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Taxation Legal News
IRS Reminds Corporations To File For An Extension By March 15
Today the Internal Revenue Service reminds certain corporations with assets of $10 million or more and whose tax year is the calendar year to e-file their returns or file for an extension by the March 15 filing deadline. Corporate taxpayers who chose to request extensions are encouraged to submit their requests through e-file.
"We are seeing significant increases in the number of electronically filed corporate tax returns due to the e-filing requirement for certain corporate taxpayers, the availability of enhanced electronic filing software, and the benefits realized by corporate taxpayers," said LMSB Commissioner Deborah M. Nolan. "E-filing brings increased efficiencies to the IRS which will ultimately benefit all taxpayers."
More than 22,000 large and mid-sized corporations with assets of $10 million or more that file at least 250 federal returns each year, such as Form W-2 and Form 1099, are now required to file electronic returns.Treasury temporary regulations requiring certain corporations to e-file became effective in January 2005, and have been phased in over a two year period. Read more at irs.gov.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
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Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Meal Expense Deduction
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
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Bloomington
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Carmel
Columbus
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Crawfordsville
Crown Point
East Chicago
Elkhart
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Fishers
Fort Wayne
Franklin
Goshen
Granger
Greenfield
Greenwood
Hobart
Huntington
Indianapolis
Jeffersonville
Kokomo
La Porte
Lafayette
Logansport
Marion
Martinsville
Merrillville
Michigan City
Mishawaka
Muncie
New Albany
New Castle
Newburgh
Noblesville
Peru
Plainfield
Portage
Richmond
Seymour
Shelbyville
South Bend
Terre Haute
Valparaiso
Vincennes
West Lafayette
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