About This Chapter
Specialized Tax Returns for Businesses - Chapter Summary
This engaging chapter outlines key topics related to specialized tax returns for businesses. In these lessons, you'll find information about the different types of trust accounts and how they're taxed. You'll also look at returns for tax-exempt organizations, retirement plans and farms. After completing this chapter, you should be able to:
- Explain the rules that govern trusts and estate income tax
- Outline the exemptions and deductions given in trust tax planning
- Detail the requirements for tax-exempt status
- Identify the employer contribution in payroll, benefits and compensation
- Share information about the SEP IRA
- Discuss sources of income from farms as a business entity
- Describe the special considerations made in farm taxation
These learning materials make even the most challenging material understandable, thanks to our professionally-designed and easy-to-follow lessons. Each short lesson is accompanied by a multiple-choice quiz you can use to check your comprehension before you move on. We've made it easy to study any time you'd like by making these lessons accessible 24 hours a day on your mobile phone, tablet or computer.
1. Trust Accounts: Types & Taxation
This lesson focuses on the description, details, and definitions of the various types of trusts, as well as benefits of each type of trust and the taxation of trust accounts.
2. Tax-Exempt Status: Requirements & Application
In this lesson, we will discuss the requirements and application process for becoming a tax-exempt organization. We will also discuss the forms required to apply for tax-exemption and maintain this status.
3. What Is a SEP IRA? - Definition, Requirements, Rules & Contributions
This lesson provides an overview of a SEP IRA, a retirement plan typically used by small businesses. In the lesson, you'll get a definition of the term and see an outline of the requirements, rules, and contributions.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards