What happens to a company when it is dissolved?
The first step to begin the process of dissolution is to hold a board meeting and pass a resolution to dissolve the company. Once the shareholders approve...
Category: Updates
When do you have to file Form 2553?
The only comment I would add to Mr. Lezon’s answer is to be sure to timely file the Form 2553, which is by March 15 of a tax (tax lingo “fiscal”) year end...
Do you have to file your business every year?
Even if your business is inactive, any business income or payments you receive during a year must be reported for self-employment tax purposes. Can I file...
What is a required contribution?
The annual required contribution, or ARC, refers to the amount needed to be contributed by employers to ade- quately fund a public pension plan. The ARC i...
What makes a single member LLC a LLC?
As the name implies, a single-member LLC is simply a limited liability company with one owner (member), instead of multiple owners. Under current IRS rule...
How do performing musicians make money?
Let’s go over the most common revenue streams artists use to monetize their music: Earn streaming royalties through digital distribution. Make money playi...
How do I get a copy of your 501c3 determination letter?
If your nonprofit has misplaced your 501(c) determination letter for the IRS, you can get a copy of an affirmation letter to have “proof” of your tax-exem...
What credit score is needed to buy an RV?
Many sources say that the lowest credit score range at which to qualify for an RV loan is around 650-660. Ideally, your credit score should be closer to (...
Do I need to enter SSA-1099?
Do I need to report my dependent’s SSA-1099 on my return? No. Your child or other dependent would report their SSA-1099 on their own return, but only if t...
Do you pay taxes if you have a website?
If your business has a physical location in a state that collects sales tax, you are generally required to collect and pay sales tax on online sales. If y...
