tax-forms

Question 1

form 941

Answer 1

Employers Quarterly Federal Tax Return (Withholding)

Report wages you’ve paid and tips your employees have reported to you, as well as employment taxes (federal income tax withheld, social security and Medicare taxes withheld, and your share of social security and Medicare taxes)

Must be filed by the last day of the month that follows the end of the quarter.

Question 2

form 940

Answer 2

Employer’s Annual Federal Unemployment (FUTA) Tax Return

Report your annual Federal Unemployment Tax Act (FUTA) tax.

Must be filed by Jan 31st of the next year.

Question 3

form 943

Answer 3

Employer’s Annual Federal Tax Return for Agricultural Employees

Report if you paid wages to one or more farmworkers and the wages were subject to social security and Medicare taxes or federal income tax withholding.

Must be filed by Jan 31st of the next year.

Question 4

form 944

Answer 4

Employer’s Annual Federal
Tax Return (Withholding) For Small Employers

Designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.

Must be filed by Jan 31st of the next year.

Question 5

form 990

Answer 5

Return of Organization Exempt From Income Tax (Non-Profit)

Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file Form 990 to provide the IRS with the information required by section 6033.

Must be filed by the 15th day of the 5th month after the organization’s accounting period ends (May 15th for a calendar-year filer).

Question 6

form 1065

Answer 6

U.S. Return of Partnership Income

Partnerships file an information return to report their income, gains, losses, deductions, credits, etc.

A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Partners must include partnership items on their tax or information returns.

Generally must be filed by the 15th day of the 4th month after its tax year.

Question 7

form 1120s/1120c

Answer 7

U.S. Income Tax Return

1120s for s corps
1120c for c corps

Report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

Generally must be filed by the 15th day of the 3rd month at the end of its tax year. For calendar year corporations the due date is March 15th.

Question 8

form 2290

Answer 8

Heavy Highway Vehicle Use Tax

Report the tax due on highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more;

Must be filed by the last day of the month following the month of first use.

Question 9

form 1040

Answer 9

U.S. Individual Income Tax Return

Must be filed by April 15th of the next year. Form 4868 will grant a TP a 6 month extension – must
be filed by April 15th in place of Form 1040

Question 10

form 4868

Answer 10

Automatic Extension of Time
To File U.S. Individual Income Tax Return

Request an automatic extension of time to
file a U.S. individual income tax return.

April 15th

Question 11

form 8821

Answer 11

Tax information authorization

Authorize any individual, corporation, firm, organization, or partnership you designate to inspect and/or receive your confidential information verbally or in writing for the type of tax and the years or periods listed on the form.

Question 12

form 2848

Answer 12

Power of attorney and declaration of representative

Authorize an individual to represent you before the IRS

Question 13

C-corp vs S-corp tax differences

Answer 13

C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner or employee. An S corporation doesn’t pay tax. Instead, you and the other owners report the company revenue as personal income.

Question 14

Form 8804

Answer 14

Annual return for partnership withholding tax