Author: Viktor Bartak
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Which Accounting Software is best for your business?
Most modern businesses benefit from cloud-based accounting software that allows financial information to be accessed securely from anywhere. Cloud systems also make it easier to work with accountants and advisors across different locations. Several accounting platforms can work well depending on the needs of the business. The most important factor is not the specific software…
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Get Your Employer Identification Number (EIN): Form SS-4 Application Guide
Applying for an Employer Identification Number (EIN), a unique 9-digit ID issued by the Internal Revenue Service (IRS) by filing Form SS-4, is important to fulfill tax obligations, meet legal and regulatory requirements, facilitate hiring and payroll processes, establish business credit, protect personal information, and comply with nonprofit and tax-exempt regulations. It is a fundamental…
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Foreign Disregarded Entity Explained: A Must-Read for Business Owners
Whether you live abroad or want to expand your business into international markets, forming a company overseas can be an exciting endeavor. However, it can also come with extra tax requirements and complications. For many owners, establishing a foreign disregarded entity can help streamline the tax filing process. Although, it’s important to understand the implications…
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Understanding IRS Form 1120-W: Estimated Tax for Corporations
Form 1120-W, “Estimated Tax for Corporations,” is a document specified by the Internal Revenue Service (IRS) that corporations use to calculate and make quarterly estimated tax payments throughout the tax year. While this form is not filed with the IRS, it is important for the company’s records. Key Takeaways What is the purpose of Form 1120-W? The…
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Filing Form 7004: Step-by-Step Guide
Filing taxes can be a complex and stressful process, but understanding the necessary forms and procedures can make it more manageable. One critical form for businesses is Form 7004, which allows you to request an automatic extension of time to file certain business income tax, information, and other returns. In this step-by-step guide, we’ll walk…
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IRS Form 1120-S Instructions: A Complete Guide to the S-Corp Income Tax Return
IRS Form 1120-S, officially called the “U.S. Income Tax Return for S-Corporation,” may sound like a mouthful, but it is an essential income tax form for many S-corporation entrepreneurs. This form is used to report annual income, losses, deductions, credits, and other transactions. S-Corps, business entities elected to be treated differently for tax purposes, are…
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Qualified Business Income Deductions: Does My Business Qualify?
Key Takeaways: What is a Qualified Business Income deduction? Qualified business income deductions, also referred to as QBI deductions, are one of the most talked about changes of the 2017 Tax Reform. This new tax break allows individuals and some estates and trusts who own pass-through entities — partnerships, LLCs, S Corporations and sole proprietorships…
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Why Maintaining Your Income Statement is Important
The income statement is a crucial tool for investors and analysts to assess a company’s financial performance and guide their investment decisions, as it provides detailed information about profitability over a specific period. For companies, it highlights areas for cost reduction and profit maximization. However, if not carefully managed, the income statement can be complex…
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Form 8992: Global Intangible Low-Taxed Income Explained
The Tax Cuts and Jobs Act (TCJA) of 2017 significantly altered U.S. tax requirements for shareholders of foreign corporations. As a result, U.S. persons doing business internationally may need to file extra tax forms, meet new reporting obligations, and navigate added complexity during tax prep. One of the new requirements introduced by the TCJA is…
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Form 5471 Schedule I-1: Information for Global Intangible Low-Taxed Income
When completing Form 5471, you may also need to submit Schedule I-1 to report income the controlled foreign corporation earned from intangible assets. The regulations surrounding global intangible low-taxed income (GILTI) can be confusing, so make sure you understand the requirements of this unique tax form. Form 5471 Schedule I-1: Key Takeaways Who needs to file Schedule…