EA EXAM 2 (Business Taxation) - Forms

Form 941

reports wages/tips and quarterly payroll taxes—including federal income tax, Social Security, and Medicare withheld from employees.

Form 940

reports annual federal unemployment tax (FUTA) paid by employers to fund unemployment benefits.

Form 8300

Report of Cash Transactions over $10,000 received in trade or business. Must be filed within 15 days of transaction and copy must be sent to buyer by 1/31

Form 1120-S

The annual tax return used by S corporations to report their income, deductions, gains, losses, and pass-through items to the IRS.

Form 1120

The annual tax return used by C corporations to report their income, deductions, gains, losses, and calculate their federal income tax liability to the IRS.

Form 1065

Used by partnerships to report income, deductions, and pass-through items to the IRS—no tax is paid at the entity level.

Schedule K-1

Reports a taxpayer’s share of income, deductions, and credits from pass-through entities like partnerships, S corporations, or trusts.

Form 1040-ES

Used to calculate and pay quarterly estimated taxes on income not subject to withholding, like self-employment or investment earnings.

Form 1099-NEC

Used to report nonemployee compensation paid to freelancers, contractors, and gig workers—required if payments total $600 or more in a calendar year.

Form 1099-MISC

• Rents – $600 or more

• Royalties – $10 or more

• Other income (prizes, awards, taxable legal settlements) – $600 or more

• Medical and health care payments – $600 or more

• Gross proceeds paid to attorneys – $600 or more

• Nonqualified deferred compensation – Any amount

• Backup withholding – Any amount

• Direct sales over $5,000 – Checkbox only

Form 1128

Used to request IRS approval to adopt, change, or retain a business’s tax year—typically filed by partnerships, S corps, C corps, and PSCs.

Form 3115

Used to request IRS approval to change a business’s accounting method—such as switching from cash to accrual or correcting depreciation schedules—with potential Section 481(a) adjustments to reconcile prior years.

Form 720

Used to report and pay quarterly federal excise taxes on specific goods, services, and activities—like fuel, air transportation, and indoor tanning.

Form 461

Used to calculate and limit excess business losses for noncorporate taxpayers—disallowed amounts are carried forward as net operating losses.

Form 1094-C

Serves as a transmittal summary for Form 1095-C, used by large employers to report health coverage offered to employees under the Affordable Care Act.

Schedule D

Used to report capital gains and losses from the sale or exchange of capital assets—separates short-term and long-term transactions to determine net taxable gain or deductible loss.

Schedule C

Reports income and expenses from a sole proprietorship or single-member LLC—used to calculate net profit or loss for inclusion on Form 1040.

Schedule F

Used to report income and expenses from farming operations—typically filed by individuals or sole proprietors engaged in agricultural activities.

Form 4562

Used to claim deductions for depreciation and amortization of business assets, elect Section 179 expensing, and report use of listed property like vehicles and equipment.

Form 4797

Used to report gains and losses from the sale, exchange, or disposition of business property—including real estate, depreciable assets, and certain involuntary conversions.

Form 1099-R

(distributions from retirement plans and pensions)

1099-Div

(dividends, including those from stocks or mutual funds)

1099-B

(stock or mutual fund sales and other transactions by brokers)

1099-S

(proceeds from real estate transactions)

1099-C

Canceled Debt

1099-A

(acquisition or abandonment of secured property)

1099-PATR

(taxable distributions received from cooperatives)

1099-G

(unemployment compensation or other government payments)

Schedule SE

Self-employment tax calculation

Schedule E

Reports passive incomes

Form 8832

Election to be a Corporation

Form 2553

Election to be an S-corp. Also can be used to change tax year for s-corp

Form 7004

Extension for Partnership Filing

Form 8865

Filed if involved in foreign partnership

Schedule B

Where partner representative is designated

Form 6198

For calculating profit or loss from At Risk Activities for current year

Form 8582

Passive Activity Loss Limitations

Schedule L

An IRS schedule that shows a corporation’s balance sheets as of the beginning and end of the year

Schedule M-1

Used to reconcile book to tax differences for C corporations for companies with gross receipts and assets of 250k

Schedule M-3

Used to reconcile book to tax differences for C corporations for companies with gross receipts and assets of 10 million

Form 966

Corporate Disillusion or Liquidation

Form 8869

Qualified Sub chapter S subsidiary

Form 7203

Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations

Form 943

used by agricultural employers to report wages to agricultural employees

Form 4835

Use to report income from sharecropping

Schedule J

Averaging out income for farmers and fisherman

Form 1023

Request for Exemption (501c3 ONLY)

Form 990

Return for Public Charity

Form 990-PF

Return for Private Foundation

Form 990-N

Tax exempt orgs with 50k less gross receipts can file E postcard

Form 990-Ez

200k gross receipts and 500k assets filing for 501c

Form 8868

Application for Extension of Time to File an Exempt Organization Return

Form 990-T

When exempt organization has 1k of unrelated business income

5305-SEP

used to show SEP-IRA

Form 5500

Informtion Return for business retirement plans | Due last day 7th month of PLAN YEAR NOT TAX YEAR

FORM 5500-EZ

For very small plans (owners or partners/spouses). Assets exceed 250k

Form 56

Notifies the IRS that someone is acting in a fiduciary capacity (e.g., executor, trustee, guardian).

Form 1041

Filed by fiduciaries (executors or trustees) to report income earned by an estate or trust. 5 ½ month extension (WTF)

Form 706

Used to report the value of a deceased person’s estate and calculate any federal estate tax due within 9 months and federal exemption. Due 9 months after death

Form 4768

Request 6 month extension for Form 706

Form 1310

Statement of Person Claiming Refund Due a Deceased Taxpayer

Schedule SE

Used to calculate self employment income, attached to individual returns.

Form SS-4

used to request an EIN for a foreign entity when the entity cannot request an EIN online

Form 1099-S

is used to report the sale of real estate as well as for standing timber sales

Form 1099-K

Used to report third party transactions