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Taxation Legal News
IRS Reminds Corporations To File For An Extension By March 15
Today the Internal Revenue Service reminds certain corporations with assets of $10 million or more and whose tax year is the calendar year to e-file their returns or file for an extension by the March 15 filing deadline. Corporate taxpayers who chose to request extensions are encouraged to submit their requests through e-file.
"We are seeing significant increases in the number of electronically filed corporate tax returns due to the e-filing requirement for certain corporate taxpayers, the availability of enhanced electronic filing software, and the benefits realized by corporate taxpayers," said LMSB Commissioner Deborah M. Nolan. "E-filing brings increased efficiencies to the IRS which will ultimately benefit all taxpayers."
More than 22,000 large and mid-sized corporations with assets of $10 million or more that file at least 250 federal returns each year, such as Form W-2 and Form 1099, are now required to file electronic returns.Treasury temporary regulations requiring certain corporations to e-file became effective in January 2005, and have been phased in over a two year period. Read more at irs.gov.
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
Newsroom
News about Taxation cases in New Hampshire and nationwide:
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
Definition:
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).
Gross income
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
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Keene
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Merrimack
Nashua
Portsmouth
Rochester
Salem
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