| Employer Identification Numbers |
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| An Employer Identification Number (EIN) is a nine-digit number that the Internal Revenue Service assigns to identify taxpayers that are required to file various business tax returns. EINs are used by employers, sole proprietors, corporations, partnerships, nonprofit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities.More... |
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| Abatement of Interest |
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| The Internal Revenue Service has sent you a notice indicating that you not only owe unpaid taxes but that they have assessed interest on that liability. The good news is that under certain circumstances, you are entitled to an abatement of interest on income, estate, gift, generation-skipping, and some excise taxes. The tax law permits a reduction if the interest assessment was due to an unreasonable error or delay by an IRS officer or employee performing a ministerial or managerial act. More... |
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| Public Disclosure Requirements for Exempt Organizations |
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| Tax-exempt organizations other than private foundations are now required to provide copies of certain tax documents to anyone who requests them. If the request is made in person, the organization is usually obligated to provide a copy immediately, and if the request is written, the exempt organization has 30 days to comply. These requirements are in addition to the exempt organization's obligation to make their tax documents available for public inspection.More... |
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| Excess Passive Income in an S Corporation |
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| Generally, an S corporation pays no federal income taxes. Any income or loss is usually passed through to shareholders in proportion to the ownership interests on a per-share, per-day basis, and the shareholders report their portion of the entity's income or loss on their individual tax returns. However, additional taxes may be assessed against S corporations with excess passive income. More... |
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| Replacement of Underground Storage Tanks at Retail Gasoline Stations |
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| Under regulations issued by the Environmental Protection Agency, petroleum companies and independent marketers owning and operating gasoline stations are required to remove and replace leaking underground storage tanks and to clean up any related contamination. The question arises as to whether the substantial costs of removal, replacement, cleanup, and monitoring are capital expenditures or are currently deductible expenses.More... |
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