Category: Business Consulting and Planning

Business Consulting and Planning

Owning and Selling C Corporations vs. S Corporations by David E. Kolan, CPA


Posted on May 18, 2022 by David Kolan

The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]

IRS Updates Tax Reporting Requirements for Carried Interest by Angie Adames, CPA


Posted on April 05, 2022 by Angie Adames

At the end of 2021, the IRS issued new guidance for certain passthrough entities and other taxpayers to use for purposes of reporting applicable partnership interests (API) held in connection with the performance of services, also referred to as “carried interest.” The guidance, provided in the form of frequently asked questions (FAQs), updates final regulations […]

IRS Suspends Mailings of Some Tax Collection, Delinquent Return Notices by Arthur Dichter, JD, LLM


Posted on March 21, 2022 by Arthur Dichter

The IRS, buried under millions of unprocessed tax returns from tax year 2020, is suspending the automatic mailings of certain letters and notices it usually generates when it identifies individuals and businesses that failed to file required tax returns or that owe additional taxes. The announcement comes just weeks after the IRS began accepting tax […]

Last-Minute Tips to Cut Your Tax Bill by Jason Morely, CPA/PFS


Posted on March 18, 2022 by Jason Morley

Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]

New Law Requires Reporting of Certain Transactions Involving Venmo, PayPal and Other Payment Apps by Savannah Snow, CPA


Posted on February 17, 2022 by Savannah Snow

Mobile-payment-processing apps, such as PayPal, Venmo, Cash App and Square, have made it easy for friends and family to send and receive payments as gifts or reimbursements for shared expenses. The use of these platforms has also spread to the commercial sector, where a growing number of businesses accept them as forms of payment for […]