Small businesses wanting to submit their forgiveness applications for PPP loans may have to wait. According to many banks and experts, while the SBA officially opened its forgiveness portal to lenders August 10, most lenders will likely delay. The potential…
Blog Archives
IRS Simplified Tax Accounting Rules for Small Businesses
The IRS issued proposed regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having…
Missing the July 15 Deadline
For those who missed the July 15 tax deadline, some taxpayers may have extra time to file and pay any taxes due without penalties and interest. These include: Members of the military who served or are currently in a combat…
Converting an LLC to an S Corporation
Maybe your business situation has changed and now you need to change your entity from a Limited Liability Company to an S Corporation. Below are 2 options for converting your LLC to an S Corporation: –Change ONLY the tax status…
S Corporation Taxes
Much like owners of a partnership, shareholders of an S-corporation are taxed on their allocated share of the business’s profits — no matter whether or not those profits were actually distributed to them. The main reason for being recognized as…
S Corporations
An “S Corporation” is a for profit corporation which elects to be treated as an S Corporation. S Corporations typically do not pay taxes and instead file an informational return Form 1120S showing net profit or loss which flows through…
