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 [...]
This article was published by the IRS. Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules separately. Reasons to file an amended [...]
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. Taxpayers who filed their federal tax returns and are owed a refund may be wondering about the status. There are several options for people to check. A new feature in Individual Online Account lets taxpayers opt in to receive email notifications when there’s an update to their refund status. [...]
Organizations who qualify must electronically file Form 1024-A at Pay.gov to apply for recognition of exemption from federal income tax under section 501(c)(4). Before filing the form online, your organization must have an organizing document and an Employer Identification Number. (More information on organizing documents can be found in Publication 557, Tax Exempt Status for Your [...]
