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Test Number : RTRP
Test Name : Registered Tax Return Preparer Practice
Vendor Name : IRS
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RTRP test Format | RTRP Course Contents | RTRP Course Outline | RTRP test Syllabus | RTRP test Objectives


The Registered Tax Return Preparer Test (RTRP) focuses on the ethical responsibilities of federal tax return preparers and the completion of the Form 1040 series returns including basic related schedules and forms. The test specifications below are intended to provide guidance on the content of the RTRP test. The examples provided within each item are not all inclusive of what may be tested in a given area. All efforts have been made to develop Braindumps based on general tax rules covered in IRS publications, forms and instructions rather than exceptions found only in the Internal Revenue Code or Income Tax Regulations.

Domain 1 – Preliminary Work and Collection of Taxpayer Data
1. Review prior years return for accuracy, comparison, and carryovers for current year return.
2. Collect taxpayers biographical information (e.g., date of birth, age, marital status, citizenship, dependents).
3. Determine filing status.
4. Determine all sources of taxable and non-taxable income (e.g., wages, interest, business, sale of property, dividends, rental income, income from flow-through entities, alimony, government payments, and pension distributions).
5. Determine applicable adjustments to gross income (e.g., self-employed health insurance, self-employment tax, student loan interest deduction, alimony paid, tuition, and fees deduction).
6. Determine standard deduction and Schedule A itemized deductions (e.g., state and local tax, real estate tax, cash contributions, non-cash contributions, unreimbursed employee expense, medical expense, and mortgage interest).
7. Determine applicable credits (e.g., Earned Income Tax Credit, child tax credit, education, retirement savings, dependent and childcare credit).
8. Understand tax payments (e.g., withholding, estimated payments).
9. Recognize items that will affect future returns (e.g., carryovers, depreciation).
10. Determine special filing requirements (e.g., presidentially declared disaster areas).
11. Determine filing requirements (including extensions and amended returns).
12. Understand due dates, including extensions.
13. Determine personal exemptions, including dependents.
14. Determine qualifying child/relative tests for Earned Income Credit.

Domain 2 – Treatment of Income and Assets
A. Income
1. Taxability of wages, salaries, tips, and other earnings (e.g., W-2 Wage and Tax Statement, cash).
2. Interest income (taxable and non-taxable) (e.g., Schedule B and 1099-INT).
3. Dividend income (e.g., Schedule B and 1099-DIV).
4. Self-employment income and expenses (e.g., Schedule C Profit or Loss From Business and Form 1099-MISC Miscellaneous Income, cash).
5. Rental income and expenses (e.g., Schedule E Supplemental Income and Loss).
6. Identification of forgiveness of debt as income (including Form 1099-C Cancellation of Debt).
7. Other income (e.g., alimony, barter income, hobby income, non-taxable combat pay, state income tax refund from prior years, prizes).
B. Retirement income
1. Reporting requirements of Social Security benefits (e.g., Form SSA-1099 Social Security Benefit Statement).
2. Taxable distribution from an IRA including basis in an IRA (e.g., Form 8606 Non-deductible IRAs).
3. Distributions from qualified plans (e.g., 401k, IRA, Roth IRA).
4. Required minimum distributions from retirement plans.
C. Property, real and personal
1. Short-term and long-term capital gains and losses (e.g., Schedule D Capital Gains and Losses, Form 1099-B Proceeds from Broker and Barter Exchange Transactions).
2. Determination of basis of assets (e.g., purchased, gifted, or inherited).
3. Sale of non-business assets (gains or losses).
4. Sale of a principal residence (e.g., IRC 121 exclusions, 1099S Proceeds From Real Estate Transactions).
D. Adjustments to income
1. Self-employment tax (e.g., Schedule SE Self-Employment Tax).
2. Tuition and fees (e.g., Form 8917 Tuition and Fees Deduction, Form 1098T Tuition Statement).
3. Eligible Moving expenses (e.g., Form 3903 Moving Expenses).
4. Other adjustments to income (e.g., IRA contribution deduction).

