corporate tax

Business Law: Federal and State Income Taxes

Business Tax Liability

Do You Understand Business Tax Liability?  It is important to understand business tax liability specially Federal & State Income Taxes for “Self-Employment”.  A self-employed person earns a living by working for himself. But in a corporation, the self-employed person becomes both an owner & an employee. Federal And State Tax Federal income taxes are collected …

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How Does A Nonprofit Organization Maintain Tax Exempt Status?

TAX EXEMPT STATUS Annual financial reports must submit to the IRS and the California Franchise Tax Board to maintain a nonprofit organization’s tax exempt status.  The board of directors should review the corporation’s annual IRS and State filings before submitted.  Often, the nonprofit will retain an independent accountant to conduct a review of the organization’s …

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