The Difference Between an Asset Sale and a Stock Sale

Posted in Small Business, Tax News on August 18, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Closely Held Businesses looking to negotiate a sale of their business will either do an Asset Sale or a Stock Sale. …

Tagged with: Amortization, Asset Acquisition Statement, Asset Sale, Attorney, Capital Gains, Captial Gains Tax, CPA, Customer Lists, Depreciation, Goodwill, Intangible Assets, Internal Revenue Service, IRS, IRS Form 8954, Non- compete agreement, Ordinary Income, Purchase and Sale Agreement, Stock Sale

How to Choose A Business Entity Type – Part 1

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Choice of Business Entity We are frequently asked by clients starting a business, what type of entity they should be. Here we will address Sole Proprietorships…

Tagged with: Federal Tax ID Number, Limited Liability Company, LLC, Operating Agreement, Sole Proprietor, Sole Proprietorship

The Difference Between a C Corporation and a Subchapter S Corporation

Posted in Tax News on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. 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.…

Tagged with: Amortization, asset purchase, Asset Purchase Agreement, Business Owner, C Corporation, Corporation, Depreciation, Double Tax, employer fringe benefit, Flow Through, form k-1, Form W-2, fringe benefit, Health Care Premium, Income Tax, individual income tax, long term care, long term care premiums, S Corporation, S Election, Stock Purchase Agreement, Stock Sale, Stockholders, Sub S, Subchapter S Corporation, Subchapter S Election, Tax Free Fringe Benefit, Tax Return, tax year end, W-2

5 Easy Steps to Opening a Business in Connecticut

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. 1) Meet With Your CPA and Attorney The first step is to meet with your CPA and Attorney. Your CPA should be able to review your…

Tagged with: Attorney, Business Plan, Buy-Sell Agreement, Certified Public Accountant, Connecticut, Connecticut Department of Revenue Services, Connecticut Labor Department, Connecticut Sales tax, Corporation, CT DOL, CT DRS, CT Withholding, Form REG-1, Form SS-4, Form UC-1A, Forrest Gump, Health Insurance, Income Tax, Internal Revenue Service, IRS, Life Insurance, Limited Liability Company, LLC, Sales Tax, Sole Proprietor, Stockholders, Subchapter S Corporation, Subchapter S Election, Tax Identification Number, Withholding, Workers Compensation

4 Reasons to do a Roth Conversion

Posted in Tax News on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4…

Tagged with: 401(k), 401(k) Plan, Beneficiary, Cash, Connecticut, Connecticut Income Tax, Conversion, CT, economy, Employer, Federal Government, Income Tax, Income Tax Bracket, Income Tax Rates, ira, Money, Nest Egg, Net-Worth, Partial Conversion, Partial Roth Conversion, Required Minimum Distribution, Retirement, retirement plan, RMD, Roth 401(k), roth conversion, roth ira, State Government, State of Connecticut, Surviving Spouse, Tax Bracket, Tax Rates, Tax-Deferred, Tax-Free, Taxable Income, Wealth Transfer

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The Difference Between an Asset Sale and a Stock Sale

How to Choose A Business Entity Type – Part 1

The Difference Between a C Corporation and a Subchapter S Corporation

5 Easy Steps to Opening a Business in Connecticut

4 Reasons to do a Roth Conversion

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