The corporate business form is complicated, but incredibly useful for many types of business. Structuring a corporation can be complicated, of course, but when it comes to the way the business is taxed, there are two basic options.The default option is the...
Corporate & Business Tax
Business deductions can pose problems for small businesses
Tax filing issues are often problematic for small business owners. This is often due to the simple fact that they have not kept up to date on current tax laws. One issue that can be particularly troublesome is business deductions.Business deductions must be valid, and...
Tax Court decision opens up way for employers to challenge payroll tax obligations
Previously, we began looking at the issue of worker classification and the costs employers can face when they make mistakes in this area. As we noted, employers who misclassify workers may end up having to pay taxes twice if they are unable to provide proof that an...
Worker misclassification and employment, payroll taxes: when the IRS finds a mistake
Worker classification is an important issue for employers as there are tax implications that have to be considered. For workers classified as employees, there are income taxes that must be withheld or paid, including payroll taxes for Social Security and Medicare....
Tax credits to help rural GA communities signed into law
Earlier this week, Governor Nathan Deal signed into law a measure that, according to supporters, will provide significant tax relief to rural communities. The bill, which passed by a narrow margin, provides $60 million in tax credits to companies that invest in...
“The Jersey Shore” actor faces new tax fraud charges, pleads not guilty
Mike “The Situation” Sorrentino, known for his time on the MTV series “The Jersey Shore,” is currently in the midst of a tax case involving charges of fraud. According to federal tax authorities, Sorrentino and his brother set up two businesses...
Is your business misclassifying workers?
You can generally classify people who provide services for your business as independent contractors or employees. How you classify each service provider depends on a number of factors, and there is not a simple checklist to determine whether a person is an employee or...
Looking at President Trump’s proposed tax changes for businesses , P.2
In our last post, we began looking at some of the changes expected to occur with tax reform in the Trump presidency. As we noted, reduction of corporate income tax rate, ending taxing of overseas income returned to the United States, and implementing a border...
3 reasons to make a succession plan for your family business now
Whether you are close to retirement, want to change careers or are facing an illness , you should develop and implement a succession plan for your family business. Leaving your position requires more than just a last-minute transfer of ownership to a descendant or...
Looking at President Trump’s proposed tax changes for businesses
Many readers have, no doubt, been following the talk of the changes coming down the pipeline with respect to the federal tax system. The proposed changes are on multiple fronts, including individual income taxation, estate taxation and corporate taxation.According to...
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