Analyze Financial Data for a Business Entity and Prepare Its Annual Federal Income Tax Return (Form 1120 or Form 1065)

Upon completion of a business’s taxable year, a corporation is required to report financial results, and if required, calculate and pay income taxes. In the case of a pass-through entity like a partnership or LLC, the legal entity itself is not required to pay income taxes. However, an information return must still be filed and partners’ allocable income, losses, and gains must be determined so that each owner can report such results on their individual income tax return. We will discuss the specific information required to do this.

Using the articles from the recommended reading, select one key point from the article and share your thoughts on the importance of monitoring non-taxable entities. Include additional resources to support your position, as needed. Your document should be 1-2 pages with references.

Required

• Chapters 23 & 25 in South-Western Federal Taxation 2017

Recommended

• Diehl, S. D. (2016). Tax-exempt entities: Layering on the benefits for a tax-exempt organization … or have it your way! Journal of Pension Benefits, 23(3), 41-43.
• Perry, C., & Weiner, D. (2016). Foreign corporation earnings and profits: Common misconceptions and pitfalls. The Tax Adviser, 47(2), 95-99.

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