An information return is a tax document that must be completed if you are engaged in a business or trade, whether it is classified as a corporation, estate, individual, trust, or partnership, if you make a reportable transaction during a calendar year. This document must be sent to the IRS.
Please note that an information return is not the same thing as an income tax return, as it is only used for the purposes of reporting. The information it contains is used to help you prepare your return and also assists the IRS when it comes to matching information from specific transactions to your tax return.
For further questions about Phoenix new business accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.