IRS Reviewing Corp. Tax Status. (cover story)Reports on the tax exempt status of Constitution State Corporate Credit Union reviewed by the U.S. Internal Revenue Service (IRS) in Connecticut. Audit of natural-person credit unions regarding possible liability for the Unrelated Business Income Tax; ...
When should I elect my company to S Corporation status? According to the IRS, a corporation or LLC must file an S-Corp election within 75 days of formation for the election to take effect in the first tax year. However, if you missed the deadline, we can still file the S-Corp electi...
IRS Posts Guidance on Changing from C Corp. to S Corp.The article reports on the guidance intended for C corporations that plan to transfer to S corporation status issued by the U.S. Internal Revenue Service. The guidance consists of four steps which include filing for Form 2553, Election ...
Generally speaking, “filing electronically and selecting direct deposit is the best way to get your refund quickly,” IRS Commissioner Werfel said in a press call. Once you have submitted your return, you can use the agency’sWhere’s My Refundtool to check the status. If you do not file...
The author presents his opinion on allegations that the U.S. Internal Revenue Service (IRS) targeted politically conservative activist groups for excessive scrutiny regarding their tax-exempt status in 2013, discussing why large organizations like the IRS or commodities company Enron are subject to eth...
Check Where’s My Refund in mid- to late February for your personalized refund status. It’s updated once a day and remains the best way to check the status of your refund. Please read the following information related to your tax situation: ...
Filing requirements vary based on income, age, and filing status. The IRS provides criteria to help determine if you need to file a return for the 2023 tax year. Here are the general filing requirements for the 2023 tax year: 1. If your filing status is single and you are under 65, ...
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You can check the status of your amended return using the IRS' Where's My Amended Return? Wait about three weeks from the date you mailed your return for the information to show up in the IRS system.Do you need to file both a federal and state tax return?
Part 3: Qualified Subchapter S Trust Election This section is only for trusts applying for S corporation status. In case, you are a trust applying for S Corp status, then you will have to mention the beneficiary’s name, address, social security number, and the trust’s name, address, an...