Tax Process
This program houses the all entity documents (workpapers, permanent files, correspondence, etc)
What is CaseWare?
This required form reports S Corporation basis.
What is the 7203?
Furniture is depreciated over this number of years for tax purposes.
What is 7-years?
Consistency
1. Consistency
2. Comprehensive return support and referencing
3. Training
4. Automation
5. Rollforward capabilities
This is the entity type S Corps become when they terminate.
What is a C Corporation/C Corp?
When entering information into Excel, this type of input always requires a reference number or the review cannot ID where the amount is from.
What is hardcoded number?
This column of the S Corporation equity schedule reports net income, contributions and distributions.
What is the Accumulated Adjustments Account (AAA)?
On a business return with income, this method of depreciation will result in the lowest total tax for Federal and Georgia purposes.
What is Section 179?
This is a key benefit of becoming proficient in the entity process.
What is increased realization?
Starting Feb 1, 2025 this $43,700 fee is due to correct an S-election with the IRS.
What is a user fee?
This accounting step is needed if the client provides only bank statement to prepare the entity return.
What is bookkeeping?
The S Corporation equity calculation in the 4400 is support for this tax return schedule.
Georgia does not accept this method of depreciation.
What is bonus depreciation?
The financials sign off step or "FS Sign off" in Workflow goes to this person...
What is the assigned reviewer?
The is the maximum number of shareholders for an S Corporation.
What is 100?
This calculation is used to switch accrual method financials to cash method.
What is the accrual to cash conversion?
This is the consequence of disproportionate distributions in an S Corporation.
What is an S Corporation termination?
This tax calculation on the return requires AMT depreciation.
What is calculate alternative minimum tax?
In CaseWare, this field supports information source for the Federal Adjusting Entries (FJE) and directs the reviewer to the support for the entry.
What is the reference field?
This S Corporation standard is violated by having different rights to distributions and liquidation proceeds.
What are different classes of stock?
This folder in CaseWare holds the files and workpapers that are created in the "book AJEs" entity step.
What is 4400?
This account is used to close out net income at the end of the year.
What is retained earnings?
This calculation helps the preparer know if there is any missing assets.
What is the fixed assets rollforward?
This Atlanta Billionaire is one of the most successful self-made women in business and the founder of Spanx.
Who is Sara Blakely?
This form is required to be signed by all owners to create a valid S Corporation,
What is form 2553?