Archive for the
‘Tax Preparation’ Category

The IRS has provided a waiver of the penalty (referred to as addition to tax) under Code Sec. 6654 for the underpayment of estimated income tax by qualifying farmers and fishermen. Under Code Sec. 6654(i)(1), a qualifying farmer or fisherman has only one required installment payment (instead of four quarterly payments) due on January 15 of the year […]

An out of state S corporation and its shareholders group (taxpayers) were properly subject to additional California corporate income tax assessment as the S corporation (corporation) was dissolved and the taxpayers were properly subject to accelerated reporting requirement. In 2013, the taxpayers sold all of the corporation’s stock for a fixed price, and the third-party […]

The IRS has reminded taxpayers of reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income, or holding certain foreign assets. The information available on and instructions on Form 1040 can help taxpayers in understanding and meeting these requirements. Generally, income earned from the gig economy […]

If you own a corporation or have formed an LLC, you’re required to file a corporate tax return every year. Understanding your business structure and determining the necessary documents can help you prepare your corporate tax return more easily and efficiently. This article will walk you through the most practical steps for stress-free corporate tax […]