Statutes
If a timely filed taxable amended return (income returns only) showing an increase in tax is filed within 60 days of the ASED of the original return, the assessment of the amended return is extended for how many days?
A.90 days from the day the amended return is filed.
B.60 days from the day the amended return is filed.
C.180 days from the day the amended return is filed.
D. None. We do not extend it.
B •60 days from the day the amended return is filed.
•If both taxpayers filed a separate return and now they want to file joint what is the first step?
•Back out the tax, income, item reference fields, estimated tax penalty (transaction code (TC) 170), shared responsibility payment, if applicable, and any manual restrictions.
•True or false: on the credit transfer tool you start with the account you want the credit to be transferred to.
•False: you load the tool on the account that has the credit and then change to the account that the funds are being transferred to.
•What is the first step when you have an ITIN to SSN merge?
•Checking if it can be merged
•Yes or no: do you have to establish an entity if none exists when you are working the form 5329?
Yes
•Name one of my favorite TV shows
•Buffy
•Psych
•Friends
•True or False: A barred increase occurs when the increase in tax comes in before the ASED or the case had a condition which extended the ASED, and we failed to protect the statute. A Barred Assessment occurs when the increase in tax is received after the ASED and there is no condition that extends the statute for assessment.
False
•To cross reference the primary taxpayer's account you input what TC?
•Input TC 971 with action code (AC) 001
•True or false: when you move a credit you can edit the amount to do a partial credit transfer.
True
•What CC do you use to pull returns back from retention?
CC IMFOLB
•Does the TC 971 AC 144 get put on the MFT 29 or MFT 30?
•Mft 30
•Name one of my favorite books
•Harry potter series
•The lord of the rings series
•The wrinkle in time series
Taxpayer sends in a 1040X 8/19/2022, the RSED expired 04/15/2021 and they want a $2000.00 refund. They have made 2 payments. 1st payment was on 07/01/2019 in the amount of $600. The second payment was on 06/30/2020 in the amount of $1000. How much if any in the taxpayer entitled to and Why?
•They are entitled to $1000.00 due to the 2 year rule.
•What blocking series do you use when the adjustment should be associated with the original return.
BS 18
•What would you click if you want the overpayment refunded?
•Refund overpayment ( BPI 1)
•What TC do you use to input the merge and how many times do you input it?
•TC 011 gets input once
•What blocking series do you use to adjust the MFT 29?
a)00
b)78
c)99
d)05
a) 00
•Name one of my favorite movies
•The princess bride
• The rock
•Gross point blank
•Labyrinth
•IF the ASED will expire within 90 days what needs to be completed to ensure that the tax is assessed timely?
•A prompt assessment
•How do you update the name Patrick Smith and Dana Apple?
•Patrick]Smith]& Dana Apple
•True or false: once you hit transfer on the tool the credit transfer is complete.
•False: you have to review it on IDRS and the page up.
•True or false: You revoke the ITIN before you input the adjustment
•False: The ITIN revoke is last
•What is the abstract number for part V of the form 5329?
a)235
b)233
c)160
d)238
a) •235
•Name one of the types of crafts I do?
•Crocheting
•Knitting
•Macramé
•Jewelry
•Sewing
•What is the tolerance for a barred assessment?
•The tolerance for original and amended returns is #$1,000# or more of tax, penalty, and interest (or combination)
•True or false: you can extend the ASED 2 years when the taxpayers are going from separate to joint.
•False: it can be extended 1 year
•What do you have to do if you are transferring a credit to an account that is not associated with the taxpayer?
•Capture the screen before you transmit.
•What do you put on the 4442 to revoke the ITIN?
•The name of the taxpayer
•The ITIN to be revoked
•The new SSN assigned to the taxpayer
•Indicate that the merge has posted on IDRS. If no merge was needed, include remarks to that effect.
•The ITIN DLN. This can be found in the ITIN RTS
•The taxpayer’s date of birth. The date of birth of the primary taxpayer automatically populates in the DOB field if using the AMS E-4442 screen. If you are revoking the ITIN of a secondary taxpayer or dependent you must enter their date of birth manually in the body of your 4442.
•If there is a credit on the MFT 30 that will cover the MFT 29 tax you…
a)Leave the credit there, it will automatically offset.
b)Transfer the credit from the mft 30 to the mft 29.
c)Transfer the credit from the mft 29 to the mft 30.
d)Refund the credit out to the taxpayer.
b) •Transfer the credit from the MFT 30 to the MFT 29.
•Name one of the names of my kids or my husband?
•Kevin
•Patrick
•David