S Corp

S Corp. Shareholder Basis and Debt

On July 23, 2014, the IRS issued final regulations (T.D. 9682) addressing the basis of indebtedness of S corporations to their shareholders. These final [...]

What are the tax implications in California between an LLC and a Corporation?

It’s probably best to understand the difference between LLC, S Corporation and C Corporation first before we can sort out the tax implications between LLC [...]

Why Not An LLC?

Limited liability companies are increasingly the entity of choice for new businesses of fewer than 50 employees.  Appropriately so, for LLCs offer great [...]

Firms Puzzle Over Tax Riddle

Business owners can't change the tax code, but many of them say they might change the way their businesses are structured in order to pay less tax. Chris [...]

Partnership or S Corp?

One concern is taxes; another is protecting assets. What's the best way to set up your business? Dear Norm, I am opening an art gallery and pottery [...]

C or S Corporation Choice is Critical for Small Business

When an individual outgrew a proprietorship, a corporation used to be the norm. Today, limited liability companies (LLCs) are the new normal. See IRS: [...]

S Corp tax planning

S Corporation An "S-Corporation" is a regular corporation that has between 1 and 100 shareholders and that passes-through net income or losses to [...]

What Is Reasonable Compensation for S Corporation Shareholder-Employees?

The issue of what reasonable compensation for shareholder-employees of S corporations should be has been around for some time. Every time the IRS accepts a [...]

68% of S Corp Tax Returns Have Errors says Government Accountability Office (GAO)

The Government Accountability Office today released Tax Gap: Actions Needed to Address Noncompliance with S Corporation Tax Rules (GAO-10-195): According to [...]

S Corp vs LLC – Which form of entity is the right one for me?

We are often asked the question by new entrepreneurs and small business owners as to which is better for them to incorporate – S Corporation or a Limited [...]