Facebook Linkedin Twitter

Corporations

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

C Corporation, Compensation, Corporate Business Owners: Is Your Salary Reasonable In The Eyes Of The IRS, Corporations, S Corporation, Tax Return, Tax-Deductible Business Expenses /

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]

Corporate business owners: Is your salary reasonable in the eyes of the IRS? Read More »

The possible tax landscape for businesses in the future

Corporate Federal Income Tax Rate, Corporations, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Small Business Owners, Sole Proprietors, Tax Cuts and Job Acts (TCJA) /

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and

The possible tax landscape for businesses in the future Read More »

2024 Q2 tax calendar: Key deadlines for businesses and employers

2024 Tax Deadlines, Corporations, Federal Taxes, FICA, Medicare Taxes, Quarterly Estimated Tax Payments, Small Business, Small Business Owners, Social Security & Medicare (FICA) taxes, Taxes 2024 /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing

2024 Q2 tax calendar: Key deadlines for businesses and employers Read More »

Tax-wise ways to take cash from your corporation while avoiding dividend treatment

Closely Held Corporations, Corporations, Dividend Distribution, Small Business, Small Business Owners, Small Business Tips /

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation. 5

Tax-wise ways to take cash from your corporation while avoiding dividend treatment Read More »

Is your business subject to the new BOI reporting rules?

Beneficial Ownership Information, Corporations, Financial Crimes Enforcement Network (FinCEN), LLC, Small Business, Small Business Tips, The Corporate Transparency Act (CTA) /

The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules that take effect on

Is your business subject to the new BOI reporting rules? Read More »

Guaranteeing a loan to your corporation? There may be tax implications

Closely Held Corporations, Corporations, Small Business, Small Business Owners, Small Business Tips, Tax Planning /

Let’s say you decide to or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or

Guaranteeing a loan to your corporation? There may be tax implications Read More »

2023 Q2 tax calendar: Key deadlines for businesses and employers

2022 Tax Return, 2023 Tax Calendar, Business Income Tax, Corporations, Estimated Tax Payments, Federal Taxes, FICA, Quarterly Estimated Tax Payments, Small Business, Small Business Tax Tips /

2023 Q2 tax calendar: Key deadlines for businesses and employers C Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re

2023 Q2 tax calendar: Key deadlines for businesses and employers Read More »

Why an LLC might be the best choice of entity for your business

Corporations, Federal Taxes, Limited Liability Company, Partnerships, S Corporation, Shareholder, Small Business /

The business entity you choose can affect your taxes, your personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best

Why an LLC might be the best choice of entity for your business Read More »

The tax obligations if your business closes its doors

C Corporation, Corporations, Federal Income Tax, Income Tax, Independent Contractors, Partnerships, Small Business, Small Business Owners, Sole Proprietors /

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for

The tax obligations if your business closes its doors Read More »

Is your corporation eligible for the dividends-received deduction?

C Corporation, Corporations, Dividend Distribution, Small Business, Stocks, Tax Deduction /

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. Ordinarily, the

Is your corporation eligible for the dividends-received deduction? Read More »