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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 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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News about Taxation cases in New Mexico and nationwide:
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.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
Estate and Gift Tax
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
If you live in the following cities and need an taxation attorney you should contact
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Alamogordo
Albuquerque
Anthony
Artesia
Aztec
Belen
Carlsbad
Clovis
Deming
Edgewood
Espanola
Farmington
Gallup
Hobbs
Las Cruces
Las Vegas
Los Alamos
Los Lunas
Portales
Rio Rancho
Roswell
Santa Fe
Shiprock
Silver City
Taos
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