Answers for Common Small Business Tax Questions

Q: Is an S-Corporation required to pay quarterly estimated tax? Rarely does an S corporation make estimated tax payments. An S Corporation must make installment payments of estimated tax if the total of these taxes is $600 or more: The tax on built-in gains, The excess net passive income tax, and The investment recapture tax. Q:…Continue…

List of Common IRS Notices for Individual Taxpayers

The IRS collection notices and other tax notices on this page are commonly sent to individual filers using forms 1040, 1040A, and 1040EZ to file their federal tax return. These are the most common IRS notices sent to individual taxpayers. CP 09 – Earned Income Credit You May Be Entitled To From IRS The IRS sends CP…Continue…

Example of Why a Will Needs to be Updated After Divorce

The Haga v. Thomas, No. 01–12–00218–CV (Tex. App.–Houston (1st Dist.) 2013) case provides an example of why wills need to be updated after divorce.  While Texas law provides a remedy for when a will names a former spouse as executor and beneficiary, as demonstrated in the court case, the remedy does not always apply. Facts and…Continue…