culture

What is the S election effective date?

Your S-Corp election must be filed by November 5th to take effect in your first tax year. How do I know if my s election was accepted? You can check your ...

Mar 07, 2026 • 1 READS

culture

How long does it take to process income tax by mail?

Mailed paper returns: Due to COVID-19, the IRS expects delays for paper returns. Usually the IRS says to allow 4 weeks before checking the status of your ...

Mar 07, 2026 • 0 READS

culture

What percentage of tips goes to taxes?

8% That’s because the IRS requires that large establishments allocate 8% of their total gross receipts as tip income to employees. Should you pay tax on t...

Mar 07, 2026 • 0 READS

culture

How do I find the tax basis of my property?

To find the adjusted basis: Start with the original investment in the property. Add the cost of major improvements. Subtract the amount of allowable depre...

Mar 07, 2026 • 0 READS

culture

How are NYC condos taxed?

In most residential transfers of property (this includes one- to three-family homes, co-ops, and condos), if the value is $500,000 or less, the rate is 1 ...

Mar 07, 2026 • 0 READS

culture

How do I find Fein number for a company?

Use one of the following options to find another business’s federal tax ID number: Ask the company. Someone in the payroll or accounting department should...

Mar 07, 2026 • 0 READS

culture

Is a fixed annuity qualified or nonqualified?

An annuity contract funded with pre-tax dollars is a qualified annuity. Qualified annuity contracts are available through IRAs, and some employer 401(k)s,...

Mar 07, 2026 • 0 READS

culture

Will IRS ask for SSN over the phone?

The IRS reaches out to taxpayers through regular mail, not phone calls, texts or email messages. And IRS agents will never call you and ask for your Socia...

Mar 07, 2026 • 0 READS

culture

Can I resell branded products on Shopify?

While you’re allowed to almost sell anything online, selling branded products on Shopify (or other eCommerce platforms) without permission might hurt your...

Mar 07, 2026 • 0 READS

culture

How long do tax court cases take?

You will get as fair and impartial a hearing in tax court as you would in any other federal court. After you file your petition, it will be at least six m...

Mar 07, 2026 • 0 READS