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Tax Information for Business

What is the 1040?

IRS Tax Form 1040 (U.S. Individual Income Tax Return) Form 1040 is the standard federal income tax form used to report an individual's gross income (e.g., money, goods, property, and services). It is also known as “the long form” because it is more extensive than the shorter 1040A and 1040EZ Tax Forms.


What is a 1065 tax form used for?

Form 1065 is an information return used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners on a Schedule K-1.


What is the 1120?

Form 1120 (officially the "U.S Corporate Income Tax Return") is one of the IRS tax forms used by corporations (specifically, C corporations) in the United States to report their income, gains, losses, deductions, credits and to figure out their tax liability.


What is the due date for filing Form 1120s?

Generally, an S corporation must file Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 15, 2018.


Are IRS 990 forms public record?

According to IRS public disclosure requirements, exempt organizations must make its three most recently filed annual Form 990 or 990-PF returns (or "990s") and all related supporting documents available for public inspection.


What is CRS?

The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information (AEOI) regarding bank accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.


GROSS RECEIPTS TAX

· Seller is responsible to file reports and pay over taxes”

· Tax for Privilege of doing business

· Applies to sale or lease of a property and services

· Prevalent practice- pass the tax to the customer 


What is CRS taxes in New Mexico?

The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% depending on the location of the business. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.


Penalty & Interest Rates CRS

Penalty is calculated at 2% per month or partial month to a maximum of 20% on the unpaid principal of tax due.

Interest accrues daily on the unpaid principal of tax due and can change on a quarterly basis.

· A minimum of $5 penalty is assessed for failure to file timely

· Even if the gross receipts equal zero, you must still file a timely return, or you will be assessed the minimum $5 penalty 

Freedom Tax Service LLC has over 15 years of experience providing all types of accounting, tax preparation, bookkeeping services to New Mexico Area. We can replace your back office with accounting, and bookkeeping support. When it comes to complex issues, rely on us.   


Our mission is your satisfaction, with our number one policy being to provide exceptional customer service to our individual and small business clients.    

BUSINESS IRS fORMS

Capital Gains and Losses (pdf)

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U.S. Return of Partnership Income (pdf)

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Profit and Losses New (pdf)

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