Can you avoid paying tax by paying your personal expenses from your corporate bank account? Is avoiding tax that easy? No, our system doesn’t work that way. The Moacir Santos v. Commissioner, T.C. Memo. 2019-148 explains how the IRS handles these situations. Facts & Procedural History The taxpayer owns a engineering and paving company. It…
Category: Business Tax
List of Common IRS Notices for Businesses
The IRS collection notices and other tax notices on this page are commonly sent to business filers that use forms 941, 1065, and 1120 to file their federal tax return. Here is a listing of the most common IRS forms for businesses. CP 101 – Math Error, Balance Due on Form 940 The IRS sends CP 101…
Answers for Common Small Business Tax Questions
Q: Is an S-Corporation required to pay quarterly estimated tax? Rarely does an S corporation make estimated tax payments. An S Corporation must make installment payments of estimated tax if the total of these taxes is $600 or more: The tax on built-in gains, The excess net passive income tax, and The investment recapture tax. Q:…