When divorcing a small business owner, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets. Additionally, in many cases, your marital property will include all or part of it. Tax-Free Property Transfers You can generally divide most assets between you and your soon-to-be ex-spouse without any federal income … Continue reading “Getting A Divorce? Be Aware Of Tax Implications If You Own A Business”
Month: August 2021
IRS Additional Guidance Addresses COBRA Assistance Under ARPA
A notice from the IRS (2021-46), was recently issued. This notice provides additional guidance on the COBRA insurance premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs). Such eligibility is during the period … Continue reading “IRS Additional Guidance Addresses COBRA Assistance Under ARPA”
Possible Tax Consequences Of Guaranteeing A Loan To Your Corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before guaranteeing a loan, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or interest under the … Continue reading “Possible Tax Consequences Of Guaranteeing A Loan To Your Corporation”
Is Your Business Underusing Its Accounting Software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, and have yet to discover and tap into, stores of cerebral power. In truth, this is a myth widely debunked by neurologists. What you may be underusing is your accounting software for small … Continue reading “Is Your Business Underusing Its Accounting Software?”
Large Cash Transactions With Your Business Must Be Reported To The IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What Are The Requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file … Continue reading “Large Cash Transactions With Your Business Must Be Reported To The IRS”
DEI Programs Are Good For Business
Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI training program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good job candidates, … Continue reading “DEI Programs Are Good For Business”
Is An LLC The Right Choice For Your Small Business?
Perhaps you operate your small business as a sole proprietorship and want to apply as an LLC (Limited Liability Company) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might … Continue reading “Is An LLC The Right Choice For Your Small Business?”
The Deductibility Of Corporate Expenses Covered By Officers Or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money personally on corporate expenses? In general, you can’t deduct an expense you incur on behalf of your corporation even if it’s a legitimate business expense. That’s because you can only deduct expenses that are your own and the corporation is … Continue reading “The Deductibility Of Corporate Expenses Covered By Officers Or Shareholders”