Small Business Quickfinder Handbook

Your trusted quick reference tax guide for small business

The Small Business Quickfinder Handbook is your trusted source for quick reference to tax principles that apply when preparing business and fiduciary income, estate and gift, tax-exempt organization, and payroll tax returns. It covers the essentials of preparing these tax filings, including detailed, true-to-life examples with filled-in forms and line-by-line explanations, and thoroughly addresses tax law changes and IRS developments, all in a concise, easy-to-use format.

From start-up to termination issues, and everything in between - including employee benefits, accounting methods and principles, deductions, credits, and tax planning - this Handbook is a unique, one-stop solution for your many tax questions.

The small business tax book depended on by tax and accounting professionals

Here’s what you’ll get with this useful tool:

• Material that’s organized in a unique tab structure based on the IRS tax forms and schedules
• Loads of quick reference tables and charts to get you the answers you’re looking for quickly
• Examples throughout to illustrate how the tax rules apply and how to report items on the return
• A What’s New tab that summarizes significant current-year tax changes that are addressed throughout the Handbook, so you can quickly get up to speed on what’s changed
• References throughout the Handbook to relevant Internal Revenue Code sections, IRS regulations and rulings, and court cases so you can dig deeper into a subject if needed

See information above for new edition availability. To order the current or prior tax year editions, please call us at 800-431-9025.

• Small Business Quickfinder Handbook
  • 2022 Business Quick Facts
  • Social Security Key Amounts
  • Filing Information
  • Form 1120
  • Forms 706 and 709
  • 2022 Estate and Gift Tax Exclusion Amounts
  • Form 1041
  • 2022 Employer Retirement Plan Contribution Limits
  • IRS Hotlines and Toll-Free Numbers
  • Employer Identification Numbers (EINs)
  • Payroll Deposit Deadlines (Form 941)
• Tab A—Reference Materials and Worksheets
  • Where to File: Business Returns Filing Addresses—2022 Returns
  • Principal Business Activity Codes—Forms 1065, 1120, and 1120-S
  • Business Quick Facts Data Sheet
  • Types of Payments—Where to Report
  • Guide to Information Returns
  • Cash and Accrual Accounting Methods—Treating Commonly Encountered Items
  • Partner’s Adjusted Basis Worksheet
  • Tax Info for Partnership, Corporation, LLC, and LLP Returns
  • Transferor’s Section 351 Statement
  • Tax Info Sheet for Gift Tax Returns
  • Estate Inventory Worksheet
  • Reconciliation of Income Reported on Final Form 1040 and Estate’s Fiduciary Return (or Beneficiary’s Return)
  • Business Valuation Worksheet
  • Foreign Asset Reporting—Forms 8938 and FinCEN 114
  • Types of Foreign Assets and Whether They Are Reportable
  • Worksheet to Allocate Purchase/Sale Price to Specific Assets
  • Qualified Business Income (QBI) Deduction Planning Checklist
  • Qualified Business Income (QBI) Deduction Flowchart
• Tab B—Partnerships
  • Basics of Partnerships
    • Partnership Audit Rules
    • General Partner/Limited Partner
    • Partnership Characteristics
    • Check-the-Box Regulations
    • Spouses as Partners
    • Tax Assessments
    • Exclusion From Partnership Treatment
  • Partnership Income and Expenses
    • Business Interest Expense Limitation
    • Qualified Business Income (QBI) Deduction
    • Excess Business Losses
    • Net Investment Income Tax
    • Separately Stated Items
    • Elections
    • Distributive Share
    • Distributions
    • Losses
    • Related Parties—Loss Disallowed
    • Guaranteed Payments
    • Payments by Accrual Basis Partnership to Cash Basis Partner
    • At-Risk Activity
    • Reporting for Fiscal Year Partnerships
