Business Owners Could Find Their Tax Deferral Backfiring

As a little-known byproduct of the year-end fiscal cliff deal, beginning in 2013, taxpayers may be forced to pay a penance for previous tax deferral. Allow me to explain. Let’s say you and a handful of other individuals decide to set up an S corporation or partnership to run your new business venture. In general, the business will be required to file its tax returns on a calendar year basis. Why?