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Read the industry’s latest on all things tax — how tos, tax news, practical tips, industry updates, and everything in between.

IRS Form 1120-S “U.S. Income Tax Return for an S Corporation” Explained

IRS Form 1120-S, U.S. Income Tax Return for an S Corporation, is the annual federal return for corporations and LLCs that have elected S corporation status. An S corporation generally doesn't…

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IRS Form 1040 “U.S. Individual Income Tax Return” Explained

IRS Form 1040, U.S. Individual Income Tax Return, is the main federal income tax return for individuals. It brings together your income, adjustments, deductions, credits and payments to figure…

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IRS Form 2159 “Payroll Deduction Agreement” Explained

IRS Form 2159, Payroll Deduction Agreement, sets up an installment agreement where your employer withholds a fixed amount from each paycheck and sends it directly to the IRS. It's a voluntary…

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IRS Form 12277 “Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien” Explained

IRS Form 12277, Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien, asks the IRS to withdraw a public Notice of Federal Tax Lien (NFTL). A withdrawal removes the public…

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IRS Form 9465 “Installment Agreement Request” Explained

IRS Form 9465, Installment Agreement Request, asks the IRS to let you pay a tax balance in monthly installments. Many people can set up a plan faster online, but Form 9465 is the paper route.…

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Received a Tax Bill from the IRS? Here’s What to Do Next

Imagine checking your mail or email to find a notice from the IRS stating that you owe money. Whether the amount is small or substantial, it can likely trigger some immediate concern or even…

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