So you are thinking about starting a new business and filing as an S Corp in Illinois? Filing as an S Corp has its tax advantages, as you only pay employment taxes on the wages that the S Corp pays you as an owner employee, and you only pay income taxes on the profits of the S Corp. One thing to consider as part of owning as S Corp rather than being treated as an employee, is that you will have to track your own payroll or pay someone else to handle payroll for you. Payroll e
A coalition of 11 stakeholders groups from the tax practitioner community are urging the IRS to take action to reduce unnecessary burdens for taxpayers and practitioners during the upcoming filing season. IRS staff are currently processing a meeting request so that the practitioner groups can elaborate on their recommendations and respond directly to any questions the IRS may have.
The group includes those representing Latino, Black, small business, and low-income taxp