    • Partners’ Unreimbursed Expenses
  • Partnership Income and Expense Chart (Form 1065)
  • Basis
    • Initial Basis
    • Alternative Basis Rule
    • Contributed Property
    • Services Rendered
    • Carried Interests
  • Built-In Gain or Loss
    • Methods of Allocation
    • Substantial Built-In Loss
    • Section 1245 Recapture
    • Optional Adjustments to Basis of Partnership Property (Section 754 Election)
    • Capital Account Revaluations
  • Partnership Distributions
    • Current Distributions
    • Pre-Contribution Gain or Loss
  • Nonrecourse Loans
  • Partnership Example
    • Line-By-Line Instructions
      • Form 1065, Page 1 Instructions
      • Form 1125-A, Cost of Goods Sold
      • Schedule B, Pages 2 and 3 (Form 1065)
      • Schedule K, Page 4 (Form 1065)
      • Analysis of Net Income (Loss), Form 1065 (Page 5)
      • Schedule L, Page 5 (Form 1065)
      • Schedule M-1, Page 5 (Form 1065)
      • Schedule M-2, Page 5 (Form 1065)
      • Schedule M-3 (Form 1065)
      • Partner’s Basis
      • Personal Tax Forms
    • Other Deductions
• Tab C—Corporations
  • Basics of Corporations
    • Filing Requirements
    • Tax Rates on Taxable Income
    • Corporation Defined
    • Limited Liability
    • Tax Treatment of C Corporations
    • Schedule M-3 (Form 1120)—Reconciliation of Books With Tax Return
    • Schedule UTP—Uncertain Tax Position Statement
    • Tax Payments
    • Estimated Tax
    • Annualized Income Methods
    • Quick Refund of Estimated Tax
  • Capital Contributions
    • Transfers of Property
    • Nontaxable Exchange of Property for Stock—Section 351 Transfers
    • Property Subject to Liabilities
    • Services Not Treated as Property
    • Reporting Requirements
    • Section 351 Planning
    • Nonqualified Preferred Stock Is Boot
  • Stock
  • Section 1244 Stock Losses
    • Basis of Section 1244 Stock
  • Small Business Stock
    • Exclusion of Gain
    • Rollover of Gain
    • Qualified Small Business Stock (QSBS)
  • Distributions
    • Dividends and Return of Capital
    • Tax Effects of Distributions
    • Nondividend Distributions
    • Form 1099-DIV
    • Shareholder Wages
    • Golden Parachute Payments
    • Loans
    • Rent Payments
    • Royalties
    • Employer-Provided Meals and Lodging
    • Constructive Dividends
    • Disguised Wage Expense Reimbursement
  • Earnings and Profits (E&P)
    • Tax Effect of Tax-Exempt Income
  • Accumulated Earnings Tax
    • Bardahl Formula
  • Corporate Income and Expenses
    • Dividends Received Deduction
    • Business Interest Expense Limitation
    • Charitable Contributions
    • Charitable Contributions of Inventory
    • Capital Gains and Losses
    • Like-Kind Exchanges
    • Net Operating Losses (NOLs)
  • Corporate AMT
    • Base Erosion Minimum Tax
  • Losses and Miscellaneous Items
    • Passive Activity Losses
    • Casualty and Theft Losses
    • Corporate Terms
  • Corporation Example
    • Line-By-Line Instructions
      • Form 1120, Page 1 Instructions
    • Cost of Goods Sold
      • Form 1125-A
    • Dividends and Special Deductions
      • Schedule C, Page 2, Form 1120
    • Tax Computation
      • Schedule J, Page 3, Form 1120
    • Other Information
      • Schedule K, Pages 4 and 5, Form 1120
    • Balance Sheets
      • Schedule L, Page 6, Form 1120
    • Reconciliation of Income (Loss) per Books With Income per Return
      • Schedule M-1, Page 6, Form 1120
    • Analysis of Unappropriated Retained Earnings per Books
      • Schedule M-2, Page 6, Form 1120
      • Form 4562, Page 1
      • Form 1040
      • Form 2106 (Not applicable)
    • Other Deductions
    • Depreciation Schedule—Corporations
• Tab D—S Corporations
  • Basics of S Corporations
    • Filing Requirements
    • C Corporation vs. S Corporation
    • Qualified Business Income (QBI) Deduction
    • S Corporation Considerations
