Are Spouses Automatically Partners in a Business Setting?

Posted on July 14, 2010 by Leasa Magnuson in Business Tax, Individual Tax

A partnership automatically comes into existence whenever two or more people enter into business together to earn a profit and don’t incorporate or form a limited liability company. You can elect to be excluded from the partnership provision if you are in a business arrangement that is for investment purposes only and not for the […]

View Post Husband wife business owner, Partnership, Spousal joint venture

Failure to File Penalty

Posted on March 3, 2010 by Leasa Magnuson in Business Tax

Did you know there is a penalty for failure to file a tax return for Partnerships or S Corporations? Neither one of those entities have to pay federal income tax. The federal tax return is an informational return for the IRS, with the income flowing to the owners tax returns on a Form K-1. But […]

View Post Failure to File Penalty, Partnership, S-Corp