Busy Season Warm-up
I worked as painter for a real estate company and got paid $2,000. What type of 1099 should I receive?
1099-INT
1099-NEC
1099-MISC
1099-R
When are form 1099 NEC and 1099-MISC due for e-file with the IRS?
1099-NEC January 31 1099-MISC January 31
1099-NEC January 31 1099-MISC March 31
1099-NEC March 31 1099-MISC March 31
1099-NEC March 31 1099-MISC January 31
3. What is the difference between the Form 1042 and 1042-S?
1042-S tells the IRS the taxable revenue. 1042-S tells the IRS the tax deducted
1042 tells the IRS the taxable revenue. 1042-S tells the IRS the tax deducted
The 1042 is the summary for the entity as a whole and the 1042-s is the breakdown by payee
The IRS tries to tax foreigners as much as possible
I am Doron an Israeli citizen (only) and invest in the U.S. I don't want the U.S. To withhold 30% on my 1042. Which income does the treaty allow a witholding under 30%?
Interest
DIvidends
Royalties
All of the Above
What is the most consumed manufactured drink in the world?
Coca Cola
Coffee
Tea
Petel
What type of tax treatment is given to a multi-member LLC
It must be a partnership
It must be treated like a corporation
It can elect can be a partnership or S-corp but not an C-corp
It can elect to be a partneship,C-corp or S-corp.
€“ In a standard limited partnership the LPs are likely to receive guaranteed payments.
True
False
Steve Howe invested $8,000 in a partnership. During the year he withdrew $5,000. His share of the partnership operating loss for the year is $4,000. Assuming the partnership has no liabilities, what amount of that loss is he eligible to deduct on his personal tax return?
4,000
3,000
3,500
1,000
Which year did Eisner Amper open the Tel Aviv office?
2015
2016
2017
2018
What is the difference for tax purposes between a single member LLC and a multi-member LLC?
Single member LLC has better tax rates
Single member LLC does not file form 1065 at all. Income goes on schedule C of his 1040
Multi-member LLC has more flexibility to choose the type of entity it wants to be for tax purposes
They are the same
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