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Plain-language answers to the questions our clients ask most: ITINs, individual and business taxes, bookkeeping, trusts and estates.
Failing to report your taxes can lead to severe consequences. The Internal Revenue Service has the authority to impose fines, penalties, and even criminal…
The Internal Revenue Service (IRS) is the federal agency responsible for enforcing tax laws in the United States. Failing to comply with IRS regulations…
To be eligible for S Corp classification, you must file an election by March 15th of the year you want the election to be effective. The election must be…
There are two types of estate tax returns: fiduciary and estate tax.
If you are filing taxes because you had other income, such as employment income or are filing jointly with a spouse, then you must report business…
The IRS is still old school and requires all ITIN applications to be mailed. However, they are currently working on modernizing the system, so hopefully…
Bookkeeping makes tax season stress free. When your books are in order, categorized, and ready for filing, you can relax and have confidence that your tax…
It all depends on the type of small business. Majority of small businesses are pass-through entities, meaning the owner, not the business, is responsible…
A handful of individuals may submit an ITIN application without a tax return:
Each business has different bookkeeping needs, and each bookkeeper has different skills to meet those needs. Depending on your need and the bookkeeper's…
All individuals, not just businesses, must pay quarterly income taxes.
If you are a U.S. tax payer, your spouse can get an ITIN (individual tax identification number) even if your spouse does not work assuming your spouse is…
When it comes to business tax, you need to consider many questions before filing your first tax return: what type of entity is your business, what kind of…
To apply for an ITIN, you must (1) not be eligible for a social security number and (2) either be filing your own federal tax return or be claimed on…
There are two main types of trusts that most people use, and each is taxed differently: revocable trust and irrevocable trust.
