1040
Schedule an individual reports his/her income from a K-1 (Both Partnerships and S Corps)
What is Schedule E (Page 2)
If a partnership has this type of partner, it must file a the Form K-2 / K-3
What is an S Corporation or Partnership? (Exceptions)
How the IRS prefers a shareholder/employee obtains funds from the S Corporation
What is a Salary / W2?
This famous female artist was born in December of 1989
Who is Taylor Swift
Penalty payments due to late payments of Sate Tax.
What is Non Deductible
A person who lives with you more than half the year and did not provide over half of their own support
What is a "Dependent" ?
The maximum threshold for an LLC Fee to be $2,500
What is $999,999 ?
You make the distribution _____ for an S Corp but not for a partnership.
What is "Pro Rata" ?
The artist who performed at the most recent Super Bowl (2024)
Who is Usher
Health Insurance premiums paid on behalf of > 2% Shareholder that appear on a W-2
What is Deductible
What is the determining date on whether or not alimony is taxable?
What is December 31st, 2018 ?
You enter this line item on a Partner's K-1 when he/she guarantees debt.
What is "Line 20X" ?
Percentage an S Corp is Taxed on the 100S (Appearing on line 21)
What is 1.5%
Famous 1997 Movie depicting a floating passenger water vessel hitting a frozen block of water and sinking in the North Atlantic Ocean
What is "Titanic"
Political Contributions
Non Deductible
Date when individual income tax is due when you extend and you're not out of the country
What is April 15th
Election a Partnership can make to Step-up basis Assets for Partner who acquires interest by Sale, Exchange, or death
What is Section 754?
The Rate you use when calculating interest for shareholder loans
What is the Applicable Federal Rate? (AFR)
Currently the longest running TV Cartoon Show
What is The Simpsons
Meals paid for on 1/1/2023 and beyond.
What is Generally, 50% of meals expenses occurring 1/1/2023 and beyond?
The amount due when relinquishing your U.S. Citizenship and will no longer be required to File your tax return in the U.S.
What is $2,350?
This term indicated that a partner bears the economic risk of loss for a partnership liability to the extent the partner would be obligated to make a new payment to a creditor.
What is Recourse Liability?
An S Corp will lose it's S Election when Passive Investment Income is more than ____ Percent of Gross Receipts for each of the past 3 years
What is 25%
The English Lead Singer of a famous 1960 Rock band who also studied to be an accountant
Who is Mick Jagger
Tickets to go take a client to a Taylor Swift Concert.
What is Non Deductible