Domain 3 – Deductions and Credits
A. Itemized deductions
1. Medical and dental expenses.
2. State, local, and real estate taxes.
3. Mortgage interest expense (e.g., Form 1098 Mortgage Interest Statement).
4. Charitable contributions (e.g., cash, non-cash, Form 8283 Non-Cash Charitable Contributions).
5. Miscellaneous itemized deductions (including deductions subject to 2% AGI Limit).
6. Employee travel, transportation, education, and entertainment expenses (e.g., Form 2106-EZ and Form 2106 Unreimbursed Employee Business Expenses).
B. Credits
1. Child and dependent care credit (e.g., Form 2441 Child and Dependent Care Expenses).
2. Child Tax Credit and Additional Child Tax Credit (e.g., Form 8812, Additional Child Tax Credit).
3. Education credits (e.g., Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits), Form 1098T Tuition Statement).
4. Earned Income Tax Credit (EITC) (e.g., Schedule EIC Earned Income Credit, Form 8867 Paid Preparers Earned Income Credit Checklist).
5. Retirement savings contribution credit (e.g., Form 8880 Credit for Qualified Retirement Savings Contributions).

Domain 4 – Other Taxes
1. Alternative Minimum Tax (e.g., Form 6251 Alternative Minimum Tax).
2. Early distributions from retirement plans (e.g., Form 5329 Additional Tax on Qualified Plans).
3. Self-employment tax (e.g., Schedule SE Self-Employment Tax).
4. Unreported Social Security and Medicare tax (e.g., Form 4137 Social Security and Medicare Tax on Unreported Tip Income).
5. Repayment of first-time homebuyer credit (including Form 5405 First-Time Homebuyer Credit and Repayment of the Credit).

Domain 5 – Completion of the Filing Process
1. Check return for completeness and accuracy.
2. Explain and review tax return.
3. Explain record-keeping requirements to the taxpayer.
4. Discuss significance of signatures (e.g., joint and several liability, penalty of perjury, Form 8879 IRS e-file Signature Authorization).
5. Understand tax preparer's responsibilities related to rejected electronic returns.
6. Understand timeframe for submitting electronic returns (e.g., Form 8879 taxpayer signature and date prior to submission).
7. Understand payment options (e.g., check, direct debit, EFTPS, credit card, installment agreement-Form 9465).
8. Understand estimated tax payment requirements (e.g., potential for penalties, Form 1040-ES Estimated Tax).
9. Understand refund options (e.g., Form 8888 Allocation of Refund).

Domain 6 – Practices and Procedures
1. Penalties to be assessed by the IRS against a preparer for negligent or intentional disregard of rules and regulations, and for a willful understatement of liability (e.g., IRC 6694(a), IRC 6694(b)).
2. Appropriate use of Form 8867 Paid Preparers Earned Income Credit Checklist and related penalty for failure to exercise due diligence (e.g., IRC 6695(g)).
3. Furnishing a copy of a return to a taxpayer (e.g., IRC 6695(a)).
4. Signing returns and furnishing identifying (PTIN) numbers (e.g., IRC 6695(b), IRC 6695(c)).
5. Rules for the return preparer for keeping copies and/or lists of returns prepared (e.g., IRC 6695(d)).
6. Compliance with e-file procedures (e.g., timing of taxpayer signature, timing of filing, recordkeeping, prohibited filing with pay stub).
7. Completion and use of Form 2848 Power of Attorney and Declaration of Representative and Form 8821 Tax Information Authorization.
8. Safeguarding taxpayer information (e.g., Publication 4600 Safeguarding Taxpayer Information, Quick Reference Guide for Business, IRC 7216).

