education
How do I file a grantor trust on my taxes?
The general rule is that all grantor trusts must file a Form 1041, which contains only the trust’s name, address, and tax identification number (TIN) (see...
Read Journal Category
Education
education
What is monthly contract payment?
Contract Payment means, with respect to any Contract, the minimum monthly or other periodic contractual rental or loan payment required to be made thereun...
Read Journal
education
Can I rollover a traditional IRA to another traditional IRA?
You can rollover funds from any of your own traditional IRAs, but you can also roll over funds to your traditional IRA from the following retirement plans...
Read Journal
education
Do attorneys need to fill out a W9?
Payments to corporations as vendors generally do not require a W-9 form with the exception of attorneys and law firms. There are many various 1099 forms f...
Read Journal
education
What is the tax filing deadline for partnerships?
March 15 If your business is classified as a partnership or an S corporation, you must submit your tax return on March 15 or the 15th day of the third mon...
Read Journal
education
Can a trust receive a stimulus check?
Payments Made to an Estate or Trust Note: Estates and trusts are ineligible for these stimulus payments. But a deceased individual is a separate taxpayer ...
Read Journal
education
Do I need to report 1099-LTC?
We are required to report to the Internal Revenue Service on Form 1099-LTC the gross amount of long-term care benefits issued under your insurance contrac...
Read Journal
education
How are profits distributed in an S corporation?
The profits that an S corp. earns are called retained earnings – the profits made by the business that are retained and not distributed to the shareholder...
Read Journal
education
Does CA 100S accept federal extension?
There is no automatic extension period for business entities suspended on or after the original due date. An automatic extension does not extend the time ...
Read Journal
education
Can I still make a 2019 IRA contribution?
Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by t...
Read Journal