Master the IRS Maze Navigating Pass-Through LLCs for Tax Success

The IRS stated in Notice 2020-75 that it intended to issue regulations regarding the deductibility of certain state and local income tax payments imposed on ... Pass-through taxation means that an LLC doesn't file a corporate income tax return with the IRS. Instead, once an LLC has paid its expenses and debts, the LLC ... The other form of pass-through entity is an S-Corp. This company form is initially organized as an LLC and then filed with the IRS to be ... owner of the LLC is an individual, the LLC's in- come and expenses would be ... credits of the corporation “pass through” to the members. Corporations ... By contrast, pass-throughs simply shift their gains or losses to the owners or employees, who then report the income to the IRS and pay tax accordingly. That ... To become an S Corp, the corporation must then file what is known as an “S Election”—Form 2553—with the Internal Revenue Service (“IRS”). ... While LLCs are often ... Key tax deadlines are coming up in 2025 for LLC and corporation businesses. Here are the dates and IRS forms you need to know. Start-up costs, as defined by the IRS, are expenses your LLC or S-Corp paid ... Pass-through entities, like your LLC or S-Corp, are uniquely qualified ... Understand your federal tax obligations as a partnership; a relationship between two or more people to do trade or business. A single-member LLC is treated as a disregarded entity by the IRS. Multi-member LLCs are owned by two or more people and file taxes like ...