Tax Research
The two research platforms we use
What are BNA and Checkpoint?
A way to expense certain assets instead of having to capitalize them
What is the de minimis safe harbor election?
How we put the engagement trial balance of business return into the tax software
What is Dynalink/GL Bridge?
Accounts that are closed to retained earnings at the end of each year
What are net income/loss, distributions and sometimes contributions (only if a partnership)?
Harry's Position on the Quidditch team
What is Seeker?
Best tool provided to research and compare state tax laws
What is the state smart charts?
Frequency of electing the de minimis safe harbor election
What is annually?
Engagement binder tool for populating numbers directly from the trial balance into an excel cell
What is TB Linking?
Difference between temporary and permanent M-1s
What is temporary M-1s are a timing difference between book and tax income?
Person who kills Professor Dumbledore
Who is Severus Snape?
Where to start research if you know nothing about a tax topic
What is Google?
Allows a taxpayer a full deduction for assets purchased, subject to certain limitations
What is Section 179 Expense?
We use this to record an M-1 in Engagement trial balance
What is an FTJE?
Something partnerships and S Corporations have that C Corporations do not
What is Schedule K/Schedule K-1?
Magical talent Harry shares with Voldemort
What is Parseltongue?
Helps you with reporting, but not with tax treatment questions
What are the form instructions?
Deduction for MACRS assets with a recovery period of 20 years or less
What is Bonus Depreciation
Something we need to do every year to update our engagement binder's trial balance so that it can be linked to the current year tax return
What is the Tax Grouping Update Wizard
Return filed by pass-through entities on behalf of their shareholders and partners
What is a composite tax return? (Withholding Tax Form also accepted)
Makes a person feel better after seeing a Dementor
What is chocolate?
IRC section for disallowance of deduction for business gifts.
What is IRC 274?
Category that includes passenger automobiles and other transportation vehicles
What is listed property?
Where you go to see if you have any binders checked out at the end of each day
What is Engagement Today?
When it makes sense to switch from the accrual to cash method of accounting
What is when A/R and other accrual asset accounts are are greater that A/P and other accrual liability accounts?
Define a Horcrux
What is an object containing part of someone's soul?