Business Taxation

Is NAICS same as Ein? Individual establishments are assigned NAICS codes by various agencies for various purposes using a variety of methods. (e.g. when a company applies for an Employer Identification Number (EIN), information about the type of activity in which that business is engaged is requested in order to assign a NAICS code). Read … Read more

How do you avoid nexus? When physical presence was the only way to establish a sales tax obligation, it was possible to manage nexus by limiting your physical footprint through a variety of means, such as: Avoid making deliveries into other states. Avoid traveling across state lines for business. Avoid storing inventory for sale in … Read more

How do I know if I am an S corp? You can check your S corp status relatively easily by contacting the IRS. If you have properly submitted your S corporation form to the IRS and have not heard back, you can call the IRS at (800) 829-4933 and they will inform you of your … Read more

Is my business an S corp? Call the IRS Business Assistance Line at 800-829-4933. The IRS can review your business file to see if your company is a C corporation or S corporation based on any elections you may have made and the type of income tax returns you file. Read more on bizfluent.com You … Read more

Should my LLC be an S corp? Although being taxed like an S corporation is probably chosen the least often by small business owners, it is an option. For some LLCs and their owners, this can actually provide a tax savings, particularly if the LLC operates an active trade or business and the payroll taxes … Read more

How do I file LLC taxes in Iowa? The State of Iowa requires you to file a biennial report for your LLC. You can file the report online at the SOS website or download a pre-filled form from the same site. The report is due in odd-numbered years by March 31. You should receive notification … Read more

When can I switch to an S-Corp? When it comes to accounting, the easiest time to switch is January 1st. Forming your S Corp at the beginning of the tax year makes record keeping and tax preparation easier because you’ll need to track your S Corp finances separately from your sole proprietor finances. Read more … Read more

You must submit Form 2553 to the IRS in order to convert your LLC to a S corp in Florida. This document informs the IRS that your LLC has decided to elect S Corp tax treatment. To modify your LLC’s federal tax classification, you must also submit Form 8832 to the IRS. You might also … Read more

Can you have multiple businesses under one EIN? You cannot use the same EIN for multiple businesses, even if they are owned by the same person. EINs are not limited, so you may apply for as many as you need. Read more on www.incfile.com Yes, you can have numerous firms under one EIN (Employer Identification … Read more

How do I fill out an EIN? Read more on www.youtube.com You must request an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) if you’re beginning a business in the US. The majority of business types, including partnerships, corporations, and sole proprietorships with employees, are required to have this distinctive nine-digit number, which … Read more