Tab A: Reference Materials and Worksheets
Where to file business returns, principal business activity codes, guide to information returns, start-up and organizational expense elections, partner's and S corporation shareholder's adjusted basis worksheets, business valuation worksheet, estate inventory worksheet, and much more.
Tab B: Partnerships
Basics of partnerships, separately stated items, distributive share, guaranteed payments, basis, contributed property, built-in gain or loss, current distributions, comprehensive partnership example with line-by-line instructions to Form 1065, Schedule K-1 codes.
Tab C: Corporations
Corporation basics, definitions and tax treatment of corporations, limited liability, Schedule M-3, estimated tax rules, capital contributions, basis, stock, Section 1244, small business stock (Sections 1202 and 1045), distributions, dividends, constructive dividends, earnings and profits (E&P), accumulated earnings tax, special income and expense items, AMT, comprehensive corporation example with line-by-line instructions to Form 1120.
Tab D: S Corporations
Basics of S corporations, eligibility requirements, Form 2553, terminating S status, excess net passive income tax, built-in gains tax, reasonable compensation, basis, distributions, accumulated adjustments account, ordering rules, comprehensive example with line-by-line instructions to Form 1120S, Schedule K-1 codes.
Tab E: Tax-Exempt Organizations
Organization reference chart, qualifications for exempt status, reporting and filing requirements, penalties, estimated tax, unrelated business income, private foundations, applying for exempt status, comprehensive example of exempt organization filing Form 990, unrelated business activity codes, unrelated business income exclusion codes.
Tab F: Other Business Entities
Personal service corporations, limited liability companies, homeowners' associations, personal holding companies, limited liability partnerships, limited partnerships, publicly traded partnerships.
Tab G: Fiduciary Tax Returns (Form 1041)
Quick facts on trusts and estates, trust terminology, simple trusts, income distribution deduction, distributable net income, complex trusts, grantor trusts, comprehensive example of a simple trust, complex trust example, excess deductions on termination of an estate or trust.
Tab H: Estate and Gift Tax Returns
Income and expense chart for a decedent, step-by-step personal representative instructions, gift taxes, final Form 1040, income in respect of a decedent, estate tax return, unified credit, generation-skipping transfer tax, basis in inherited or gifted property, valuation, comprehensive estate and gift examples including Forms 1041, 706 and 709.
Tab I: Payroll Tax Returns
Payroll tax deposit requirements and calendar, filing Forms 940 and 941 or 944, summary of FICA and FIT withholding rules for various employer payments and benefits to employees, withholding methods and examples, electronic federal tax payment system, Forms W-2 and W-3, information on personal liability for unpaid payroll taxes, Form 940 example.
Tab J: Depreciation and Amortization
Table of class lives and recovery periods, contributed property rules and examples, book depreciation vs. tax depreciation, short tax year rules, Section 179 deduction, recapture, expensing policy, amortization, depletion, oil and gas, general asset accounts.
Tab K: Employee Benefit Plans
Basics of benefits, defining who is an employee for fringe benefit purposes, nondiscrimination rules, tax-free fringe benefits, dependent care assistance program, meals and lodging, health insurance, MSAs, group-term life insurance, cafeteria plans, educational assistance program, nonqualified deferred-compensation plans, employer-provided autos, qualified retirement plans.
Tab L: Accounting Methods and Principles
Accounting methods, tax year, inventories, UNICAP rules, bookkeeping basics, double-entry bookkeeping, balance sheet items, accounting terms.
Tab M: Starting a New Business
Choosing a business entity, organizational and start-up costs, business plan, internal controls, partnership agreement, forming a corporation, labor laws compliance, financing a new business, buy/sell agreements, succession planning, valuation methods, selling to the U.S. government.
Tab N: Acquisitions, Dispositions and Liquidations
Partnership liquidations, corporation liquidations, stock redemptions, corporate reorganizations, disposition of business assets, asset acquisitions.
Tab O: Deductions, Credits and Books vs. Tax
Deductible/nondeductible business expenses, U.S. production deduction, tax credits, energy tax incentives, comparison between GAAP and tax accounting rules.
Tab P: Tax Planning for the Small Business
Year-end tax planning ideas for small businesses, with checklists and other helpful information to offer your clients proven techniques to lower taxes.
Tab Q: New Law, Hurricanes and Index
Comprehensive charts explaining (1) tax laws enacted in 2006 and (2) other tax provisions first effective in 2006 that affect businesses (including comparisons to prior year rules), a summary table of tax laws that provide relief to hurricane victims, discussion of selected business hurricane provisions, a summary of late-2006 pending tax legislation, a table detailing hurricane disaster areas, Index of the Small Business Quickfinder Handbook.