    • S Corporation Requirements
    • Qualified Subchapter S Subsidiary (QSub)
    • Eligible Trusts
    • Ineligible Domestic Corporations
    • One Class of Stock
    • Counting Shareholders
    • S Corporation Election (Form 2553)
    • Election to Be Taxed as a Corporation
    • Terminations
    • Revoking S Status
    • Two Short Tax Years
    • Inadvertent Termination Relief
    • Separately Stated Items
    • Net Investment Income Tax
    • Shareholder’s Pro Rata Share (Schedule K-1)
    • Interest Paid by Shareholder for Acquisition
    • Fringe Benefit Rules
    • C Corporation Carryovers
    • NOLs and Dividends Received Deduction
  • S Corporation Taxes
    • Excess Net Passive Income (ENPI) Tax
    • Built-In Gains (BIG) Tax
    • Investment Credit Recapture Tax
    • LIFO Recapture Tax
    • Estimated Tax Payments
  • Reasonable Wages
    • Establishing that Compensation is Reasonable
  • Shareholder’s Basis
    • Form 7203
    • Deducting S Corporation Losses
    • Ordering Rules
    • Basis of C Corporation Stock Converted to S Corporation
    • At-Risk Limitation
  • Distributions
    • S Corporations With AE&P
    • Accumulated Adjustments Account (AAA)
    • Other Adjustments Account (OAA)
    • Ordering Rules for Distributions
    • Post-Termination Transition Period
    • Deemed Dividends
    • Property Distributions
    • Comparing AAA and Stock Basis
  • S Corporation Example
    • Line-by-Line Instructions
      • Form 1120-S, Page 1 Instructions
    • Cost of Goods Sold
      • Form 1125-A
    • Other Information
      • Schedule B, Page 2, Form 1120-S
    • Shareholder’s Share of Income, Deductions, Credits, etc.
      • Schedules K (Pages 3-4, Form 1120-S) and K-1
    • Balance Sheets
      • Schedule L, Page 4, Form 1120-S
    • Reconciliation of Income (Loss) per Books With Income (Loss) per Return
      • Schedule M-1, Page 5, Form 1120-S
    • Analysis of AAA, Shareholders’ Undistributed Taxable Income Previously Taxed (PTI), AE&P and OAA
      • Schedule M-2, Page 5, Form 1120-S
      • Schedule M-3, Form 1120-S
    • Other Deductions
    • Statement Pursuant to §1.351-3(b) by Shout and Jump, Inc. EIN 41-1234567, A Transferee Corporation
• Tab E—Tax-Exempt Organizations
  • Basics of Tax-Exempt Organizations
    • Nonprofit
    • Who Is Qualified to Be Tax Exempt?
    • Section 501(c)(3) Organizations
    • Section 501(c)(4) Organization Notification
    • Annual Reporting Requirements
    • Electronic Notice (Form 990-N)
    • Automatic Revocation
    • IRS Resources
    • Filing the Annual Return (Form 990 or 990-EZ)
    • Penalties
    • Intermediate Penalties
    • Excise Tax on Excessive Compensation
    • Estimated Tax Payments
  • Private Foundations
    • Determination of Status
    • Timely Notice
    • Private Family Foundations
    • Private Operating Foundations
    • Form 990-PF
    • Excise Taxes
  • Becoming an Exempt Organization
    • Application Procedure
    • Required Inclusions for Form 1023
    • User Fee for Exempt Organization
    • Group Exemption Letter
    • Effective Date of Exemption
    • Appeal Procedure
    • Revocation or Modification of Exempt Status
  • Form 990, 990-EZ, or 990-N
    • Disclosure Requirements
    • Requesting a Copy of Return from IRS
    • Affinity Programs
    • Proxy Tax
    • Lobbying Expenditures
  • Completing Form 990-EZ
    • Part I—Revenue, Expenses, and Changes in Net Assets or Fund Balances
    • Part II—Balance Sheets
    • Part III—Statement of Program Service Accomplishments
    • Part IV—List of Officers, Directors, Trustees, and Key Employees
    • Part V—Other Information
    • Part VI—Section 501(c)(3) Organizations Only
  • Contributions to Tax-Exempt Organizations
    • Substantiation Requirements for Charitable Contributions
    • Sale of Donated Property
    • Nondeductible Contributions or Dues
