Enrolled Agent Exam [Part 2] 33, Form 7004 — Business Tax Extensions

Enrolled Agent Exam [Part 2] 76, Form 1065 — Partnership Return Filing

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The due date for a calendar-year Form 1065 is March 15th, with a six-month extension available via Form 7004. - Form 1065 is an informational return; tax liability flows through to individual partners via the Schedule K-1. - Separately stated items, like capital gains and charitable contributions, are not part of ordinary business income and are reported directly to partners. - A common exam trap is to incorrectly subtract separately stated items when calculating a partnership's ordinary business income. - Under the BBA audit regime, tax deficiencies are assessed at the partnership level unless a 'push-out' election is made to pass the liability to the partners from the year under review. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Enrolled Agent Exam [Part 2] 75, Form 1120-S — S Corp Return Filing

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The annual due date for Form 1120-S is the 15th day of the 3rd month after year-end (March 15 for calendar year filers). - S corps are pass-through entities, reporting income, deductions, and credits to shareholders on Schedule K-1. - Shareholders are taxed on their pro-rata share of income, regardless of whether they receive distributions. - Two critical exam traps involve corporate-level taxes: the Built-In Gains (BIG) tax for former C corps and the Excess Net Passive Income tax. - A helpful mnemonic: "S Corps and Partnerships March together on the 15th," distinguishing their deadline from the April 15th C corp and individual deadline. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Enrolled Agent Exam [Part 2] 74, Form 1120 — Corporate Tax Return Components

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The distinct purpose of Form 1120 Schedules L, M-1, and M-2. - How to perform a book-to-tax reconciliation on Schedule M-1 with common exam-style adjustments. - The key differences and filing thresholds for using Schedule M-1 versus the more detailed Schedule M-3. - The standard due date for the corporate tax return and the process for filing an extension. - The schedule and requirements for a C corporation to make quarterly estimated tax payments. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Enrolled Agent Exam [Part 2] 73, General Business Credit Limitation — §38

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The General Business Credit (GBC) is an aggregation of over 30 individual business credits, with one overall limitation. - The GBC limitation is calculated as net income tax minus the greater of the Tentative Minimum Tax (TMT) or 25% of regular tax liability over $25,000. - A common exam trap is forgetting to compare the 25% calculation with the TMT; you must use the larger of the two amounts to reduce the credit. - Unused General Business Credits are generally carried back one year and then carried forward for up to twenty years. - If regular tax liability is below $25,000, the 25% portion of the limitation calculation is treated as zero. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Enrolled Agent Exam [Part 2] 72, Employer Health Insurance Premium Credit

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Small Business Health Care Tax Credit requires fewer than 25 Full-Time Equivalent (FTE) employees, which is based on total hours worked, not a simple headcount. - Eligibility requires average annual wages below an inflation-adjusted threshold and that the health insurance be purchased through a SHOP Marketplace. - The maximum credit is 50% of premiums paid (35% for non-profits), but this amount phases out as employee count and average wages increase. - A critical exam trap is the two-consecutive-year limit for claiming the credit, which begins the first year it is taken. - The employer's deduction for health insurance premiums must be reduced by the dollar amount of the credit claimed. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep