The Small Business Tax Help Blog

Question: Michigan partnership tax question?

I own a partnership in Michigan started in 2008. I want to file an extension to file my return. I found intructions about extensions on Michigan Form 4 but I wasn’t sure if I fell into the rules for the Michigan Business Tax or just the individual tax as a partnership is a flow through entity and does not usually pay Business Taxes. Do I get an automatic extension if I file a federal extension or do I have to file Form 4?
But do I get an automatic extension if I file a Form 7004 Extension to file Partnership return with the IRS? Or do I need to fill out Form 4 for my partnership to get the extension?

Answer: In general the partnership need to obtain its own extension for the Michigan Business Tax. If the partnership is liable for Michigan Business Tax, then an extension under the tax number of the partnership needs to be submitted, If the partnership is not liable for Michigan Business Tax, then no extension for the partnership is needed.

It is unlikely that you will file your personal return by April (if the partnership return is not completed by then) then you will need to file a federal extension for your personal individual taxes. The federally filed extension automatically applies to Michigan.

Finally, many towns in Michigan have a partnership tax return which is a variant of the 1065 form. These taxes are due typically April 30. An extension request may be needed for your town as well.%0

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The House will consider the Senate-passed "jobs" package on Thursday after deciding to amend the bill so it is fully offset in order to address the concerns of moderates in the Democratic Caucus.

Tax Extensions are Automatic

Question: Is sales tax id the same as EIN?

I just got my certificate of authority and the identification number on the paper is the same as the EIN that was given to me when I applied online. Is the EIN my sales tax id number?

Answer: Sales tax is generally the same as your EIN # - employe indentification number (tax id #). Inquire with your state for more information.

To the above respondent, while certain states utilize their own ID numbers, federal tax id # (EIN #) is accepted on all levels, including tax return filing.

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Torchmark Corporation Reports Fourth Quarter and Year-end 2009 Results

MCKINNEY, Texas, February 10 /PRNewswire/ — Torchmark Corporation (NYSE: TMK) reported today that for the quarter ended December 31, 2009, net income was US$1.36 per share, compared with US$1.61 per share for the year-ago quarter.

Question: need help accounting question

can you guy help me with this two i can’t find it anywhere. can you tell me Account Classification, if it Debit or Credit, and where it appear in (balance sheet or income statement). thank you

Commissions Earned
Rent Earned

Answer: Commissions earned would be income statement. If you have received the payment the entry would be:

Debit cash
Credit commissions earned

If you haven't received payment the entry would be:

Debit commissions receivable
Credit commissions earned

As for rent earned, same thing just substitute for "rent" for "commissions"

Pacific & Western Credit Corp. announces results for its first quarter ended January 31, 2010

FIRST QUARTER SUMMARY

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Question: Family benefit for my brother-in-law

Having a benefit for my brother-in-law everyone is telling me I need a tax ID number to do this benefit , the hall is also asking for a tax ID number, I rec’d an EIN number from the federal government because that is where I thought I was suppose to of gotten this number from. If anyone has ever given a benefit out there can they please help me, let me know what number I actually have to have, because according to the letter I rec’d today from the government it said that this number cannot be used for non-profit organizations, now I am totally confused, if anyone out there has ever done a benefit can you please steer me in the right direction, the benefit is on Sept. 5th, and I really need an answer if anyone has one.

Answer: A federal tax identification number (also know as an employer identification number or EIN), is a number assigned solely to your business by the IRS. Your tax ID number is used to identify your business to several federal agencies responsible for the regulation of business. You need to apply www.irs.gov/businesses/small/article/0,,id=102767,00.html

T-Mobile Bolsters Options For Small Businesses with Flexible, Multi-Line Shared Pooling Plans

BELLEVUE, Wash.--(BUSINESS WIRE)--Today, T-Mobile USA, Inc. expanded its business portfolio with new well-priced, pooling plans designed to support the unique needs of small business customers.

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