Partnerships

Partnerships

Oct 29, 2020 | Income Tax

What You Need to Know About Partnerships A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money, property, labor, or skill and expects to share in the profits and losses...
Fringe Benefits

Fringe Benefits

Oct 22, 2020 | Income Tax

Tax Treatment of Fringe Benefits The term “fringe benefit” refers to any benefit provided to an employee that is in addition to money. All benefits provided to an employee are taxable unless the law specifically excludes or defers tax on the benefit. Thus, a fringe...
The Importance of Keeping a Mileage Log

The Importance of Keeping a Mileage Log

Oct 15, 2020 | Income Tax

What is the unpardonable sin in an IRS audit? Suppose you just received a letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the...
All About Limited Liability Companies

All About Limited Liability Companies

Oct 8, 2020 | Income Tax

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect...
Seven Things to Know Before You Take Out an EIDL

Seven Things to Know Before You Take Out an EIDL

Oct 1, 2020 | COVID-19

SBA EIDLs can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike PPPs, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent interest rate and a long...