Common Entity Pitfalls

Posted on May 4, 2011 by Leasa Magnuson in Business Tax

Just coming out of tax season I thought it would be a good time to discuss a couple of common items that cause issues at tax time. Many people do not want to pay an accountant to help them set up their business entity. And the internet makes it really easy for anyone to register […]

View Post Choice of Entity, LLC, S-Corp

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