...
18
cards
UCC Negotiable Instruments
Article 2 of the ucc,
Article 8 of the ucc,
The ucc definition of an instrument
17
cards
UCC Secured Transactions
A creditor is under a general obl...,
Disposal of the asset could be wa...,
Before a security interest attaches
12
cards
UCC Documents of Title and Title Transfer
Under the ucc a warehouseman as t...,
Under ucc 7 309 there are very fe...,
Under the ucc a warehouse receipt
9
cards
Federal Tax Legislative Process
The process of a bill in the us c...,
The house ways and means committee,
What is the senate finance commit...
3
cards
Federal Tax Procedures: Due Dates and Extension of time
A taxpayer adopts a tax year,
A taxpayer generally has,
The estate tax return irs form 70...
5
cards
Federal Tax Procedures: IRS and Appeals
A written protest needs to be fil...,
The irs examines some federal tax...,
Irs publication 5
5
cards
Federal Tax Procedures: Judicial Process
The us tax court,
All tax cases,
What are the three courts for fed...
4
cards
Federal Tax Procedures: Required Disclosures of Tax Positions
What is a work product doctrine,
A corporation must file irs sched...
2
cards
Federal Tax Procedures: Substantiation Requirements
For corporations the tax on unrel...,
An exempt organization,
The business gift deduction
6
cards
Federal Tax Procedures: Penalties
A corporation that anticipates a ...,
When is the predicting year excep...,
If the internal revenue service i...
5
cards
Federal Tax Procedures: Statue of Limitations
A taxpayer may file a claim for a...,
The irs,
There is an unlimited statute of ...
5
cards
Accounting Periods
There are three times when a shor...,
Calendar year,
Generally a partnership
4
cards
Accounting Methods: Recognition of Revenues and Expenses under Cash/Accrual/other
Which tax payers are not required...,
What is the general rule of who m...,
Example of organizational expenses
12
cards
Accounting Methods: Inventory Valuation Methods
What is subject to the uniform ca...,
Exceptions to the uniform capital...,
Under the uniform capitalization ...
8
cards
Accounting Methods: Accounting for Long Term Contracts
In the completed contract method,
Under a lookback rule,
In the completed contract method
3
cards
Accounting Methods: Installment Sales
To determine the gross profit per...,
When property is repossessed afte...,
Calculating profit on installment...
3
cards
Tax Return Elections, Including Federal Status Elections, Alternative Treatment Elections, or Other Types of Elections Applicable to an Individual or Entity's Tax Return
Under the check the box regulations,
If the entity does not file irs f...,
The 2014 irc section 179 deduction
7
cards
Tax Planning: Alternative Treatments
Stock dividends and stock rights,
Cancellation of debt
2
cards
Tax Planning: Projections of Tax Consequences
Fasb asc 740 10 10 income taxes n...
1
cards
Tax Planning: Implications of different business entities
0
cards
Tax Planning: Impact of proposed Tax Audit Adjustments
Publication 556 states in part th...
1
cards
Tax Planning: Impact of Estimated Tax Payment Rules on Planning
General safe harbor rule,
Special safe harbor rule,
Installment payments are required...
4
cards
Tax Planning: Role of Taxes in Decision-Making
The main goal for tax planning
1
cards
General Concepts of State and Local Tax
A use tax,
A value added tax,
The vat
3
cards
U.S. Taxation of Multinational Transactions
Irc subpart f income,
If a cfc is deemed to have subpar...
2
cards
Authoritative Hierarchy
Treasury regulations,
Revenue rulings,
Revenue procedures
5
cards
Communications with or on Behalf of Clients
A tax communication should include
1
cards
Type of Assets
Mineral and similar natural resou...,
Government bonds sold by an indiv...,
Equipment sold is presumed to be ...
13
cards
Basis and Holding Periods of Assets
Capital stock inherited from a de...,
When a taxpayer receives a stock ...,
Capital stock received as a gift
13
cards
Cost Recovery (Depreciation, Depletion, and Amortization)
Research and experimental expenses,
Normally the half year convention,
If more than 40 of the depreciabl...
12
cards
Taxable and Nontaxable Sales/Exchanges
A loss from the sale exchange or ...,
Section 1244 losses,
Generally single taxpayers may ex...
5
cards
Amount and Character of Gains and Losses, and Netting Process
Section 1244 stock facts,
Capital losses will offset gains,
Section 1245 requires
7
cards
Related Party Transactions
Under irc section 267 losses from...,
Losses on sale transactions betwe...,
Irc section 267 determines that b...
6
cards
Estate and Gift Taxation: Transfers Subject to the Gift Tax
What gifts are not subject to fed...,
The gift tax return irs form 709,
The cash transfer is a present in...
