How Long Must Each Practitioner Maintain Records of Their Completed

question 20

Multiple Choice

How long must each practitioner maintain records of their completed CPE credits?

• A)CPE credit information does not have to be retained by the Enrolled Agent since the qualifying organization provides the Office of Professional Responsibility a list of each participant that completed CPE credits.
• B)CPE credit information must be maintained for a period of three (3) years from the date they are completed.
• C)CPE credit information must be retained for a period of three (3) years following the date of renewal of enrollment
• D)CPE credit information must be retained for a period of one (1) year following the year they are completed.

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Definitions:

Fiscal Year

A fiscal year refers to a 12-month period utilized by businesses and governments for the purposes of financial reporting and budgeting, and it doesn't always align with the calendar year.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting the decrease in value of the asset over time.

Balance Sheet

A financial report that offers a glimpse into a company's financial health at a given moment, breaking down the company's assets, debts, and owner's equity.

Equipment

Durable goods used in the operation of a business, not intended for sale, often contributing to the production of other goods or services.