The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief designed to increase liquidity in the economy including modifications to the rules on the use and distribution of retirement funds.
Category: Tax – Business
IRS Extends More Tax Deadlines
Due to the coronavirus pandemic, the Department of Treasury and the IRS announced on April 9, 2020 that key deadlines for individuals and businesses have been extended (Notice 2020-23).
Tax Planning Spotlight: Qualified Small Business Stock
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
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.
2019 Tax Planning: Retirement Savings for Individuals & the Self-Employed
When was the last time you evaluated your retirement savings? If you can’t answer this question, then the best time to review your retirement savings is now.
S Election to Save Employment Taxes
The S election is generally thought of as a tool to achieve pass-through taxation of C corporation income and avoid the double tax.