If a freelancer wants to be treated as an S Corporation for tax purposes, they will also need to file IRS Form 2553 (Election by a Small Business Corporation). 4. Obtain an EIN and Set Up a ...

She said recommends speaking with your tax preparer about filing for your small business as an LLC or an S-corporation since both are taxed differently.

TAX BRIEF . F or many years, the IRS clashed over the cash method of accounting with small business taxpayers who provided services as the mainstay of their business but who were categorized as ...

For this year, if you had more than $5,000 in gross business transactions on a given app or platform, then you, the IRS and your state tax department should all receive a 1099-K reflecting that.

The Internal Revenue Service headquarters building in downtown Washington, Thursday, March 9, 2017. AP Photo/Jon Elswick. According to the IRS, most business entities that file Forms 1065, 1120 ...

President Trump’s nomination of former Rep. Billy Long as the next commissioner of the Internal Revenue Service marks a pivotal moment for America’s taxpayers, especially small business owners.