H&R Block Tax Associate Interview Questions and Answers

Internal Audit, Case scenario, Problem solving, Risk Identification, SOP, Controls

Q1. Tell me something about yourself, brief family background,
Ans. 
I come from a close-knit family with a diverse background.
• I have two siblings, an older brother and a younger sister.

• My parents are both professionals, my father is a doctor and my mother is a lawyer.

• We have a strong bond and often spend quality time together, such as going on family vacations or celebrating special occasions.

• Growing up, my family instilled in me the values of hard work, integrity, and compassion.

• My fa...read more
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Q2. Latest Joining date and Why this organization?
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My latest joining date is 1st July 2022. I chose this organization because of its strong reputation, growth opportunities, and alignment with my career goals.
• Latest joining date: 1st July 2022

• Chose this organization due to its strong reputation

• Opportunities for growth and development

• Alignment with my career goals
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Q1. They ask questions on basic accounting, prepaid & provision entries.
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Q2. Excel - v lookup h lookup pivot table
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Q3. Tell me aboutyourself
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Q1. What is AR and the Journal entries related to it
Ans. 
AR stands for Accounts Receivable. Journal entries related to it are transactions that record the amount owed to a company by its customers.
• AR is a type of asset account that represents money owed to a company by its customers

• Journal entries related to AR include recording sales on credit, receiving payments from customers, and writing off bad debts

• Example: Recording a sale on credit would involve debiting AR and credi...read more
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Q2. Company ABC Ltd was provided services worth 1,00,000 and 10% TDS deducted, what should be the Journal entry
Ans. 
Journal entry for services worth 1,00,000 with 10% TDS deducted
• Debit the TDS account with 10,000

• Credit the vendor account with 90,000

• Credit the TDS payable account with 10,000
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Q3. If it becomes Insolvent what should be the entry.
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If a company becomes insolvent, the entry should be recorded as a loss in the financial statements.
• Insolvency occurs when a company is unable to pay its debts and liabilities.

• The entry to record insolvency typically involves recognizing a loss on the balance sheet.

• The specific accounts affected will depend on the nature of the insolvency and the company's accounting policies.

• For example, if a company becomes insolvent ...read more
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Q4. In case the Bad debt is recovered what should be the entry
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If bad debt is recovered, the entry should be a reversal of the original bad debt write-off entry.
• Create a journal entry to reverse the original bad debt write-off entry

• Debit the bad debt recovery account for the amount recovered

• Credit the accounts receivable account for the same amount

• If any interest or fees were charged on the bad debt, those should be credited to the income account

• If the bad debt was previously writ...read more
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Q1. Some questions of IA and it's background. process related questions
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Q1. What is Passive foreign Investment company
Ans. 
Passive Foreign Investment Company (PFIC) is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets produce passive income.
• PFIC status can have significant tax implications for U.S. taxpayers.

• Taxpayers must report PFIC investments on Form 8621.

• PFIC rules are complex and may require specialized tax advice.

• Examples of PFICs include certain foreign mutual funds and holding co
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Q2. What is Form 5471
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Form 5471 is a tax form used by certain U.S. persons who are shareholders in certain foreign corporations.
• Required to be filed by U.S. persons who are officers, directors, or shareholders in certain foreign corporations

• Provides information on the foreign corporation's financial activities and ownership structure

• Helps the IRS prevent tax evasion through controlled foreign corporations

• Different filing requirements based ...read more
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Q3. Questions on Form 1040
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Q1. Questions on form 1040
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Q2. Questions on what type of structure in tax would I select to work in BDO
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Q1. Questions on form 1040 & everything was covered
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Q2. Questions on Form 5471
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Q3. Questions on form 962
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Q1. Why you want to join
Ans. 
I am passionate about the industry and believe I can contribute positively to the team.
• Passionate about the industry and eager to learn and grow

• Believe my skills and experience align well with the company's goals

• Excited about the opportunity to work with a talented team and make a meaningful impact
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Q2. How you would be beneficial
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I would be beneficial by bringing a strong work ethic, excellent communication skills, and a proven track record of success.
• Strong work ethic - consistently meeting deadlines and exceeding expectations

• Excellent communication skills - ability to effectively communicate with team members and clients

• Proven track record of success - previous achievements and positive feedback from supervisors
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