It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about errors people have been making in their tax returns this year. Dear Family, My goodness, it’s already Spring! The first day, here in Southern California is mostly gray, threatening to rain…but not quite making […]
Category Archives: Corporations
*AskTaxMama Newsletter, *Tax Quips, Corporate Minutes, Corporations, Deductions, Entities, LLC, Paying Taxes, Payroll, S Corporations, W-2
LLC Option Myths
Let’s just clear up some myths about LLCs and the rush to make entity changes. Here are the high points:
*AskTaxMama Newsletter, *Tax Quips, California, Corporations, Dissolutions, IRS News, LLC, partnership
California Businesses Released from Catch-22
News Courtesy of Spidell Publishing: Governor signs two important tax bills (09-24-18) Governor Brown has signed AB 2503, which makes a domestic corporation and a limited liability company subject to voluntary or involuntary administrative dissolution or administrative cancellation if: The entity either never did business or filed returns/paid tax when it was operating and has no […]
*Education, *Special Reports, *Tax Quips, Amnesty, Business Expenses, Corporations, Employees, Independent Contractors, Interest Expense, IRS News, IRS Notices, Payroll, Penalties, S Corporations, Tax Education, Wages
VCSP – Employer Amnesty for Mis-Classifying Employees
Intro paragraph: Employers – PLEASE PAY ATTENTION NOW! You can no longer get away with treating employees as freelancers. Aside from several recent court decisions, there are too many ways for your employees to turn you in to the IRS and state authorities. After all, if the employees don’t want to pay YOUR half of the […]
*AskTaxMama Newsletter, *Tax Quips, Business, Business plan, Corporations, Employee Benefits, Employee Business Expenses, Employees, Independent Contractors, IRS News, Licenses, LLC, partnership
Switching from Employee Status to Independent Contractor
Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor.
*AskTaxMama Newsletter, *Tax Quips, Corporations, Dissolutions, Entities, Late Filing, LLC, Penalties, S Corporations
Unused LLCs and Corps
Today TaxMama® hears from several people who have questions about tax returns for entities they created – but never used. This recent question from Debbie, on behalf of one her clients, is far too common.
*AskTaxMama Newsletter, Corporations, Income, Payroll, S Corporations
Income Distribution or Payroll?
Today TaxMama® hears from ASquare in the TaxQuips Forum with this question. “I work as a full time employee for a company on W2. I own S-CORP that i get income for the services provided in my free time. Do I need to run the payroll for that money earned on S-CORP or can I […]
*AskTaxMama Newsletter, *Tax Quips, Accounting Method, Accrual Basis, Auto Expenses, bank account, Bookkeeping, Business, Business Expenses, Business Taxes, Corporations, Estates and Trusts, Estimated Taxes, Form W-2, listed property, partnership, Payroll, Record Keeping, Sales taxes, State Taxes, Tax Professionals
Business Tax Returns
Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.
Today TaxMama® hears from Patricia in the TaxQuips Forum, with this question. “I have a client who is 70.5 and working for his own company. He has a 401k plan. Does he have to start taking distributions from his 401k because he is 70.5, even though he is still working? Can he still contribute to […]
Today TaxMama® hears from Jeb in the TaxQuips Forum, with a long, complicated issue. Let me summarize. “We want to close down our 3-member LLC, but there are outstanding issues. The CPA says we all need to file extensions, but one member has a big refund and wants it now. What can we do?”
Today TaxMama® hears from someone in the TaxQuips Forum, who keeps asking similar questions about California LLCs and Canadian Limiteds owning an S Corp. So, let me tell you a little bit about S Corporation rules.
Today TaxMama® hears from Shar in the TaxQuips Forum, with this observation. “If you start an LLC and elect to have it be taxed as a C-Corp, does this election require you to follow all the ongoing requirements of your state for maintaining a C-Corp (corporate minutes, complete set of books, etc.)? Or can you […]