Things Tax Preparers Say: S-Corporation Compensation (Again!)
Tax preparers won’t always bring up the reasonable compensation issue when preparing an S-corp return … though they probably should.
Entrepreneurial Maturity
Entrepreneurial maturity means the business owner knows what he or she doesn’t know.
IRS Says Online Sorority Is Not Tax Exempt
The IRS says an online sorority of a for-profit school is not eligible for tax-exempt status.
Putting Profit First While Planning for Expenses
In July, Michael Michalowicz, who writes books about entrepreneurship (which I have heard are very good; “The Pumpkin Plan” is on my to-read list) wrote a blog post titled “Take Your Profit First, Always.” The gist of the post is, instead of looking at profitability as “Income minus Expenses = Profit” you should flip the […]
When Does the “1099s to Veterinarians” Rule Start?
The IRS says 1099s need issued to veterinarians. When does this rule start?
S-Corporation Compensation Revisted
Further discussion of S-corporation compensation considerations.
Proper Documentation of Business Expenses
How to document business expenses
ROBS Transactions – Be Very Careful of Using Retirement Funds to Start a Business
NOTE: I wrote this post in 2014, so be aware of its age. The advice is still good though – ROBS transactions are a bad idea. I have passed on working with a few clients through the years who were doing ROBS transactions within their business. Clients using ROBS transactions often have a hard time […]
Issuing 1099s to an Incorporated Veterinarian
Does a business need to issue a 1099 to an incorporated veterinarian for veterinarian services? The IRS says yes.
Review Your Small Business Operations as Part of Year-End/Year-Beginning Planning
NOTE: I wrote this post in 2014, so be aware of its age. It’s still useful information. —– The end of one year and the beginning of a new year is a good time to analyze your financials. It’s also a good time to analyze your operations. Here’s an example: one time a business client […]
