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Operating as a C Corporation: Weigh the Benefits and Drawbacks

RogerRossmeisl

Tax implications A C corporation allows the business to be treated and taxed separately from you as the principal owner. The corporate tax rate is currently 21%, which is lower than the highest non-corporate tax rate of 37%. Heres a detailed look at the pros and cons of operating as a C corporation.

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Sales tax risk: What to ask (part 2)

TaxConnex

Assessing a company’s sales tax risk and exposure starts (and maybe ends) with the right questions. As we saw in a previous blog, these questions cover a range of topics and hinge on knowing many sales tax terms. Are you comfortable with your sales tax nexus footprint? Are you comfortable with your sales tax nexus footprint?

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Unlocking the Mystery of Taxes on Employer-Issued Non-Qualified Stock Options

RogerRossmeisl

Well explain what you need to know about the federal income and employment tax rules for employer-issued nonqualified stock options (NQSOs). Tax planning objectives Youll eventually sell shares you acquire by exercising an NQSO, hopefully for a healthy profit. When you do, your tax planning objectives will be to: 1.

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How to validate a resale certificate

TaxConnex

An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The purchaser has the responsibility for determining whether a sale is exempt from tax. Step by step Learn who might be exempt.

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AICPA Asks Treasury for Guidance on Marijuana Law Changes

CPA Practice

The AICPA has provided recommendations as a starting point for issuing guidance to cannabis businesses and tax practitioners, urging that they be implemented as soon as possible in anticipation of the potential rescheduling of marijuana as a controlled substance.

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The Rise of Non-CPAs in CPA Firm Acquisitions

CPA Practice

The accounting profession is undergoing a significant transformation as more non-CPAs acquire CPA firms. A growing number of non-CPA buyers are acquiring multiple CPA firms to build scalable, regional, and niche accounting businesses. The Trend: Why Are Non-CPAs Buying CPA Firms?

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Decisions 2024: The Opportunities for Accounting Firms Have Never Been Greater

CPA Practice

For example, 1040 tax prep will likely soon be worth more than ever. The Future Of Individual Tax Prep Is Brighter Than Ever While AI has been everywhere in the last few years, practical AI built into traditional platforms is being augmented by platforms to help with productivity. Automation and AI are reducing the labor needed!