Category: Direct Tax

If you’re an Arizona resident with significant unreimbursed medical costs, the state’s uniquely generous tax rules offer a major opportunity. Unlike federal tax returns, which limit you to deducting only the amount above 7.5% of your AGI, Arizona allows you...

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Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” is a critical tool for businesses and fiduciaries seeking additional time to prepare complex tax filings. An automatic extension can relieve immediate filing...

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Partnerships must file Form 1065 annually to report income, deductions, gains, losses, and other important information. Unlike corporations, partnerships themselves generally do not pay income tax; instead, income passes through to partners who report it on their returns. But what...

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Filing your federal tax return late can be stressful, but what if you are owed a refund? Many taxpayers wonder if filing Form 1040 after the deadline means forfeiting their refund. The good news is that in most cases, you...

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When it comes to federal taxes, missing deadlines can lead to costly penalties. However, the IRS treats late filing and late payment differently, each with its own set of rules and consequences. Understanding these distinctions is crucial to managing your...

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Form 1120‑S is the annual return S corporations use to report income, deductions, gains, losses, and other items that flow through to shareholders on Schedule K‑1. Although S corporations themselves generally do not pay federal income tax, late filing can still be expensive. The...

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Filing your federal income tax return late can be costly. The IRS imposes penalties and interest on taxpayers who do not file Form 1040 by the due date, which for most individuals in 2025 will be April 15. Understanding the...

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Employers and payers must furnish wage and nonemployee compensation statements—Form W‑2 for employees and Form 1099 for contractors—to recipients and the IRS by strict deadlines each year. Missing these deadlines can trigger substantial penalties, which increase the longer returns are late or...

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Partnerships and S‑Corporations must issue Schedule K‑1s to their partners or shareholders each year so that recipients can accurately report their share of income, deductions, and credits on individual tax returns. When Form 1065 (partnership return) or Form 1120‑S (S‑corporation return) is...

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U.S. taxpayers with interests in certain foreign entities must comply with rigorous information‐reporting requirements under the Internal Revenue Code. Two of the most common disclosures are Form 5471 for controlled foreign corporations (CFCs) and Form 8865 for controlled foreign partnerships. Both forms...

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