Becker - Businesses > Tax Forms > Flashcards

Tax Forms Flashcards

(63 cards)

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1
Q

Form 1065

A

US Return of Partnership Income

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2
Q

Form 1120

A

US Corporation Income Tax Return

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3
Q

Form 1120S

A

US Income Tax Return for an S Corporation

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4
Q

Form 1041

A

US Income Tax Return for Estates and Trusts

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5
Q

Form 1045

A

Application for Tentative Refund

(Quick Tax Refund from Carrybacks or overpayments)

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6
Q

Form 1095-B

A

Health Coverage

Issued by Insurance Companies, other coverage providers, and small employers (fewer than 50 employees)

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7
Q

Form 1095-C

A

Health Coverage

Issued by large employers (with 50 or more full-time employees)

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8
Q

Form 1118

A

Foreign Tax Credit - Corporations

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9
Q

Form 1120-X

A

Amended US Corporation Income Tax Return

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10
Q

Form 1122

A

Authorization and Consent of Subsidiary Corporation to Be Included in a Consolidated Income Tax Return

Allows subsidiary corporation to consent to be included in a consolidated tax return filed by a parent corporation. So, they can file a single return instead of all filing separately

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11
Q

Form 1125-A

A

Cost of Goods Sold

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12
Q

Form 1128

A

Application to Adopt, Change, or Retain a Tax Year

  1. New business wants to adopt fiscal year other than required calendar year
  2. Existing entity wants to switch from one tax year to another
  3. A business undergoes changes that would require them to change their tax year, but request to keep the current one.
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13
Q

Form 1139

A

Corporation Application for Tentative Refund

Corporations can quickly claim a refund on carrybacks and overpayments.

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14
Q

Form 2553

A

Election by a Small Business Corporation

Wanting to be taxed as an S-Corporation. Filed by corporations or LLC’s

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15
Q

Form 3115

A

Application for Change in Accounting Method

Also, can change treatment of specific items…
* Depreciation Methods
* Inventory Valuation
* Revenue Recongnition
* Expense Capitalization

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16
Q

Form 3520

A

Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts

Individuals, Partnerships, Corporations, Estates…

Received a gift over 100,000 from nonresident alien or foreign estate

Received over 18,567 from a foreign corporation or partnership

Owned or received distributions from a foreign trust

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17
Q

Form 3520-A

A

Annual Information Return of Foreign Trust with a US Owner

Foreign trust with at least o1 US owner.

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18
Q

Form 3800

A

General Business Credit

Used to claim wide range of business tax credits…

  • R & D
  • Disabled Access Credit
  • Work Opportunity Credit
  • Employer-Provided Childcare Credit
  • Energy Efficient Building and Renewable Energy Credits
  • New Markets Credit
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19
Q

Form 4562

A

Depreciation and Amortization

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20
Q

Form 4684

A

Casualties and Thefts

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21
Q

Form 4768

A

Application for Extension of Time to File a Return and/or Pay U.S. Estate Taxes

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22
Q

Form 4797

A

Sale of Business Property

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23
Q

Form 4835

A

Farm Rental Income and Expenses - share cropping

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24
Q

Form 5304 - SIMPLE

A

Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - Not for Use with a Designated Financial Institution

It allows a small business to…
1. Set up a SIMPLE IRA retirement plan and
2. Let employees choose their own financial institution to hold their SIMPLE IRA accounts

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25
Form 5305 - SEP
Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement Allows employers to make tax-deductible contributions to their employee's individual retirement accounts.
26
Form 5305 - SIMPLE
Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - for Use with a Designated Financial Institution The employer designates one financial institution to serve as the trustee or custodian for the plan
27
Form 5330
Return of Excise Taxes Related to Employee Benefit Plans Used to report and pay excise taxes imposed on employee benefit plans
28
Form 5500
Annual Return/Report of Employee Benefit Plan report information about employee benefit plans to the federal government. Who must file form 5500? > Employers or plan administrators of most employee benefit plans including 401k plans, pension plans, profit-sharing plans, health and welfare benefit plans, and SIMPLE IRA's and SEP plans
29
Form 5500-EZ
Annual Return of a One-Participant (Owner/Partner and Spouse) Retirement Plan or a Foreign Plan
30
Form 5558
Application for Extension of Time to File Certain Employee Plan Returns
31
Form 56
Notice Concerning Fiduciary Relationship Used to notify the IRS that a person or entity is acting as a fiduciary for another taxpayer
32
Form 6765
Credit for Increasing Research Activities
33
Form 7004
Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns Used by businesses and certain entities to request an automatic extension of time... no explanation needed - extension is automatic For filing return only, not payment
34
Form 706
United States Estate Tax Return
35
Form 709
United States Gift Tax Return Gifted more than 17,000 per recipient
36
Form 7203
S Corporation Shareholder Stock and Debt Basis Limitations Report and track their stock basis, debt basis, and adjustments related to their ownership
37
Form 8300
Report of Cash Payments Over $10,000 Received in a Trade or Business
38
Form 8716
Election To Have a Tax Year Other Than a Required Tax Year
39
Form 8752
Required Payment or Refund Under Section 7519
40
Form 8824
Like-Kind Exchanges
41
Form 8826
Disabled Access Credit Claim tax credit for expenditures made to provide access to persons with disabilities
42
Form 8827
Credit for Prior Year Minimum Tax - Corporations
43
Form 8829
Expenses for Business Use of Your Home
44
Form 8832
Entity Classification Election Used by business entity to choose how it will be classified for federal tax purposes
45
Form 8868
Application for Extension of Time To File an Exempt Organization Return or Excise Taxes Related to Employee Benefit Plans
46
Form 8892
Application for Automatic Extension of Time to File Form 709 or Form 709-NA and/or Payment of Gift/Generation-Skipping Transfer Tax
47
Form 8941
Credit for Small Employer Health Insurance Premiums
48
Form 940
Employer's Annual Federal Unemployment (FUTA) Tax Return
49
Form 941
Employer's QUARTERLY Federal Tax Return
50
Form 944
Employer's ANNUAL Federal Tax Return certain small employers report and pay their federal employment taxes just once a year
51
Form 982
Reduction of Tax Attributes Due to Discharge of Indebtedness
52
Form 990
Return of Organization Exempt from Income Tax Non-Profit Tax Return
53
Form SS - 4
Application for Employer Identification Number Request a FEIN
54
Form SS - 8
Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding If someone says you are a contract worker instead of W-2 Employee
55
Form W-2
Annual Wage and Tax Statement
56
Form W-4
Employee's Withholding Certification
57
Schedule C (Form 1040)
Profit or Loss from Business - Sole Proprietorship
58
Schedule E (Form 1040)
Supplemental Income and Loss K-1 flow through's (Partnerships / S Corporations) Rental Real Estate Estates and Trusts (K-1's)
59
Schedule F (Form 1040)
Profit or Loss from Farming
60
Schedule J (Form 1040)
Income Averaging for Individuals with Income from Farming or Fishing
61
Schedule K-1
Partner or Shareholder's share of income, deductions, and credits to flow through to their individual tax return
62
Schedule M-3
Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
63
Schedule SE (Form 1040)
Self-Employment Tax
Becker - Businesses
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