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What Are The Penalties For Failing To File Your Tax Return On Time?

The law imposes punishment through penalties in order to ensure that all tax-payers should obey the law by filing and paying taxes on time. This ever-continuing cycle runs year after year, and as known IRS collects taxes towards the welfare of the nation building exercise. So it is the responsibility of each citizen to respond towards filing and paying tax on time and should be one of their prime duties. Some of the penalties like failure-to-file- penalty....

Purpose of Form 7004 for Automatic Extension Time for your Business

Every business including corporation whether through subchapter C or S know about the importance and benefit of IRS form 7004 as it offers an automatic extension of time for filing the business tax return for 5 or 6 months. The definite purpose of IRS through form 7004 giving an automatic extension of time is to see that companies be it partnership, a multiple member LLC filing as a partnership, a corporation, or s-corporation should never go away...

Choose Your IRS 1099 Form for Reporting Your Tax Return

The multifaceted IRS form 1099 happened to be one of the IRS’s important mirrors in its ongoing effort to showcase the defaulters as main part of income tax return program so as to prevent potential taxpayers from underreporting or misreporting their income. An “information return” can be taken as not be a tax return as according to the experienced tax professional serving IRS. But as an alternative, it is a form 1099 that provides the IRS with...