This year we compiled a list of perhaps the most important things you need to know about getting audited by the IRS. The “good news” is that IRS office examinations are perhaps at an all time low. The “bad news” is that there are perhaps more examinations than ever but most of the examinations are done by getting a letter from... Read More
Did you miss the April 15th income tax filing deadline? If you file your taxes late, you may be assessed tax penalties and interest. The two most common tax penalties are the late filing tax penalty and the late payment tax penalty. The failure-to-pay penalty is normally .5 percent of the unpaid taxes for each month, or part of a month,... Read More
Here’s Nine Things You Really Need to Know Regarding S Corporations and Income Taxes What is an S-Corporation? An S-corporation is a corporation that makes a federal election to have the federal income taxes paid by its shareholders rather than to the Company. In most cases, S corporations do not pay any federal income taxes. Instead, all items of business... Read More
