“Urgent: Protect Yourselffrom Costly Payroll Fraud” To get my complete articlewith all the details… Imagine discovering that your trusted CPA embezzled payroll taxes—funds you are ultimately responsible for paying the IRS. This isn’t just a hypothetical scenario; it’s a reality that business owner Rodney Taylor faced after his CPA stole between $1 million and $2 … [Read more...]
Filing tips
Sorted by Date
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...]
Create an employee-spouse “105-HRA”
Create an employee-spouse“105-HRA” To get my complete articlewith all the details… It’s a fact... The Affordable Care Act doesn’t apply to a business that has only one employee. That’s good news is your spouse is that employee. Your spouse (and you) can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your … [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...]