As a result of the global pandemic, the UK government has introduced a new Health and Social Care Levy in an attempt to raise funds for the NHS and other UK care bodies. The changes will be made in line with the new UK tax year which will start in April 2022. The plan is that the...
Learn what the Chinese Hukou System is with our up-to-date 2025 guide. Get a detailed definition, history of the system, and its pros and cons.
IRS Form 1120S is the tax return used by domestic corporations that have made an election to be treated as S corporations for that tax year. The return reports income, losses, credits, and deductions before they flow through to shareholders. An S corporation is a pass-through tax entity....
Form 1120-Sis essentially an S corp’s tax return. Often accompanied by aSchedule K-1, which delineates the percentage of company shares owned by each individual shareholder, Form 1120-S reports the income, losses, dividends, and other distributions that the corporation has passed to its shareh...
The Schedule K-1 is slightly different depending on whether it comes from a trust, partnership or S corporation. Find out how to use this tax form to accurately report your information on your tax return.
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In terms of tax paying, there are many different forms one needs to file depending on what they need from the Internal Revenue Service. The form we will talk about today is the Sch
Anaffiliated groupis legally defined as "one or more chains of includible corporations, connected through stock ownership, with a common parent corporation." The specific tax law defines this as the parent corporation owning 80% or more of the voting power and 80% or more of the value of th...
The corporation must elect to be an S corporation by filing IRS Form 2553. The corporation must file the form no more than 2 months and 15 days into the tax year the election is to take effect, or it can do so at any time during the preceding year. If the company files the form...
What is an IC-DISC? An Interest Charge Domestic International Sales Corporation, or IC-DISC, offers a significant federal income tax savings for making or distributing U.S. products for export. It is not a tax shelter but creates permanent tax savings by transferring income from the exporter ...