Professional Documents
Culture Documents
To prepare the new staff for the upcoming tax season, you have decided to hold 1-week training.
Prepare a short PowerPoint presentation of 4-5 slides outlining the following:
What type of tax rate structure does the U.S. tax system apply?
What are the individual tax forms, and what factors are used to determine which one to
use?
Purpose of form
Filer
Form 8825 Used to report income and expenses from rental real estate
Partnerships
and S
Corporations
Form 1041 Used to report income, expenses, and tax liability of the entity
Fiduciary of an
Estate of Trust
Individuals
Individuals
Schedule B Used to report interest and dividend income in excess of $1,500 Individuals
Schedule D Used to report the sale of a capital asset
Schedule E
Schedule G Used to report the regular tax computation for Form 1041
Schedule I
Individuals,
Trusts, or
Estates
Individuals
Trusts or
Estates
Used to report the alternative minimum tax computation for Form Trusts or
1041
Estates
Schedule J Used to report the regular tax calculation for Form 1120
Corporation
Schedule K
Corporation
Schedule L
Corporation
Schedule
M-2
Taxable income
The amount of income used to calculate an individuals or companys income tax due
Gross income or Adjusted gross income minus any deductions or exemptions allowed in that tax
year.