End of Course 2 Quiz
Quiz Summary
0 of 123 Questions completed
Questions:
Information
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 123 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- End of Course 2 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 81
- 82
- 83
- 84
- 85
- 86
- 87
- 88
- 89
- 90
- 91
- 92
- 93
- 94
- 95
- 96
- 97
- 98
- 99
- 100
- 101
- 102
- 103
- 104
- 105
- 106
- 107
- 108
- 109
- 110
- 111
- 112
- 113
- 114
- 115
- 116
- 117
- 118
- 119
- 120
- 121
- 122
- 123
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 123
1. Question
What does the acronym FDAP mean for purposes of chapter 3?
CorrectIncorrect -
Question 2 of 123
2. Question
Which of the following is not a fact about banks?
CorrectIncorrect -
Question 3 of 123
3. Question
True or False. Banks and brokers make similar types of payments.
CorrectIncorrect -
Question 4 of 123
4. Question
What types of income might a mutual fund have to report to its investors?
CorrectIncorrect -
Question 5 of 123
5. Question
True or False: In this example, Investor 2 is an indirect investor.
CorrectIncorrect -
Question 6 of 123
6. Question
Which organization is a nonfinancial services organization?
CorrectIncorrect -
Question 7 of 123
7. Question
What is one of the questions we need to think about when we are identifying the payee or beneficial owner?
CorrectIncorrect -
Question 8 of 123
8. Question
How do we source personal services income?
CorrectIncorrect -
Question 9 of 123
9. Question
True or False. U.S. law treats U.S. persons and non-U.S. persons differently for U.S. tax purposes.
CorrectIncorrect -
Question 10 of 123
10. Question
What is the name of the test that helps determine whether a person is a U.S. person?
CorrectIncorrect -
Question 11 of 123
11. Question
Select the correct calculation for determining the substantial presence test for the year 2025.
CorrectIncorrect -
Question 12 of 123
12. Question
What is an example of when backup withholding may apply to a payment?
CorrectIncorrect -
Question 13 of 123
13. Question
True or False: Rental payments are sourced based on where the rental property is located.
CorrectIncorrect -
Question 14 of 123
14. Question
A disregarded entity that is eligible for treaty benefits in a jurisdiction outside of the United States, where it is treated as a regarded entity, should complete which form?
CorrectIncorrect -
Question 15 of 123
15. Question
True or False. Banks, brokers, and insurance companies likely are impacted by chapter 4 and the Common Reporting Standard or the CRS.
CorrectIncorrect -
Question 16 of 123
16. Question
Which is a type of non-U.S. person?
CorrectIncorrect -
Question 17 of 123
17. Question
Which of the following is not a type of U.S. taxpayer identification number?
CorrectIncorrect -
Question 18 of 123
18. Question
True or False. Withholding agents and payors do not need to cross reference the information on Form W-9 with their books and records.
CorrectIncorrect -
Question 19 of 123
19. Question
Which of the following is one of the U.S. federal tax classifications available on Line 3 of the Form W-9?
CorrectIncorrect -
Question 20 of 123
20. Question
When must a withholding agent or payor apply presumption rules?
CorrectIncorrect -
Question 21 of 123
21. Question
True or False. Withholding agents and payors do not need to cross reference the information on Form W-9 with their books and records.
CorrectIncorrect -
Question 22 of 123
22. Question
Why do non-U.S. individuals or humans provide a Form W-8BEN to a withholding agent?
CorrectIncorrect -
Question 23 of 123
23. Question
Which of the following would be required on a Form W-8BEN?
CorrectIncorrect -
Question 24 of 123
24. Question
For purposes of Form W-8BEN, what is a ‘change in circumstances?’
CorrectIncorrect -
Question 25 of 123
25. Question
If a person includes a U.S. mailing address on Form W-8BEN, then what would it also have to provide to a withholding agent to cure the U.S. mailing address?
CorrectIncorrect -
Question 26 of 123
26. Question
Which of the following is not a reason that a non-U.S. individual would use a Form W-8BEN?
CorrectIncorrect -
Question 27 of 123
27. Question
Generally, how many chapter 4 status types should a beneficial owner check on Line 5 of Form W-8BEN-E?
CorrectIncorrect -
Question 28 of 123
28. Question
Form W-8BEN-E is for ___________ to certify status as a non-U.S. persons that are beneficial owners of certain income.
