Compensation – DougFreemanCPA.com

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Closely Held Corporations, Corporations, Small Business, Tax, Tax Deduction, Tax Planning / Douglas Freeman

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest 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.” And it’s not deductible […]

Do you want to withdraw cash from your closely held corporation at a low tax cost? Read More »

Tax responsibilities if your business is closing amid the pandemic

Business Closing, C Corporations, Captial Gains, Employees, Form 1099-NEC, Partnerships, Small Business, Sole Proprietors / Douglas Freeman

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for

Tax responsibilities if your business is closing amid the pandemic Read More »

The President’s action to defer payroll taxes: What does it mean for your business?

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security, Tax, U.S. Treasury Department / Douglas Freeman

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in

The President’s action to defer payroll taxes: What does it mean for your business? Read More »

Thoughtful onboarding is more important than ever

Employees, Human Resources, Small Business / Douglas Freeman

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial opportunity Onboarding refers to “[a formal]

Thoughtful onboarding is more important than ever Read More »