Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
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Schedule N on Form 1120 – Disclosure of Foreign Operations of US Corporations
The Form 1120 corporate income tax return may require a Schedule N if the corporation has any non-U.S. operations.
IRS CP180 Notice for Missing Forms and Schedules
The IRS will send a taxpayer an IRS CP180 notice when the taxpayer filed a tax return that is missing a required form or schedule.
IRS Form W-8 Withholding Certificates – Which One do You Need?
The IRS Form W-8 series of withholding certificates are completed by non-U.S. persons and entities. A U.S. person would complete Form W-9.
Does a Foreign Corporation Need a US Tax ID Number?
In general, non-U.S. entities do not need to have a U.S. taxpayer identification number. In some cases, a foreign corporation may be required to obtain a U.S. tax ID if it must file an income tax return with the IRS.
My W-2 Income is Only $10,000 – Do I Still Need to File Form 1040?
Many taxpayers wonder whether they need to file an income tax return each year. If a taxpayer has any gross income, it is generally recommended to file a Form 1040.
How Much Time is Needed to Establish Florida Tax Residency?
Many individuals are moving out of high tax states and relocating to Florida. It's important to consider how much time you need to spend inside the state to establish residency.
Did You Terminate Your “S” Election by Accident?
An S corporation election can be terminated voluntarily or involuntary. In some cases, the company makes a decision that inadvertently terminates their S election.
How to Search for a Company EIN?
The IRS issues employer identification numbers (EIN) to companies that need to submit tax returns. The IRS does not maintain a public database of assigned EINs, however, some EINs can be found in other databases.
Can You Apply for an EIN Before the Entity is Created?
An employer identification number (EIN) is assigned to a business entity and used to file tax returns with the IRS. Generally, the entity is created first before a company applies for an EIN. Can you apply for an EIN before entity formation?
How Can I Verify My Address with the IRS? Request a Tax Return Transcript…
It's important to make sure the IRS has your current address on file. This ensures you receive any refund checks or other correspondence from the IRS. What are some ways to verify your address?
Revoking the “S” Corporation Election – Is a Form 8832 Required?
An S corporation may determine at a later date that it is no longer beneficial to be taxed as an S corporation and wants to revoke the election. There are a few ways to revoke the election.
LLC Partnerships – Do I Need a New EIN if the Partnership Ends?
An LLC can be taxed a variety of ways. When an LLC is taxed as a partnership and the membership is reduced to one member, the partnership ends and the LLC becomes a disregarded entity. Does the LLC need a new EIN?
Nonresident Sale of US Corporate Stocks – No Capital Gains Taxes
Nonresident investors in U.S. assets are generally liable for U.S. income taxes on investment income. However, there is an exclusion for capital gains on the sale of corporate stocks.
IRS Form 8948 – Explanation for Not Electronically Filing a Tax Return
It is highly recommended that individuals and businesses electronically file their tax returns whenever possible. In some cases, however, a paper filed submission must be made. If a paid preparer must paper file a return, an explanation is generally required.
Form 1040 Schedule H for Household Employee Taxes
If an individual taxpayer employs a full-time or part-time household employee, those wages and taxes are disclosed on Schedule H and included with the employer's Form 1040 income tax return.