What are our three core values?
- Integrity, Responsiveness, Solidarity
- Revenue, Technology, Innovation
- Integrity, Innovation, Responsiveness
When is it appropriate to sell quarterly estimated tax payments?
- Client is a LLC who will be showing a loss
- Client is a Sole Proprietor
- Client is projecting to owe the IRS $1,000 or more
Which of the following is an example of a business entity?
- Limited Liability Company
- Self-Employment Tax
- Schedule C
What is the name of our proprietary bookkeeping software?
- Virtual Tax Organizer (VTO)
What is the Entity Classification Election?
- The process of choosing a tax structure for a Sole Proprietorship
- When a LLC chooses they want to be taxed as a Sole Proprietorship
- The process of a LLC electing a corporate tax structure
- The process of choosing what legal entity you want your LLC to be
Which of the following are appropriate responses if a client asks you which election they should take for the ECE? (Select All That Apply)
- “Based on your situation, if I were you, I’d elect to be taxed as a S-Corp”
- “Not sure, but I know you don’t want to default into a Sole Proprietor tax bracket because that is the highest taxed”
- “This is an important decision that has many options and major implications for your business. It’s best to arrive at this decision with an accountant that can go into your personal and business tax situation and make the right choice.”
- “That’s a great question. It’s a 5 year commitment if you choose to be taxed as a corporation, so you’ll need an accountant to crunch the numbers and make that decision with you.”
- “There are many different factors when choosing an election. Usually your accountant will lay out the scenarios and go with the one with the highest likelihood of saving the most money.”
- “It really depends. It could a little tiny thing under your personal taxes that will make a huge impact as to which tax structure is better for you. Your accountant has to take a look at the bigger picture because once you choose and file the ECE, it’s a 5 year election.”
Match the deduction with it's proper description
Start-Up CostsWrite off investments you're making to get the business up and running
Home OfficeDeduct business space in your residence and every day household expenses
Paper LossAllow a business owner to reduce their personal tax liability when they have more business expenses than business income
VehicleDeduct mileage or fuel and maintenance or mileage associated with business use
MedicalDeduct up to 100% of health insurance premiums
Which of the following statements is true?
- If a potential client mentions they have a business partner when setting an appointment, it is not important for the partner to be available for the consultation
- If a potential client mentions they have a business partner when setting an appointment, I should attempt to make sure the partner is available to be on the consultation or reschedule for a time that they can all be on.
If you have a "no show" on a sales consultation, you should...
- Go to lunch
- Take a quick break
- Tell your manager
- Go into a Salesforce queue and set more appointments until your next consultation
If I am running late or need to call out, who am I required to email?
- My Sales Manager
- My Client
- A Team Member
Click on the correct spot: When setting an appointment, what section do you hover over to log a call?
Click on the correct spot: Where do you select to change the account owner before setting an appointment?
What Lead Type is this client? (Select all that apply)
The IRS recommends that if you qualify, you file your Entity Classification Election within ____ days of the business' inception.
- 90 Days
- 5 Years
- 75 days
- 60 days
Once they elect to be taxed as a corporate structure with the ECE, they are locked in for _____ years.
What package do they purchase from LegalZoom in order for them to be a BTP lead type?
- LegalZoom Business Tax Pro
- LegalZoom Compliance Package
- LegalZoom Business Advantage Pro
What services are we already providing for a BTP lead?
- Access to 30 minute accountant consultations
- End of year and quarterly business tax preparation and filing
- End of year business tax return preparation and filing
What is a BTOI Referral?
- Someone has opted into a consultation while establishing their entity and is not yet a client
- Someone has purchased a package through LegalZoom that includes 1-800Accountant services
- An internal referral
In Salesforce, what is the difference between a lead and an account?
- A lead has purchased 1-800Accountant services, an account has not
- An account has purchased 1-800Accountant services, a lead has not
What application do our clients use to upload their required tax documents directly to their accountant in order for the accountant to prepare and file their end of year business tax return?
- Virtual Tax Organizer (VTO)
When presenting our solution to a client, I should...
- Tailor my presentation of services based on what they state their biggest needs are from an accounting firm.
- Tailor my presentation of services based on what I think their biggest needs are from an accounting firm.
Self-Employment Tax is ____%
- Federal, State, Local