Continuation of a Partnership: How to Avoid Adverse Tax ConsequencesAlan L. Kennard
Former Head of Enterprise at the Institute of Chartered Accountants in England and Wales (ICAEW), Nick Levine, offers some further advice: “If HMRC has sent you a notice to file a return, you must complete one. “Even if you have not received such a notice, you may still need to file...
U.S. citizens pay federal income taxes to the Internal Revenue Service (IRS), a branch of the United States Treasury. In addition, many states have an additional state income tax. If your state does not charge an income tax, you may still be required to pay other types of taxes. This ...
Completing your Self Assessment can be daunting. Read this guide on submitting a tax return for sole traders or self-employed and learn all you need to know.
If you run your business as a corporation, or decide to treat your LLC as one, then you need to prepare a separate corporate tax return on Form 1120 (or Form 1120S if you are an S-Corp, or Form 1065 for a partnership and/or multi-member LLC). When it’s time to file...
The Importance of Having a Partnership Agreement There are no legal formalities that you absolutely must meet to create a partnership. Instead, a partnership is essentially formed when you say it is—or when you start acting as a joint venture. However, you should still create apartnership agree...
Final tax filings for each partner and any employees: At the end of the partnership, you’ll need to complete all required final tax filings, including the final partnership tax return and Schedule K-1 forms for each partner for their share of income, deductions and credits. If the partnersh...
Completing your Self Assessment can be daunting. Read this guide on submitting a tax return for sole traders or self-employed and learn all you need to know.
Before you take your business out into the world, you’ll need to complete all the legal and formal paperwork. If you’re establishing a business in the U.S., your location and business structure will determine the steps you’ll need to take to register a business name. Keep in mind th...
Are you considering becoming a tax preparer? Then this is the guide for you. Our experts have the answers to all the important questions to help you succeed!