“How To Shut DownYour S Corporation” To get my complete articlewith all the details… “Parting is such sweet sorrow” said Juliet to Romeo. Well, shutting down your S corporation can also be sweet or sorrow. It all depends on how you face federal income-tax issues for both the corporation and its shareholders. There are basically two ways you can go (and I am … [Read more...]
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Discover When Limited Partners Must Pay Self-Employment Taxes
"Discover When Limited PartnersMust Pay Self-Employment Taxes" To get my complete articlewith all the details… Are you aware of the latest developments regarding self-employment taxes for active limited partners? Our recent article, Self-Employment Taxes for Active Limited Partners, dives deep into this crucial topic and offers valuable insights that every limited … [Read more...]
Shutting Down a Partnership: The Tax Implications
“Shutting Down a Partnership:The Tax Implications” To get my complete articlewith all the details… When you start a partnership there’s plenty of good fellowship to go around. But things change for many reasons, and there may come a day when you want to shut down your partnership. If that day comes, it’s important to understand the tax implications of your … [Read more...]
Navigating the New BOI Reporting Requirements
"Navigating the NewBOI Reporting Requirements" To get my complete articlewith all the details… In light of recent legislative changes, you should stay informed about the Corporate Transparency Act (CTA) and how it impacts your business. Effective January 1, 2024, the CTA mandates that most small and medium-sized businesses submit a Beneficial Ownership Information … [Read more...]
An S Corporation “Reasonable Compensation” Alert
An S Corporation“Reasonable Compensation” Alert To get my complete articlewith all the details… As we’ve mentioned in past issues of the Tax Reduction Letter, there’s good news for S corporation owners: Tax reform gives you a new 20-percent Section 199A deduction on pass-through income. But be aware... The IRS requires that you pay yourself … [Read more...]