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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.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
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News about Taxation cases in Oregon and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Definition:
For vehicles placed in service in 2004, the maximum clean-fuel vehicle deduction and qualified electric vehicle credit are scheduled to be reduced by 25%, as compared to 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).
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.
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Albany
Ashland
Beaverton
Bend
Canby
Central Point
Clackamas
Coos Bay
Corvallis
Cottage Grove
Dallas
Eugene
Forest Grove
Grants Pass
Gresham
Hermiston
Hillsboro
Hood River
Klamath Falls
La Grande
Lake Oswego
Lebanon
Mcminnville
Medford
Newberg
Ontario
Oregon City
Pendleton
Portland
Prineville
Redmond
Roseburg
Salem
Sherwood
Springfield
The Dalles
Troutdale
Tualatin
West Linn
Wilsonville
Woodburn
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