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Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to consider when converting from a C corporation to an S corporation: Built-in gains tax Although S corporations generally aren’t subject to tax, those
When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if a cybercrook steals a company’s identity and uses it to engage in fraud? This situation can be more complicated — and expensive — to resolve. Fraudsters who use your business’s digital assets for their benefit are known as brandjackers.
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The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes.
As the legalization at the state level continues to increase, the need for business valuation is increasing. The reasons for business valuations are varied and include the following: Transactional, which might include the acquisition of an existing business or the buy-in or buy-out of an ownership interest. Planning, which might include gifting and succession planning opportunities.
Found the best new hire thanks to an employee referral? Great! Next on the agenda is paying out the referral bonus to the referring employee. But, how you pay out referral bonuses depends on your policy. And before you cut that check (or click that button for direct deposit), you need to know the answer […] READ MORE.
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Tax preparers who deal with estate taxes and trusts are no doubt familiar with IRS Form 8855, Election to Treat a Qualified Revocable Trust as Part of an Estate. Using this form can be advantageous for some clients, while the disadvantages may prompt you to take a different direction for other clients. An understanding of Form 8855 can help you advise your clients on what will best meet their needs.
Well, there we have it folks, the nation spoke on Saturday and it spoke in a clear and resonant voice. We not only saw a convincing Labor win, with the party forming a majority government, we also saw a sizeable shift away from traditionally held Liberal seats toward both ‘teal’ independents and the Greens. For the past nine years, Australia has been governed by the Liberal/National coalition.
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Pasadena, CA. – KROST CPAs and Consultants, a tax, accounting, and consulting firm based out of Los Angeles, has launched KROST Business Intelligence (KBI) , offering dynamic insights into realization, staff utilization, project turnaround, and more. For law firms that want to reduce their timekeeping clutter and manage their practice more effectively.
Can a business qualify for the employee retention credit (ERC) if it experiences a supply chain disruption? Yes, but not without tying it to a governmental order that limits commerce, travel, or group meetings due to COVID-19. The broader supply chain issues stemming from the pandemic are not automatic qualifiers for the ERC. Taxpayers need to be careful about sweeping assertions of supply chain disruption because ERC claims are likely to receive significant IRS attention in the coming years.
This is Murph's second round through the exhibit hall with his (virtual) take on the General Ledger sponsors appearing at this year's 'Scaling New Heights.
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Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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“To know is to know that you know nothing. That is the meaning of true knowledge.” – Socrates. If you are a firm administrator and want to be a better one. If you have a firm administrator and want them to step up to the next level. If you don’t have a firm administrator but you want one. This is the conference for you. This conference is all about CPA firm management.
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One of the most common financial documents reviewed in a divorce or child support case is the income tax return. Tax returns don’t seem all that exciting, and appear to just be a record of what was earned by a party. But a personal income tax return can be an excellent starting point for identifying hidden income and expenses. Certain income and expense items will be reported to the Internal Revenue Service, and therefore must be included on an individual’s tax return.
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Menzies LLP - A leading chartered accountancy firm. The workforce is leaving. This in turn is putting pressure on businesses every single day, from those businesses who cannot employ enough delivery drivers to those that cannot find staff who want to train to be professionals, such as accountants and solicitors. The questions of course are: Why is it happening?
Menzies LLP - A leading chartered accountancy firm. Shortages in supply chains have continued to generate challenges in businesses and for consumers. The Covid-19 pandemic forced production around the world to stop for periods of time as nations experienced lockdowns and businesses had to shut down. At the same time, there was disruption to shipping, meaning that even if goods could be produced, it was not always possible to get them to their intended destination.
Menzies LLP - A leading chartered accountancy firm. The Trust Registration Service (TRS) is a register of beneficial ownership of Trusts which was introduced in 2017. Initially, the TRS required Trusts with UK tax liabilities to register through this Service. Further regulations have since been introduced requiring certain UK non-taxable Trusts (and some non-UK Trusts) to register under the TRS by 1 September 2022.
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