Taxable income as calculated on the U.S. Federal Return for an S corporation flows through to its shareholders and is taxed at the individual level, not subject to self-employment tax. Because the income from the S Corporation is taxed when it is reported on the federal tax return
Read more →Being happy is behind every single human goal, objective, mission and wish to achieve that “something.” It has never truly been defined concisely, but everyone seems to aim for it. The achievement of happiness, the quest for happiness, the search for happiness. The U.S. Declaration of Independence
Read more →When a U.S. Partnership is formed and has one or several foreign individual partners who do not live in the United States, the income of such partnership to the partners must be assessed as to its nature to the partners in order to determine the amount of tax withholding to
Read more →In response to the ever-increasing number of taxpayers wanting online services, the IRS continues to develop online tools to interact with the taxpayers online, Commissioner John Koskinen said on April 2. Speaking at the National Press Club in Washington, D.C., Koskinen added that adequate funding is critical for
Read more →A divided House Ways and Means Committee approved six bipartisan tax bills on April 29. The tax incentive measures, popularly known as tax extenders because they often lapse and are restored by Congress, were taken from a comprehensive tax reform package introduced by Committee Chairman Dave Camp,
Read more →The IRS plans to implement Form 1023-EZ, a Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, during the summer of 2014. According to the IRS Tax Exempt and Government Entities Division (TE/GE), about 60 to 70 percent of applications for Code
Read more →Did you know that nearly 80 million taxpayers use paid tax preparers, but 60% of those preparers are not regulated by the IRS? The reason for this is because the agency is only allowed to impose requirements on tax attorneys, enrolled agents, and Certified Public Accountants? The Government Accountability
Read more →Making the right connections and maintaining relationships is one of the key factors to success for Entrepreneurs. By effectively building a your professional network of colleagues, business associates, clients, potential clients, vendors, etc., you are ensuring that whenever you need a new client, a new job, to further develop
Read more →There are dozens of temporary tax provisions that expired at the end of 2013. Most of these provisions have been part of past temporary tax extension legislation. Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act of 2012. Collectively, temporary tax provisions
Read more →While bitcoin and other virtual currencies are becoming more popular, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property. Well, the first step to clearing this up for federal tax purposes
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