  • Unrelated Business Income Tax (Form 990-T)
    • Filing Requirements
    • Reporting Separate Trades or Businesses
    • Disclosure Requirements
    • Unrelated Business Income Tax (UBIT)
    • Unrelated Trade or Business
    • Dues
    • Gaming
    • Token Benefits—Distribution of Low-Cost Articles
    • Qualified Sponsorship Payments
    • Advertising or Charitable Donation
    • Unrelated Business Taxable Income (UBTI)
    • Computing the NOL Deduction
    • Qualified Business Income (QBI) Deduction for Trusts
    • Dual Use of Assets or Facilities
    • Depreciation
    • Allocation of Expenses
  • Comprehensive Example
• Tab F—LLCs and Other Business Entities
  • Limited Liability Company (LLC)
    • Basics of LLCs
    • Advantages of LLCs
    • Disadvantages of LLCs
  • LLCs and Entity Classification
    • Check-the-Box Rules—Entity Classification Election (Form 8832)
    • Disregarded Entities
  • LLC Creation and Conversions
    • Creation of an LLC
    • Converting to an LLC
    • Conversion of a Partnership
    • Conversion From or to a Corporation
    • Converting Between Single- and Multiple- Owner LLCs
  • Qualified Business Income (QBI) Deduction
    • Step 1—Identifying QBI
    • Step 2—Computing the Deductible Amount
    • Step 3—Determining the Combined QBI Amount
    • Step 4—Calculating the Final Deduction
    • Other Considerations
    • Accuracy-Related Penalty
  • LLCs—Other Considerations
    • Loss Limitations
    • Excess Business Loss Limitation
    • Basis Rules
    • At-Risk Rules
    • Passive Loss Rules—LLC Member Treated as General Partner
    • Business Interest Expense Limitation
    • Self-Employment Tax
    • Other Comparisons
    • Liability for Employment Taxes
    • Qualified Joint Venture (QJV)
    • Series LLCs
  • Limited Liability Partnership (LLP)
    • LLPs Similar to LLCs
    • LLP Rules That Differ From LLC Rules
    • Conversion to LLP Status
  • Limited Partnership
  • Personal Service Corporation (PSC)
    • PSC Classification
    • Tax Rates
    • Passive Activity Loss (PAL) Limitations
    • Compensation
    • Multiple PSCs in Professional Firms
  • Homeowners’ Associations
  • Personal Holding Company (PHC)
    • PHC Tax
    • PHC Income Defined
    • PHC Adjusted Ordinary Gross Income
• Tab G—Fiduciary Tax Returns (Form 1041)
  • Fiduciary Return Facts
  • Trust and Estate Terminology
  • Overview of Income Taxation of Trusts and Estates
    • Accounting Income
    • Gross Income
    • Capital Gains and Losses (Schedule D)
    • Tax-Exempt Income
    • Deductions
    • Excess Deductions on Termination
    • Depreciation and Depletion
    • Charitable Deduction (Schedule A)
    • Income Distribution Deduction (Schedule B)
    • Net Investment Income Tax
    • Distributable Net Income (Schedule B)
  • Qualified Business Income (QBI) Deduction
  • Grantor Trusts
  • Grantor Trusts—Tax Returns and Reporting Requirements
  • Simple Trust—Detailed Example
    • Schedule K-1 (Form 1041)
  • Complex Trust—Detailed Example
  • Form 1041, Schedule K-1 Codes
    • Schedule K-1, Form 1041
• Tab H—Estate and Gift Tax Returns
  • Death of a Taxpayer
    • Personal Representative Duties
    • Estate Administration Step-By-Step
    • Probating an Estate
    • Income and Expense Chart for a Decedent
  • Taxable Income in the Year of Death
    • Income and Deductions in Respect of a Decedent
    • Self-Employment Tax
    • FICA, Medicare, and FUTA Withholding
  • Final Form 1040
    • Who Files Return
    • Itemized Deductions
    • Standard Deduction
    • Credits
    • Headings
    • Signing Forms
    • Documents Needed to Claim a Refund
    • Tax Forms
    • Employer Identification Number Required
  • Gift Tax Return (Form 709)
    • Gifts Subject to Gift Tax
    • Joint Ownership Gifts
    • Annual Exclusion
    • Application of DSUE Amount to Gifts
    • Qualified Transfers—Tuition and Medical Care
