Accounting Question

ACC317 – Advanced Federal Taxation
OVERVIEW
The following chart template is connected to Assignment 1 in Week 3 of this course. Please follow the
instructions provided to fill it in and then submit it to your instructor.
INSTRUCTIONS
Complete a Business Tax Structure Chart that identifies the four company structures: C Corporation, S
Corporation, General Partnership and Sole Proprietorship and their tax characteristics using the following
criteria:
1. Identify which tax forms: Form 1040 Schedule C, Form 1065, Form 1120, Form 1120 S are used
in all four of the company structures.
2. Identify the dates the forms are due to the IRS in all four of the company structures.
3. Identify who is responsible for the liabilities of the business in all four of the company
structures.
4. Identify what the owner limits are for each business structure in all four of the company
structures.
5. Identify the compensation paid to the owners for services rendered in all four of the company
structures in all four of the company structures.
6. Identify how the payroll taxes on the owner’s salary will be managed in all four of the company
structures.
7. Identify if owners are subject to Medicare tax on compensation leave in all four of the company
structures.
8. Identify if the business must formally organize with the state in all four of the company
structures.
9. Identify if the business is suitable for an IPO (Initial Public Offering) in all four of the company
structures.
Tax Characteristic C Corporation
1.Tax Forms Used
2. Tax Form Due Date
S Corporation
General
Partnership
Sole
Proprietorship
1120
1120 s
1065
1040 c
by the
15th day
of the
third
month
following
the end
due date is the
15th day of
the third month
following the
end of the tax
year
partnership tax
return is
generally due
by the 15th day
of
the third month
following the
end of the tax
year
the due date is
the 15th day of
the fourth month
following the end
of the tax year
© 2024 Strayer University. All Rights Reserved. This document contains Strayer University confidential and
proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without
the expressed written permission of Strayer University.
ACC317 – Advanced Federal Taxation
of the tax
year
3. Who is responsible for
liabilities?
4. Owner Limits for each
business structure
5. Compensation paid to
owners for services
rendered
6. Payroll taxes paid on
owners’ salaries
7. Owners potentially
subject to Medicare tax
on compensation received
8. Must formally organize
with the state
9.Suitable for an IPO
(initial public offering)
Table 1Business Tax Structure Chart Template
© 2024 Strayer University. All Rights Reserved. This document contains Strayer University confidential and
proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without
the expressed written permission of Strayer University.