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A collection of blog posts, articles and more for those who like up-to-date information about what is happening in the world of accounting.
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2021 Tax Breaks for Self-Employed Business Vehicles
In a recent article on CPA Practice Advisor, Ken Berry, J.D. discusses the many tax implications a new business vehicle has for the self-employed. Below is an excerpt from the article. The new 2022 car and truck models will be in dealership showrooms soon. If...
The Tax Pros and Cons of S Corp Status for Small Businesses
In a recent article on Accounting Today, Anthony DeStefano outlines the advantages and disadvantages of different organizational structures for small businesses. DeStefano quickly focuses on the S Corp as one of the best options for most small businesses. Below is an...
Post-Election Tax Planning
Now that the election is over, how is tax planning affected? On acountingtoday.com, Mark A. Luscombe wrote a post "Tax Strategy: Post-Election Tax Planning" in which he addresses the issue of year-end tax planning being somewhat of a guessing game. The post goes into...
10 good reasons why LLCs should not elect to be S corporations
By: Paul N. Iannone, CPA, J.D., and Danny A. Pannese, CPA/ABV/CFF Since 2004, the IRS has administratively made S elections for limited liability companies (LLCs) very easy. An LLC that is otherwise eligible to be an S corporation that is classified as a partnership...
Random Thoughts From Your Local Accountant
Over the many years that I have been in practice, I have learned that there are a few items a client should be more attentive to in order to create a much more efficient and effective relationship. All clients should take the time to review their tax returns. In fact,...
Tax Aspects Of Closing A Business
The following list of requirements will give you an idea of what is involved in closing a business and the kinds of information you might need to provide your professional advisor. Of course, the business must file a final income tax returns and some other related...
Articles
10 good reasons why LLCs should not elect to be S corporations
By: Paul N. Iannone, CPA, J.D., and Danny A. Pannese, CPA/ABV/CFF Since 2004, the IRS has administratively made S elections for limited liability companies (LLCs) very easy. An LLC that is otherwise eligible to be an S corporation that is classified as a partnership...
Random Thoughts From Your Local Accountant
Over the many years that I have been in practice, I have learned that there are a few items a client should be more attentive to in order to create a much more efficient and effective relationship. All clients should take the time to review their tax returns. In fact,...
Tax Aspects Of Closing A Business
The following list of requirements will give you an idea of what is involved in closing a business and the kinds of information you might need to provide your professional advisor. Of course, the business must file a final income tax returns and some other related...
Selling a Corporation
For those of you organized as a corporation and contemplating a sale of the business, you have two options: a stock sale or an asset sale. The main reason that one would choose one over the other are tax considerations. Normally, buyers want to buy assets and sellers...
Inflation Reduction Act’s Overview
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also ex-tends and modifies some preexisting credits. The Act increases the credit for specified...