Business Owners – Taking Money Out of a Business

Business Owners – Taking Money Out of a Business

Business Owners – Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to...
Audits

Audits

Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...
Business Management Tips

Business Management Tips

Online Business Resources www.sba.gov – The U.S. Small Business Administration (SBA) provides programs for businesses in the areas of technical assistance, training and counseling, financial assistance, assistance with government contracting, disaster recovery...
Audits

Business Entity Pros and Cons

Business Entity Pros and Cons Sole Proprietorship Pros No formal creation process Easy to operate and dissolve Easy to integrate business use of home deductions No double taxation of profits Cons No liability protection, except through insurance Self-employment tax is...
Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds,...