What is the filing deadline for a Partnership? What extension is available?
March 15, with a 6 month extension available
What is the filing deadline for an S-Corp? What extension is available?
March 15, with a 6 month extension available
What is the filing deadline for an Individual? What extension is available?
April 15, with a 6 month extension available
What is the filing deadline for a C-Corp? What extension is available?
April 15 (the 15th day of the 4th month following end of fiscal year), with a 5 month extension available
Which items from a Partnership are reported separately on the K-1?
Net active and passive rental real estate income/(loss)
Interest income
Dividend income
Capital gains/(losses)
Charitable contributions
Section 179 Expense
Investment interest expense
Partners’ health insurance premiums
Retirement plan contributions (Keogh Plan
Tax credits
Which items from an S-Corp are reported separately on the K-1?
Rental real estate income/(loss)
Interest income
Dividend income
Capital gains/(losses)
Charitable contributions
Section 1231 gains/(losses)
Unrecaptured Section 1250 Income
Section 179 Expense
Foreign Income Tax
Gain/(loss) from Sale of Collectibles
Allocations to S-Corp shareholders are made on which basis?
Per share, per day owned
A partner is provided a guaranteed payment from a Partnership. How is this payment treated for tax purposes by the (1) Partnership, and the (2) Partner?
(1) These are wages earned as if the Partner were a contractor, and the wages are deducted as expenses
(2) The Partner treats as if earned as a contractor and the wages are subject to self-employment tax
A shareholder works for an S-Corp. How is this shareholder compensated for his services? How is this treated for tax purposes?
The shareholder should be paid a reasonable wage as an employee.
Taxes should be withheld from his paycheck.
Wages are deducted as a company expense by the S-Corp
Who pays the tax on a distribution from an estate or trust: the trust or the recipient?
The recipient
Who pays the tax on a capital gain for an estate or trust?
The capital gain typically goes toward corpus (principal) and is taxed to the estate/trust.