Update: Rejected Corporate Returns
Corporate returns that were rejected yesterday have 5 more days to refile and get accepted before any penalties will be levied. For both the corporation and shareholders the penalties for filing late are steep. Shareholders run the risk of receiving a $100 fine for being untimely. If the untimeliness boiled down to an intentional disregard, […]
IRS Newswire: First Registered Tax Return Preparer Certificates
The IRS has announced that it has begun to provide test results to tax return preparers who have taken the new return preparer competency test. The competency test to get your new designation, Registered Tax Return Preparer, is a 120 question test which has a perfect score of 500. Preparers must score a 350 or […]
S Corporation & C Corporation Tax Return Deadline Quickly Approaching
April 15th comes to mind when you think about when taxes are due. This is a friendly reminder that if your business is an S-Corporation or a C-Corporation, your business tax return is due before March 15th. S Corporations Your S-Corp (LLC’s taxed as an S-Corp count too) is required to file IRS Form 1120S […]
IRS Newswire: Tax Scam Abusing College Tax Credit
The IRS has released a warning to the public in regards to tax schemes that promise higher refunds to those with low income. The IRS would like to specifically warn the elderly, church members, and working families. Under this scheme, the promoter claims to be able to obtain a tax refund or “non existent stimulus […]
Don’t Burn Your House Down Just Yet….
Donating the final use of your home may not be tax deductible as a charitable donation. It is common, in cases were people are going to demolish an existing building and rebuild, that the existing building may be donated as gift to the local fire department for the purpose of teaching,training, etc. an exercise in […]