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Course 671001- A Guide to Tax Resolution: Solving IRS Problems
  Final Exam
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671001v - A Guide to Tax Resolution: Solving IRS Problems

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Taxation
12 CPE Credit Hours
4/23/2024
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. The specific responsibility of the IRS has been divided into:
2. The territory managers are responsible for:
3. What is the current mission of the IRS?
4. The taxpayer’s advocate is authorized to:
5. The Freedom of Information Act is used to assist:
6. Which of the following is NOT true about unfiled tax returns?
7. Offers in compromise do NOT:
8. A reasonable cause to file for a penalty abatement does NOT include:
9. From the date of assessment to collect taxes, penalties, and interest the IRS has:
10. As a rule the best objective way to select a professional to represent you before the IRS is:
11. In an out-of-court settlement the most costly representation is usually a(n):
12. The IRS must assess tax and apply penalties after a return has been filed within:
13. The ten year statute of limitations for the IRS to collect taxes only applies to:
14. The first step in the collection process is for the IRS to:
15. If a tax liability is paid in full or is no longer legally enforceable because of the ten-year statute of limitations having expired, the IRS must:
16. When a financial institution receives a tax levy from the IRS on a bank account it cannot release the money, unless otherwise notified by the IRS, until:
17. A powerful tool used by the IRS to collect taxes owed through a taxpayer’s employer is:
18. If the IRS files a substitute for return (SFR) tax return for you it will be in the best interest of the government giving your deductions only for
19. In order to qualify for a payment plan with the IRS needed actions include:
20. Installment agreement payments cannot be made by:
21. Failure to make payments on an agreed installment plan will normally:
22. ______________________ is NOT one of the reasons why the IRS closes your case as “uncollectible”:
23. The IRS will NOT close your account as uncollectible if:
24. The decision to place an account in a currently not collectible (CNC) status is:
25. How does an Offer in Compromise benefit the taxpayer?
26. All taxpayers who submit an offer in compromise must pay a fee of:
27. If an application for an offer in compromise is submitted with a check returned for insufficient funds the IRS will:
28. The IRS will
29. Which of the following statements is TRUE?
30. If the IRS does NOT accept an offer in compromise:
31. If an offer in compromise is being considered:
32. If a taxpayer defaults on an offer in compromise the IRS will:
33. Collection Information Statements (CIS) submitted with an offer in compromise should reflect information no older than:
34. For offer purposes, assets are valued at:
35. Future income is defined as an estimate of the taxpayer’s ability to pay based on an analysis of gross income less:
36. An offer may be rescinded or set aside if:
37. A proposal to compromise the balance of an accepted offer must rest on:
38. The consideration of a proposal by the office of jurisdiction that originally accepted an offer in compromise will depend on:
39. Which of the following statement is FALSE regarding the Tax Increase Prevention and Reconciliation Act (TIPRA) of 2005?
40. Your offer in compromise must include a application fee and a current:
41. Which one of the following is NOT true regarding OIC?
42. If an authorized representative is preparing your official offer in compromise you must also include:
43. Payment option 1 on Form 656 requires _______ of the total offer amount to be paid with the offer and the remaining balance paid in ______ or fewer payments.
44. If you do not have the cash to pay your offer in compromise immediately you should first:
45. Your check or money order for the application fee with each OIC should be made payable to:
46. In order to avoid defaulting an offer in compromise once it has been accepted by the IRS, taxpayers must remain in compliance in the filing and payment of all required taxes for a period of:
47. If at any time you feel you need help in resolving a tax problem that has not been resolved through normal channels or you are experiencing significant hardship then you may contact:
48. An offer in compromise will NOT be accepted if the reason for filing is that:
49. An innocent spouse who elected to file a joint return and has no reason to know of the understatement of taxes is entitled to:
50. Chapter 7 bankruptcy will NOT discharge
51. Chapter 13 bankruptcy can allow you to pay your due taxes over a period of:
52. Once you file bankruptcy the IRS must
53. The location of your audit is a good indication of the severity of the IRS audit. The IRS cannot audit you
54. Under an abatement the IRS can NOT cancel:
55. The best course of action for a taxpayer who does not agree with the IRS‘s decision to file a levy or seizure against his or her assets may be to
56. If you owe the IRS more than you can pay, short of bankruptcy you have the following:
57. Taxpayers who have not resolved their tax problems through the normal channels may request help from the:
58. A large tax liability is mostly caused by:
59. Under the Privacy Act of 1974 and the Paperwork Reduction Act of 1995 the IRS is
60. A married couple owing the same joint income tax liability may file __________ Form 656 listing the joint liability with an application of _____________.
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