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A limited liability company (LLC) is eligible to be taxed as an S corporation under the check-the-box regulations at § 301.7701-2. The LLC first elects to be taxed as a corporation, at which point it becomes a corporation for tax purposes; then it makes the S corporation election under section 1362(a).
General business credit – Any carryover to or from the taxable year of a discharge of an amount for purposes for determining the amount allowable as a credit under 26 U.S.C. §38 (relating to general business credit) Minimum tax credit – The amount of the minimum tax credit available under 26 U.S.C. §53(b) as of the beginning of the tax ...
This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies. U.S. corporations of the type that can be publicly traded must be treated as corporations. There is a list of specific foreign entities that must be treated as corporations. [2]
If the taxpayer doesn’t file until July 17, which is more than 60 days late, his failure-to-file penalty will be $435 — $435 being the lesser of that minimum or 100% of the tax owed.
In 2024, if your tax return is not filed within 60 days of the due date, you’ll be charged a minimum late-filing fee of $510 or 100% of taxes owed, whichever is lower. 2. Failure to Pay
If you haven't filed your tax return for 2023 yet, it's time to kick things into gear. The filing date for 2024 is April 15 -- April 17 if you live in either Maine or Massachusetts -- and if you're...
It is also valuable to U.S. corporations with global operations, especially for corporations with income in low-tax countries. Some of the largest and most profitable U.S. corporations pay exceedingly low tax rates [40] through their use of subsidiaries in so-called tax haven countries. [41]
The failure-to-file penalty is 5% of the tax owed each month your return is late, up to a maximum of 25%. If you file but do not pay, you will be charged just a 0.5% penalty on what you owe each ...