Domain 7 – Ethics
Circular 230 Subparts A, B, and C (excluding D, E), covering subjects including, but not limited to, the following:
1. Preparers due diligence for accuracy of representations made to clients and IRS; reliance on third-party work products (Circular 230, section 10.22).
2. What constitutes practice before the IRS and categories of individuals who may practice (Circular 230, sections 10.2(a)(4) and 10.3).
3. Limits on practice by a registered tax return preparer (Circular 230, section 10.3(f)).
4. Requirement to furnish information to IRS upon request (Circular 230, section 10.20).
5. Prompt disposition of matters before the IRS (Circular 230, section 10.23).
6. Prohibition on receiving assistance from or providing assistance to disciplined practitioners (Circular 230, section 10.24).
7. Rules regarding fees, including contingent fees (Circular 230, section 10.27).
8. Rules in dealing with clients, including return of client records, conflicts of interest, advising on omissions and errors, solicitation (including advertising), and negotiation of taxpayer refund checks (Circular 230, sections 10.21, 10.28, 10.29, 10.30, and 10.31).
9. Due diligence standards with respect to tax returns and other documents; standards for signing, advising positions on returns and advising submissions of other documents; advising on penalties; good faith reliance on client information; reasonable inquiries regarding incomplete, inconsistent, incorrect information (Circular 230, sections 10.34 and 10.35).
10. Responsibility of individual(s) who have principal authority over a firms tax practices (Circular 230, section 10.36).
11. Incompetence and disreputable conduct that can result in disciplinary proceedings (Circular 230, sections 10.51 and 10.52).
12. Sanctions that may be imposed under Circular 230 (Circular 230, sections 10.50 and 10.60).



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The average Taxpayer’s guide To The surprising Story Of Trump’s Tax Returns | RTRP PDF Questions and test dumps

US President Donald Trump speaks to the click as he makes his way to board Marine One from the South ... [+] garden of the White condo in Washington, DC on September 24, 2020. - Trump is on a two-day crusade swing through North Carolina and Florida. (photograph by way of MANDEL NGAN / AFP) (photo with the aid of MANDEL NGAN/AFP via Getty photographs)

AFP by the use of Getty photos

I haven’t viewed President Trump’s tax returns. I’m going to start there. No rely how repeatedly I’ve been asked nowadays to present my “take” on the returns, i can’t supply a greater honest reply than, “I haven’t seen the returns.”

I even have, youngsters, study the very targeted article from the new york instances NYT , which can also be discovered right here. I’m not inclined to summarize it for you - you can read it on your personal - and i’m no longer going to do an op-ed on the piece. if you are an everyday reader, you’ll recognize that it’s not my vogue to play guessing video games. however as I persevered to be asked about the piece this evening, what did happen to me is that there are a number of considerations raised in the piece that may also be perplexing for average taxpayers like you and me.

So listed below are some answers to ordinary questions raised through one of the crucial headlines that are sure to return your means this week. I’ll update my solutions as the story progresses.

i assumed you once observed you couldn’t discover anything from a tax return?

That’s what President Trump referred to in 2016, claiming, "You don’t be taught the rest from a tax return."

but that’s now not what I referred to. I wrote just the opposite in 2016, noting that “a tax return is not just a bunch of numbers. or not it's a photo of your fiscal lifestyles.” not best do you have got a better understanding of the place taxable profits comes from, however you could additionally see advantage failures in losses and worrisome positions with investments and loans. When it comes to taxpayers who itemize, which you could study charitable deductions (now not conveniently how much however where or not it's disbursed), real property taxes, genuine property holdings, and more. you could also glean assistance in regards to the existence of offshore bills, family unit personnel, condo homes and extra.

I have, despite the fact, tweeted that "Tax returns (even officially filed ones) don't seem to be dispositive when it involves wealth.” I stand by way of that. one of the crucial flaws of reviewing tax returns on their personal is that they aren't a reputable measure of someone’s web worth.

It seems like Trump’s returns actually are beneath audit. however i thought you agreed that he couldn't liberate his tax returns whereas below audit?

No, if Trump desired to liberate his tax returns - even in the center of an audit - he might. There’s no prohibition against it. Former IRS Commissioner Koskinen agreed that turned into the case in 2016. even if it be a good idea or no longer is another be counted: many tax pros, like me, weren't so certain that making a tax return public while it’s beneath audit turned into a good suggestion.

It feels like this audit has gone on continuously. I understand statute of obstacles (form of), but why would you ever push it off?