CorrectIncorrect -
Question 29 of 123
29. Question
On Form W-8BEN-E, there is a line for LOB provisions. What does LOB mean?
CorrectIncorrect -
Question 30 of 123
30. Question
Where is the best place to find the most recent revision of Form W-8BEN-E?
CorrectIncorrect -
Question 31 of 123
31. Question
What type of additional documentation would be appropriate to substantiate a treaty claim on Form W-8BEN-E when a person resides in a treaty country but uses a mailing address in a different country?
CorrectIncorrect -
Question 32 of 123
32. Question
Upon completing a Form W-8BEN-E, where should the beneficial owner send it?
CorrectIncorrect -
Question 33 of 123
33. Question
Certification of which status consumes most of the pages and parts on Form W-8BEN-E?
CorrectIncorrect -
Question 34 of 123
34. Question
What types of Nonfinancial Foreign Entities or NFFEs are able to certify s tatus as such and as a beneficial owner on Form W-8BEN-E?
CorrectIncorrect -
Question 35 of 123
35. Question
What makes Form W-8ECI unlike Forms W-8BEN and BEN-E?
CorrectIncorrect -
Question 36 of 123
36. Question
Which beneficial owners will have to sign Forms W-8ECI?
CorrectIncorrect -
Question 37 of 123
37. Question
On a Form W-8ECI, is a beneficial owner required to enter information regarding items of income that are effectively connected with the conduct of a trade or business in the United States?
CorrectIncorrect -
Question 38 of 123
38. Question
Is a beneficial owner required to enter information regarding items of income that are effectively connected with the conduct of a trade or business in the United States?
CorrectIncorrect -
Question 39 of 123
39. Question
Why would exempt entities provide a Form W-8EXP to a withholding agent?
CorrectIncorrect -
Question 40 of 123
40. Question
What is the full title of Form W-8EXP?
CorrectIncorrect -
Question 41 of 123
41. Question
Which of the following is not a certification that an entity will sign under penalty of perjury on Form W-8EXP?
CorrectIncorrect -
Question 42 of 123
42. Question
Generally, are governments of a possession of the United States generally exempt from U.S. federal income tax and withholding?
CorrectIncorrect -
Question 43 of 123
43. Question
Which of the following is not an International Organization?
CorrectIncorrect -
Question 44 of 123
44. Question
Which of the following is found on Forms W-8EXP, W-8BEN-E, and W-8BEN?
CorrectIncorrect -
Question 45 of 123
45. Question
Where would an entity find the full title on Form W-8EXP?
CorrectIncorrect -
Question 46 of 123
46. Question
Which of the following is not a checkbox for type of entity on Form W-8EXP?
CorrectIncorrect -
Question 47 of 123
47. Question
Which of the following is not a Part on Form W-8IMY?
CorrectIncorrect -
Question 48 of 123
48. Question
What type of TIN will an QI have to provide on Form W-8IMY?
CorrectIncorrect -
Question 49 of 123
49. Question
When an intermediary signs Form W-8IMY under penalties of perjury, does the withholding statement also become part of the signature under penalties or perjury?
CorrectIncorrect -
Question 50 of 123
50. Question
Which of the following is a ‘good’ FFI?
CorrectIncorrect -
Question 51 of 123
51. Question
By signing Form W-8IMY the authorized representative, officer, or agent also agrees to provide a new form within how many days following a change in circumstances (unless no future payments will be made to the intermediary or flow-through entity by the withholding agent and the requestor does not need an updated form for chapter 4 purposes)?
CorrectIncorrect -
Question 52 of 123
52. Question
What does IMY mean in the form title Form W-8IMY?
CorrectIncorrect -
Question 53 of 123
53. Question
What is the full title of Form W-8IMY?
CorrectIncorrect -
Question 54 of 123
54. Question
Why do intermediaries and flow-through entities provide Forms W-8 to withholding agents and payors?
CorrectIncorrect -
Question 55 of 123
55. Question
Which of the following are treated as recipients and do not have to provide underlying beneficial owner withholding certificates or other information relevant for purposes of completing U.S. information reporting and withholding obligations?
CorrectIncorrect -
Question 56 of 123
56. Question
Which of the following is an example of persons that would use Form 8233.
CorrectIncorrect -
Question 57 of 123
57. Question
Generally, what causes personal services income to be treated as U.S. source income?
