Tax Quiz: March

Test your tax knowledge with these questions from the experts at the National Association of Tax Professionals.

To help keep your tax knowledge sharp during the busy season, we'll add a tax question or two every week. Our latest are on owners who rent, and the limits on reporting some unusual income.

Source: NATP

Source: NATP

Source: NATP

Source: NATP

Source: NATP

Source: NATP

Source: NATP

A tipped employee is taxed only on the amount of tips he/she actually keeps. Our waiter must maintain records of tip-outs along with his other tip income (cash tips, charged tips, split tips, tip pool, etc.). Since he has over-reported his tips to his employer, he needs to provide a corrected Form 4070 to his employer, who then needs to issue him a corrected Form W-2. Source: NATP

Source: NATP

This association can be considered a social club under Section 501(c)(7), but first must file Form 1024 requesting tax-exempt status and be approved for this status before claiming the club is an exempt organization. Once this is done, the club files Form 990, 990-EZ or 990-N.

Source: NATP

Source: NATP

The IRS has the authority to waive the tax if the taxpayer can establish that the shortfall between the required distribution and the amount actually distributed was due to reasonable error and steps are being taken to remedy the shortfall [IRC Sec. 4974(d); Reg. 54.4974-2, Q-7]. To request a waiver, the taxpayer should attach a statement of explanation and complete Form 5329 according to the instructions for Part VIII.

Source: NATP



Silliest Excuses for Getting to Work Late

Getting to work on time, whether it's at an accounting firm or another type of business, can be hard enough without the added obstacles imposed by car trunk thieves, gas station stick-ups and shower mishaps. Yet, these are exactly the types of incidents some workers claim prevented them from getting to work on time this year, according to a survey from CareerBuilder. When asked about the most outrageous excuses employees have given them for being late, employers shared the following:

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10 Things Holding Your Firm Back

Self-created obstacles to growth

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8 Last-Minute Tax Tips

With minutes counting down to this year's tax deadline, clients (and many of their accountants) are scrambling to get paperwork wrapped up on time. But many financial and tax professionals caution that in the heat of the moment, even the most knowledgeable can forget the basics – never mind easy-to-miss, specialized strategies.

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Taxpayers Gone Wrong

Tax pros share their clients’ worst ideas about taxes

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Is Your Firm in Danger?

11 ways to protect your practice from liability

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Most Suspicious IRS Audit Triggers

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients' tax returns.

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Top 7 Retention Tactics

The Top 100 Firms get creative when trying to retain top talent.

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Top 10 Recruiting Tactics

The Top 100 Firms share their best strategies.

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The Fastest-Growing Firms in the U.S.

The firms with the highest 2014 revenue growth in our Top 100 Firms/Regional Leaders list

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Where the Wealthy Go to School

Looking for rich clients? Here's a ranking of the top U.S. universities by number of ultra-wealthy alumni.

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