The Importance of S Corporation Basis and Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its […]
5 Ways to Take Cash Out of Your Corporation
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as […]
Health Savings Account for Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of […]
QBI Deduction Basics and Year-End Tax Tip
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through […]
Tax Responsibilities of COVID-Closed Businesses
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way […]
IRS Issues Guidance on Deductibility of PPP Loan-Funded Expenditures
Timing of Non-Deductibility of Forgiven PPP Loan-Funded Expenditures
In guidance issued on 11/18/2020, the IRS has made it […]
New Business? Start a Retirement Plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified […]
California Small Business Hiring Credit FAQs
The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a […]
2021 Social Security Wage Base is Increasing
If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing.
Per-Diem Rates for Post-9/30/20 Business Travel
IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business […]
