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How the irs collects income tax from each

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Question: Davy Jones, a new tax client, walks into your office and informs you that he owns a charter fishing business. Jones is curious about the different legal structures (business forms) that are available for his business, including the sole proprietorship, partnership, S corporations, and C corporations.

- Provide memorandum for Jones providing an overview of these 4 business forms.

- Provide an explanation of the advantages and disadvantages of each business form, including a discussion on how the IRS collects income tax from each.

- Include the form names and numbers used for each business in reporting income to the Internal Revenue Service.

Reference no: EM132746603

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