In this episode Director of Tax Services Richard Cabrera explains why it’s important for S Corps to consider the tax implications before entertaining bankruptcy proceedings.
Just as business owners must consider the tax implications of their companies’ legal structures before beginning operations, special care should be taken to address these issues on a consistent basis throughout the organization’s lifecycle, especially before filing for bankruptcy. According to the IRS, the majority of US corporations are structured as pass-through entities, including sole […]
Operating a family-owned or closely held business requires owners to make business decisions with significant tax consequences. One example involves the compensation business owners pay themselves and whether those amounts are reasonable and whether the payments are deductible as “ordinary and necessary” business expenses. The answer can depend, in large part, on how the business […]