US Taxation of Foreign vs Domestic Corporations
U.S. federal tax rules apply differently between U.S. and foreign corporations. This article summarizes those key differences and how each is taxed.
Automatic Conversion of a Disregarded LLC to a Partnership
A disregarded LLC is an LLC with only one owner and has not elected to be an S corporation or a C corporation. When an LLC adds a second member, the LLC automatically becomes a partnership.
100% Bonus Depreciation for SUV Purchases
For tax years 2017 through 2022, businesses were eligible for 100% bonus depreciation on certain assets. Bonus depreciation started to phaseout beginning with the 2023 tax year.
How Do I Cancel My EIN with the IRS?
An employer identification number (EIN) is a U.S. tax ID number assigned to businesses. If a business is closing, you may want to cancel your EIN.
I Closed my LLC – When Do I File My Final Tax Return?
When a business closes the legal entity at the state level, the entity must still file a "final" income tax return for the short period. The final tax return for the LLC will depend upon how the entity is taxed.
Differences Between “C” Corporations and “S” Corporations
For U.S. federal tax purposes, an S corporation and C corporation have different filing obligations and tax treatments. This article examines the key differences between an S corporation and C corporation.
My Company EIN Doesn’t Match the Legal Entity Name – Is That a Problem?
The employer identification number (EIN) is assigned to businesses, trusts, estates and nonprofit entities for purposes of complying with U.S. tax filing obligations. In some cases, the EIN might not exactly match your legal entity name.
Why You Should Always Collect a Form W-9 Before Making a Payment
The IRS Form W-9 withholding certificate is collected from individuals and companies to verify their name, address, tax ID number, and U.S. tax classification. Businesses should always collect Form W-9 before making payments in connection with their business.
How to Record Deferred Tax Assets and Deferred Tax Liabilities – Federal Tax Provisions
When a company prepares its financial statements, it may be required to record deferred tax assets (DTA) and deferred tax liabilities (DTL). These items reflect the temporary differences between book income and taxable income.
Lost my Company EIN? Call the IRS for a LTR 147C
If a company forgets the employer identification number (EIN) that was assigned to the business, it can contact the IRS and obtain a Letter 147C.