Forms and Schedules

Question 1

A partnership is filed on ____.

Answer 1

Form 1065

Question 2

____ are used to report payments of $600+ for rents, prizes, awards, crop insurance proceeds, certain health care payments, and gross proceeds paid to an attorney, as well as royalties over $10.

Answer 2

Form 1099-MISC

Question 3

_____ is used to report payment by credit card and third party transactions in aggregate of $2,500+.

Answer 3

1099-K

Question 4

_____ is used to report cash transactions over $10,000 to a business, and must be filed within 15 days.

Answer 4

Form 8300

Question 5

Federal unemployment tax act (FUTA) provides for unemployment compensation and is paid for by the business. It is reported on _____.

Answer 5

Form 940

Question 6

_____ is used to change a tax year.

Answer 6

Form 1128

Question 7

Section 444 election is a partnership or S corporation requests to use a tax year other than it’s required tax year by filing _____.

Answer 7

Form 8716

Question 8

An accounting method is chosen on the first tax return. After that, a change must be requested by filing ______.

Answer 8

Form 3115

Question 9

Home office deduction is available to self-employed taxpayers, as long as it is regularly and exclusively used for business. ______ is used to take this deduction.

Answer 9

Form 8829

Question 10

The General Business Credit (GBC) is the sum of various credits, which are claimed on separate forms and then totaled on ______.

Answer 10

Form 3800

Question 11

Investment Credit is claimed on ______ for rehabilitation of facilities, energy (i.e. solar), advanced coal, gasification project, advanced energy, or advanced manufacturing investment.

Answer 11

Form 3468

Question 12

Foreign Tax Credit for Corporations is claimed on ______.

Answer 12

Form 1118

Question 13

______ is used to claim depreciation or amortization.

Answer 13

Form 4562

Question 14

Gains and losses on dispositions of assets are reported on ______.

Answer 14

Form 4797

Question 15

Installment Sale income is reported on ______, and the gain is reported with each payment received.

Answer 15

Form 6252

Question 16

A corporation must file ______ each year of existence.

Answer 16

Form 1120

Question 17

S Corporations file ______ each year of existence.

Answer 17

Form 1120-S

Question 18

Foreign corporations file ______ each year of existence.

Answer 18

Form 1120-F

Question 19

Tax exempt corporations file ______ each year of existence.

Answer 19

Form 990

Question 20

An extension can be filed for a corporation using ______.

Answer 20

Form 7004

Question 21

______ obtains a refund of overpayment of estimated tax payments.

Answer 21

Form 4466

Question 22

Corporations must furnish ______ to each shareholder who receives a dividend of $10 or more during a calendar year.

Answer 22

Form 1099-DIV

Question 23

______ must be filed to dissolve a corporation within 30 days after the resolution is adopted to dissolve.

Answer 23

Form 966

Question 24

______ is used for businesses to be treated as an S Corporation. All shareholders must give consent by signing that form.

Answer 24

Form 2553

Question 25

Sharecropping is reported on _______.

Answer 25

Form 4835

Question 26

______ is the application for 501c3 status.

Answer 26

Form 1023

Question 27

A 501c3 with less than $50,000 in gross receipts may file _______ (e-postcard).

Answer 27

Form 990-N

Question 28

A tax exempt org with less than $200,000 gross receipts and less than $500,000 in assets can use _______.

Answer 28

Form 990-EZ

Question 29

An exempt org with unrelated business income of more than $1,000 must file ______.

Answer 29

Form 990-T

Question 30

The administrator of an employee benefit plan must file a ______ each year by the end of the 7th month after the plan year ends.

Answer 30

Form 5500

Question 31

______ is available only for benefit plans that cover just an owner and their spouse.

Answer 31

Form 5500-EZ

Question 32

Defined Benefit Plans promise a specified benefit amount or annuity after retirement (pension). They must file a yearly informational return ______.

Answer 32

Form 5500

Question 33

______ is the estate or trust income tax return, and must be filed for any estate or trust with gross income of $600 or more OR a beneficiary who is a nonresident alien.

Answer 33

Form 1041

Question 34

For an estate, ______ notifies the IRS who is the executor.

Answer 34

Form 56

Question 35

______ is the estate tax return reporting the value of the decedent’s assets, and is due 9 months after death.

Answer 35

Form 706

Question 36

Income that arrives for the decedent after death is reported on _______.

Answer 36

Form 1041

Question 37

Income from before a decedent's death is filed on ______.

Answer 37

Form 1040

Question 38

______ is used to apply for a change in accounting method.

Answer 38

Form 3115

Question 39

When a business receives a cash payment of more than $10,000 from one transaction or from two or more related transactions (i.e. one person buys several works of art), then the business must file ______.

Answer 39

Form 8300

Question 40

______ is used to request an EIN when a business cannot request one online.

Answer 40

Form SS-4

Question 41

For businesses that deal with goods and services subject to excise tax, they must file ______ quarterly.

Answer 41

Form 720

Question 42

Applicable large employers of at least 50 employees use ______ and ______ to report health coverage offered.

Answer 42

Forms 1094-C & 1095-C

Question 43

If a business fails to depreciate something, they should not amend the prior returns to correct the mistake, but rather should file ______.

