SEE 2 · Businesses
Entities, business returns and specialized taxpayers. 100 multiple choice questions in 3.5 hours.
1. Business Entities and Considerations
Entity choice and accounting methods
Sole prop, partnership, C corp, S corp, LLC. Cash vs accrual and tax years.
Example. An S corp generally uses a calendar year.
2. Business Tax Preparation
Income, deductions and depreciation
Business income, ordinary and necessary expenses, depreciation, Section 179 and bonus, and employment taxes.
Example. Meals with clients are generally 50% deductible.
3. Specialized Returns and Taxpayers
Trusts, estates, exempt orgs, retirement plans
Form 1041, Form 990 series and retirement plan rules for employers.
Example. A SEP IRA lets small employers contribute for employees.