Tax Tips

Business partners elect to file as an S Corp

Deadline for Corporations Making the S-Corp Election is Approaching

Existing corporations that are eligible to elect to be treated as an S corporation need to file Form 2553, Election by a Small Business Corporation by March 15.  The income of an S corporation generally is taxed to the shareholders of the corporation rather than to the corporation itself. In order to make the election, the entity needs to meets all of the eligibility…

If your clients want to rollover their IRA, there are a few things you need to know as a tax preparer.

Entering a Rollover 1099-R into TaxSlayer Pro

Form 1099-R, Distributions from Pensions, Annuities, Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., should be completed and filed by the company or program for each person they have made a designated distribution to of at least $10. Some of these distributions may be eligible for rollover.   What is a rollover?  …

If someone in your life passes, you might need to file their taxes post-mortem

Filing a Tax Return for a Deceased Person

Managing a deceased loved one’s estate is extremely difficult, especially when a client needs to file their taxes.  Help make your client’s life easier by guiding them through the process by using these common questions as a guide. Who assumes the responsibility of filing a tax return for a deceased person? The executor, or the person in charge of the decedent…