15th April is the due date for filing tax returns but many individuals are not ready or prepared to file their tax returns on this date due to some reasons. Fortunately, the Internal Revenue Service allows the taxpayers to place a request for time extension for filing their tax returns. However, it is to be noted that taxpayers need to place this request prior to the original due date of filing the tax returns i.e. 15th April....

It is quite easy to view the IRS form 1099 as a representation of a huge liability. This is because the form reports income which has not been taxed as a withholding. It can be unpleasant for individuals to receive form 1099. However, it is important for individuals to set aside the right part of their income during the year ion order to make the payments for their taxes by submitting form 1099. It is also to...

Very similar to the other aspects of filing tax, filling out the  tax form 4868 extension can be a little difficult. Fortunately, there are always some tips that can help you in learning about the correct procedure of filing form 4868 without being penalized by the Internal Revenue Service. When it comes to form 4868 instructions, it is important for you to follow a step-by-step guide that will help you do so in the right manner. Part...

All corporations, irrespective of the fact that whether they are subject to paying taxes under Subchapter S or C of the Internal Revenue Code, have this legal obligation of filing their yearly tax returns with the IRS. It is to be noted that this filing compulsion is not conditional on corporations earning a taxable income. The corporations that happen to incur major losses also need to file their tax returns within the due dates. Nevertheless, if these...

At present, the IRS is found challenging the status of all those workers with the status of Independent Contractors. Between the years, 1988 and 1992, the Internal Revenue Service reclassified over 400,000 Independent Contractors as employees. By doing this, the IRS collected around $52.5 million as taxes. During the year 1992, the IRS conducted nearly 1,700 business audits and reclassified around 90,000 workers as employees. By doing so, the IRS was successful in collecting $19 million as...