Business Taxes

Business Tax Return

As a business owner, it is important to understand your federal, state and local tax requirements. This will help you file your tax returns correctly and make timely payments. The business structure you choose when starting a business will determine what taxes you must pay and how to pay them.

What to do when you are assigned a social security number (SSN)?

Once you receive an SSN, you must use that number for tax purposes and stop using your ITIN. It is improper to use both the ITIN and the SSN assigned to the same person to file tax returns.

It is your responsibility to notify the IRS so that we can combine all of your tax records under one identification number.

If you do not notify the IRS when an SSN is assigned to you, you may not receive credit for all wages paid and taxes withheld, which could reduce the amount of any refund due. You can go to a local IRS office or write a letter explaining that you have been assigned an SSN and wish to have your tax records combined.

Include your full name, mailing address, and ITIN along with a copy of your social security card and a copy of CP 565 (Notice of ITIN Assignment) if you received it.

The IRS will cancel the ITIN and associate all previous tax information filed under the ITIN with the SSN.

If you need help or more information, please contact us to solve your doubts.

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