Why Some Small Businesses Should NOT be an LLC

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity.

If there is only one member (owner) then setting up these entities has become a breeze.

Just go online, fill out some forms, pay the registration fee and presto, you’re in business.

Just because it’s easy, doesn’t mean you should do it this way.

 

 Why an LLC?

How to File Your FBAR and Sleep (Well) at Night

The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts.

 Who Must File

Any U.S. person with a financial interest or signature authority must file an FBAR if the balance in the account exceeded $10,000 during the year. A U.S. person includes a U.S. citizen, U.S. resident and entities like corporations, partnerships, limited liability companies and trusts and estates.

The FBAR must … Continue reading »

How a Small Partnership Can Get The Failure to File Penalty Waived

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”).

This is particularly true when you are being assessed a penalty.

The IRS has many different penalties.  One penalty they have is the failure to file penalty.

For partnerships or Limited Liability Companies (“LLC”s) that file a Form 1065 the penalty for failure to file is $195 per month times the number of partners. The good news is that the maximum number of … Continue reading »

Tom Scanlon, CPA Interview Today on Blog Talk Radio

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Tom will be interviewed today on Blog Talk Radio by Susan Preston and Larisa Dickson from Socializing Your Business at 1:00pm EST.

They will be discussing things like “How to work with your CPA” and “Minimizing your taxes”.  Please check it out.

http://www.blogtalkradio.com/socializingyourbusiness/2013/05/22/socializing-your-business.

3 Reasons to Fund a 529 College Savings Plan

 

1) College is Expensive

According to the College Board the average tuition for a 4 year private education is $39,518 per year.  The average cost of a 4 year in- state public education is $17,860.  Either way, it’s a lot of money.

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