Phantom Income
Income Taxes

Phantom Income

Those small businesses using partnership or S-Corporation formats issue Form K-1 to the respective owners.  When income is assigned to the owner and there is no corresponding cash related to that income, then this income […]

form 941
Employment Taxation

Form 941 – The Basics

Form 941 is the employer’s quarterly federal tax return.  It reports how much federal income taxes were withheld; Social Security taxes and Medicare taxes that are due and how much was paid in deposits to […]