Partnerships
What Federal Form do you file for partnerships?
Form 1065
What federal form do you file for S-Corps?
Form 1120S
What places in CaseWare do you search for client files?
CaseWare Cloud
What drive is the QuickBooks file located on?
Q-Drive
What form is Federal depreciation reported on?
Form 4562
What is the De Minimis threshold?
How much is the annual California minimum tax a partnership must pay?
$800
What are the owner(s) of the S-Corp called?
Shareholder(s)
What is the main tax workpaper in CaseWare that we use to prepare tax returns?
True or False : You should print comparative financials
True
What is the depreciable life for machinery and equipment?
5 years
What is the Federal and California deduction for meals in 2023?
50%
Name at least two types of partnerships
GP, LP, LLP & LLC
What is the maximum number of shareholders that a S-Corp can have before they lose their S-Corp status?
100 shareholders
What tab do you select to import trial balances?
Engagement
What accounting basis do we use when generating the reports?
Accrual basis
What is the contra-account for fixed assets on the balance sheet?
Accumulated depreciation
What are issued to partners or shareholders to report their pass-through income on their personal return?
Schedule K-1
What is a payment to a partner or member for services rendered to the partnership called?
Guaranteed payments
True or False : S-Corps have to pay Federal income tax
False
How can you self-check to ensure all accounts are grouped properly on the tax reconciliation?
Confirm that the difference on the tax reconciliation is zero
How do you change the dates and adjust the setting in your reports?
Customize reports
What is the bonus depreciation percentage in 2023?
80%
What is the accounting equation for assets, liabilities, and equity?
A = L + E
What does partner's capital consist of?
Contributions, distributions & net income/(loss)
What is the California tax rate?
1.50%
Where do you code or group accounts? (2 correct answers)
Working Trial Balance or Assign Groupings
What option do you use to remove zero balance accounts?
Advanced options
What is the maximum amount we can deduct for section 179 for California?
$25,000
What are the two difference components in the Book2Tax?
Permanent and temporary differences