Question A-18 Bob has been preparing tax returns in San Francisco, CA for over 15 years. With the IRS enhancing the Fax Pro Account to facilitate online management of client authorizations and access to tax information, what advantages does this provide to tax professionals like Bob? a) Bob is required to adhere to traditional authorization practices, including faxing and mailing documents, as the Tax Pro Account does not accommodate these processes electronically. b) The Tax Pro Account offers Bob the ability to instantly access clients' tax details, oversee and revoke POAs and TIAs directly, and streamline authorization requests via the IRS online account, significantly improving operational efficiency. c) The platform restricts Bob from submitting POA or TIA requests through clients' IRS online accounts, hindering the effective handling of client authorizations. d) The Tax Pro Account solely caters to business-related authorizations, preventing Bob from applying it to his work with individual client authorizations, such as POAs and TIAs. Question A-19 Starting on January 1, 2024, a significant regulatory change will impact many U.S. businesses, requiring em to report their "beneficial owners" (individuals who ultimately control or own the company) to an ganization named "FinCEN". What does this new rule entail for entities like corporations and LLCs? a) All businesses, regardless of size, are exempt from reporting beneficial ownership information to any federal agency. b) Corporations and LLCs must now provide detailed information about individuals who effectively own or control the business to FinCEN, aiming to enhance transparency. c) Only multinational corporations are required to comply with the beneficial ownership reporting, sparing small businesses and LLCs from this mandate. d) Businesses are encouraged to voluntarily disclose beneficial owner information as part of a pilot program without any legal obligation. right . A B Educate, Professional Tax School - 2024 - All Rights Reserved