The IRS tax Form 1099-QA is used to report information about the distributions from the saving accounts of special-needs individuals, through their accounts that are been created through the ABLE (Achieving a Better Life Experience) Act. The Internal Revenue Service states that any agency that has established and maintains a qualified ABLE program, should file this Form with the IRS, every time it makes any distributions for each ABLE account or when it terminates them.  What are...

While registering a business, the decision is generally made whether it should be a corporation or a limited liability company. This decision depends on the type of the business, the tax consequences of the entity, and other similar considerations. Upon such registrations, the assets of the business will be protected from creditors. It also offers an additional layer of legal protection for the business. But what should you choose between incorporation or LLC? Let us discuss this...

The tax filers of the United States can use Form 4868, to avail automatic extension of time to file the individual income tax return. By filling out this Form, the citizens can avail time extension only for the paperwork. It is important to note that filing Form 4868 does not entitle late payment of taxes. They should pay the tax amount they owe to the IRS, well within the deadline.  What if I file Form 4868 late?...

The Internal Revenue Service announced that the Nation’s tax season will start on January 24th, 2022. The Tax agencies will begin accepting and processing the 2021 tax returns after this date. The IRS encourages the citizens to have all the information they require in hand, to complete and return the tax Forms accurately. Accuracy of the tax form helps in reducing processing delays, and delays in refunds as well.  The due date for filing 2021 tax returns:...