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1-Ethics and Culture
Institute of Internal Auditors standards (IIA) vs Certified Internal Auditor standards (CIA).
What is the most effective way for an internal auditors to follow the IIA Code of Ethics?
What are the legal standards of conduct that apply to both individuals and organizations?
What is permissible by IIA, which stands for Institute of Internal Auditor for an auditor?
What is the definition of the IIA Code of Ethics?
What type of basis does a code of conduct provide for personnel evaluations?
The philosophy of ethics
What is included in the Code of Ethics of the Institute of Internal Auditors (IIA)?
The risk of fraud due to opportunity can be mitigated or reduced by internal controls.
What restrictions are there for conflicts of interest within and outside an organization?
What is the culture of management that auditors should consider?
Management can often use one of these reasons to rationalize or justify the commission of fraud
Can an internal auditor disclose an organization's information to an outside vendor?
What is the main objective of creating the code of ethics?
Acceptance of the gift violates the IIA Code of Ethics and is prohibited for CIA members.
Employer Identification Number vs Individual Taxpayer Identification Number.
Is tax evasion the only option available for a taxpayer?
To reduce tax liability, subtract Capital Gains from Capital Losses.
2-Choose business entity
How to distribute losses between partners?
What qualities do a general partnership possess?
Is it necessary for a DBA to be registered?
Does the state require Joint Ventures to file organizational documents for registration?
What is the definition of piercing a corporate veil?
What are characteristics that are automatically or by default included in a partnership?
All general partners are jointly and severally obligated to pay for partnership torts.
What are the defining characteristics of a partnership?
3-Ethics and Culture
What are the features of a LLP?
Which of the actions is most likely to result in a court piercing the corporate veil?
What legal entities are not connected to their owners?
What is the best way to describe the advantage of a corporate business structure?
What are the fastest ways to start a business with a bank account?
What are the benefits of having a limited liability company?
What is the ideal way to express the impact of assigning an interest to an assignee in G.P?
What tax types does a C-Corporation have to pay?
Which entities are susceptible to conflicts between managers or owners.
What type of entity does not trigger a gain on contribution of a non-cash property?
What qualities do a general partnership possess?
C corporations can offer tax-exempt fringe benefits to owners with the fewest restrictions.
Bylaws describe organizational details while the Code of Ethics outlines principles.
4-Choose business entity
What is the approach to using the passive losses that have been suspended in the current year?
5-Auditing and Attestation
How to calculate quarterly estimated taxes described in a case study?
How to calculate Kiddie Tax on unearned income?
How to obtain sales tax number to collect sales tax?
What is the meaning of a tax credit that is partially refundable?
6-Series of Tax Planning
Contributing to a pre-tax retirement account is one of the various ways to defer taxes.
By owning property for more than a year, you can earn long-term capital gains to save taxes.
Taxpayers can employ several tax-saving strategies to manage their profits from flipping houses
Why should someone opt for a section 1031 exchange when moving to a new location?
What is the advantage of donating an appreciated property rather than selling it for profit?
What benefits of section 1031 exchange persuade taxpayers to choose it?
Is it beneficial to sell capital gain property in a low-income year when tax rates are lower?
What are the advantages of taking the Section 179 deduction?
What is the advantage of an installment sale?
7-Non-Profit
A private foundation may lose its tax-exempt status if it fails to file returns.
What federal information and tax returns must be filed for a private foundation?
A private foundation may lose its tax exempt status due to Substantial Legislative Activities.
How can a political campaign intervention jeopardize exemption status of a private foundation?
Private foundation activities are protected from termination through special restrictions.
What constitutes a private foundation?
What is the range of private foundations?
The termination of a private foundation can be caused by private benefits and inurement.
The fundamentals of a Private Foundation.
8-Tax Compliance and Planning
Deduct up to $250,000 ($500,000 for MFJ) from the realized gain on selling the primary home.
How to determine the HSA contribution to pay based on a taxpayer's specific budget?
Is withdrawal from an HSA subject to penalty if funds are used for non-medical purposes?
How should excess HSA contributions be treated and can a taxpayer carry both HSA and Medicare?
What is the ceiling amount to phase out health savings accounts?
If a head of household is over 65 years old, how much can they claim the standard deduction?
How much standard deduction is allowed for a couple who are over 65 years old?
How much standard deduction is allowed to a person who is over 65 and blind?
What is the standard deduction allowed for a dependent who only earns unearned income?
What is the additional standard deduction for married couples who have one of them over 65?
