Moss Adams Tax Consultant Interview Questions and Answers

Easy questions
Tax concepts

Q1. Qualifications Willing to relocate
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Q1. Tell me about your self
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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. Golden rules of accounting
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Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a compa...read more
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Q2. Journal entry in basic
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A journal entry is a record of a financial transaction in a company's accounting system.
• Journal entries consist of a debit and credit entry to different accounts

• Debits are recorded on the left side and credits on the right side

• The total debits must equal the total credits in a journal entry
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Basic accounting problems and concepts with simple logical reasoning questions.

Q1. If the clients annual income is Rs. 1400000 what is their tax liability?
Ans. 
Tax liability for a client with an annual income of Rs. 1400000.
• Calculate the tax liability based on the income tax slabs applicable in the country.

• Consider any deductions or exemptions that the client may be eligible for.

• Consult a tax professional or use an online tax calculator for accurate results.
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Q1. Basic accounting
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US Tax Related Question

Q1. Accounting definitions
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Q2. Principles of Accounting & Some journal entries
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Understanding principles of accounting and journal entries is essential for a Tax Associate role.
• Principles of accounting include matching principle, revenue recognition principle, and cost principle

• Journal entries are used to record financial transactions in the accounting system

• Examples of journal entries include recording revenue, expenses, and asset purchases
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Q3. Self introducing
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Q1. Salary discussion
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Q2. Self introduction
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Q1. Current designation details
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BASIC APPTITUDE WHICH COVERS ALL IMPORTANT TOPICS

The GD will be any topic mine is AI in finance