The SECURE Act, which became effective 31 December 2019, improved the ability of small employers to secure more benefits from retirement plans. Here are the rules for firms that have only one employee.
Continue reading It’s a new year. Don’t forget about your retirement plans.
Tomorrow (Tuesday) will be the Ides of March. No, I am not referring to the Julius Caesar masterpiece by Shakespeare (or the history to which it refers). I refer to the due date for business tax returns.
Continue reading The Bell Tolleth for Thee!
Well, we knew this was coming. (OK. At least I did. Here’s my first mention back in 2019.)
Continue reading Transparency is coming
Four million businesses should pay attention to this. That’s how many entities filed Form 1065, Partnership Tax Returns last year. About 70% of them are filed by Limited Liability Companies (LLC’s).
Continue reading Partnership Heartaches?
We’ve discussed the personal tax (Part 1and Part 2) provisions of the newly enacted tax law. Over the next three days, we’ll discuss the business provisions of the law.
Continue reading Business Taxes under PL 115-97 (part 1)
Most US businesses are primarily sole proprietorships and partnerships. But, the prime reason why sole proprietorships are so common is the “moonlighting” that is part of many an American’s life. Once that classification is removed from the totals, the situation is dramatically different. Partnerships (and LLC- limited liability corporations, which are usually taxed as partnerships)- both privately held and syndicated (widely held entities, with access to capital markets [i.e.,Wall Street])- are the primary business structure for US businesses.
Continue reading Pass-Through Bypass?
Yesterday, we talked about individual income tax filing. Today, we will discuss the forms businesses, trusts, estates, and partnerships must file.
Continue reading T-8 (yes, really!)
Today, I am going to talk about taxes- but for the small business owner. Like it or not, taxes are going to go up- not for everyone, but small business is a ripe target. Part of the reason is that small business- just like big business- has found ways (or paid advisors to find ways) to pay the minimum amount of axes required.
Continue reading Congress (and the IRS) is going after S Corporations and their owners
