As 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.
Read MoreLearn how to differentiate between employees vs. independent contractors, including DOL and IRS tests.
Read MoreTraveling, taking clients out for coffee or lunches, and buying office supplies—these are all costs that employees might charge to their personal credit cards as part of their jobs.
It’s common practice for the business to pay employees back for job-related expenses. Handling expense reimbursements correctly ensures you do it in the most tax-advantaged way while keeping your employees happy.
Read MoreS corporations can provide health insurance as tax-free employee fringe benefits to non-owner employees. However, if the company provides medical care coverage for shareholders, the premiums are considered taxable income to the shareholder.
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