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Posts tagged "business entity"

IRS Issues Directive Concerning Business Research Credit; FTB To Follow Suit

In September, 2017, the Internal Revenue Service (IRS) issued a directive to tax examiners concerning research expenditures for business entity taxpayers with assets of at least $10 million and that follow Generally Accepted Accounting Principles (GAAP) to prepare certified financial statements and records for research costs following ASC 730. Taxpayers are provided a federal credit for increasing research activities under IRC Section 41; the state of California has decided to follow the same directive for California business entity taxpayers.

Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS to Develop Guidance Concerning Deferred Variable Annuity Reserves and Life Insurance Reserves

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Mid-Market Related Party Transactions May Lead to Audit

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Micro-Captive Insurance Transactions to Come Under IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS Announces Initial Rollout of IRC 48C Energy Credit Campaign

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS Offering Webinars on Year-End Employment Topics

The Internal Revenue Service (IRS) and Social Security Administration are teaming up in November and December to present webinars for employers and tax professionals on topics most relevant to the year's end, including data protection, identity theft, online business services, and filing Forms W-2.

A New Solution to an Old California Business Problem

We experienced an original success this month, trying a new approach to a very old problem. Businesses that register with the California Office of the Secretary of State (SOS) must, among other things, file annual income tax returns with the California Franchise Tax Board (FTB) and pay either the appropriate amount of income tax due based on the business' California net income, or pay a minimum $800 franchise tax, whichever is larger. Frequently, a taxpayer may set up a business but ultimately abandon the idea before ever operating the business. Or, sometimes a business ceases to operate, but the requisite documents are not correctly filed with the SOS, leaving the FTB to believe the business is still active. Many years may pass before the would-be business owner realizes an annual $800 franchise fee has been assessed against the business, along with additional penalties and interest.

FTB Changed Tax Return Due Dates for Business Entities

Remember: The California Franchise Tax Board (FTB) changed the tax return due dates for returns filed by business entities. The original return date is now April 15 for calendar-year filers (one month later than it used to be), and the 15th day of the 4th month following the close of the taxable year for fiscal-year filers. The extended due dates remain unchanged.

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