Tax Checklist for Lawyers
Tax checklists for lawyers will vary depending upon the type of reporting required. Small business lawyers tend to use different tax rules and regulations than real estate or bankruptcy attorneys. Lawyers must abide by state and federal tax regulations and file all necessary documents in a timely manner. Tax reporting that is delayed or missing can often result in heavy fines or jail time.
Small Business Tax Reporting
Small business account lawyers must first determine a tax reporting method. Tax reporting usually follows two distinct methods, according to the Internal Revenue Service. The first method, the cash method, reports earnings during the tax year when income is received. The second method is the accrual method, which reports income during the tax year the money was earned. Once a method is chosen, lawyers must include an employee identification number and/or tax exempt status identification information on all applicable forms. According to FindLaw, a Thomson Reuters business, employee's withholding allowance certificates, known as W-4 forms, must be collected from all paid employees. Accordingly, corporations may need to submit estimated tax forms, Form 1120-W, to lawyers.
Real Estate Tax Reporting
Real estate lawyers must keep track of tax reporting for various types of property and property owners. According to the IRS, special tax forms must be included for investment properties or real estate purchased by a foreign buyer. Lawyers must check that all investment property owners submit either Form 1042 or Form 1042-S. These forms vary slightly depending on the inclusion of income codes. Foreign buyers who purchase U.S.-based real estate must complete Form 8288. This form, which must be completed within 3 weeks of the real estate purchase, allows additional time for foreign purchasers to pay real property taxes.
Bankruptcy Tax Reporting
Before bankruptcy taxes can be filed, lawyers must determine the specific bankruptcy chapter related to their clients. These chapters coincide with the Internal Revenue Service Code. Small businesses filing for bankruptcy must file Chapter 11 bankruptcy, while individuals must file for Chapter 7 or Chapter 13 bankruptcy. Both Chapter 7and 13 forms, according to Bankruptcy Lawyers and Attorneys, must include detailed income information for state and federal officials to determine tax penalties. Small or large businesses filing Chapter 11 are usually required to pay taxes on stated properties, according to FindLaw.
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