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What happens if you file S Corp taxes late?

Penalties for filing late When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty o...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What is an extraordinary item on the income statement?

Extraordinary items in accounting are income statement events that are both unusual and infrequent. In other words, these are transactions that are abnorm...

What is Section 481 A depreciation adjustment?

What is a 481(a) Adjustment? Under current IRS rules, the calculation of depreciation or repair deductions for prior years can be recomputed, and a one-ti...

What is the difference between a commercial and residential mortgage?

The main difference between a commercial mortgage and a residential mortgage is that the value of the land or property is usually much larger. As a commer...

What is an example of distribution in marketing?

For example, a company that manufactures clothes and sells them directly to its customers using an e-commerce platform would be utilizing a direct distrib...

How is doing business has changed in the past 20 years?

Today, the Internet has realized billions in profits from the increasing number of online business transactions. Creating a company website, along with th...

What is the best way to consolidate 401k?

Option 1: Rolling Over into Your Active 401(k) This is a good option to consider if you want to have all your tax-deferred dollars in one place. By rollin...

Do I have to return SBA disaster loan?

Do you have to pay back SBA disaster loans? If you receive an EIDL grant (available under the CARES Act or Coronavirus Relief Bill) you are not required t...

What happens to a 401k loan if I leave my employer?

If you quit working or change employers, the loan must be paid back. If you can’t repay the loan, it is considered defaulted, and you will be taxed on the...

Will Singapore Property prices Drop 2020?

In 2020, private home rents dropped 0.6 per cent compared with a 1.4 per cent rise n 2019. Rents of non-landed properties dipped 0.1 per cent in the fourt...