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