Practice Quiz

CPA Accountant Review Questions - Question List

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61. When the IRS rejects a return that an Electronic Return Originator (ERO) attempted to e-file for a taxpayer, the ERO must advise the taxpayer of the rejection and provide the taxpayer with the
  1. IRS Customer Service phone number for assistance
  2. Declaration Control Number
  3. IRS code section
  4. Rejected code, accompanied by an explanation
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62.

Form 8453 must be submitted to the IRS after acceptance of an e-filed return when:

  1. An agent possessing a Form 2848 electronically signs the return
  2. The taxpayer’s signatures are inconsistent
  3. The charitable deductions claimed on the return exceed $1,000.00
  4. None of the above
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63. The declaration of representative accompanying a power of attorney must be signed under penalties of perjury with the representative declaring that
  1. the taxpayer is aware of the Circular 230 regulations.
  2. the representative has never been under suspension or disbarment from practice before the Internal Revenue Service
  3. the representative is authorized to represent the taxpayer identified in the power of attorney for the matters specified therein
  4. the taxpayer is unable to represent himself or herself.
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64. A taxpayer paid mortgage interest of $15,827 on another person’s home in which the taxpayer had no ownership interest. How much of the interest may the taxpayer deduct?
  1. $0
  2. $5,000
  3. $10,000
  4. $15,827
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65. In the current year, the taxpayer paid $5,000 in mortgage interest on a primary residence, $1,500 mortgage interest on a vacation home, and $2,000 in loan interest on a recreational vehicle with sleeping, cooking, and toilet facilities. What is the taxpayer's maximum mortgage interest deduction?
  1. $5,000
  2. $6,500
  3. $7,000
  4. $8,500
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