Partnerships
What is the name of the federal tax form used to report partnership income?
1065
What is the name of the federal tax form used to report S-Corporation income?
1120-S
What is the name of the form for both partnerships and S-corps to report the partner’s/shareholder’s share of income, deductions, etc.?
Schedule K-1
Can both Partnerships and S-Corps be LLCs?
Yes
This office was the second BDO office to be opened in the USA.
What is the Grand Rapids office?
What schedule on the partnership tax form reports the balance sheet?
Schedule L
How many shareholders can an S-Corp have?
No more than 100
Where is rental income reported on pass-through returns?
Schedule K and K-1s
Where are separately stated items typically reported on a pass-through return?
Schedule K
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What is Oozma Kappa?
Are partnerships typically taxed at the entity level?
No
Can S-Corps have more than one class of stock?
No
What do the schedule K-2s and K-3s report?
Information on the entity’s foreign transactions
If a partner receives a K-1, where is that information reported on their individual tax return (1040)?
Schedule E
Alex's dog's name.
What is Reuben?
What flows from page one of the 1065 to the first line of the Schedule K?
Ordinary Income
What is one type of entity that cannot be a shareholder in an S-Corp?
Partnerships, Corporations, or non-resident alien shareholders
What line of the Schedule K reports tax credits?
Line 15
What line of the K-1 were foreign transactions reported on before the K-3 was introduced in 2021?
Line 16
Quinton's Starbucks order.
What is a Vanilla Sweet Cream Cold Brew?
Do partnerships have any restrictions on what types on entities can be partners and if so, what is one restriction?
They do not have any restrictions.
On the form 1120-S Schedule K-1, how is the shareholders’ shares of current year items calculated?
Multiplying schedule K amounts by the allocation percentage
What box 13 code would the biofuel producer credit be reported on the 1120-S K-1?
Code I
Does Michigan have a pass-through entity (PTE) election?
Yes
The city that Taylor Swift will be performing in this weekend.
What is Boston?