In a common partnership, you will find a) general partners - running the business and responsible for the debts and b) limited partners - similar to investors where the money at risk is the amount contributed and not being involved in the day to day. The general partners will be subject to the self-employment tax
At this point, our readers should be aware that there are certain industries that are more subject to examinations like restaurants and retail industries, especially if cash intensive and low controls in place. You can see numerous tax evasion schemes related to restaurants in the news, United States Attorney's Office of each State and the
The NJ SBDC posted our webinar related to the Small business taxes and BOI (Beneficial Ownership Interest) updates. They have an extremely curated website where there are over 100 videos for subjects relevant to any business owner, check it out - NJ Thrives NJ SBDC. Link for the WEBINAR (Around minute 53 educational example to
The IRS reminded taxpayers in mid June 2023 that the deadline to claim their 2019 refunds is approaching. The deadline is July 17, 2023. Note that the IRS has extended their refund window as usually it is three years. However, the three year window for 2019 was extended due to the Covid-19 pandemic. If no
If you are closing your business, you need to communicate to the tax authorities (Federal, State and local) which requires filing a final tax return, pay any liabilities to employees or vendors, pay any taxes outstanding, etc. Additionally, you need to keep the business records for a few years based on the period of limitations
Taxpayers can access the Where's My Refund? tool two ways: Visiting IRS.gov - https://www.irs.gov/refunds Downloading the IRS2Go app To use the tool, taxpayers will need: Their Social Security number or Individual Taxpayer Identification number Tax filing status The exact amount of the refund claimed on their tax return The tool displays progress in three phases: Return
In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal
WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems
