1040
Single, MFJ, MFS, Head of Household, Qualifying Widow/Widower.
This tax rate is applied to Corporate Entities.
I have to have less than 100 shareholders, a shareholder cannot be a corporation, cannot have foreign shareholders, and cannot have more than one class of stock.
What are the qualification for being an S-Corp?
This structure allowed businesses to limit personal liability while still having the tax benefits of pass-through taxation.
What is a LLC.
I am the main cause of the tax gap.
Underreporting
Name three of the four categories of the most common itemized deductions.
Medical & Dental, taxes, interest, and contributions.
These are the 3 major sources of establishing this.
Reasonable Compensation.
I am needed to make the election to be taxed as an S-Corporation.
What is Form 2553.
I need to be designated in order to be the only point of contact and make decisions.
Partnership Representative
I am a LLC reported on Form 1040.
What is a SMLCC?
I am open to individuals, trusts, and estates, along with taxpayers with qualified business income as well as taxpayers who received qualified income REIT dividends or income from Publicly Traded Partnerships (PTP).
What is QBID?
The IRC section that applies to a distribution that is a dividend that is included in gross income.
What is IRC 301(a)?
I am needed for the distribution to be tax free.
I am the code section that is used for all Partnerships.
What is IRC 700?
I am known as the Special Handling Notice for Examination Case Processing.
What is Form 3198?
An additional or parallel tax system in the U.S. that is designed to ensure that high-income individuals pay their fair share of taxes.
What is Alternative Minimum Tax (AMT)?
I am also known as the Analysis of Unappropriated Retained Earnings Per Book.
What is Schedule M-2.
I am the three standards needed to be met in order to deduct flow-through losses.
What is basis, at-risk, and passive/non-passive.
I am the excel worksheet used to compute the Underpayment.
What is IU Workbook?
I am what you use to generate a Form 870.
What is RGS?
I am set to sunset after 2025.
Tax Cuts & Job Act (TCJA)
Allows corporations to deduct a portion of the dividend income they receive from a related entity on their taxes.
What is Dividends Received Deduction?
I am a tax that applies to an S-Corporation that was previously a C-Corporation.
What is built-in gains?
The allocation of income, deductions, and credits among partners based on their partnership interests.
What is distributive share?
There are 29 of me still in use within the IRS.
Alpha Statutes.