Tax Consulting Study Guide 2026

Everything you need to pass the Tax Consulting exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

📋 Tax Consulting Exam Format at a Glance

100

Questions

210 min

Time Limit

70.00%

Passing Score

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📚 Tax Consulting Topics to Study (33)

Income Tax Knowledge · 7 cards Registered Tax Return Preparer · 7 cards Income Tax Knowledge · 7 cards Income Tax Knowledge · 7 cards Income Tax Knowledge · 7 cards Income Tax Knowledge · 7 cards Registered Tax Return Preparer · 7 cards Registered Tax Return Preparer · 7 cards Registered Tax Return Preparer · 7 cards Registered Tax Return Preparer · 7 cards Tax Credits and Deductions · 7 cards Tax Credits and Deductions · 7 cards Tax Credits and Deductions · 7 cards Tax Management · 7 cards Tax Management · 7 cards Tax Management · 7 cards Tax Management · 7 cards Tax Management · 7 cards Business Tax Planning · 6 cards Business Tax Planning · 6 cards Business Tax Planning · 6 cards Estate and Gift Tax · 6 cards Estate and Gift Tax · 6 cards Estate and Gift Tax · 6 cards International Tax Fundamentals · 6 cards International Tax Fundamentals · 6 cards International Tax Fundamentals · 6 cards Tax Compliance and Reporting · 6 cards Tax Compliance and Reporting · 6 cards Tax Compliance and Reporting · 6 cards

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✍️ Sample Tax Consulting Questions & Answers

1. What is the standard deduction amount for a single filer for tax year 2024?

✓ $14,600

For tax year 2024, the standard deduction for a single filer is $14,600, adjusted annually for inflation by the IRS.

2. Which penalty applies to a taxpayer who substantially understates income tax (generally understating by more than 10% of correct tax or $5,000)?

✓ 20% accuracy-related penalty

The accuracy-related penalty for substantial understatement of income tax is 20% of the underpayment attributable to the understatement.

3. The GILTI (Global Intangible Low-Taxed Income) provision enacted by the TCJA primarily affects:

✓ US corporations with controlled foreign subsidiaries earning income above a routine return

GILTI taxes US corporations on the excess of their CFC net income above a 10% deemed return on tangible assets, targeting intangible income shifted to low-tax jurisdictions.

4. Which account allows tax-free growth and tax-free qualified withdrawals in retirement?

✓ Roth IRA

Roth IRA contributions are made after-tax, so qualified withdrawals including earnings are tax-free.

5. A client defers capital gains by reinvesting business real estate proceeds into similar property. This is a:

✓ Section 1031 like-kind exchange

A Section 1031 like-kind exchange defers capital gains tax when real property is exchanged for similar business or investment property.

6. Who must generally make quarterly estimated tax payments?

✓ Taxpayers with significant income not subject to withholding

Taxpayers with income not subject to withholding, such as the self-employed, typically owe quarterly estimated payments.

🎯 Free Tax Consulting Practice Tests

Tax Management · 7 questions Tax Credits and Deductions · 7 questions Tax Credits and Deductions · 7 questions Tax Credits and Deductions · 7 questions Registered Tax Return Preparer · 7 questions Registered Tax Return Preparer · 7 questions Registered Tax Return Preparer · 7 questions Registered Tax Return Preparer · 7 questions Tax Management · 7 questions Income Tax Knowledge · 7 questions

📖 Tax Consulting Guides & Articles

Your Tax Consulting Study Path

1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation

🃏 Flashcards (216)🏆 Exam Simulation