Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
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.
Form 1040 Instructions – Did You Trade Any Cryptocurrency?
The Form 1040 has been updated to explicitly ask taxpayers whether they received or traded any cryptocurrency or other digital assets during the tax year.
Can a Trust Make an Entity Classification Election on Form 8832?
The Form 8832 is an entity classification form filed by business entities to change their default tax classification. This article discusses whether a trust is eligible to file the entity classification election.
Foreign-Owned Multi Member LLC – Do you Need Form W-9 or Form W-8IMY?
A multi-member LLC is treated as a partnership for federal tax purposes, unless it files an election otherwise. For a foreign-owned multi-member LLC, which withholding certificate do you use?
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.
IRS Form 1040-SR vs Form 1040 – What are the Differences?
The Form 1040 and Form 1040-SR may appear to be different individual income tax returns. However, they are similar with the only difference being the size of the fonts.
US Taxes on the Sale of NFTs
An NFT is a form of digital asset that can be bought and sold in certain marketplaces. For U.S. taxpayers, the gain or loss on the sale of NFTs may be reportable on their income tax return.
What is a Constructive Sale on Stocks?
U.S. taxpayers need to be mindful of the various tax rules that surround trading financial products. This article discusses the constructive sale tax rules for trading stocks, bonds, derivatives, and other financial instruments.
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.
Do I Pay Taxes on Foreign Income?
U.S. taxpayers are generally required to report their entire gross income from whatever source derived. This includes income from non-U.S. sources.
IRS Form 7004 Extension Request for Partnerships with No US Offices
The IRS Form 7004 can be filed to extend the filing deadline for many types of business entities. For partnerships with no U.S. offices, the extension request can be filed at a later date.
IRS Penalties on Late Filed International Forms
The IRS will often impose penalties if certain tax forms are filed late or never filed at all. Some of the highest penalties apply to forms related to foreign income and assets.
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.
I Have a CFC – Do I File IRS Form 5471 Every Year?
The Form 5471 is generally filed by U.S. shareholders of a controlled foreign corporation. The Form 5471 is also filed by U.S. directors and officers of certain foreign corporations.