Partnerships and sole proprietorships are not separate legal entities from their owners. Therefore, the IRS treats the business and the owner as the same person for tax purposes. On the other hand, corporations are separate entities from their owners. However, the IRS...
2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
Tax evasion has been a prevalent problem for the Internal Revenue Service, leading to limited revenue collection in the United States. As a result, the IRS has resulted in aggressive tax collection measures to ensure maximum tax compliance among all high-value...
