Businesses, including Partnerships,C-Corporations, and S-Corporations, all have different tax forms and deadlines. For instance, a C-Corporation is taxed at the corporate level, whereas partnerships and S-Corporations are both pass-through entities, where the income flows through to the individual return of the owners or partners. Businesses that have employees also need to file payroll tax returns.
C-corporation needs to file form 1120 for its income and expenses for the tax year. C-corporation is subject to corporate income taxation. C- corporation pays corporate taxes on earnings before distributing to the shareholders.
S-CORPORATIONS AND PARTNERSHIPS
S-Corporations and Partnerships are pass-through entities. S-corporation requires to file form 1120S and partnership requires to file form 1065. S corporation or partnerships is a corporation that has elected to be taxed as a flow though entity. In S-corporations and partnerships shareholder to be taxed at individual level. Each owner, partner, or shareholder will receive form K-1 with their distributive share of the income to report on their individual income tax return.
PAYROLL TAX RETURNS
Businesses with employees are required to file payroll returns. Payroll returns can be filed on form 944 or 941, and 940. Businesses with employees are required to make federal and state tax deposits and properly file their returns. Form 941 is due quarterly and form 940 is due annually. For state of Maryland form MW506 (Employer’s return of income tax withheld) and form MW508(Annual employer withholding reconciliation return). Failure to file or pay your tax deposits can result in fines and penelties.
BUSINESS TAX RESOLUTION
In most cases, the IRS assigns a Revenue Officer to establish tax resolution (Baltimore/Maryland). The Revenue Officer will review your tax history to make sure that all required tax returns are filed. Revenue officer will also review all financial statements and assets of the business to determine ability to pay. In certain circumstances, a Revenue Officer also can assess unpaid taxes from a previously closed business onto a new business owned by the taxpayer.
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WHAT TO DO IF YOUR BUSINESS OWES BACK TAXES TO THE IRS
Settle your IRS or State back business or corporate taxes. Back taxes accrue interest and penalties and turn into a huge tax debt that can threaten the viability of your company. At MUS Tax Resolution Baltimore/Maryland, we evaluate the options and choose the best option for your circumstances. We will represent you before the IRS, working tirelessly to get your outstanding business tax returns filed and get your outstanding business tax liabilities resolved.
GETTING INTO TAX COMPLIANCE
First, and largest challenge to solve your tax problem is making sure that you get into compliance with paying your current year taxes to the IRS. Our tax compliance solutions help you to manage your quarterly estimated tax payments. Our tax team also assist you in setting up techniques to manage your small business or independent contractor books and records, so you always know where your business is at in terms of income and expenses for the year. By taking these simple steps, you can handle tax liabilities in proper manners and stop the cycle of continuing to owe the IRS or the State.
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