What is Income Tax? An income tax is a tax levied by the government, that is extended on businesses and individual incomes, spanning within a particular jurisdiction. Income tax is…

What do we Understand by Form 941? IRS Form 941 is utilized by employers to report their federal withholdings. This form is also known as the Employer’s Quarterly Tax form.…

The moment you employ your first employee, you are responsible for filing payroll taxes. And yes, this also includes whether you, yourself are your only employee! It is also true…

Accounts Receivable tracks the revenue owed from the customers at any given point in the financial year. As the business records an increase in sales, so does the balance of…

The Wage and Tax statement or the W2 Form is the form that the employer sends to all their employees and the IRS at the end of every financial year.…

If you have earned remuneration from an individual or an enterprise, apart from the wages paid by your employer, then you need to get a 1099 form. It is used…

Did you file your taxes, putting in all the attentiveness and detailed focus? And to your surprise the IRS had your tax return rejected! Worry not as it is more…

If your business is structured as a partnership, then you would have definitely heard of the “Partnership Tax Return” or the form 1065. This form gives the IRS a larger…