Question:Question:Grayson and Katie had the following income:• Merrill Lynch ordinary dividends $ 974• Dividends from City Credit Union $ 875• Interest from Virginia Bank $ 658• Series EE bond interest (education expenses) $ 350• Elite Fund (ordinary dividends) $ 205• Municipal Bond interest $ 547• Interest received on a personal loan $1,245• One Corp (liquidating dividends) $ 458What amount should be on Schedule B, Part I, line 2?Select one:a. $3,128b. $1,903c. $2,778d. $3,325Grayson and Katie had the following income:• Merrill Lynch ordinary dividends $ 974• Dividends from City Credit Union $ 875• Interest from Virginia Bank $ 658• Series EE bond interest (education expenses) $ 350• Elite Fund (ordinary dividends) $ 205• Municipal Bond interest $ 547• Interest received on a personal loan $1,245• One Corp (liquidating dividends) $ 458What is the amount of income to be reported on line 4, Part I, Schedule B?Select one:a. $3,675b. $1,903c. $2,778d. $3,128Which of the following statements is most accurate?Select one:a. ABX Corporation filed their tax return for the current tax year and received a notice that the IRS had accepted their amended return. ABX doesn’t need to respond to the IRS correspondence.b. ABX Corporation closed their business in 2015 and filed their final returns. The IRS sent a notice of delinquency for a 2016 tax return. ABX should pay the amount due immeditately.c. ABX Corporation is an s-corporation and had no employees in last tax year. They filed all of the appropriate payroll tax returns for the year, with zero balances. They received a notice of delinquent payroll tax due and a notice of failure to include accurate payroll information from the IRS in the current tax year. ABX should be concerned that there may have been fraudulent tax-related activity associated with their business.d. ABX Corporation is concerned that the business is a victim of tax-related identity theft. ABX will need to contact the FTC so they can resolve the matter for the business.Chris is a tax preparer working at TaxAction which is an Authorized IRS e-file Provider. It is Chris and the firm’s responsibility to safeguard taxpayer information. This is summarized best by which of the following statements?Select one:a. They must set up a secure system to safeguard taxpayer information only if they are the transmitter of the information.b. The responsibility to safeguard taxpayer information applies only to information furnished by the taxpayer to the tax preparer.c. The requirement for appropriate security and privacy practices comes from the Graham-Leach-Bliley Act as implemented by the Federal Trade Commission (FTC).d. The requirement to safeguard taxpayer information applies only to taxpayer SSN’s and information on taxpayer’s copies of tax reporting documents furnished by the taxpayer in the process of tax return preparation.Abigail is a receptionist and often receives client information for preparers. Which of the following statements demonstrates proper handling of client data?Select one:a. Abigail should keep all client data at her deck until she can personally give the information to the tax preparer.b. The tax firm, for whom Abigail works, should have a secure place for Abigail to store client information until it can be provided to the preparer.c. Abigail should be given access to the preparers securely locked file cabinet, so she can place the information in the preparer’s files.d. The preparer is in the office, working with a client. Abigail should take the dropped of client information to the preparer immediately so he can store it properly.
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