PRETTY PENNY
The time frame we are expected to respond to client communication
What is 1-2 business days.
Is the new SALT limit.
What is $40,000.
Not paying Self Employment tax on Net Profits
The tax paid by partners on their individual return that cover Social Security and Medicare tax.
What are Self Employment tax
Was the First Country to impose an income tax in 1404
What is England
With the release of version 2025-1.0, roll forward safeguards were inhanced...
.....if you encounter this message..you should reroll the affected return.
What is a CCH update:
What is a diagnostic message:
Are two of the eligibility requirements to deduct car interest
What is (name 2)
1. purchased between 2025 - 2028
2. GVWR of less than 14000 lbs
3. loan orignation after 12/31
4. income limit $100k /$200k
5. New vehicles only
6. No lease
The lowest amount shareholders can expect to pay themself and remain compliant with the IRS .
What is Reasonable Compensation
Income distributed differently to a partner, based on their participation in the business
What are guaranteed payments
Was the year the Revenue Act was passed imposing the first income tax in the USA
What is 1861
Be clear, concise & compelling (no lengthy paragraphs that are hard to follow)
Be direct and kind
What is The Pretty Penny Golden Rule
The limit on tax free tips and overtime
What is 12,500 for single filers, $25,000 joint.
The investment shareholders have in their business. It is primarily to determine taxable gains and losses.
What is basis
March 15th and September 15th
What is the business return due date and extension date?
Is the year the 1040 was first used.
What is 1913
A work environment where you are evaluated based on the quality and timeliness of your work, not the time you sit at a desk. The focus is on outcomes and ownership, not time logged in.
What is ROWE?
Child saving account where funds are taxed when deposited and when withdrawn
What are Trump Accounts
The manner in which form 2553 must be signed
What is a wet signature
No unlike S Corps, this is not requred to become a partership.
What is register as an LLC?
The person who said “but in this world nothing can be said to be certain except death & taxes”?
Who is Benjamin Franklin
Who are we?
The year 1099 NEC filing requirements increases to $2000
What is 2026
Circumstances when an S Corp Owners must include their Spouse as a Shareholder?
What is when the S Corp is located in a community property state.
When a partner is considered to own stock that is held by a related person, or entities.
What is Constructive ownership?
AI will be used to determine lifestyle discrepancies and high risk returns for automatic audit options.
What is a 2026 new software updates at the IRS?