In what clearly must be a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation...
Employers who give employees paid time off to get vaccinated against COVID-19 and/or recover from the vaccination can collect a sick leave...
Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage, but what’s really interesting is how the court...
Ms. Lawson embezzled more than $800,000 from Brosius and failed to remit employee withholding taxes to the IRS for 19 quarters (4.75 years)...
As you likely know, the Tax Cuts and Jobs Act made a big change in how C corporations are taxed—one flat, 21 percent rate. The new, lower rate makes the...
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that...
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members....
Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations...
If you report your business income and expenses on Schedule C of your Form 1040, your PPP loan forgiveness is straightforward, as you see in the four...
Here’s how renting out your home while you take a two-month vacation interacts with your ability to use the $500,000 home-sale exclusion ($250,000 if...)
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling...
If you’re not good at paperwork, the corporate form of business is probably not for you. Let me tell you about a tax court case involving William H...
Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if...
To overcome getting shorted on the Section 199A deduction or being denied fringe benefits, some sole proprietors and partners instruct their payroll...
The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax...
When you form an LLC, you need to draft articles of organization that comply with the state’s LLC act and then file the articles with the appropriate...
When a business provides an employee or a partner with a smartphone or similar telecommunications equipment primarily for non-compensatory business...
When you buy a business, you probably don’t want the former owners competing with you—at least not for a while. To prevent the competition, you will...
If you decide to use a C corporation to operate your newly acquired business, you should know that our current federal income tax system treats...
If you had a choice of putting money into either a traditional IRA or an HSA, the money in the HSA would perform better than the money in...
There's really nothing more valuable to a business than good employees, particularly those who stick with you for years and years. One...
Let me give you a few things to consider. There's a way for your corporation to buy the stock of an S corporation and treat the...
My tax professional tells me that IRC Section 280A allows me to rent my entire home to my S corporation for 14 days or less during the...
When you buy a business, you have much to consider. To start with, you need to consider the type of entity that owns the business now and...
Forming a business partnership is usually tax-free. Of course, this is tax law, so you meet the basic requirements for a tax-free...
Multi-member LLCs are popular because they combine the best legal and tax characteristics of corporations and partnerships. Specifically,...
Tax law requires your S corporation to pay you, the owner-employee, reasonable compensation for the work you do. But what about in a year...
Cost-Cutting Ideas too often businesses emphasize increasing sales as the only way to boost profits. Cost-cutting, when done selectively...
Partnership decisions, Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls - as well as the...
Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping...
As the end of the year approaches, it's a good time to think of planning strategies that will help lower your taxes for 2016...