Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
Can I File Form 1065 for a Single Member LLC?
A single member LLC is an LLC that has only one owner. By default, a single member LLC is a disregarded entity for federal tax purposes. Disregarded LLCs have very specific federal tax reporting requirements.
How is Income Allocated in an S Corporation?
An S corporation has fairly strict rules regarding how it allocates income, credits, and distributions to shareholders. S corporation's are allowed to have only one class of stock issued and outstanding to its shareholders.
What Happens When a US Person Opens a Foreign Corporation? CFC Tax Rules
When a U.S. person opens a foreign corporation, they are often confronted with many additional tax filing obligations. The IRS Form 5471 is included with an income tax return to report the U.S. person's interest in the foreign corporation.
Are My Charitable Contributions Tax Deductible? Maybe…
Many U.S. taxpayers make charitable donations of cash and property during the year. For taxpayers that itemize their tax deductions, they may be able to deduct the fair value of those contributions on their income tax returns.
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 File IRS Form 8840 for a Closer Connection to Foreign Country
Nonresidents of the U.S. can become U.S. tax resident by spending too many days inside the USA. If the nonresident meets the substantial presence test, they may be able to file the Form 8840 to assert a closer connection to a foreign country.
I Lost My Form W-2? What Are Your Options?
Losing your W-2 is never a good thing when it comes to preparing your tax return. If you are missing a W-2, you have a few options to try and recover the information.
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.
How to file IRS Form 8868 Extension for Form 990
The IRS Form 990 is a tax return filed by public charities that are tax-exempt entities. If a nonprofit needs more time to file its tax return, it can file an extension request using Form 8868.
Who Pays Gift Taxes – Introduction to IRS Form 709 Reporting
The U.S. tax code requires taxpayers to disclose gifts which exceed the relevant threshold for the tax year. The Form 709 is used to disclose any reportable gifts during the year.
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.
Can a Non-US Person Buy US Real Estate?
The U.S. real estate market is an attractive investment opportunity for many non-U.S. individuals and businesses. This article and video discuss the rules and tax implications for non-U.S. investors in U.S. real property assets.
IRS Form 8869 for a Qualified Subchapter S Subsidiary Election
The Form 8869 can be filed by an S corporation in order to treat one of its corporate subsidiaries as a qualified subchapter S subsidiary.
How to Deduct Student Loan Interest Reported on IRS Form 1098-E
Taxpayers that make student loan payments may be able to deduct some or all of the interest expense on their tax return. The interest expense paid each year is reported on Form 1098-E.