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Shutting Down a Tech Company – Some Tax/Accounting Tips

Shay CPA

Close your accounts. You’ve probably already thought about closing your bank accounts, but that’s not the only area where you need to get things sorted. Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts.

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Accountants Behaving Badly: Kickback Schemes, Hiding Money From the IRS, Embezzlement Spree

Going Concern

Plus, Pennsylvania accountant loves tax evasion, North Carolina CPA indicted on securities fraud charge, and Kentucky accountant gets jail time for sex trafficking. Accountant sentenced to prison for role in doctor-bribery scheme [ Press-Telegram ]. Drobot, who owned Pacific Hospital in Long Beach. According to the U.S.

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Shutting Down Your Tech Company? Here’s What You Need to Know

Shay CPA

Close all accounts This means bank and credit card accounts, of course. Research local laws to ensure you’re compliant with account closure requirements in every applicable state. You might need to pay the current calendar year’s franchise tax before you can officially close up shop, for example.

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Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation

KROST

2020-25, allowing taxpayers to file a change of accounting method using Form 3115 with the current year of income tax return filing to catch up on the missed depreciation on qualified improvement property. More importantly, this correction is retroactive for property placed in service after December 31, 2017.

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Founders – Get Huge Tax Breaks by acting now!

Shay CPA

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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