Tax years of partnerships and corporations
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Tax years of partnerships and corporations

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Published by Library of Congress, Congressional Research Service, Major Issues System in [Washington, D.C.] .
Written in English


  • Tax accounting -- Law and legislation -- United States,
  • Subchapter S corporations -- Taxation -- United States -- Accounting,
  • Partnership -- Taxation -- United States -- Accounting,
  • Professional corporations -- Taxation -- Law and legislation -- United States,
  • Fiscal year -- Law and legislation -- United States

Book details:

Edition Notes

Statementby Jack Taylor
SeriesIssue brief -- order code IB88002, Issue brief (Library of Congress. Major Issues System) -- no. IB88002, Major studies and issue briefs of the Congressional Research Service -- 1987-88, reel 13, fr. 01179
ContributionsLibrary of Congress. Major Issues System
The Physical Object
Pagination7 p.
ID Numbers
Open LibraryOL15456706M

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  Ultimate Book of Forming Corps, LLCs, Partnerships & Sole Proprietorships [Spadaccini, Michael] on *FREE* shipping on qualifying offers. Ultimate Book of Forming Corps, LLCs, Partnerships & Sole Proprietorships/5(10). Practical Guide to S Corporations (Fourth Edition) is written by noted practitioner, author and lecturer Michael Schlesinger. This new Fourth Edition contains extensive discussion of the changes brought about by the Pension Protection Act of and the Small Business and Work Opportunity Tax Act of It also covers Treasury regulations related to the Code Sec. manufacturing deduction. Under the new tax package passed by the Republicans at the end of , known as the Tax Cuts and Jobs Act, allows pass-through entities, such as partnerships, limited liability companies, and S corporations, and sole proprietorship's and independent contractors to deduct 20% of their business r, this deduction starts to phase out for couples earning at least $, or $, Rev. Proc. Rev. Proc. provides the automatic procedures for a corporation (except an S corporation, which is covered under Rev. Proc. ) to change its tax year. Certain corporations that have required tax years, such as a CFC and a REIT, can only use this procedure for changing to a required tax year.

  You must figure your taxable income on the basis of a tax year. A “tax year” is an annual accounting period for keeping records and reporting income and expenses. An annual accounting period does not include a short tax year. The tax years you can use are: Calendar year - 12 consecutive months beginning January 1 and ending December South-Western Federal Taxation Corporations, Partnerships, Estates and Trusts (with Intuit ProConnect Tax Online & RIA Checkpoint, 1 term (6 months) Printed Access Card) [Raabe, William A., Hoffman, William H., Young, James C., Nellen, Annette, Maloney, David M.] on *FREE* shipping on qualifying offers. South-Western Federal Taxation Corporations, Partnerships /5(7). PPC's Tax Planning Guide — S Corporations explains the tax consequences of electing and maintaining S status, operating the S corporation, and terminating the S election. It covers other tax issues, too, such as reorganizing the corporation, maintaining a QSub subsidiary, redeeming S .   By contrast, in , the IRS audited nearly all of them. Only percent of partnerships or S-corporations were audited in , half the share in Of $3 trillion in net tax collections, 90 percent came from individual and self-employment taxes while only 7 percent came from corporations, the lowest corporate share since at least

  They followed up with postponing until July 15 the filing & payment deadlines for individuals & businesses for: returns ” This appears to include S corporations & partnerships. I thought I read that the feds also moved 3/15 the filing date, i.e., .   The following is a modified excerpt from my book LLC vs. S-Corp vs. C-Corp Explained in Pages or Less. Partnerships themselves are not actually subject to Federal income tax. Instead, they — like sole proprietorships — are pass-through entities. Corporations and partnerships face different tax treatment relating to owners who work for the company. The IRS considers partners who work for a partnership to be self-employed and not employees of the business. Any compensation a partner takes for services rendered to the partnership is treated as an advance against profits. Corporations and Partnerships in Virginia examines specific transactions and events in the life of a corporation or partnership, including the purchase and sale of a business, merger, dissension and deadlock, dissolution, and conversion. It also covers topics such as taxation, securities regulation, and director and officer liability.