Student loan forgiveness in 2023 that would be includible in income except for the passage of the American Rescue Plan Act is tax-free UNLESS:

A)	the loan discharge is made on account of services performed.
B)	the taxpayer has died.
C)	the taxpayer is in the military and stationed outside the U.S.
D)	the taxpayer is disabled.

Harry experienced a substantial net operating loss in 2023. What is the maximum percent of that loss that may be carried forward?

A)	No more than 40% of the taxpayer's taxable income.
B)	No more than 60% of the taxpayer's taxable income.
C)	No more than 80% of the taxpayer's taxable income.
D)	No more than 100% of the taxpayer's taxable income.

Which of the following relatives of a taxpayer is NOT required to live in the taxpayer's home in order for the taxpayer to qualify for head of household filing status based on the relative?

A)	The taxpayer's mother or father.
B)	The taxpayer's brother or sister.
C)	The taxpayer's grandchild.
D)	The taxpayer's son-in-law or daughter-in-law.

To what penalty does a tax preparer who has received an Annual Federal Tax Refresher-Record of Completion consent for failure to comply with the duties and restrictions relating to practice before the IRS by signing the required Circular 230 Consent statement?

A)

Revocation of the Annual Filing Season Program-Record of Completion.

B)

Incarceration not to exceed 60 days.

C)

Receipt of a letter of discipline from the Treasury Department.

D)

A monetary penalty not exceeding $10,000.

64)

A self-employed taxpayer must retain all the following supporting documents EXCEPT:

A)	The taxpayer's gross receipts.
B)	Amounts paid for inventory.
C)	The number of hours the taxpayer worked.
D)	Business expense records.

Cheryl took early retirement at age 55 and received a $10,000 taxable distribution from her HSA during the year. What, if any, tax penalty will be imposed on her HSA distribution if no exception to the penalty applies?

A)	$500.
B)	$1,000.
C)	$2,000.
D)	$2,500.

For what minimum period must a self-employed taxpayer retain business documents supporting her federal tax return?

A)	For 6 months following the due date of the return.
B)	For 2 years following the due date of the return.
C)	For 3 years following the due date of the return.
D)	For as long as they are material to the administration of tax law.

The Tax Cuts and Jobs Act expanded the tax-free nature of student loan forgiveness due to the student's:

A)	death or disability.
B)	working in identified professions.
C)	working in underserved areas.
D)	working for the federal government.

Susan is eligible for an income tax refund. Which of the following is NOT an option with respect to the refund?

A)	Have the funds credited to a TreasuryDirect online account in order to buy U.S. Treasury marketable securities.
B)	Have the funds credited to her preparer's account.
C)	Have the funds deposited directly to an IRA.
D)	Receive the funds in a check.

To avoid costly EITC errors involving a child failing to meet the qualifying child requirements, a tax preparer must find out all of the following concerning the child EXCEPT:

A)	whether the child lived with the taxpayer for more than half the year.
B)	whether the child is related to the taxpayer.
C)	whether the child lived with the non-custodial parent for any period of time.
D)	whether the child meets the age test.

In order for a child to be considered a qualifying child for purposes of the earned income credit, the child must satisfy all of the following tests EXCEPT:

A)

the age test.

B)

the full-time student test.

C)

the relationship test.

D)

the joint return test.

92)

What is the maximum amount of work-related child and dependent care credit expenses that may be claimed for 2023 by a taxpayer who has three qualifying persons?

A)	$1,000.
B)	$3,000.
C)	$6,000.
D)	$9,000.