The S corporation has been used by small business owners to avoid payroll taxes, and the IRS knows it. In fact, there is a compliance initiative underway to find as many of those abusive situations as possible and assess appropriate … Continued
Tax rules regarding the home office deduction have changed a lot over the years. The law allows consultants, salespeople, and other self-employed workers to deduct home office expenses. So — are you permitted to deduct home office expenses if you … Continued
Loans between shareholders and closely held corporations are subject to special tax scrutiny and if not properly documented, can produce adverse tax results. Loans from corporations to shareholders are the subject of an IRS Audit Technique Guide that stresses the … Continued
A lot of people may have large losses in the stock market from last year or early this year. Some of you may have since gained money in the market. You may want to consider selling these gains to offset … Continued
CHOOSING THE RIGHT TYPE OF BUSINESS ENTITY IS AN IMPORTANT DECISION If you are forming a small business, you face several choices: Sole Proprietorship, Partnership, C-corporation, S-corporation, Limited Liability Partnership and Limited Liability Company. Here are the basics. When you … Continued
Our April 2016 client bulletin takes a look at: Deducting sales tax Making charitable donations from your IRA Higher education tax breaks Tax-free investment gains Click to download client bulletin.
Our March 2016 client bulletin takes a look at: The details of deducting charitable donations How to make tax-efficient IRA withdrawals, and The growing importance of cybersecurity for business owners Click to download client bulletin PDF.
Our February 2016 client bulletin takes a look at the intricacies of deducting interest paid, reaching the IRS during tax season, and the importance of portability in estate tax planning. Click to download client bulletin PDF.
Our January 2016 client bulletin takes a look at the tax deductions like state taxes and IRA contributions, as well as ways to approach selling your company to an “outsider”. Click to download client bulletin PDF.
Our December 2015 client bulletin takes a look at the tax impact of long-term investing, the estate planning benefits of a QTIP Trust, and how employers can prepare for the forthcoming ‘Cadillac Tax’ on high-end health insurance plans. Click … Continued
