Choosing the right business structure is about more than just filing paperwork with your state. The entity type you select—sole proprietorship, limited liability company, partnership, S corporation, or C corporation—has long-term financial, tax, and operational implications. And if you’re not careful, sticking with the wrong structure could be costing you more than you realize.
Read MoreManaging 1099s doesn’t have to be stressful or confusing. With the right systems in place, you can stay organized all year long, avoid IRS)penalties, and make the beginning of the year way less hectic.
Read MoreCost of goods sold is the direct costs associated with producing or purchasing the goods or services your business sells during a specific period.
Read MoreAs a business owner, you have a variety of ways to transition ownership of your business when you're ready to retire or move on to a new adventure. Most business owners think of transitioning ownership to a family member or selling the company to a third party, but an often overlooked option is to sell the business to an employee stock ownership plan (ESOP).
Read MoreEquity compensation is a popular way businesses attract, retain, and motivate employees by offering them a stake in the company’s success.
There are several ways to structure equity compensation, each with unique tax consequences.
Read MoreIt's easy to get stuck trying to figure out which business structure is right for your company. This post looks at two popular options S Corp vs LLC.
Read MoreThe accrual basis of accounting is far more advantageous for financial reporting than the cash basis because it provides a much more accurate view of your results of operations.
Read MoreEstablishing an accountable plan allows you to reimburse employees, owners and shareholders for those expenses—potentially even home office expenses—in a tax-advantaged way for both parties.
Read MoreOne of the most challenging aspects of managing sales tax as a small business owner is understanding when you have "nexus" or a connection with a taxing jurisdiction that allows it to impose sales tax obligations on you.
Read MoreMany fringe benefits are taxable, but not all. And if you don’t include the value of taxable benefits in your employee’s income and withhold taxes, you could face IRS penalties. That’s why it’s crucial to understand the difference between taxable fringe benefits, non-taxable fringe benefits, and de minimis fringe benefits.
Read MoreConstruction companies need to track and account for multiple contracts, construction projects, and job costs at any given time. This makes construction accounting much more complex than in other industries.
Read MoreWhile getting a CP2100A notice from the IRS is never pleasant, ignoring it—or thinking you'll get to it later—can lead to hefty penalties and interest charges. The good news is there are steps you can take right now to reduce your exposure and minimize potential damage.
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