As a first-time small business owner, you're responsible for paying federal income taxes according to the rules set by the IRS. The amount and frequency of your business taxes will vary. It's based on ...

If you elect to be taxed as a corporation by filing IRS Form 8832, the default is to be treated as a C-Corporation. In this case, the business reports all income and deductions on Form 1120 each ...

The IRS has published a private letter ruling on Treasury Regulations 301.7701 and 301.9100 granting the taxpayer an extension to file Form 8832 to elect to be classified as a partnership for federal ...