The times noted that facts exhibit that there's an audit of Trump’s 2009 refund. The refund claim has remained in committee, “unresolved, with the statute of barriers repeatedly pushed forward.”

by means of statute, the IRS can’t examine your returns continually. There are cut-off dates and the IRS has to get to the bottom of tests and other issues within a certain length of time. If the IRS doesn’t unravel the subject through the end of the duration, they’re achieved. but. sometimes, there’s an advantage to extending the time - but it surely is generally completed by using agreement in writing (you might also have seen kind 872, Consent to lengthen the Time to verify Tax, earlier than).

if you don’t signal the consent, the IRS can go ahead and concern its findings. as soon as that occurs, the clock starts running again for your alternatives which typically suggest - at this point - heading to court docket if you don’t agree. So, in case you feel that you just might be in a position to attain a contract, you may sign the consent to buy a bit extra time. You could additionally do it to maintain the count number out of courtroom (which could be what’s going on right here).

i tried to seem it up after memorizing the story however couldn't find Line fifty six on kind 1040. what is it?

Line fifty six - total tax after alterations but before bearing in mind taxes like self-employment and family unit employment taxes - existed in 2014. but if you’re trying to find it now, you’re out of success: there is not a Line 56 on IRS kind 1040 for tax years after 2018 as a result of kind revisions as a result of, amongst other issues, the Tax Cuts and Jobs Act (TCJA).

okay. Let’s talk tax specifics. First, what is depreciation, definitely?

Trump has prior to now touted the benefits of depreciation, suggesting that the losses on his tax returns don't translate into losses in a portfolio. There’s some reality to that because depreciation is a tax and accounting assemble: you don’t truly “lose” cost each yr on property when you depreciate it.

For federal earnings tax functions, depreciation is a deduction that permits you to recover the can charge or other foundation of certain property. It can be complex but often, you begin to depreciate your house if you area it in carrier for the primary time. The IRS considers property “placed in provider” when it's able and available to be used, not should you definitely begin the use of it. So, for instance, in case you buy a car on your business, it’s competent and available as soon as it belongs to you, now not necessarily the primary time you are taking a journey. You depreciate the cost of the merchandise over its effective lifestyles (based on the kind of property) until an exception applies.

here’s how it works. Let’s say you purchased commercial property for $1 million in 2000. You don’t frequently get to declare the deduction in 12 months 1 although you paid cash for the entire thing. as a substitute, you should depreciate the property over its effective life (during this case, that’s 39 years) - which ability that you just deduct a little bit each year except its constructive lifestyles is over.

And when you promote or in any other case transfer depreciated property, you may also must get well the depreciation, that can power up your tax invoice. It may also be advanced.

this is why the instances noted that “Depreciation, although, isn't a magic wand…” It doesn’t quite simply create losses out of thin air. which you could examine extra about depreciation right here.

okay, acquired it. Now, how does cancellation of debt revenue work?

in response to the times, Trump did not pay again at the least $287 million considering 2010. invariably, a failure to pay again that sort of debt would effect in a taxable event.

you probably have cancellation of debt for less than the amount you owe, the quantity of the canceled debt is considered income and may be taxable except an exclusion applies. probably the most general exclusions consist of bankruptcy, insolvency, and certified important residence indebtedness.

if you don’t qualify for an exclusion, you typically have to file the profits and pay the tax within the yr of the forgiveness.

The times claims that Trump changed into able to offset one of the vital earnings with losses, and lengthen paying tax by means of taking potential of a provision below an Obama-era bailout that allowed earnings from canceled debt to be deferred over a period of time.

And in just a few words, how do company losses work?

That’s a tall order. however right here’s the gist: enterprise losses are occasionally known as web operating losses (NOL). An NOL commonly consequences when your tax deductions exceed your taxable earnings. If that quantity is negative in three hundred and sixty five days – but has been wonderful in other years resulting in tax payable – that doesn’t reasonably appear reasonable. The NOL exists so that you should balance that inequity. In other words, that you would be able to use the loss in twelve months to lower your taxable income and in the reduction of your tax burden in a different yr.