    • Returns for Married Couples and Gift-Splitting
  • Gift Tax Example
  • Estate Tax Return (Form 706)
    • Reporting Items on Form 706
    • Gross Estate
    • Portability Election
    • Community Property Reporting
    • Special Interests Includable
    • Marital Deduction
    • Charitable Deduction
    • Family Businesses and Farms
    • Deduction for State Death Taxes
  • Generation-Skipping Transfer (GST) Tax
  • Basis in Property
    • Inherited Property
    • Gifted Property
    • Holding Periods
  • Valuing Property
    • Fair Market Value
    • Valuation of Particular Types of Property
  • Taxable Estate Example
    • Tax Returns Required
  • Comprehensive Example—Portability Election
    • Tax Returns Required
    • Income Allocation
    • Form 1041
    • Estate Tax Return (Form 706)
• Tab I—Payroll Tax Returns
  • COVID-19 Payroll Relief
    • Overview
    • Claiming the Credits on an Amended Payroll Tax Return
    • Payroll Tax Deposit Deferral
  • Payroll Tax Deposit Requirements
    • Deposit Deadlines (Forms 941, 944, and 945)
  • Outsourcing Payroll
  • Payroll Tax Payments
    • Electronic Federal Tax Payment System
    • Paying By Credit or Debit Card
  • Withholding Federal Income Tax
  • Withholding Methods
    • Wage Bracket Method
    • Percentage Method
    • Alternate Methods of Income Tax Withholding
  • FICA and FUTA Wage Base
  • New Hire Reporting
    • Confirming the Employee’s SSN
    • Form I-9 (Employment Eligibility Verification)
    • State New Hire Reporting
  • Payroll Tax Reporting
    • E-Filing of Employment Tax Returns
    • Employer’s Quarterly Federal Tax Return (Form 941)
    • Employer’s Annual Federal Tax Return (Form 944)
    • Annual Return of Withheld Federal Income Tax (Form 945)
    • Employer’s Federal Unemployment Tax Return (Form 940)
    • Household Employment Tax (Schedule H)
    • Forms W-2 and W-3
    • Nonemployee Compensation (Form 1099-NEC)
    • Employee vs. Independent Contractor
    • Worker Reclassification Relief Provisions
  • Special Compensation
    • Nonqualified Deferred Compensation
    • Deferring Income from Qualified Equity Grants
    • Sickness and Disability Payments
    • Employee Termination Payments
    • Fringe Benefits
  • Gross-Up Computation
  • Disregarded Entity Employment Taxes
  • Trust Fund Recovery Penalty
    • Who Is a Responsible Person?
  • Other Payroll Tax Issues
    • Earned Income Credit Notification
    • Payroll Taxes on Tips
• Tab J—Depreciation and Amortization
  • Partial Table of Class Lives and Recovery Periods—IRS Pub. 946, Appendix B
  • Special (Bonus) Depreciation
  • Section 179 Deduction
    • Section 179 Expense Limit
    • Qualifying Property Limitation
    • Business Taxable Income Limitation
    • Election
    • Partnerships and S Corporations
    • UNICAP Rules
    • Advantages of Electing IRC Sec. 179
  • Recapture—IRC Sec. 179 and Listed Property
    • Section 179 Recapture
    • Recapture Rule for Listed Property
    • Where to Report
  • Short Tax Year—MACRS
    • Mid-Month Convention
    • Half-Year Convention
    • Mid-Quarter Convention
    • Computing Depreciation for Short Tax Year
    • Computing Depreciation After Short Tax Year
    • Straight-Line Method
    • Special (Bonus) Depreciation
    • Section 179 Deduction in a Short Tax Year
  • Allowed or Allowable Depreciation
  • Depreciation Recapture
    • Ordinary Income Treatment
    • Section 1245 Depreciation Recapture
    • Section 1250 Depreciation Recapture
    • Unrecaptured Section 1250 Gain
    • Depreciation Recapture—C Corporations
  • General Asset Account (GAA) Depreciation
    • Grouping Assets
    • Dispositions from a GAA
  • Capitalization Rules
    • Capital Improvements vs. Deductible Repairs
    • Costs to Acquire Tangible Property
    • Disposition of a Structural Component of a Building
