Q: Is an S corporation required to pay quarterly estimated tax? A: An S corporation must make installment payments of estimated tax if the total of the following taxes is $500 or more: 1) built-in gains, 2) The excess net…
Introduction Last month, we examined the selection of which entity to choose based on the perspective of the proprietor through the lens of the Limited Liability Company. To recap last month’s conclusion: Limited Liability Companies are becoming more popular. This…
Pay Your Taxes! The IRS has created a regulation where a third party payer or professional employer organization (PEO) can be held as a responsible party if payroll taxes are not paid. Unless an exception applies, the third party payer…
More and more business owners are asking me that question these days. Given the recent performance of the US economy and stock market, it’s a very fair question. My answer is generally in two parts. First, for most business owners,…
Q: What are the standard mileage rates for 2014 and 2015? A: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from…
Introduction For the closely-held business, choosing a business entity under which to operate used to be easy. The proprietor usually operated as a sole proprietorship, a partnership, or as an S Corporation. There were clear advantages and disadvantages to each…
Introduction So far at least, the consensus is that the economy will be relatively stable in 2015. With an average of 200,000 jobs being created each of the last 6 months and most economic indicators showing positives, next year should…
When you’re selling your business, an important step in the process is receiving a letter of intent (LOI) from a qualified buyer. The terms of an LOI can still be negotiated, but once signed by both parties, it’s a little…
The IRS Chief Counsel determined that mobile billboards qualify for Code Section 199 Domestic Production Activity Deduction. In this determination, the taxpayer submitted a fact pattern based on two sets of facts. The first set of facts were billboards that…
Q: Should I incorporate? A: The three worded, simple question many small business owners ask of us! The legal profession will answer, in blank, “YES!” The accounting profession would generally answer, “Maybe.” Your creditors cringe at the thought. The fact…
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