(Don’t confuse capital losses with an NOL: they don't seem to be the identical element.)

under latest tax laws, when you've got an NOL, you first carry back the total NOL quantity for a few years and in case you nevertheless have an NOL remaining after you raise these losses lower back, that you may lift the losses ahead. that you could additionally choose not to elevate returned an NOL and handiest elevate it forward for up to twenty years. A lift ahead ability so you might apply the loss against your salary in a future year.

NOLs will also be problematic (that you could study greater right here), and it’s now not extraordinary for the rules to alternate all over an economic crunch.

in response to the times, Trump claimed huge enterprise losses — a complete of $1.4 billion from his core organizations for 2008 and 2009. before the bailout, those losses may simplest be carried again two years. however the bailout extended the seem returned to 4 years: the instances says that allowed Trump to get better taxes he paid when The Apprentice turned into profitable. That resulted in a big refund: that’s the problem that allegedly resulted within the refund audit.

So what happened with the refund?

in case you pay too tons in tax, you can be entitled to a reimbursement - however you already know that.

That’s easily what the Trump camp claims took place here. however the times piece appears to imply that it’s greater complicated: with the aid of piling on losses (the legitimacy of which can be in question), he became in a position to generate a tax refund of $seventy two.9 million (tax paid for 2005 via 2008, plus hobby).

adequate, I get the refund bit. Then why turned into there an audit?

by legislation, refunds of greater than $2 million for individuals ($5 million for organisations) require approval from the IRS, and a report is distributed to the Joint Committee on Taxation. That may end up in an audit: that’s what apparently took place right here.

I’ve actually under no circumstances heard of abandonment when it involves taxes. what's it?

Abandonment happens when a taxpayer deliberately gives up possession of property (together with pastime in a partnership). The IRS looks at just a few components when on the grounds that no matter if property has been abandoned, together with ownership before abandonment, if there's intent to desert, and exact steps to abandonment.

The times believes that Trump might also not have deserted his ownership in his Atlantic metropolis casinos, producing losses. He walked faraway from them in 2009, telling the Securities and trade commission that he was “hereby leaving behind” his stake.

If a loss is considered an abandonment loss, then it’s often deductible as a normal loss: that capability the full cost of the loss can be deductible. That’s big.

however as a substitute, if it’s regarded a sale or change - which means that you received some thing returned in exchange for running away - it’s handled as a capital loss. these losses are limited to $three,000. Trump reportedly acquired an hobby in a brand new company after the conclusion of the chapter of the company he claimed to have abandoned.

Trump’s abandonment losses for 2009 - which resulted within the refund - were reportedly $seven hundred million. to quote Jon Lovitz’ personality, Ernie Capadino, in A League of Their own: this may be more, would it not?

adequate, now explain to me the difference between the tax medicine of a home and an funding property.

That’s a good looking handy one: you generally can not thoroughly deduct charges linked to maintaining your home, while that you could with an investment property. decent examples of restrained deductions consist of genuine estate taxes and mortgages, that are capped for homes (however now not customarily for investment properties).

The times suggests that Eric Trump has characterized the Seven Springs property as a “domestic base” in a Forbes article. do you know what they are talking about?

To be honest, I didn’t. however I found the article for you. It’s here.

can you really write off hairdressing prices?

possibly.

that you would be able to’t deduct an rate simply because it’s beautiful or makes you appear extra skilled: that applies to hairstyles, make-up, add-ons, and greater.

The identical is commonly genuine for uniforms and costumes (accept as true with it or no longer, this publish referencing ABBA’s costumes is still one in every of my most widely wide-spread to today).

To claim a deduction for company expenses, section 162 of the Tax Code requires that the fee is “ordinary and crucial.” according to the IRS, a normal rate is one it truly is common and permitted on your trade or company. The IRS defines a critical expense as “one that's valuable and appropriate for your exchange or business.” (you could study extra about enterprise prices right here.)

As a tax lawyer, i will be able to’t claim that hairdressing prices - notwithstanding I deserve to seem to be skilled internal of a courtroom - are standard and integral. however may a person who seems on tv? might be. however simplest for the tv/look bits - now not for private consolation or other unrelated business use.

