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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.
Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
Newsroom
News about Taxation cases in Chesapeake and nationwide:
The Bush Tax Cut
The 2001 tax cut represented a resumption of a number of other trends in tax policy. For example, it expanded the Per Child Tax credit from $500 to... Read more >
Definition:
If you need more time to file a partnership return, file Form 8736, Application for Automatic Extension of Time To File U.S. Return for a Partnership, REMIC, or for Certain Trusts, for an automatic 3-month extension. File Form 8736 by the regular due date of the partnership return.
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.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
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Alexandria
Annandale
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Ashburn
Blacksburg
Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
Danville
Dumfries
Fairfax
Falls Church
Fredericksburg
Front Royal
Glen Allen
Hampton
Harrisonburg
Herndon
Hopewell
Leesburg
Lorton
Lynchburg
Manassas
Martinsville
Mc Lean
Mechanicsville
Midlothian
Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
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