Calendar-year S corporations generally file federal returns by March 15.
Claim:
An S corporation has an April 15 federal income tax return filing deadline.
MOSTLY BS
Topic
IRS
8 claims checked
Timely, properly completed Form 7004 grants calendar-year C corporations six months.
Claim:
A calendar-year C corporation can obtain an automatic six-month extension to file its federal income tax return by timely filing Internal Revenue Service Form 7004.
NOT BS
An S corporation generally files Form 1120-S for its federal return.
Claim:
An S corporation files its federal income tax return on Internal Revenue Service Form 1120.
TOTAL BS
U.S. citizens abroad owe U.S. tax on worldwide gains, including foreign home sales.
Claim:
The Internal Revenue Service does not impose U.S. capital gains tax on the sale of foreign real estate that is a primary residence for a U.S. citizen who is a foreign resident taxpayer.
TOTAL BS
Recent IRS data show the top 1% pay about 38%–42% of federal income taxes.
Claim:
The top 1 percent of US taxpayers pay approximately 40 percent of all federal income tax revenue.
NOT BS
IR-2026-58 generally requires taxpayers to have already responded to Letters 105-C or 106-C.
Claim:
Under Internal Revenue Service news release IR-2026-58, a taxpayer who has not yet responded to Internal Revenue Service Letter 105-C or Letter 106-C is not considered to be waiting for the Internal Revenue Service to consider their…
HARDLY BS
The IRS Whistleblower Program offers monetary awards up to 30% collected.
Claim:
The Internal Revenue Service is offering rewards to individuals who provide information regarding tax fraud as of April 23, 2026.
NOT BS
No $1,390 IRS stimulus check program for 2026 has been authorized.
Claim:
The IRS will provide $1,390 stimulus checks in 2026.
TOTAL BS