Foreign nationals looking to start a business in the United States often find that operating as a C Corporation is most desirable. One of the benefits of becoming a C Corporation is that they can issue Qualified Small Business Stock (QSBC). A QSBC is a U.S. C Corporation that upon sale, can have a 100%… Continue reading Tax Planning Spotlight: Qualified Small Business Stock
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Congress May Deliver More Money to Paycheck Protection Program (PPP)
Congress is anticipated to send $250 billion more to small businesses by the end of the week.
If You Employ Your Wife, You Could Increase Your Retirement Savings
Besides being our marital partners, our spouses are often our strategic business partners. They act as our sounding board, entertain clients, attend business social functions, fill in at the office when short-handed or perform civic and charitable work we volunteer for but do not have the time to do.
How to Use Rules in QuickBooks Online Transactions
Maintaining your transaction registers conscientiously leads to a clearer understanding of your finances.
How to Back Up and Move a Company File in QuickBooks
Your QuickBooks company file is gold. Make sure you know how to back it up and restore it properly.
Coronavirus (COVID-19) Tax and Employment Legislation Updates
Please note: This article will be updated daily with information regarding the coronavirus in the U.S. and the state of Illinois. Last updated on April 20, 2020.
CARES Act: Required Minimum Distributions Suspended
Stay informed on the latest tax and employment legislation updates during the Coronavirus outbreak.
How to Protect Yourself from Tax Scams
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose as the IRS to trick you out of… Continue reading How to Protect Yourself from Tax Scams
How Many States Does Your Company Do Business In?
Every state with income or franchise taxes is looking for additional revenue. If your business has property, employees or sales in any given state you most likely have physical nexus.
2019 Taxpayer Planning: Hiring Family Members
One of the advantages of someone running their own business is hiring family members, which can provide a deduction for compensation paid. When including family members in business operations, certain tax treatment and employment tax rules apply.