    • Accounting Method Change
  • Amortization
    • Organizational and Start-Up Costs
    • Reporting Amortization
    • Intangible Assets—IRC Sec. 197
  • Depletion
    • Cost Depletion
    • Percentage Depletion
    • Basis Limitation
    • Form T (Timber)—Forest Activities Schedule
  • Oil and Gas
    • Percentage Depletion
    • Lease Bonuses and Advanced Royalties
    • Geological and Geophysical (G&G) Costs
    • Partnership and S Corporation Properties
  • Auto Depreciation
    • Partnerships and Corporations
  • Contributed Property
    • Contributed Property Examples
• Tab K—Employee Benefit Plans
  • Basics of Employee Benefits
    • Employer Deductions
    • Fringe Benefits
    • Nondiscrimination Rules
  • 2022 Fringe Benefit Exclusion Chart
  • Nondiscrimination Rules for Employee Benefits
  • 2022 Employer and Self-Employed Retirement Plan Chart
    • Advantages to Employer and Self-Employed Plans
  • Exceptions to 10% Withdrawal Penalty Before Age 59½
  • 2022 Medical Reimbursement Account Comparison Chart
  • Tax-Free Fringe Benefits
    • No-Additional-Cost Services
    • Qualified Employee Discounts
    • Working Condition Fringe Benefits
    • De Minimis Fringe Benefits
    • On-Premises Athletic Facilities
    • Qualified Transportation Benefits
    • Frequent Flyer Miles
    • Qualified Moving Expense Reimbursements
    • Qualified Retirement Planning Services
  • Employer Leave-Based Donation Programs
  • Dependent Care Assistance
    • Credit for Employer-Provided Child Care
  • Educational Assistance
  • Employee Achievement Awards
  • Meals and Lodging
    • Deduction for Meals and Lodging
  • Health Care Benefits
    • Health Insurance Plans
    • Health Reimbursement Arrangement (HRA) Options
    • Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
    • Fixed Indemnity Plan
    • S Corporations
    • Employer Shared Responsibility Provisions
    • Direct Primary Care (DPC) Arrangements
    • Health Care Sharing Ministry (HCSM)
    • Wellness Programs
    • Over-the-Counter Drugs
    • Continuation Coverage or COBRA
    • Self-Employed Health Insurance Deduction
    • HSAs and Archer MSAs
    • Employer Reporting for Health Insurance
    • Small Employer Health Insurance Credit
  • Disability Insurance Benefits
    • Employee-Paid Premiums
    • Employer-Paid Premiums
    • Pre-Tax Vs. After-Tax Contributions
    • IRC Sec. 105(c)
    • Special Rules for Self-Employed Persons
  • Group Term-Life Insurance
  • Long-Term Care Insurance
    • Tax Treatment of Premium and Benefit Payments
  • Cafeteria Plans
    • Qualified Benefits
    • Tax Considerations
  • Nonqualified Deferred-Compensation Plans
    • Requirement for Tax-Deferred Treatment
    • Constructive Receipt
    • Calculating Amounts Includable in Income
    • Funding
    • Payroll Taxes
  • Employer-Provided Vehicle
    • Definitions
    • General Rule—FMV of the Personal Use
    • Special Valuation Methods
    • Annual Lease Value (ALV) Method
    • Commuting Value Method
    • Safety Requirement for Commuting
    • Cents-per-Mile Method
    • Recordkeeping Requirements
    • Reporting Employee Personal Use on Business Tax Return
  • Retirement Plan Law Changes
    • SECURE Act
  • Qualified Retirement Plans
    • Annual Limitations to Qualified Plans
    • Elective Deferrals Not Taken Into Account for Purpose of Deduction Limits
    • Tax Advantages of Qualified Retirement Plans
    • Profit-Sharing Plans
    • Section 401(k) Plans
  • Other Employer Retirement Plans
    • SIMPLEs
    • Simplified Employee Pensions (SEPs)
    • Solo (or One-Person) 401(k) Plans
    • Coordinating SEPs and Solo 401(k) Plans
    • Deemed (Payroll Deduction) IRAs
  • Form 5500
    • Form 5500 Reporting Requirements
• Tab L—Accounting Methods and Principles
  • Accounting Methods
    • Choosing an Accounting Method
    • Limitations on Use of Cash Method
