By: Amanda Wilson
An S corporation is a popular tax vehicle for family owned businesses, as it allows for a single layer of tax instead of the double layer of tax imposed on regular corporations. Instead of the S corporation paying tax, the taxable income of the S corporation passes through to the shareholders and is reported on the shareholders’ personal tax returns. The S corporation can generally then distribute the accompanying profits to the shareholders free of federal tax.
By: Amanda Wilson
On February 20, 2014, Amanda Wilson will be a panelist on Strafford Publication’s webinar “Form 1065 Reporting and Calculations for Partnership Terminations and Transfers of Interest”. For those that are interested, here is a link with more information about this webinar.
By: Amanda Wilson
As a result of the government shutdown, IRS operations are extremely limited and most IRS personnel have been furloughed. During this shutdown, the IRS will not be processing tax refunds. However, taxpayers should not view this shutdown as impacting their tax filing obligations. Specifically, taxpayers that filed an extension for their personal income tax returns should still file by the October 15th deadline. For more information, please see IRS Operations During Lapse in Appropriations.
