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Posts tagged "Business Taxation"

How does the IRS assess taxes on unfiled business returns?

It is very important for businesses in Southern California to file their tax returns accurately and on time with the Internal Revenue Service. If businesses have an obligation to file and fail to do so, and if the IRS is unsuccessful in procuring the return, the agency is authorized by statute to prepare returns and assess taxes against businesses on the basis of those returns.

State: many California businesses failed to file 2010 tax returns

In business speak, companies are often described as having a heartbeat, although this usage is entirely metaphorical. The law too ascribes to them characteristics more properly thought of as human: They can be held liable, have a legal place of residence and must pay taxes, just like the rest of us.