    • Accounting Methods for Inventory
    • Other Accrual Method Matters
    • Related Parties—Accrual vs. Cash Basis
    • Installment Sales
    • Long-Term Contracts
    • Prepaid Expenses
    • Change in Accounting Method
  • Tax Year
    • Calendar Tax Year
    • Fiscal Tax Year
    • Short Tax Year
    • Changing a Tax Year
    • Required Tax Year
    • Business Purpose Tax Year
    • Section 444 Election
    • C Corporation Fiscal Year Election
  • Inventories
    • Inventory Methods
    • FIFO Valuation
  • Uniform Capitalization Rules
    • Allocable Portion of Indirect Costs
    • Capitalization of Interest
    • Capitalization of Pre-Production Costs
    • Adopting/Changing UNICAP Methods
  • Bookkeeping Basics
    • Supporting Documents
    • Recording Business Transactions
  • Double-Entry Bookkeeping
    • Double-Entry Example
    • Debit/Credit Entry Chart for Double-Entry Bookkeeping
    • Accounting Equation
    • If Double-Entry Bookkeeping Is Not Used
    • How to Balance the Business Books
  • Balance Sheet
    • Partnership Balance Sheet Depreciation
    • Corporation Balance Sheet Depreciation
  • Accounting Terms
• Tab M—Starting a New Business
  • Start-up Considerations
    • Checklist for Creating a Business Entity
    • Corporate Considerations
    • Small Business Tax Information
  • Entity Comparison Chart
  • Business Plan
    • Reasons to Have a Business Plan
    • Business Plan—Sample Outline
    • Reasons to Have a Business Continuity Plan
  • Internal Controls
  • Recordkeeping
    • Provisions to Include in a Partnership or LLC Operating Agreement
    • Recovering Business Formation Costs
  • Pre-Incorporation/LLC/ Partnership Agreements
    • Special Considerations for Partnerships
  • Organizational and Start-Up Costs
    • Deducting and Amortizing Costs
    • Capitalizing Expenditures
  • Identifying Start-Up Costs Capitalization
    • Investigative vs. Acquisition Costs
    • Failed Attempt—Individuals
    • When Business Operations Begin
  • Gig and Sharing Economy
  • Employment Issues
    • Job Interviews—Use Caution
    • Hiring Alternatives
  • Selected Federal Employment Legislation
  • Labor Laws
    • Fair Labor Standards Act
    • Current FLSA Requirements
    • Americans with Disabilities Act (ADA)
    • Workers’ Compensation Laws
    • Occupational Safety and Health Act
    • Equal Employment Opportunity (EEO) Laws
    • Immigration and Nationality Act (INA)
    • Federal Poster Requirements
  • Financing
    • Cross-Purchase Agreement vs. Entity-Purchase/Redemption Agreement
    • Loan Sources
    • Equity Sources
  • Buy/Sell Agreements and Succession Planning
    • Reasons for Having a Buy/Sell Agreement
    • Funding of Buy/Sell Agreements
    • Estate Tax Liquidity Trap
    • Family Succession Planning
  • Business Valuation Methods
    • Common Valuation Methods
    • Factors Affecting Value
    • Closely Held Corporate Capital Stock
• Tab N—Acquisitions, Dispositions, and Liquidations
  • Partnership Liquidations
    • Partnership Distributions
    • Partner’s Basis in Distributed Property
    • Allocating Basis among Multiple Properties
    • Distributed Inventory—Holding Period
    • Retiring or Deceased Partner
    • Liability Relief
    • Reporting Deceased Partner’s K-1 Items
    • Final Return
    • Termination of a Partnership
    • Partnership Reorganizations
  • Sales and Exchanges of Pass- Through Business Entity Interests
    • Partnerships and LLCs
    • S Corporations
    • Net Investment Income Tax
    • Information Reporting
    • Capital Gains Look-Through Rule
    • Reporting Requirements
    • Disguised Sale Rules
    • Disproportionate Distributions
  • Corporate Liquidations
    • Effect on Distributing Corporation
    • Filing Requirements for Corporate Liquidations
    • Effect on the Shareholders
    • Parent-Subsidiary Liquidations