(word that any unreimbursed job expenses for personnel were eradicated for the tax years 2018-2025 as a result of the TCJA, but company prices remain deductible for the self-employed and groups.)

are you able to write off lawyer’s prices?

The identical rules frequently apply to hairdressing charges as prison fees. yes, for precise. felony fees have to also be commonplace and essential in your alternate or business to be deductible.

accept as true with it or now not, even expenses paid to a criminal defense lawyer may be deductible. whereas legal professionals and judges have quarreled about the particulars through the years - even carving out public coverage exceptions - the guideline stands that if the motion in any other case meets the criteria for a sound enterprise fee, it’s deductible.

there is, youngsters, one notable exception: no deduction is allowed for criminal expenses incurred in in simple terms own litigation.

are you able to explain why the “20 percent answer” is even an issue?

once again, I haven’t seen the returns and i can’t talk to the validity or appropriateness of the consultancy funds. however what caught my eye - and i’m certain different tax professionals as smartly - is the alleged consistency of the dimension of the payments (20%) no matter the transaction. There can be a valid cause of this type of component and that’s an illustration of where extra documentation is essential.

one of the vital issues that I tell my shoppers is that your facts should at all times aid your deductions: rounding or guessing isn’t satisfactory. And that’s principally the case when these numbers indicate a pattern. Numbers that seem too respectable to be true are nearly always a red flag. The IRS is aware of in addition to you try this your office telephone bill isn’t at all times $a hundred, and your workplace cleaners don’t earn 10% of your monthly receipts.

Is it against the law for the new york times to have the returns?

I’ve been asked this lots. Some taxpayers believe that their tax returns are private… which is barely partly real.

No inside profits provider (IRS) worker has the right to readily browse through taxpayer facts: it’s against the law to inspect tax returns without being authorized to achieve this. Congress, asserting that it "views any unauthorized inspection of tax return tips as a very severe offense," handed the Taxpayer shopping insurance plan Act of 1997 (Public legislation No. one zero five-35), which made such an inspection a criminal offense.

And the internal profits Code mandates, in section 6103, that "returns and return tips might be private" apart from when in any other case certainly licensed.

below part 7213 of the Tax Code, unauthorized willful disclosure of any return or return assistance by means of a federal employee (and certain other humans) is a prison; and under part 7431 of the Tax Code, civil damages may also also be acceptable for willful of negligent violations, reckoning on the cases. in addition, if convicted of such a criminal offense, a federal employee can be suspended or fired. but those guidelines follow to federal employees, no longer private residents. a private citizen - like a companion and or an ex-spouse - can also legally have access to a taxpayer’s tax return. And, once your tax return counsel is disclosed to a 3rd birthday celebration, that suggestions is no longer included below federal tax laws.

according to the instances, the paper “acquired tax-return statistics extending over more than two decades for Mr. Trump and the lots of of groups that make up his company firm, together with designated assistance from his first two years in office.” The instances declined to deliver the facts for evaluation to a lawyer for the Trump corporation “with a purpose to protect its sources.”

So, I don’t be aware of if they acquired the facts legally, however with ease having a person else’s tax or fiscal information isn’t against the law.

(up to date so as to add: The instances one at a time posted an Editor’s notice confirming that the returns have been obtained legally. that you could read it right here.)

What else may still they be on the lookout for?

It may also be fun to play armchair (tax) detective, however as you study via articles this week, do me two favors:

  • Be considerate about what you’re reading. count on relied on sources, and the place possible, healthy tax objects to code sections or court docket situations. Don’t assume some thing is correct simply because your favorite pundit says so.
  • be patient, but no longer necessarily dismissive. once more, the instances claims to have the returns: most other tax writers, like me, do not. So we’re relying on what they agree with to be respectable advice - and it’s not every little thing. however that doesn’t imply that you should brush aside it all out of hand. The instances raises some legitimate questions that shouldn’t be ignored. As I study during the article - and your questions - I’m reminded of whatever that departing IRS-CI Chief Don fort used to stress: voluntary compliance is the basis of their tax system, and no one is above the legislation.

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