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Quick question for the tax pros out there! If I get state grants for starting my own LLC, does that money count as taxable income? Like, am I going to be paying corporate income tax on those funds?
E-filing is now mandatory for all sales tax filers
Thursday, December 13, 2012
Up until now, this rule only applied to those bigger business owners—the ones hitting sales tax thresholds over $266667. But starting December 15, 2012, the game changes for everyone! Now, every single sales tax filer has to jump on board. You grab your qualified digital certificates through the Federal Reserve branches, and then they get synced up with the IRS. Since the law didn't give us a specific grace period for rolling this out to everyone, it basically means "right now." So, if you're a small business owner who pulled in more than $76667 (pre-tax, obviously!) in 2012 and you're registered for sales tax, you need to scramble to get that electronic filing certificate ASAP.
I’m really hoping the IRS shows us a little mercy here. We definitely need at least a month or two of breathing room to actually get everything sorted out!
Useful links:
Check out how to become an e-filing user right here.
Learn how to get your digital ID card here.
You can download the e-filing app here.
Find examples and extra help for e-filing here.