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Business Finance


Part 1

Deliverable Length: 250–300 words

Use this Web site to determine the form(s) required to file income taxes for the following business entities:

  • Sole proprietorship
  • Partnership
  • Corporation
  • S Corporation

Download the current form and instructions (you will refer to these in later assignments).

Use the instructions for each form to prepare a tax guide that you will use during tax season. The tax guide should have the following information for each business entity:

  • Tax form or schedule used to report the profit or loss from a business
  • When the tax form must be filed
  • Where the tax form must be filed based on the state
  • An IRS publication that will provide supplemental federal income tax information about the business entity

Part 2

Deliverable Length: 250–300 words

Use the following Web site to prepare a memo for your file regarding the new regulations for paid preparers for future reference:

Please submit your assignment.

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Explanation & Answer

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Surname 1
Part 1
Student’s Name
Professor’s Name
Forms Required to be Filed by Various Business Entities

Sole Proprietorship

A sole proprietorship belongs to a sole proprietor. A sole proprietorship requires specific forms
to file its tax returns. For income tax, the sole proprietor needs 1040. U.S. Individual Income Tax
Return and the Schedule C (Form 1040). Profit or Loss from Business or Schedule C-EZ (Form
1040). Net Profit from Business. Sole proprietors present form 1040. U.S Individual Income Tax
Return to the internal revenue Centre 31st of December every year. For more information visit


A partnership involves a relationship of two or more individuals who contribute factors of
production to conduct a business they share returns. Partnerships do not pay income tax. It
instead uses information on profits and losses of each partner on their individual returns to pay
their income tax. Partners receive form W-2. Each partner presents 1040. U.S Individual Income
Tax Return to the internal revenue Centre 31st of December every year. For more information


Surname 2
A corporation involves shareholders who invest money and property for a corporation capital
stock. Profits in corporations are taxed when earned and then tax dividends issued to the
shareholders. For income tax, corporations use the 1120-W. U.S Corporation Income Tax
Return. The form is filed at the end of the fiscal year to the Department of Treasury under the
Internal Revenue Service. For more information visit www.
d. S Co...

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