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Business owners can maintain their corporation as a regular or "C" Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:
While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any … Continue reading »
In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not be delivered because of mailing address errors. Undelivered refund checks average $1,547 this year.
Here are 4 ways to Help Your CPA and Reduce Your Taxes:
1) Have a Year End Planning Meeting with Your CPA
This meeting can be in person or over the phone, it really doesn't matter. The only thing that matters is that it happens. Most individual income taxpayers are on the cash basis. This means, with some limited exceptions, for a taxpayer to take advantage of … Continue reading »
The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period begins on the day the asset is purchased, as measured by the trade date, to the day the asset is sold. Assets that are inherited are deemed to be held long term.
Recently, we were able to get a $49,000 IRS civil penalty waived for one of our Connecticut business clients. If we failed to get this penalty waived, this business would have closed its doors.