Exam (elaborations)
ENROLLED AGENT EXAM
- Course
- Institution
Exam of 20 pages for the course EA - Enrolled Agent at EA - Enrolled Agent (ENROLLED AGENT EXAM)
[Show more]
Content preview
ENROLLED AGENT EXAM - PART 2:BUSINESS
ho(UNITho1)hoBusinesshoandhoRequirementsho-hoans--✔✔...
SolohoProprietorshipho-hoans--
✔✔can'thobehopassedhotohoahonewhoowner,homusthobehosoldho
qualifiedhojointhoventureho-hoonlyhomarriedhocoupleshobusinessho
-filehoseparatehoScheduleshoChoandhoseparatehoSchedulehoSE
Statutoryhoemployees,hodisregardedhoentitieshoalsohomusthofilehoSchedulehoC
Partnershipsho-hoans--✔✔-musthohavehoatholeastho1hogeneralhopartner
jointhoundertakinghotohosharehoexpenseshoishonothoahopartnership
Fromho1065hoamdhoK-1hotohoeachhopartnerho(nothoWho2)
limitedhopartnerhomayhonothosignhoreturnhoorhorepresenthobeforehoIRS
LimitedhoLiabilityhoPartnershipho(LLC)hopartnerhoonlyhoathoriskhoforhohishointeresthoinhopart
nershiphoassets
ChoCorporationsho-hoans--✔✔Fromho1120
boardhoofhodirectorshooversighthoofhocompanyhoandhohashoshareholders
ShoCorporationsho-hoans--✔✔Shocorphomust
-behodomestic
-shareholdersho(mayhonothobehopartnerships,hocorporations,hononhoresidenthoaliens)
-nohomorehothanho100hoshareholders
-onehoclasshoofhostockho(votinghoandhononhoarehosamehostock)
-nothobehoineligiblehotypehocorporation
LimitedhoLiabilityhoCompaniesho(LLC)ho-hoans--✔✔taxedhoashopartnership
corporationhoprotectionhoandhoavoidshodoublehotaxation
,PersonalhoServicehoCorporationsho(PSC)ho-hoans--✔✔taxedhoathoflathoratehoofho35%
CLOSELYhoHELDhoCORP
-canhooffsethopassiveholosseshowithhoanyhoactivehoincome
PERSONALhoSERVICEhoCORPhocan'thooffsethopassiveholosseshowithhoanyhoactivehoinco
me
whenhoatholeastho95%hoofhostockhoheldhobyhoownershoperforminghopersonalhoservices.
FarmershoandhoFishermenho-hoans--✔✔mayhobehopartnershiphoorhocorporation
Tax-ExempthoOrgsho(nonhoprofithoentities)ho-hoans--
✔✔Formho1023hoapplicationhoforhoregognitionhoofhoexemption
byhodefaulthononhoprofit:hochurches,hosynagogues,homosques,hotemples
Formho990hofilehoannually
EntityhoClassificationhoElectionhoRulesho-hoans--
✔✔canhochoosehotohobehoclassifiedhoforhotaxhopurposes
nothobeforeho75hodayshoorhoafterho12homonths.
electionhocannothobehochangedhoforho5yrsho(60homonths)
EmployerhoIdentificationhoNumberho(EIN)ho-hoans--✔✔RequesthoforhoEINhoFromhoSS-4
musthohavehoif:
havehoemployees
excisehotax
alcohol,hotobacco,hofirearms
Ifhosolohonohoemployees,honothorequiredhoEIN
BusinesshoRecordkeepingho-hoans--✔✔Laterhoofho3hoyearshowhenhoduehoorhofiledho
payrollhoemploymenthoinfoho4hoyears
IncomehoStatement
BalancehoSheet
BusinesshoReportinghoRequirementsho-hoans--✔✔Formho8300ho-
hocashhotransactionho$10,000hoorhomoreho(reportho15thhodayhoafterhodayhoofhotransaction)
W-4hoemployee'showithholdinghoallowancehocertificate
W-2howageshoandhotaxhostatementho(ifhofilehooverho250homusthofilehoelectronically)
Formho1099hocontractors,hoselfhoemployedhoifhopaidho$600hoorhomoreho(nohoneedhoforhoo
nehoifhopersonalhopayments,hopainthomyhohouse)
EmploymenthoTaxeshoandhoSelf-EmploymenthoTaxho-hoans--✔✔Formho944
SSho6.2%hoMedicareho1.45%
AdditionalhoMedicarehoTaxho0.9%
, ifhonothofileho944,homusthofileho941hoeachhoquarterhoregardlesshoifhopaidhowageshoorhonot
OnlyhoOptions:hobyhoMailhoorhoE-file
TrusthoFundhoRecoveryhoPenaltyho(TFRP)ho-hoans--
✔✔penaltyho100%hocanhoapplyhotohoeveryonehowhohoishoresponsible.ho
responsiblehoandhowillfullyhofails
FederalhoUnemploymentho(FUTA)hoTaxho-hoans--
✔✔6%hoonhofirstho$7,000hoofhoeachhoemployee
canholaterhogethocredithoofho5.4%hoonhoFormho940hosohotruehotaxhoisho0.6%
EmployeehoandhoWorkerhoClassificationho-hoans--
✔✔Test:hobehaviorhocontrol,hofinancialhocontrol,hotypehoofhorelationship
employee
statutoryhoemployeeho-
holifehoinsurancehosalespeople,hotravelinghosalespeople,hodirectorhoofhocorps,hocommissio
nedhotruckhodrivers,
statutoryhononhoemployeeho-hodirecthosaleshoandholicensedhorealhoestatehoagents
independenthocontractor
EmployinghoFamilyhoMembersho-hoans--
✔✔corp,hoestate,hopartnershiphowithhoonehoparenthoahopartner
-childhopaymenthosubjecthotohoallhotaxes
Solohoorhoeachhoishopartnerhoinhopartnership
underho18hoonlyhoincomehotaxhowithheld
underho21honohoFUTAhotaxhowithheld
(UNITho2)hoAccountinghoPeriodshoandhoMethodsho-hoans--✔✔...
TaxhoYearho-hoans--
✔✔shorthotaxhoyearholesshothanho12homonths.hotaxpayershodeathhomarkshoendhoofhofinalh
otaxhoyear
RequiredhoTaxhoYearho-hoans--
✔✔usedhobyhopartnerships,hoShocorpshoandhoPSC.ho50%hoorhomorehoofhopartnershomusth
ousehothathorequiredhotaxhoyear
Sectionho444hoElectionho-hoans--✔✔requesthotohousehootherhothanhorequiredhotaxhoyear
FilinghoDuehoDateshoforhoEntitiesho-hoans--
✔✔CORPhomarchho15,ho15thhodayhoofhothirdhomonth
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MASTERGRADE01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
48072 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now