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. 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. The April 15 deadline to file federal income tax returns is coming up fast. Taxpayers who need more time to file, should request an extension by the filing due date. An extension gives people until October 15 to file without penalties. It’s important to know, the extension is only [...]
