Why am I getting a consolidated tax bill?
A consolidated tax return is a corporate income tax return of an affiliated group of corporations, who elect to report their combined tax liability on a single return. The purpose of the tax return allows for corporations that run their business through many legal affiliates to be viewed as one single entity.
What does it mean the IRS is currently preparing your refund?
This means the IRS has processed your return and has approved your refund. The IRS is now preparing to send your refund to your bank or directly to you in the mail if you requested a paper check.
What are the major advantages and disadvantages of filing a consolidated tax return?
Advantages and Disadvantages of Consolidated Tax Returns
- offsetting the profits of one company against losses of another;
- netting out capital gains and losses;
- no tax on intercompany distributions;
- the recognition of income is deferred on intercompany transactions;
Do you pay taxes on debt forgiveness?
In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs.
How can I take care of my tax matters?
We take care of your business, so you can spend time on what matters to you. We can advise on all aspects of tax relating to properties. We ensure your purchases are under the guidance of professional advice. We help structure trusts and companies. We help with various compliance issues involved with tax returns.
Which is the best company for tax matters?
Ann handles our day to day work expertly and Brenton is on hand for ‘big picture’ advice as is required. Have dealt with the big firms over a number of years and you just become a number, where at Tax Matters, you are always made to feel a valued customer. 10 out of ten Tax Matters from this happy customer of 8 years..
How is Brian McCrory at Tax Matters UK?
Have dealt with the big firms over a number of years and you just become a number, where at Tax Matters, you are always made to feel a valued customer. 10 out of ten Tax Matters from this happy customer of 8 years.. Brian McCrory, Journeys of a Lifetime Ltd. You’ll find this team helpful in every way and solution focused.
Where can I get stress free tax advice?
Small Business tax and accounting services. Stress free tax and payroll management. We add value and provide tax planning advice for growing businesses. We provide expert advice from accounting to business structures. If you’re after a ‘small firm feel’ with the services of a larger firm, call us.
What are the IRS rules on tax advice?
With the2004 changes, the IRS targeted tax professionals who promoted illegal tax schemes, which were often lucrative to the promoters. Tax practitioners violating these regulations could be penalized, censured, suspended, or disbarred from practicing before the IRS.
Can a practitioner give written advice on a tax matter?
(1) A practitioner may give written advice (including by means of electronic communication) concerning one or more Federal tax matters subject to the requirements in paragraph (a) (2) of this section. Government submissions on matters of general policy are not considered written advice on a Federal tax matter for purposes of this section.
What makes a tax advice not a covered opinion?
However, an agreement to defend the intended tax consequences without additional compensation did not by itself make the advice a covered opinion. Despite the broad scope of Circular 230, there was still some written tax advice that was not considered to be a covered opinion under those rules.
Who is the best tax advice letter writer?
Dr. Jenkins is an AACSB academically qualified business school and tax professor owing to his peer reviewed journal article publications. His company, Algorithm LLC (algorithm-llc.com), is an IRS Approved Continuing Education Provider.