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What Happens If You Don’t Pay California Franchise Tax?
California Franchise Tax is the annual tax for conducting business in California. For noncorporate entities, it is a flat fee of $800. For corporate entities, the fee is a minimum of $800. Failure to pay the franchise tax will result in a minimum penalty of 5% and a maximum penalty of 25% of the unpaid tax. 9 out of...
What Are Deferred Income Taxes?
Deferred income tax is a liability owed by a company or individual which must be paid at a later time. A prime example of this is 401(k) retirement where an individual may contribute part of their earnings pre-tax directly to their retirement with the understanding they will be obligated to pay the tax when they...
What are Rollback Taxes?
A rollback tax is collected when properties change from agricultural to commercial or residential use. They are based on the difference between the tax paid and the tax that would have been paid if an agricultural use exemption had not been granted. In the United States, the owners of land used for residential or...
How Far Back Can the IRS Go for Unfiled Taxes?
Very few people look forward to filing their income tax returns, but putting off this dreaded chore can lead to severe consequences that range from losing a refund to spending time behind bars. This article will cover what could happen if you don’t submit a tax return, explain that ignoring the Internal Revenue...
How Do I Get an Extension on Filing My Taxes?
Individuals usually have to file their federal income tax returns by April 15, but that date was moved forward to May 17 in 2021 to give Americans more time to prepare their financial information while coping with restrictions imposed to curb the pandemic. Although this would seem to give taxpayers plenty of time,...
What Happens If You File Your Taxes Twice?
Are you wondering what happens if you file your taxes twice? The answer is quite simple, when the IRS receives two tax returns with the same SSN, they reject the second return and send it back to the taxpayer with a notification letter bearing the error code 0515. Tax returns can be filed twice for many reasons. The...
How Do I Apply For Paycheck Protection Program Loan
How Do I Apply For A Paycheck Protection Loan The Paycheck Protection Program or PPP is a loan that is designed to provide an incentive for small businesses and others to keep their employees on the payroll. Some borrowers are even eligible for PPP loan forgiveness, depending on their circumstances. This loan...
How Long Should You Keep Tax Records of a Deceased Person
Did you know that you need to keep up with tax documents and financial records of deceased individuals? If you are the executive of the will for someone, it is your job to have those records for at least 3 years. Many professionals will recommend that you keep them longer than that, around 6 to 7 years. Tax Crisis...
Under Which Circumstance Might You Receive A Tax Refund From The IRS?
You have had taxes withheld from your paycheck all year. Now it is time to file your tax return. It is always nice to receive a refund check. There are two ways to receive a check from the IRS after filing your tax return. The best way is to reduce your tax liability through qualifying deductions. The other option is...
How Is A Homeowner’s Total Tax Bill Derived?
The advantages of homeownership cannot be underestimated. However, as with all things, there are always liabilities. For homeowners, one of those is being assessed for personal property taxes. Buying a home is always an investment and the hope is that the property will increase in value over time. Yet, as the value...