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If a taxpayer missed the April 15 deadline, he or she may have to pay penalties and interest. However, the IRS will consider a reduction of these penalties for reasonable cause.

True
False

Answer: True
The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However [...]

The IRS has expanded the functionality for a tax preparer to update an online PTIN Account. From their Facebook page, The IRS Return Preparer Office notes the following changes:
- "Manage My Account" is fully functional allowing a tax preparer to self-correct almost any field at any time (including professional credentials.)
- A tax preparer can now [...]

A  penalty in what amount may be imposed for a tax preparer who endorses or negotiates any check issued to a taxpayer?

$100
$200
$250
$500
$1,000

Answer: $500
Per IRC § 6695(f) – There is a $500 penalty for a tax return preparer who endorses or negotiates any check made in respect of taxes imposed by Title 26 which is issued [...]

Among other requirements, business expenses for sole proprietors of smaller businesses must be what amount to use Schedule C-EZ?

$5,000 or less
$7,000 or less
$9,000 or less
$10,000 or less
$20,000 or less

Answer: $5,000 or less
A taxpayer may use Schedule C-EZ instead of Schedule C only if he or she had business expenses of $5,000 or less, used the cash method [...]

Among other conditions, a taxpayer must make estimated tax payments for the current tax year if he or she expects to owe at least what amount in tax for the current tax year, after subtracting withholding and credits?

$750
$1,000
$1,500
$1,750
$2,000

Answer: $1,000
A taxpayer must make estimated tax payments for the current tax year if both of the following apply:

He [...]