End Of Year Business Tips

End Of Year Business Tips

Before the holidays completely take over, check out this list of tips for taking care of end-of-year business tasks. Doing so will help you stress less during EOY and better prepare you for 2020. Connect with our firm for a year-end reviewNow is the time to meet with us to review your financial standing and plan for next year. Year-end reviews can include your profit and loss report, year-end financial statements and projections for next year. Update your payroll and benefitsIf our firm is handling your payroll, let us know about corrections that need to be made before the end of the year. If you handle payroll in-house, make sure you have all taxable fringe benefits, payroll deductions and changes in benefits and reimbursement accounted for. Also, don’t forget to take care of payroll taxes and other compliance tasks. read...
What you need to know about C Corporation switching to an S Corporation

What you need to know about C Corporation switching to an S Corporation

This post was originally published on July 17, 2013, and updated on September 27, 2018. With the recent change in the Tax Cut and Jobs Act, new business owners are asking what is the best entity set up, and current business owners are asking if they should move their C corporation switching to an S corporation. The answer really depends on what the long-term goals are for the business. What are your long-term goals for the business? The right structure doesn’t just depend on the state of your business today; it also depends on where you would like to be in three to five years, or even longer. If you’re looking for fast growth, which takes cash, C corporations allow for multiple classes of stock and don’t restrict the number or type of shareholders. They’re the best fit if you’re seeking investments from venture capitalists, or if you plan on becoming a publicly traded company, rather than a privately owned one, in the near- or mid-term. Another consideration is what happens when you or another owner dies, goes bankrupt or withdraws. Corporations live on after these events, but generally, the other types of business structure dissolve unless specified otherwise beforehand. What are the basic benefits of a switch? If a C corporation owner elects S corporation status, the corporation’s income and deduction items are passed through to the owner, reported on his or her 1040 and taxed at personal rates. Significantly, switching to S status would avoid any threat of double taxation on (1) future corporate operating profits and (2) future appreciation in corporate assets that occurs after the switch. As...

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