6
cards
Estate and Gift Taxation: Annual Exclusion and Gift Tax Deductions
The tax relief act of 2010,
The taxpayer relief act of 2012,
The maximum gift tax rate
6
cards
Estate and Gift Taxation: Determination of Taxable Estate
Irc section 2053 details the dedu...,
A beneficiary,
When a grantor makes a gift and s...
4
cards
Estate and Gift Taxation: Marital Deduction
Any transfer of assets after the ...,
In order for an unlimited marital...
2
cards
Estate and Gift Taxation: Unified Credit
Estate and gift taxation,
The unified credit is a specific ...,
If the husband did not fully util...
4
cards
Similarities and Distinctions in Tax Treatment Among Business Entities: Formation
A corporation must meet both the ...,
A sample of some of the personal ...,
A personal service corporation
3
cards
Similarities and Distinctions in Tax Treatment Among Business Entities: Operations
What are the two tests that must ...,
A qualified personal service corp...,
The passive activity loss rules a...
6
cards
Similarities and Distinctions in Tax Treatment Among Business Entities: Distributions
A domestic personal holding company,
When a partnership distributes pr...,
Advantage of a limited liability ...
4
cards
Similarities and Distinctions in Tax Treatment Among Business Entities: Liquidation
Both c corporations and s corpora...,
Gain is recognized by a partner,
In a partnership
4
cards
Reconciliation of Book Income to Taxable Income
0
cards
Disclosures Under Schedule M-3
Schedule m 3 of the form 1120 has...,
Schedule m 3 of irs form 1120,
Schedule m 1 of irs form 1120
3
cards
Tax-Exempt Organizations: Types of Organizations
The first 1 000 of unrelated busi...,
If the nonprofit is a corporation,
The private foundation status of ...
4
cards
Tax-Exempt Organizations: Obtaining and Maintaining Tax-Exempt Status
For nonprofit organizations that ...,
Organizations with less than 50 0...,
Private foundations are not subje...
4
cards
Tax-Exempt Organizations: Unrelated Business Income
An unincorporated exempt organiza...,
A tax exempt organizations unrela...
2
cards
Individual Taxes: Gross Income Inclusions and Exclusions
Gross income includes group term ...,
The general rule is that prizes a...,
Commercial buildings placed in se...
13
cards
Individual Taxes: Gross Income Characterization of Income
The eligibility to participate st...,
Payments that are required after ...,
Although life insurance death pro...
19
cards
Individual Taxes: Reporting of Items from Pass-Through Entities
Individuals may offset,
A taxpayers loss deduction from a...,
When a taxpayer disposes ownershi...
3
cards
Individual Taxes: Adjustments and Deductions to Arrive at Taxable Income
Casualty loss,
The tax and trade relief extensio...,
Medical expense deduction includes
18
cards
Individual Taxes: Passive Activity Losses
Generally up to 25 000 of losses ...,
Interest earned on the temporary ...,
Rental losses of up to 25 000 ann...
5
cards
Individual Taxes: Loss Limitations
A type a statutory merger,
Any current losses are allowed,
A partners share of a partnership...
5
cards
Individual Taxes: Taxation of Retirement Plan Benefits
In 2015 the phaseout of the ira d...,
If a taxpayer has a cost to recov...,
If the taxpayer is not covered by...
3
cards
Individual Taxes: Filing Status and Exemptions
Tax payers can file a joint return,
The term surviving spouse means,
The limit for children is 2 000 t...
3
cards
Individual Taxes: Tax Computations and Credits
For eic eligibility purposes indi...,
Form 1040 schedule h may be used,
Federal employment taxes that may...
8
cards
Individual Taxes: Alternative Minimum Tax
What adjustments are added back t...,
Itemized deductions for amt purpo...,
What is a deferral item for amt a...
9
cards
Trusts and Estates: Types of Trusts
A trust will terminate,
Generally a trustee,
If the trust instructions are not...
15
cards
Trusts and Estates: Income and Deductions
Income beneficiaries,
The remaindermen or principal ben...,
The grantor
15
cards
Trusts and Estates: Determination of Beneficiary's Share of Taxable Income
To create an express trust,
If you retain the power to revoke...,
Reversionary trust income
8
cards
S Corporation: Eligibility and Election
Irs consent generally is required...,
What would cause an s corporation...,
The american jobs creation act of...
7
cards
S Corporation: Determination of Ordinary Income/Loss and Separately Stated Items
Whenever an s corporation termina...,
Dividend income,
What must be separately stated on...
9
cards
S Corporation: Basis of Shareholder's Interest
The basis of an s corporation sha...,
Losses,
If an s corporation has no accumu...
4
cards
S Corporation: Entity/Owner Transactions, Including Contributions and Distributions
S corporation distributions are,
Loss on stock redemption,
Although debt provides basis for ...
4
cards
S Corporation: Built in Gains Tax
Built in gains tax,
Unrealized built in tax gain,
The maximum corporate rate is used
3
cards
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