Partnership
What is the primary form for a Partnership return?
1065
What is the primary form for a S corporation return?
1120-S
What is the primary form for a Corportation return?
1120
What is the primary form for a Fiduciary return?
1041
What is the primary form for a Exempt Organization return?
990
What is the primary form for a Gift tax return?
709
True or False
A partnership is a legal agreement between two or more people who share the ownership, profits, and responsibilities of a business?
*Provide us a source with your answer*
True
True or False
To be qualified for a S-corp status, the corporation can have a partnership shareholder
*Provide us a source with your answer*
False
True or False
Corporations have passthrough K-1s for their owners
*Provide us a source with your answer*
False
Corporations do not issue out passthrough K-1s
True or False
The 1041-A is used for income distributions between the beneficiaries
*provide us a source with your answer*
False
The 1041-A is for U.S. Information Return Trust Accumulation of Charitable Amounts
True or False
You can mail the 990-N to the IRS
*Provide us a source with your answer*
False
The IRS only allows for electronic filing for 990-Ns
What is the business extension form called?
7004
On what screen in a partnership return do you enter change in ownership?
Input Return > Partnership Information > Change in Ownership
What is the max number of shareholders can you have in a S-corp?
100
Can you make a corporation to a s-corp in Proconnect?
No. Only an option in Lacerte
What are the two types of Fiduciary Entities?
Estate and Trust (simple and complex)
What kinds of 990s are there?
990, 990-EZ, 990-N, 990-PF, 990-T, 990-BL
What is the general area the preparer would enter Estimated Tax Payments in the program?
Input Return > Payments, Penalties, Extensions
What screen in a partnership return do you enter Gross Receipts or Sales?
Input Return > Ordinary Income > Income > Gross Income > Gross receipts or sales
What is the Basis Limitation form for S-corp?
7203
Where within the corporation return do you enter NOL carryovers?
Input Return > Deductions > Net Operating Loss > Regular NOL Deduction > Net Operating Loss Carryovers
Where do you change the type of entity in a 1041?
Input Return > General > Client Information > Misc Info > Drop down "Type of entity"
What is the Schedule G for a 990 used for?
Fundraising or Gaming Activities
What is the Schedule L for partnerships, corps and s-corps returns?
Balance Sheet
A tab in the 1065 return that can override the automatic distribution from the partner's percentage screen for the Schedule K-1
Special Allocations
Where do you look to resolve diagnostic ref #15191?
Input Return > Shareholder Information > Stock Ownership
What is the direct input in the program for a noncash contribution over 5,000 and what form would that generate?
Input Return > Deductions > Noncash Contributions (8283) > More Than 5,000 tab at the top > Fill in applicable info
Form: 8283
What is a grantor trust?
A term used in the Internal Revenue Code to describe any trust over which the grantor or other owner retains the power to control or direct the trust's income or assets.
Where do you change the type of 990 return?
Input Return > General > Client Information > Scroll Down to Return Info > Type of Return
How do you force the balance sheet?
Input Return > Balance Sheet > Balance Sheet Miscellaneous > Scroll down to Other > Enter "1" in the field Schedules L, M-1, and M-2: 1=force, 2=when applicable [Override]