When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.
Does the Corporate Transparency Act Apply to Your Business?
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties or both.
Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
Report Name Changes before Filing Taxes
All names on a taxpayer’s tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here’s what you should do if anyone listed on their tax return has changed their name:
How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018.
The Kids Are More Than Alright: 3 Tax Benefits of Employing Your Kids
Tax Advantages of Employing Your Kids
Do you run a small business? Got kids under 18? Now is the time to put them on the payroll. Employing your kids is a winning triple play that benefits your children, your business, and your family’s financial wellbeing. Discover the tax advantages of employing your kids, then see 4 must-follow tips if you put the kids to work!
It’s Not Too Late! Uncovering 6 Hidden Tax Deductions for Businesses
Where to Look for Hidden Tax Deductions (Even Though 2023 is Over)
It’s that time of year again! Time for business owners to get together with their accountants to review the previous year’s taxes. If you’ve already started crunching your 2023 numbers and don’t like what you see, there are still ways to uncover hidden tax deductions – which could potentially save you thousands.
Section 179 Expensing and Bonus Depreciation Pitfalls
If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and, in some cases, the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on how the asset is classified under the tax code.
Alert: Navigating the Corporate Transparency Act (CTA)
In the ever-evolving landscape of regulatory changes, it is imperative for businesses to stay informed and adapt to new legislation. One such crucial development is the Corporate Transparency Act (CTA), which went into effect on 1/1/24. As your trusted accounting partner, we are here to guide you through the essential aspects of the CTA and outline the necessary steps your business should take to ensure compliance.
Make Business Losses Less Painful Through Tax Code
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.