Tennessee CPA Journal Self-Study CPE Exam

Sponsored by the Educational & Memorial Foundation of the Tennessee Society of CPAs
Recommended CPE Credit: 1 hour

Issue Date: November/December 2009
Exam valid through June 1, 2010.
Must be postmarked on or
before June 1, 2010.

If you are not a member of TSCPA, please send a check for $20 payable to the Educational & Memorial Foundation of TSCPA.

If you have not taken this exam before or have questions, please read the Instructions.

This form will be sent to TSCPA electronically and you will receive your graded exam via e-mail. Please click here if you intend to mail or fax the exam to TSCPA. Click here for help.

True

False

From “Federal Tax Liaison Meeting”
1. High income is defined as total positive income in excess of $1,000,000. All expenses are included when the IRS considers returns for audit.
2. Approximately 90 percent of all tax court cases are settled by appeals.
From “Debt Renegotiation: Tax Traps for the Unwary Business”

3. The issue price is calculated by determining the current value as of the date of modification of all future payments of the modified loan, using the appropriate applicable federal rate (AFR).

From “Preparing for Your 403(B) Audit”
4. Generally, the Form 5500 is due four months after the plan year-end but can be extended for an additional month. Plans not complying with these filing deadlines are subject to penalties of up to $1,500 a day.

From “What Auditors of Local Governments Need to Know About The American Recovery and Reinvestment Act”
5. According to the ARRA, reporting should not begin until the grant has been received or expended.
6. The Division of County Audit will be performing real-time reviews of ARRA grants in selected counties.

From “Roth IRA Conversions: New Rules for 2010”
7. For Roth IRA conversions occurring in 2010, half of the income from the 2010 conversion is taxable in 2011, and the remaining half is taxable in 2012.
 

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Instructions

Members may earn free CPE by reading the Tennessee CPA Journal. To be eligible for continuing professional education credit, you should spend approximately one to two hours reading the material in the current issue of the Tennessee CPA Journal. Then answer the following questions by darkening the circle which represents the best answer. Certify that you have completed the reading requirement for this exam by signing below. You must answer five of the seven questions correctly to receive credit. You should receive a copy of your graded test within four weeks of the date of submission. If you have not received a response within this time, please call TSCPA at 615/377-3825 or toll-free 1-800/762-0272. This program has been approved by the Tennessee State Board of Accountancy. This exam qualifies for credit under the reporting sub-category "Other - Code 10. " CPAs licensed to practice in Tennessee may earn up to 20 percent of their total CPE requirements through this type of examination.