If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to Social Security and income taxes, which must be withheld from employees’ wages.
When your business places newly acquired qualifying assets into service, tax-saving benefits are generally available. Under Section 179 of the tax code, businesses can take substantial depreciation deductions, with limits based on their taxable income.
Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality.
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
If someone suggests that you should have your business appraised, you might wonder if that’s a subtle suggestion that you should retire and sell the company.
The Corporate Transparency Act (“CTA”) was enacted by Congress on a bipartisan basis on January 1, 2021, as part of the National Defense Authorization Act.
As 2024 is nearing its end, now is a good time to consider year-end strategies to help reduce the tax your business will owe.
Some small businesses struggle with employee morale for a variety of reasons, one of which may be economic uncertainty.
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company.
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company.