CorrectIncorrect -
Question 58 of 123
58. Question
To which of the following will the beneficial owner of Form 8233 certify when he or she signs the form?
CorrectIncorrect -
Question 59 of 123
59. Question
What are some examples of personal dependent services that would be considred detailed enough to provide the reviewer with enough information to understand the nature of the dependent personal services?
CorrectIncorrect -
Question 60 of 123
60. Question
For which of the following must individuals or humans complete a separate Form 8233?
CorrectIncorrect -
Question 61 of 123
61. Question
In very general terms, what is the definition of withholding?
CorrectIncorrect -
Question 62 of 123
62. Question
Generally, to which types of income does backup withholding apply under section 3406?
CorrectIncorrect -
Question 63 of 123
63. Question
Which of the following would require a payor to backup withhold on reportable payments to a payee?
CorrectIncorrect -
Question 64 of 123
64. Question
Which of the following explains when an amount is considered to be paid for purposes of applying backup withholding?
CorrectIncorrect -
Question 65 of 123
65. Question
Which of the following statements is true about a withholding agent?
CorrectIncorrect -
Question 66 of 123
66. Question
Which of the following are NOT types of FDAP income.
CorrectIncorrect -
Question 67 of 123
67. Question
So long as a lower rate of withholding does not apply, generally, what is the chapter 3 withholding rate?
CorrectIncorrect -
Question 68 of 123
68. Question
Which of the following reduced rates of withholding are available under chapter 4?
CorrectIncorrect -
Question 69 of 123
69. Question
Which of the following describes a business day?
CorrectIncorrect -
Question 70 of 123
70. Question
Which of the following can be traits of a withholding agent?
CorrectIncorrect -
Question 71 of 123
71. Question
Which of the following are types of information reporting penalties?
CorrectIncorrect -
Question 72 of 123
72. Question
Form 1099 reporting is governed generally by which chapter in the Internal Revenue Code
CorrectIncorrect -
Question 73 of 123
73. Question
How many types of income can a payor or withholding agent report on one single Form 1042-S?
CorrectIncorrect -
Question 74 of 123
74. Question
Which of the following does not describe the term U.S. payor?
CorrectIncorrect -
Question 75 of 123
75. Question
Which of the following details are required are Form 1099?
CorrectIncorrect -
Question 76 of 123
76. Question
Which of the following is a tax return that is filed with the IRS only?
CorrectIncorrect -
Question 77 of 123
77. Question
Which of the following is a way for payors to abate IRS filing penalties?
CorrectIncorrect -
Question 78 of 123
78. Question
Which of the following is not a type of FFI?
CorrectIncorrect -
Question 79 of 123
79. Question
The Common Reporting Standard, or the CRS, is governed by what rules?
CorrectIncorrect -
Question 80 of 123
80. Question
Forms 1099 generally include two addresses from which of the following persons?
CorrectIncorrect -
Question 81 of 123
81. Question
What is the threshold for reporting rents on Form 1099-MISC?
CorrectIncorrect -
Question 82 of 123
82. Question
What would a payor enter in the Other Income box on Form 1099?
CorrectIncorrect -
Question 83 of 123
83. Question
Why would payors use the boxes on Form 1099-DIV related to State reporting?
CorrectIncorrect -
Question 84 of 123
84. Question
Which of the following is not a situation where a withholding agent would have to file Form 1042?
CorrectIncorrect -
Question 85 of 123
85. Question
What would you expect to see at the top left of Form 1042?
CorrectIncorrect -
Question 86 of 123
86. Question
Does a withholding agent have to enter its chapter 3 status code on Form 1042?
CorrectIncorrect -
Question 87 of 123
87. Question
What does a withholding agent enter in the Record of Federal Tax Liability section on Form 1042?
CorrectIncorrect -
Question 88 of 123
88. Question
What is an escrow with respect to Form 1042 reporting?
CorrectIncorrect -
Question 89 of 123
89. Question
Form 1042 is an aggregate report that includes the information from all of which forms it issued for a calendar year?
CorrectIncorrect -
Question 90 of 123
90. Question
What does the reconciliation section of Form 1042 require?
CorrectIncorrect -
Question 91 of 123
91. Question
For purposes of Form 1042 filings, all deposit payments must be made in what currency?
CorrectIncorrect -
Question 92 of 123
92. Question
What happens when a withholding agent makes a late payment of tax?
