Archive - Business Tax

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IRS Penalties - (August, 2004) Pretty much every hour it seems (or perhaps we exaggerate out of frustration), a client calls us in a panic over a tax penalty he or she has been assessed.

S Corporation Compensation - (January, 2004) We get a number of questions regarding salaries and S corporations. The issue is the payment of FICA. If you take a distribution from the S corporation, no taxes are payable since all the income is already taxed to the shareholders. Take a salary and the income tax consequences are the same. The salary is taxable to you, but it reduces the income of the S corporation, so the net result is a wash. Except for FICA.

Contract Labor - (December, 2003) Your company has just won a major contract and you are anticipating the need for some short term employees to get you through the crunch period. Since these employees can work out of their home and set their own hours, you decide to pay them as contract laborers instead of placing them on the payroll. Good idea?

Record Retention - (November, 2003) Ever wondered how long you should keep copies of those old bank statements. If you're like many of our clients, you probably keep them longer than you're actually required to. Prolonged record retention is a costly practice.

2003 Tax Act - (May, 2003) On Wednesday, May 28th, 2003, President Bush signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 which should bring at least some tax breaks to almost all of our clients. As everyone anticipated, the primary beneficiaries of the Act are families with children, stock investors, high income taxpayers and small business.

2002 Tax Act - (April, 2002) On March 9th of 2002, the "Job Creation and Worker Assistance Act" was signed into law by President Bush. The new law doesn't contain many benefits for individual taxpayers, but it does include a 13 week extension of unemployment benefits and some relief measures aimed at businesses.