Category: Taxes – Business
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Understanding the Internal Revenue Manual (IRM)
The Internal Revenue Manual (IRM) is one of the most important internal tools used by IRS employees. It provides detailed instructions for carrying out administrative and procedural functions, such as how to: While the IRM is not legally binding and does not have the force of law, it plays a crucial role in how the…
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Trader Tax Status and Benefits
Trader Tax Considerations Over the past several years, retail investing has undergone a dramatic transformation. What was once the exclusive domain of institutional players has opened up to everyday individuals. This shift has been fueled by a combination of powerful forces—advances in technology, commission-free trading platforms, the rise of meme stocks, the explosion of cryptocurrency,…
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Understanding Sales and Income Tax Nexus for Entrepreneurs
One of the biggest misunderstandings entrepreneurs face when starting or expanding a business is the concept of nexus — particularly how it applies to sales taxes and income taxes. With online platforms like Wix, Shopify, and WordPress, businesses are now reaching customers across the country. However, understanding where and when you owe taxes is crucial…
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State Corporate Income Tax Rates in the U.S.
How much are states taxing your business? This quick snapshot shows corporate tax rates across the U.S., in addition to the federal flat rate of 21%. Note: In addition to regular income taxes, many states impose other taxes on corporations, such as gross receipts taxes and franchise taxes. Some states also impose an alternative minimum…
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Form 5452 vs. Form 8937: Which One to File for Return of Capital?
When a corporation returns capital to shareholders, it can trigger different IRS filing requirements depending on the nature of the transaction and who it affects. Two key forms to be aware of are Form 5452 and Form 8937. While they may seem similar at first glance, they serve distinct purposes. What is Form 5452? Form…