An S corporation is a business that elects to pass income, losses, deductions, and credits through to its shareholders for federal tax purposes. The S corporation generally doesn't pay income tax. Instead, the income passes through to the shareholders, who report it on their individual tax returns. To be treated as an S corporation, a business [...]
A sole proprietorship is a business owned and operated by one individual. The owner makes all the decisions and is responsible for running the business. Because the business and owner aren't separate, the owner is personally responsible for the business's debts and obligations. The owner should maintain separate business records as well. Sole proprietors report business [...]
This article was published by the IRS. The IRS has announced a new online tool to help taxpayers understand and resolve tax debt. The Tax Debt Help tool provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation. The tool is part of the IRS’s [...]
This article was published by the IRS. Taxpayers who missed the April 15 filing deadline should submit their federal tax return as soon as possible. Those who missed the deadline to file and owe taxes should file as soon as possible to avoid penalties and interest. Requesting an extension allows for additional time to file but [...]
Got audited and don't agree with the results? You might qualify for an Audit Reconsideration. You can apply if: you still owe money. the IRS disallowed your credits. you have new documents. the IRS made an error. If you qualify, take the following steps: Step 1: Review your audit report using Form 4549, Report of Income [...]