CorrectIncorrect -
Question 93 of 123
93. Question
Which of the following types of income must be reported on Form 1042-S?
CorrectIncorrect -
Question 94 of 123
94. Question
Which of the following types of income is not reportable on Form 1042-S?
CorrectIncorrect -
Question 95 of 123
95. Question
When reporting on Form 1042-S, what type of withholding may apply?
CorrectIncorrect -
Question 96 of 123
96. Question
Which of the following correctly describes the format of an Income Code on Form 1042-S?
CorrectIncorrect -
Question 97 of 123
97. Question
On Form 1042-S, which currency should the withholding agent use to report Gross Amount of income paid during the calendar year?
CorrectIncorrect -
Question 98 of 123
98. Question
What are the only allowable chapter 4 withholding rates on Form 1042-S?
CorrectIncorrect -
Question 99 of 123
99. Question
Which of the following is not an available Chapter 4 Exemption on Form 1042-S?
CorrectIncorrect -
Question 100 of 123
100. Question
Which Country Codes would a withholding agent use to complete Forms 1042-S?
CorrectIncorrect -
Question 101 of 123
101. Question
On Form 1042-S, what does LOB stand for?
CorrectIncorrect -
Question 102 of 123
102. Question
Which of the following is not treated as a recipient for purposes of Form 1042-S?
CorrectIncorrect -
Question 103 of 123
103. Question
What is Form 1042-T?
CorrectIncorrect -
Question 104 of 123
104. Question
If a withholding agent discovers a mistake on a Form 1042-S, when would it correct that mistake?
CorrectIncorrect -
Question 105 of 123
105. Question
Which of the following is a penalty related to Form 1042-S reporting?
CorrectIncorrect -
Question 106 of 123
106. Question
Which two IRS Publication are helpful in providing guidance on Form 1042-S reporting?
CorrectIncorrect -
Question 107 of 123
107. Question
In the Chapter 3 Exemption Code Box, if there is no exemption available, what code with the withholding agent enter and what amount should reflect as the chapter 3 withholding rate?
CorrectIncorrect -
Question 108 of 123
108. Question
Which of the following is a withholding agent required to enter on Form 1042-S?
CorrectIncorrect -
Question 109 of 123
109. Question
Certain countries or jurisdictions that agree to be compliant with chapter 4 entered into what type of agreement with the United States?
CorrectIncorrect -
Question 110 of 123
110. Question
Where would an FFI report withholding on Form 8966?
CorrectIncorrect -
Question 111 of 123
111. Question
Form 8966 has five parts. Which parts do filers have to complete?
CorrectIncorrect -
Question 112 of 123
112. Question
Which of the following are examples of filer category codes on Form 8966?
CorrectIncorrect -
Question 113 of 123
113. Question
Which of the following is not required on Form 8966 for an account holder or payee?
CorrectIncorrect -
Question 114 of 123
114. Question
Which of the following ways to file Form 8966 is allowable for a financial institution?
CorrectIncorrect -
Question 115 of 123
115. Question
On Form 8966, a valid currency code is in what format?
CorrectIncorrect -
Question 116 of 123
116. Question
On Form 8966, for which of the following may a Participating FFI do pooled reporting?
CorrectIncorrect -
Question 117 of 123
117. Question
Filers that submit paper Forms 8966 must assign a unique identifying number to each Form 8966 that they file. The identifying number must be exactly how many digits or numbers and generally filers begin with which number?
CorrectIncorrect -
Question 118 of 123
118. Question
Where do financial institutions in a Model 1 IGA country file their Forms 8966 or XML files?
CorrectIncorrect -
Question 119 of 123
119. Question
What does XML stand for and what is it?
CorrectIncorrect -
Question 120 of 123
120. Question
Which IRS Publication provides guidance on the FATCA XML Schema and IDES?
CorrectIncorrect -
Question 121 of 123
121. Question
Which of the following is not one of the four DocType indicators we might see on a FATCA XML file?
CorrectIncorrect -
Question 122 of 123
122. Question
On a FATCA XML file, AddressFree will allow the filer to enter an address in an open text box with no restrictions. AddressFix will require the information to be parsed by field into street, building identifier, suite identifier, floor identifier, district name, postal code, city, and country. What might the AddressFree might include:
CorrectIncorrect -
Question 123 of 123
123. Question
On a FATCA XML file, what classification would be included in the OrganizationParty_Type field?
CorrectIncorrect