For many business owners, electing S-corporation status was once a no-brainer. It offered payroll tax savings, pass-through taxation, and a relatively straightforward compliance structure. But tax laws evolve, businesses grow, and what worked five (or even two) years ago may no longer be the optimal fit.
If your approach to taxes starts and ends in the first quarter of the year, you may be missing out on significant opportunities to reduce your tax bill, improve your cash flow, and make smarter financial decisions.
There has been , yet again, another significant update regarding Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report BOI to FinCEN.
Tax season is here, and if you’re preparing to file your 2024 return, you’ll want to be aware of recent tax law changes that could impact how much you owe or how much you get back in refunds. From adjustments in tax brackets to changes in deductions and credits, here’s a breakdown of key updates to consider when filing this year.
Missing key tax deadlines can lead to penalties and cash flow headaches. Stay ahead by understanding important dates and implementing smart filing strategies. Here’s what every business owner should know:
On December 3, 2024, a Federal Court in Texas issued a nationwide, preliminary injunction blocking the Corporate Transparency Act (Beneficial Ownership Information reporting) on the grounds that it may be unconstitutional under the Commerce Clause. This ruling comes with less than 1 month until the filing deadline.
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice.
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
