Free Tax Compliance and Planning (TCP) Exam Questions and Answers
Tax Compliance and Planning (TCP) is one of the AICPA tests covered here. AICPA and CIMA administer several separate credentials rather than tiers of one ladder, and their entry rules differ sharply — CFF, PFS and CITP all require an active CPA licence, while ABV is the only one with a route open to non-CPAs. The CPA Exam itself is not theirs alone: AICPA writes and scores it, NASBA handles applications and scoring services, and the individual state boards grant the licence. Its structure changed in January 2024 under the CPA Evolution model, to three core sections in auditing, financial accounting and regulation plus one discipline section chosen from business analysis, information systems or tax compliance.
The first 10 questions on this page are free to read, answers included — no account and no card. A plan opens the rest of the bank, the full timed practice test and your weak-topic reporting.
Last updated: September 13, 2026
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Question #1
A taxpayer receives a gift of stock worth $30,000 from their grandmother. What is the tax implication for the taxpayer?
Please select an optionIncorrectCorrect answer: D
Gifts received are not taxable income for the receiver.
Was this answer correct?Question #2
A couple files jointly and has a taxable income of $120,000. What tax rate apply?
Please select an optionIncorrectCorrect answer: A
For 2023, the tax rate for joint filers for incomes of $90,001 to $170,050 is 22%.
Was this answer correct?Question #3
Which of the following may claim a child tax credit if the requirements are met?
Please select an optionIncorrectCorrect answer: B
The credit can be claimed by any qualifying parent or guardian.
Was this answer correct?Question #4
A self-employed individual makes contributions to a traditional IRA. What is the maximum contribution limit for 2023?
Please select an optionIncorrectCorrect answer: D
The limit for those over 50 is $7,000 in 2023 for traditional IRAs.
Was this answer correct?Question #5
A client wants to know the penalty for early distribution from their retirement account before age 59_. What is the penalty percentage?
Please select an optionIncorrectCorrect answer: C
The penalty for early withdrawal from retirement accounts is typically 10%.
Was this answer correct?Question #6
Which of the following expenses is typically considered deductible for a self-employed individual?
Please select an optionIncorrectCorrect answer: B
Business meals are generally deductible, while the others are not.
Was this answer correct?Question #7
A taxpayer has a short-term capital gain of $4,000 and a long-term capital loss of $1,000. What is the net capital gain or loss?
Please select an optionIncorrectCorrect answer: D
The net capital gain is calculated as short-term gains minus long-term losses.
Was this answer correct?Question #8
Which of these items is subject to sales tax?
Please select an optionIncorrectCorrect answer: D
Restaurant meals are among the typical items subject to sales tax.
Was this answer correct?Question #9
A taxpayer volunteers for a charity and incurs out-of-pocket expenses. What portion is deductible?
Please select an optionIncorrectCorrect answer: A
Out-of-pocket expenses related to volunteer work are generally not deductible.
Was this answer correct?Question #10
What is the standard deduction for a head of household in 2023?
Please select an optionIncorrectCorrect answer: A
The standard deduction for head of household in 2023 is $19,400.
Was this answer correct?
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FAQ
Learn More: https://www.aicpa-cima.com/resources/toolkit/cpa-exam
- Q1: What is the Tax Compliance and Planning (TCP) exam?
- A: Tax Compliance and Planning (TCP) is a AICPA certification exam. Judging by the questions in our bank, it concentrates on taxpayer, couple, deductible, income and expenses.
- Q2: What topics does the Tax Compliance and Planning (TCP) exam cover?
- A: Questions in our Tax Compliance and Planning (TCP) bank cluster around taxpayer, couple, deductible, income, expenses, taxes, incurs and pays. Working through the full set is the quickest way to find which of these you are weakest on.
- Q3: How should I prepare for Tax Compliance and Planning (TCP)?
- A: Work through the Tax Compliance and Planning (TCP) practice questions here, checking your answer on each one, then sit the practice test to rehearse the exam under timed conditions before the real thing.
- Q4: Are these real Tax Compliance and Planning (TCP) exam questions?
- A: They are drawn from officially released past questions and from community members who have sat Tax Compliance and Planning (TCP). Answers are verified and updated weekly.
- Q5: Where do I register for the Tax Compliance and Planning (TCP) exam?
- A: Register through AICPA directly at https://www.aicpa-cima.com/resources/toolkit/cpa-exam. Exampractice is not affiliated with AICPA and does not administer the exam.
- Q6: Is there a free Tax Compliance and Planning (TCP) sample?
- A: Yes. Every Tax Compliance and Planning (TCP) page shows a free sample of real questions. Upgrading opens the full bank and the practice test.
- Q7: What are AICPA Certification Exams?
- A: AICPA (American Institute of Certified Public Accountants) Certification Exams validate your expertise in accounting and finance, covering areas such as auditing, taxation, financial accounting, and business law. These exams are essential for becoming a Certified Public Accountant (CPA).
- Q8: Why should I pursue AICPA Certification?
- A: AICPA Certification enhances your professional credibility, demonstrating your proficiency in accounting and finance. This can lead to better job opportunities, higher salaries, and career advancement in the accounting and finance sectors.
- Q9: What are the benefits of AICPA Certification?
- A: Benefits include recognition as a certified accounting professional, improved job performance, access to exclusive resources, continuing education opportunities, and the ability to stay current with the latest accounting standards and best practices.
- Q10: Who should take AICPA Certification Exams?
- A: Aspiring accountants, finance professionals, auditors, tax advisors, and anyone pursuing a career in accounting or finance should consider these certifications to validate their expertise and achieve professional goals.
- Q11: What types of AICPA Certification Exams are available?
- A: The primary certification offered by AICPA is the CPA (Certified Public Accountant) exam, which consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).
- Q12: How do I prepare for AICPA Certification Exams?
- A: Preparation can include official AICPA study materials, CPA review courses, practice exams, and hands-on experience in accounting and finance.
- Q13: Where can I take AICPA Certification Exams?
- A: AICPA Certification Exams are administered at Prometric testing centers worldwide, providing flexibility to fit your schedule and location.
- Q14: How do AICPA Certifications impact my career?
- A: AICPA Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in the accounting and finance industry.
- Q15: Are there any prerequisites for AICPA Certification Exams?
- A: To sit for the CPA exam, candidates must meet specific educational and experience requirements, which vary by state. Check the specific requirements for your jurisdiction on the AICPA website.
- Q16: How often do I need to recertify for AICPA Certifications?
- A: CPAs must meet continuing professional education (CPE) requirements annually to maintain their certification and stay updated with the latest industry practices and regulations.