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Current Developments In Federal Taxation of S Corporations September 12, 2008BYDavid H, Kirk Arnold & Porter LLP Washington, DC American Bar Association S Corporations Committee 2008 Joint CLE Meeting
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Individuals earning income: Any individual who earns income, whether through employment, self-employment, or other means, needs to file federal taxes. This includes both U.S. citizens and resident aliens.
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Businesses and corporations: As with individuals, businesses and corporations need to file federal taxes. The specific forms and requirements may vary depending on the type and size of the business.
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Estates and trusts: Estates and trusts that generate income are also required to file federal taxes. This applies to both revocable and irrevocable trusts as well as estates.
In summary, anyone who earns income, whether an individual, business, corporation, estate, or trust, needs to file federal taxes. Make sure to follow the steps outlined for filling out federal taxation forms accurately and review the specific requirements based on your filing status and type of income.
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