  • Business Bankruptcy
    • Overview
    • Types of Bankruptcies
    • Planning for Bankruptcies
  • Stock Redemptions
    • Tax Treatment
    • Shareholder Reporting Requirement
    • Types of Stock Redemptions
    • Effect on the Corporation
    • Redemption Incident to a Divorce
  • Corporate Reorganizations
    • Corporate/Shareholder Taxation
    • Reporting/Recordkeeping
    • Section 355 Requirements
    • Business Purpose
  • Section 338 Election
  • Disposition of Assets
    • Basic Summary of IRC Sections—Nature of Gain (Loss) When Property Is Sold
    • Involuntary Conversions
    • Casualties
    • Condemnations
    • Easements
    • Abandonment or Worthlessness of Investment Property—Ordinary vs. Capital Loss
  • Asset Acquisitions
    • Allocation Using the Residual Method
    • Tax Treatment of Assets Included in Sale of a Business Applicable to Individuals and Pass-Through Entities
    • Valuation
    • Section 197 Intangible Assets
    • Successor Liability Laws
    • Installment Sales
• Tab O—Deductions, Credits, and Books vs. Tax
  • Business Tax Deductions
  • Qualified Business Income (QBI) Deduction
  • Qualified Opportunity Zones
  • Tax Credits
    • General Business Credit
    • Tax Credit for Retirement Plan Start-up Costs
    • Other Tax Credits for Businesses
  • Small Employer Health Insurance Credit
    • Qualified Small Employer
    • Credit Phase-Out
  • Selected Energy Tax Incentives for Businesses
    • Alternative Motor Vehicle Credit
    • Vehicle Refueling Property Credit
    • Plug-In Electric Drive Motor Vehicle Credit
    • Plug-In Electric Drive Motor Vehicles
    • Two-Wheeled Electric Vehicles
    • Energy Efficient Home Builders Credit
    • Energy-Efficient Commercial Building Deduction
  • Net Income per Books vs. Taxable Income
    • Comparison Table
• Tab P—Tax Planning for the Small Business
  • Basics of Tax Planning
  • Tax Rates
    • Individuals
    • Corporations
  • Accounting Method Changes
    • Change to Cash Method of Accounting
    • Applying for the Method Changes
  • Hiring Family Members
  • Qualified Business Income (QBI) Deduction
  • Partnership Preferred Returns vs. Guaranteed Payments for QBI
  • Kiddie Tax
  • Lodging and Meals for Shareholder-Employees
  • Deducting Medical Expenses Paid to Employee-Spouse
  • Fringe Benefits
  • Home Office for the Small Business
  • Hobby Losses
  • S Corporation vs. C Corporation
    • Factors to Consider
    • Dividends/Capital Gain vs. Ordinary Income
    • Planning Tips
  • Partnership vs. S Corporation—SE Tax
  • Partnership Converts to a C Corporation
  • Organizational and Start-Up Costs
  • Unsuccessful Attempt to Acquire Business—Section 1244 Loss
  • Tax on Appreciated Real Estate
    • Selling Appreciated Land
  • Conversion of Single-Owner to Multiple-Owner LLC
  • Conversion of Multiple-Owner to Single-Member LLC
  • Adjustment to Basis of Partnership Property—Section 754 Election
  • Shareholder Loan to C Corporation
  • Shareholder Loan to S Corporation
  • S Corporation Built-In Gains Tax
  • Termination of S Corporation Shareholder’s Interest
  • Corporate Stock vs. Asset Sale
  • Transferee Liability
  • Gifting Family Business Interests
  • Planning For A Lower Estate Tax Exemption
  • Buy/Sell Agreement Funding
  • S Corporation Year-End Planning Checklist
  • Partnership Year-End Planning Checklist
• Tab Q—What’s New
  • Inflation-Adjusted Amounts
  • Tax Legislation
    • CHIPS Act of 2022
    • Inflation Reduction Act of 2022
    • Student Loan Relief
  • Inflation Reduction Act of 2022 (P. L. 117-169) Selected Tax Provisions
  • Tax Provisions That Expired on December 31, 2021 Not Available in 2022 (Unless Extended By Legislation)
• Back Cover
  • Acronyms and Abbreviations
  • Citations
  • Key 2023 Tax Dates

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