Franchise tax applies to taxes paid by certain companies that wish to do business in certain states. Also called a privileged tax, it gives the company the right to be established...
Posted by Pat Raskob on 08/24/2021
An S corporation, or sometimes referred to as S subchapter or S Corps, is a type of incorporated legal business entity. An S corporation has a similar business structure to a limited...
Posted by Pat Raskob on 07/17/2021
Taxes on trust funds can create big problems for small businesses. When an employer withholds part of an employee's salary to pay income tax, health insurance, and social security,...
An enrolled agent is someone who has earned the privilege of representing taxpayers before the IRS by passing a comprehensive IRS test covering personal and corporate income tax returns...
Posted by Karen Munoz, EA on 05/30/2021
What is the trust fund penalty?The term "trust fund" has a varied meaning when applied to labor tax rather than asset management. This is the amount of payroll tax levied...
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Running a business is quite tricky without increasing the complexity of filing taxes every year. The key, experts say, is to work with your financial advisor or an accountant throughout...
Posted by Debi G Hill, CPA on 01/23/2020
All U.S. citizens do have up to the middle of the fourth month of the year to file in their annual tax. There are, however, other options for extensions based on various factors. There...
Posted by Elliot Kravitz, ATP on 01/19/2020