Assignment:
Tax practitioners and counsel typically use individual tax forms to help explain corporate tax impacts to clients. On the IRS website review Form 1040 for individuals and associated schedules (Schedule A, B, C, and E). In your discussion post;
- Compare and contrast individual (1040) and corporate (1120) tax forms. Identify two differences between the form and the current tax rate schedules for individuals and corporations.
- Individuals can reduce their taxable income for the prior year in the current year via IRA contributions. Do Corporations have a similar opportunity? Research and provide cite support for your answer.