What is the maximum standard deduction a married couple can claim if filing separately?
What is the maximum standard deduction that a dependent can claim?
What is the standard deduction limit for married couples filing jointly in 2024?
What is the maximum amount a single taxpayer can claim a standard deduction for 2024?
What is the process for selecting the standard deduction when filing taxes?
The most common inquiries regarding incentive stock options and non-qualified stock options.
What distinguishes Flexible Spending Accounts from Health Savings Accounts?
How to report the imputed interest rate and how it affects the financial statements?
What is the process for classifying income and deductions on schedule-A and additional income?
How to report the imputed interest rate and how it affects the financial statements?
What distinguishes Flexible Spending Accounts from Health Savings Accounts?
To avoid underpayment penalties, what is the proper way to withhold estimated taxes?
How much does the IRS charge for failing to pay estimated taxes?
What are the characteristics of an Incentive Stock Option (ISO)?
What is it about a Health Savings Plan (HSA) that makes it beneficial?
What year do medical expenses become deductible when they are incurred or paid?
How to calculate quarterly estimated taxes described in a case study?
How to determine the maximum contribution deduction to reduce taxable income?
When does a taxpayer recognize income from the redemption of NSOs?
What is the approach taken by the Health Savings Plan to increase cash flow?
What is the maximum contribution is allowed for Health Savings Account (HSA) for the year 2024?
What percentage can be deducted for non-cash contributions that result in ordinary income?
How do you calculate quarterly estimated taxes using a case study?
U.S. citizens who work outside the United States still have tax responsibilities to the IRS.
Medical expenses that exceed 7.5% of your AGI can be deducted on Schedule A (Form 1040).
How to use unused carried forward contributions for the subsequent period?
If the property's value has been appreciated, what is the limit for medical expenses?
What are the prerequisites to fully utilizing the full foreign income credit?
To avoid penalties for underpayment, what are the Safe Harbor rules for 90% and 110%?
How to determine tax liability for estimated taxes?
How does a taxpayer determine if they need to withhold quarterly taxes?
What are some important factors to consider when planning your taxes?
What is included in tax prepayments and how are underpayment penalties calculated?
Employees are responsible for filing income taxes and employment taxes on salaries and wages.
Health savings accounts and flexible spending amounts are characterized by their characteristic.
Case study about Health Savings Account (HSA)
What is the procedure for calculating the taxable income of a dependent?
Examining the tax benefits of contributing to a health savings account.
What are the main differences between FSAs and HSAs?
How do Health Savings Accounts (HSAs) benefit taxes?
Characteristics of flexible spending accounts and how does it benefit taxes?
A case study designed to instruct on how to calculate the taxable income of a dependent.
A case study to learn how to calculate a charitable contribution deduction.
How to calculate the Alternative Minimum Taxable Income (AMTI) after the exemption?
How to calculate Kiddie Tax on unearned income?
In what ways are charitable donations taxed in various situations?
Determine Deductible Medical Expenses on Schedule Below-the-Line-Deduction.
What is Kiddie Tax or Tax on Child’s Investment and Other Unearned Income?
What are the steps to calculate an alternative minimum tax?
Is it permissible for shareholders of a corporation to use 1099-NEC instead of Form W-2?
Alternative Minimum Tax vs Alternative Minimum Taxable Income
Deductible Medical Expenses According to the Internal Revenue Code.
What medical expenses can be claimed under Schedule A and what are the limitations?
What taxes can be deducted as below-the-line deductions or called schedule A?
What is the difference between standard deductions and itemized deductions?
What is the process for determining Imputed Interest Income and is it beneficial?
The benefits of equity-based compensation.
What responsibilities does a foreign employer have if they hire a US citizen to work in the US?
9-Business Taxation and Regulation
How to distribute profit and loss if there is no agreement between the partners?
How to report income for a Limited Partnership for Taxation?
How much passive losses can a taxpayer claim if they follow IRS conditions?
Pass-Through Entities' owners are subject to loss limits
What are the guidelines for passive activity in real estate trading or businesses?
How to determine if it is rental real estate property or personal for tax purposes?
How to determine passive activity losses (PAL)?
What is the process for allowing disallowed passive loss in multiple activities?
If the taxpayer is not actively involved, passive losses can only be deducted up to $25,000.
Purpose of Tax Planning is Earnings, Savings and Securing
Elective Contributions vs Non-Elective Contributions
10-Individual Taxation and Regulation
The calculation of net operating loss and the allowed current year deductions