Answer 43

Form 3115

Question 44

______ is used to report interest in a foreign partnership.

Answer 44

Form 8865

Question 45

If a partnership is terminated before the end of the tax year, ______ must be filed by the 15th day of the 3rd month following the termination.

Answer 45

Form 1065

Question 46

A corporation that has overpaid its estimated tax may apply for a quick refund on _______ if it is at least 10% of expected tax liability (and at least $500).

Answer 46

Form 4466

Question 47

Tax exempt entities use ______ to file an extension.

Answer 47

Form 8868

Question 48

Employers of farm employees file ______ annually.

Answer 48

Form 943

Question 49

The deadline to file ______ for the Annual report of employee benefit plan is the last day of the 7th month after the plan year.

Answer 49

Form 5500

Question 50

Income and losses from a partnership is reported on _______.

Answer 50

Schedule K-1

Question 51

A qualified joint venture is an election only for spouses that jointly own a small business and file joint returns. Both spouses must file separate _______ and _______.

Answer 51

Schedule C and Schedule SE

Question 52

Farming businesses are primarily engaged in crop production, animal production, or forestry and logging, and files ______.

Answer 52

Schedule F

Question 53

A statutory employee receives a W-2 from the employer, BUT they report their wages, income, and allowable expenses on _______.

Answer 53

Schedule C

Question 54

A statutory nonemployee is a direct seller, real estate agent, or certain companion sitters, whose payments for service is directly related to sales (rather than # of hrs worked) AND services are performed under a written contract saying they will not be treated as an employee. They receive a 1099-NEC and report income on _______.

Answer 54

Schedule C

Question 55

Rental income by a sole proprietor is generally passive and reported on _______.

Answer 55

Schedule E

Question 56

Hotels, motels, and bed & breakfast types of businesses are not passive and report on ________.

Answer 56

Schedule C

Question 57

Real estate developers are NOT counted as real estate professionals, and they should report on ________.

Answer 57

Schedule C

Question 58

Failed business start-ups are either treated as personal (and thus nondeductible), or if a bona-fide attempt then the costs are capital loss on _______ (and subject to the $3k limit per year).

Answer 58

Schedule D

Question 59

A sole proprietor can only deduct health insurance as an adjustment to income on individual _______.

Answer 59

Schedule 1

Question 60

A partnership reports income or loss on _______.

Answer 60

Schedule K-1

Question 61

The individual partner of a partnership reports their share of partnership income on their own ________.

Answer 61

Schedule E

Question 62

Schedules ______ and ______ report foreign activities.

Answer 62

K-2 and K-3

Question 63

Schedule______ and _______ are used to reconcile book-to-tax differences (for corporations with more than $250k gross receipts and $250k in assets).

Answer 63

M1 & M3

Question 64

______ is the balance sheet based on the corporation’s books and records (for more than $250k gross receipts or assets).

Answer 64

Schedule L

Question 65

Income and credits from an S Corporation pass through to shareholders and reported on ______.

Answer 65

Schedule K-1

Question 66

The shareholder of a corporation reports the sale of the stock on ______, and the gain or loss is recognized by the shareholder.

Answer 66

Schedule D

Question 67

Renting out a pasture for a flat cash amount is reported on _____.

Answer 67

Schedule E

Question 68

If a farmer rents out their pasture but provides services (taking care of livestock or crops), then it is reported on ______ as ordinary income.

Answer 68

Schedule F

Question 69

If a farmer forgoes planting crops altogether and receives agricultural program payments, they are reported on ______ and the full amount of payment is subject to self-employment tax.

Answer 69

Schedule F

Question 70

______ is for income averaging for farmers or fisherman. When income varies greatly from one year to another, they can use the average of 3 years.

Answer 70

Schedule J

Question 71

A sole proprietor or partnership contribution to their own retirement may be an adjustment to income on _____ if they have self-employment income.

Answer 71

Schedule 1

Question 72

_____ is used to report any income that is distributed or distributable to the beneficiaries of an estate.

Answer 72

Schedule K-1

Question 73

Profit and loss from a sole proprietor should be reported on _____ or ______.

Answer 73

Schedule C or F

Question 74

Independent stock brokers and securities dealers report income and loss from the sale of securities on ______.

Answer 74

Schedule C

Question 75

For a sole proprietor, depreciation is an allowable business expense on ______.

Answer 75

Schedule C

Question 76

Purchasing office supplies at the end of the year and deducting as a business expense will reduce business income on ______.

Answer 76

Schedule C

Question 77

A partnership representative (per the CPAR) must be designated on ______.

Answer 77

Schedule B

Question 78

If a partner has unreimbursed ordinary and necessary partnership expenses, they can deduct them on ______ and labeled “UPE.”

Answer 78

Schedule E

Question 79

Self-employment tax is calculated on Schedule SE, regardless of whether a taxpayer files ______ or ______.

Answer 79

Schedule C or F

Question 80

Crop insurance proceeds are included as income on _______.

Answer 80

Schedule F

Question 81

Private foundations are 501c3 organizations, but they file a _________ each year.

Answer 81

990-PF