Compliance
Something that provides a dollar-for-dollar reduction in your tax liability.
What is a credit?
The normal state of expense and asset accounts.
What is a debit balance?
The form used to file the U.S. Corporation Income Tax Return
What is the Form 1120?
The Bonus Depreciation % for assets acquired and put into service during 1/20/25 through 12/31/29
What is 100%?
EY's Global Chair and CEO
Who is Janet Truncale?
An item that is treated differently for book and tax purposes that will reverse over time.
What is a temporary M-1 adjustment?
GAAP stands for this
What are Generally Accepted Accounting Principles?
Everyone’s favorite Schedule. It was introduced and became mandatory starting 2021 tax year. It’s a cousin of Sch. K-1 focusing on international tax items.
What is the Schedule K-3?
The original bill that OBBBA amended
What is the Tax Cuts and Jobs Act?
Building a better working world.
What is EY's Purpose?
The CA LLC Annual Tax.
What is $800?
The method of assigning federal income to each state.
What is apportionment?
Form 7004
What is the federal form to extend a taxpayer's due date?
The code section for which the bill reinstated the EBITDA limitation when calculating the deduction after December 31, 2024
What is Sec. 163j?
This EY program, established in 2015, aims to support entrepreneurs and startups by providing mentorship and resources.
What is the Entrepeneur of the Year (EOY)?
In order to be deductible, the IRS says a business expense must be these 2 attributes
What is Ordinary and Necessary?
It's a computation of estimated income tax a company expects to owe. It's a key component of a company's financial statements, reflecting its tax liability to various tax jurisdictions. We serve as tax specialists during an audit in order to inspect this item.
What is an income tax provision?
The tax form used to calculate the Limitation on Business Interest Expense Under Section 163(j).
What is form 8990?
The new tax treatment for domestic R&E expenses under section 174.
What is immediately expense?
EY's Global Headquarters is in this city
Where is London?
This convention is used if over 40% of all fixed assets are placed in service in December.
What is the Mid-Quarter Convention?
DOUBLE POINTS
The GAAP Treatment of Goodwill AND
The Tax Treatment of Goodwill created from an asset acquisition.
1. What is capitalize and test for impairment?
2. What is capitalize and amortize over 15 years?
The parent corporation of a federal consolidated group files this form with its consolidated return and list all of its subsidiaries included in the consolidated return.
What is Form 851?
Amount of GILTI deduction for Tax Years starting after December 31, 2025
What is 40%?
Ernst & Young was formed in 1989 through the merger of Ernst & Whinney and this firm.
What is Arthur Young & Co.?