1) A corporations tax year ends on December 31^st. When is the corporate tax return due, when extended?

a) March 15^th

b) April 15^th

c) October 15th

d) September 15^th

2) Which of the following would most likely result in a monetary penalty against a tax preparer?

a) Taking a position on a tax return which relies on the proceedings, notes, and materials from a recent tax conference of CPAs.

b) Using a phone call with the IRS as a basis for a significant position on a return.

c) Using an IRS publication on the topic of Education-related expenses to determine, line-by-line, which expenses of a taxpayer are deductible.

d) A taxpayer takes a dependency exemption for a child every year based on a divorce decree. The IRS has never asked for the divorce decree, but the tax preparer keeps it on file.