GT Group, Purasaiwakkam Tax Consultant Interview Questions and Answers

There are various types of US tax forms for different purposes.

• Form 1040 - Individual Income Tax Return

• Form 1099 - Miscellaneous Income

• Form W-2 - Wage and Tax Statement

• Form 941 - Employer's Quarterly Federal Tax Return

C Corp is taxed separately from its owners, while S Corp passes income, losses, deductions to shareholders.

• C Corp is subject to double taxation - once at the corporate level and again at the individual level when dividends are distributed to shareholders.

• S Corp avoids double taxation by passing income, losses, deductions through to shareholders who report them on their individual tax returns.

• C Corp can have an unlimite...read more