Business Taxes
Income tax return filed by C Corporations and other business entities that have elected to be taxed as a corporation
What is Form 1120
This form is filed by an individual income taxpayer.
What is Form 1040
Contra accounts used to offset questionable amounts
What is Reserves
The packet sent to all individual tax clients at the beginning of the tax year.
What is Organizer
Date on which the Titanic sank near Newfoundland after hitting an iceberg on its maiden voyage between the UK and NYC.
What is 4/15/1912
Income Tax Return filed by S Corporations
What is Form 1120S
The form the taxpayer uses to itemize deductions.
What is Schedule A
Form used by businesses to request a change in accounting method with the IRS.
What is Form 3115
IRS Notice mismatched information
What is CP2000
Date the most high-powered CPA firm in New England was founded, starting with 2 CPA’s.
What is 9/1/1990
The 3 forms filed by businesses to report an employee's annual wages, payroll taxes withheld, employer's portion of social security and Medicare tax, and federal unemployment taxes
What is W-2, 941, 940
The taxpayer has portfolio and passive income subject to this 3.8% additional tax.
What is NIIT
Accounting rule that provides guidelines on uncertain tax positions.
What is Fin 48
Tax project tracking system
What is XCM
Date when “The Revenue Act of 1861” was signed by President Lincoln which included the first US federal income tax motivated by the need to fund the Civil War. 3% flat tax applied to all income above $800.
What is 08/05/1861
A common food seasoning and tax acronym
What is SALT
Estimated Tax Due Dates
What is 4/15, 6/15, 9/15, 1/15
Book to Tax Reconciliation Schedule
What is Schedule M-1/M-3
Automated return preparation
What is Autoflow
Date on which the UK is officially no longer a member of the EU. This may impact customs duties when importing goods to the US, and even to EU countries as if a border was set up. Companies may need to file new registrations etc.
What is 1/1/2021
This form is used to calculated underpayment penalties and interest of estimated taxes
What is sec. 179
This form is used to calculate underpayment penalties and interest of estimated taxes
What is Form 2210
Income tax expense reported on a companies financial statements consisting of a current and deferred portion.
What is Tax Provision
This forms allows for McSoley McCoy & Co to file returns electronically
What is Form 8879
Date when e-filing of tax returns was started as a test program by 5 tax participating preparers. Today, 90%+ federal returns are e-filed.
What is 1986