Tax Law

Do you have to file S-Corp election every year? How Often Do I Need to File Form 2553? Once a small business files Form 2553 and is approved by the IRS to be treated as an S Corp, the election remains valid, and the business owner does not have to file Form 2553 every year. … Read more

Can you revoke an 8832 election? The statement of revocation and Form 8832 must be sent to the IRS center where the corporation’s tax returns are filed. The address may have changed since the last tax filing, so be sure to check the Form 8832 instructions to confirm the current address. Read more on info.legalzoom.com … Read more

When a corporation loses its S election it Cannot re elect California S status? If it occurs midyear, the corporation must file two tax returns for that year. Once Revoked, Waiting Period to Re-Elect S Status May Apply: Once the S election is revoked or terminated, the corporation cannot elect S status again for five … Read more

What is the penalty for filing a late partnership return? According to the IRS, “”The penalty is $210 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership’s tax … Read more

Does Kentucky accept out of state resale certificates? The out-of-state retailer can issue you a completed Kentucky resale certificate with his state’s retail number and put a statement on the certificate that he is an out-of-state retailer not required to hold a Kentucky permit. Read more on revenue.ky.gov Businesses in Kentucky are permitted to utilize … Read more

What is the Idaho grocery credit? $100 per Idaho applies its full 6% sales tax to food, but then provides a $100 per person refundable credit on income tax returns to offset sales taxes paid on groceries, $120 for a person aged 65 or over. Read more on www.ktvb.com One of the few states in … Read more

Are potato chips taxable in Kentucky? Kentucky ? Food and food ingredients are exempt from sales tax. Read more on www.taxjar.com Kentucky is well-known for its bourbon, horse racing, and superb fried chicken. The state’s tax laws, however, are not widely known. If you live in Kentucky or own a business there, you might have … Read more

What is the definition of doing business in a state? When you begin to engage in business activities outside your formation state, you’re likely to hear the term “”doing business””. “”Doing business”” refers to the process of carrying on the normal activities of a business in another state on a regular basis or with substantial … Read more

Ohio has a complicated tax structure with distinct taxes levied on various goods. In Ohio, the combined rate of state and local sales taxes is 5.75%, and depending on where you live, there can be additional municipal taxes. The solution is not simple when it comes to flowers. In Ohio, unless there is an exemption, … Read more

What is a 501 c )( 3 nonprofit? Section 501(c)(3) is a portion of the U.S. Internal Revenue Code (IRC) and a specific tax category for nonprofit organizations. Organizations that meet the requirements of Section 501(c)(3) are exempt from federal income tax. 501(c)(3) organizations must pay their employees fair market value wages. Read more on … Read more