CPA Robert Russo Breaks Down the Question: Should My Business Be an S Corporation?

Will it help or hurt me? That was the question on every small business owner’s mind on December 22^nd, 2017 when the Tax Cuts and Jobs Act was signed into law. The team at Robert P. Russo, CPA has had a surge in the question: should my business be an S corp? We’re hearing it from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.

The answer to “should my business be an S corp”? It depends. There are benefits to becoming an S corporation (taking a distribution of dividends exempt from self-employment tax). But there are also pitfalls – if you don’t follow S corp requirements (take too large a distribution, and you could hear from the IRS).

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Tags: Business Entity, Self-Employment, Small Business

If you’ve lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers: Read More…

What is the 20% QBI Tax Deduction?

In the tax world – and at Robert P. Russo, CPA – everyone is talking about QBI. QBI stands for qualified business income, and it’s the key to unlocking a brand new 20% QBI tax deduction for certain business owners. Read More…

Tags: 2018 Tax Law, Accounting, Deductions, Self-Employment

Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.

From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:

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EVENING SEMINAR
MONDAY DECEMBER 10, 2018

Register today, seating is limited.

HOSTED BY JEFF BUFFUM, CFP and ROBERT P. RUSSO, CPA, PC

CLICK HERE TO REGISTER ONLINE
Please register today to reserve your seats.
Seating is limited and on a first-come, first-served basis.

Please call us at (212) 279-9800 if you have any questions.

www.robertprussocpa.com

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Tags: 2018 Tax Law